SYLLABUS



Auditing Principles & Procedures

Syllabus

University of Texas at El Paso

College of Business Administration

School of Accounting

ACCT 4304 – 27373

Spring 2010

|"We are what we repeatedly do. Excellence then, is not an act, but a habit." - |

|--  Aristotle | |

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|Class: |Tuesday & Thursday |

| |Section 16139 10:30-11:50 am Classroom 301 |

|Instructor: |Raul Tapia |

|Office: |COBA - Room 303 |

|Phone: |(915) 217-4421 |

|Office Hours: |Tuesday, TBA |

| |Thursday, TBA |

|Email: |Rtapia3@utep.edu or Blackboard email |

| | |

COURSE INTRODUCTION

Course Objective: The major objective of ACCT 4304 is to introduce auditing, assurance and risk assessment. This course is remarkable in that it is largely “conceptual and procedural” in nature, as opposed to the more familiar quantitative financial accounting classes you have taken. Auditing and assurance are tied to “risk-based judgments made within the context of rules”. In order to learn to “think like an auditor” you must “learn to adapt” to today’s ever-changing business environment. It will be necessary for you to accept that not all auditing situations or their solutions are clearly defined.

This means that, in addition to studying the fundamental concepts, standards, and procedures of auditing and assurance, you will learn the importance and effect of character and ethics on the profession, you will improve your communication skills, and you will learn to “think critically and analytically”. You will also “gain technical competence” as well as “improve your teamwork skills.”

The objective of the ACL assignments within this course is to effectively learn and integrate audit technology into your study of auditing. You will learn how technology can improve audit efficiency and effectiveness.

Your understanding of this course and ability to meet these objectives will be measured by:

• Mid-term exams

• Final exam

• Homework, quizzes, and class assignments

• ACL assignments

• Lakeside Company Assignments

• Your participation and preparation in class

Prerequisites: ACCT 3320 Accounting Systems and ACCT 3322 Intermediate II. You will need a positive attitude and the willingness to take responsibility for your own success.

Textbook & Materials: Auditing & Assurance Services: An Integrated Approach (13th edition: Arens, Elder, & Beasley). You MUST, I repeat MUST have the diskette that is sold with the textbook. If you are using an alternative source for the textbook you are responsible for making all conversions. I will not take up class time to do this for you.

The Lakeside Company Case Studies in Auditing 11th edition, ISBN 0131588516

Additional Materials May be required for Course

Notice about Copyright Infringement: Copying a textbook is a violation of U.S. copyright law. Violations of U.S. copyright law can result in civil damages up to $100,000 for each work copied. Copying of textbooks is not “fair use” under the Copyright Act. The “fair use doctrine” only permits non-commercial copying of part (in general, not more than 10%) of a copyrighted work. Please do not bring a copied textbook to this class. Your cooperation is expected.

Disability Access Statement: “If you feel you may have a disability that requires accommodations, contact the Disabled Student Services Office at 747-5148, go to Union Bldg., East, Room 106, or e-mail dss@utep.edu”.

3-time rule: The University has adopted a policy that limits undergraduate course enrollment. In most instances, a student may enroll in an undergraduate class a maximum of three times, except with the permission of the student’s academic dean. This includes enrollments that result in a grade of “W”, “F”, “D”, or “P”. A student may not enroll in a course in which a grade of “C” or higher has been earned. Moreover, a student may not enroll in a course in which he or she has an unresolved grade of “I”. A student may enroll more than three times in a course that is identified as “may be repeated for credit”. The University has instituted a surcharge of $100 per course hour, for any course the student enrolls in for the third time.

Withdrawing from the class with a “W”: You are responsible for seeing that you are withdrawn from this course by the drop deadline of Friday October 30, 2010. If you drop by this deadline, you will automatically receive a grade of “W”. After the drop deadline, you will be dropped from the class with a grade of “F” except under extraordinary circumstances.

Academic Integrity: The University of Texas El Paso prides itself on its standards of academic excellence. In all matters of intellectual pursuit, UTEP faculty and students must strive to achieve based on the quality of work produced by the individual. In the classroom and in all other academic activities, students are expected to uphold the highest standards of academic integrity. Any form of scholastic dishonesty is an affront to the pursuit of knowledge and jeopardizes the quality of the degree awarded to all graduates of UTEP.

Any student who commits an act of academic dishonesty is subject to discipline. Scholastic dishonesty includes, but is not limited to, cheating, plagiarism, collusion, the submission of work or materials that are attributable in whole or in part to another person, any act designed to give unfair advantage to a student or an attempt to commit such acts. Proven violations of the detailed regulations, as printed in the Handbook of Operating Procedures (HOP) and available in the Office of Student Life, may result in sanctions ranging from disciplinary probation, to failing grades on the work in question, to failing grades in the course, to suspension or dismissal, among others.

In addition, to stop ANY appearance of cheating in my classes the following rules will also apply. The seating arrangement will be alphabetical; you will not be able to use your own paper for scratch paper during an exam unless I personally approve it and sign it. Do not attempt to access it without my prior knowledge. All book bags and other articles will be placed around the sides of the room. If possible, leave all materials other than pens, pencils, and your scantron elsewhere. You may not use a calculator unless I give it to you or personally or approve yours in writing for a particular exam. If I must leave the room, you may not say a word even in a joking manner. Other exam rules may be added and posted on Blackboard if needed.

According to the HOP, my job is not to determine if you are guilty or innocent of cheating but to forward any evidence of cheating to the Office of Student Life. I will do my job without exception.

Statement of Faculty and Student Responsibilities: may be accessed at the following site

Method of Instruction: Face-to face instruction, active learning. This form of instruction requires that you be prepared to participate either voluntarily or when called upon. It is critical that you be prepared for and engaged in all classes. One letter grade is dependent upon your doing so.

Problems, Suggestions, Criticism: As long as problems, suggestions, and criticisms are constructive and offered in a professional manner, they are welcomed. If I am unaware of a problem, there is little chance I will correct it.

POLICIES AND PROCEDURES

Website Use in this Course: Communication including assignments, notes, messages, and other items will be available on Blackboard. The web address for the textbook publisher is Remember to use my UTEP e-mail address to contact me. I do not check my Blackboard e-mail.

Attendance and Effort: In addition to attending, you must prepare before class. This means that, as a minimum, read the chapter, review the power-point presentation, and do the homework assignments. Yes, this is a lot of work. The general rule is that you should be spending double the number of classroom hours studying on your own. Questions are encouraged and appreciated if you have expended the effort to read the chapters and attempt the assignments. I am available to assist, however there is no substitute for studying. There will be random grading of your preparedness.

Homework, Quizzes, and Class Assignments: Homework will be graded randomly. Homework, quizzes, and class assignments test your understanding of the information presented in the textbook and in class, and motivate you to stay current. These assignments lower test stress by preparing you for the types of questions that will be on the exams as well as reducing the weighting of the exams in determining your final grade. An added bonus for those of you sitting for the CPA exam is that many of the questions will be adapted from that exam.

ACL Assignments: There will be five Auditing Command Language assignments. The database and software for these assignments is included with your book. The software, but not the database is available in the lab. The assignments MUST BE completed individually. If you work together in any way, you are cheating. See section on Academic Dishonesty. You will be reported to the Office of Student Life. If you need help, do not hesitate to see or e-mail the ACL tutor. You will be introduced to the ACL tutor. Since ACL is the most widely used software in auditing today, your mastery of this software will elevate your resume beyond others who have less experience. This software is also used in at least two graduate level classes at UTEP.

Exams: There will be two intermediate and one final exam. It is my belief that all exams are comprehensive. The acquisition of knowledge builds upon previous knowledge and concepts. However, the focus will be on the newer material. Be prepared for all material we have covered I will test only a sample of the material.

Other Class Policies: There will NOT BE ANY assignments accepted late. Obviously if you are not in class, you cannot participate in nor learn from any classroom assignments. Therefore, it is your responsibility to arrange on-time delivery of all assignments should you fail to attend class. There is NO extra credit and there are NO makeup exams.

EVALUATION

Grades: According to FERPA guidelines I cannot, nor will I, discuss your grades over e-mail or the telephone. Your grade for the course will be determined as follows:

Participation/ Homework 100

Quizzes 100

Examination I 125

Examination II 125

Examination III 150

Lakeside Assignments 100

ACL Assignments 100

Final Exam 200

Points Possible 1,000

Grade scale: Including cutoff point – no further exceptions

A: (89.445) 90 - 100%

B: (79.445) 80 - 90%

C: (69.445) 70 - 80%

D: (59.445) 60 - 70%

F: Less than 60%

SOME USEFULL ACCOUNTING WEB SITES

AccountingWeb () Over 130 industry profiles.

American Accounting Association () Voluntary organization for those interested in education and research.

American Institute of Certified Public Accountants (news/index.htm) Recently released material concerning the accounting profession

Association of Certified Fraud Examiners () Education on detecting, investigating, and deterring fraud and white-collar crime.

Committee of Sponsoring Organizations () Voluntary private sector organization to improve the quality of financial reporting through business ethics, effective internal controls, and corporate governance.

Financial Accounting Standards Board () Standards of financial accounting and reporting.

General Accounting Office () Investigative arm of Congress, primary products reports, called "blue books" and testimony before Congress. Also issues correspondence (letters), narrower in scope, of more limited interest, and without recommendations.

Governmental Accounting Standards Board () Standards for state and local governmental accounting and financial reporting.

Institute of Internal Auditors () Certification, education, research, and technological guidance.  

International Federation of Accountants () Strives to develop the profession and harmonize its standards worldwide.

The Public Company Accounting Oversight Board () Sets standards for public company audits.

Securities and Exchange Commission ()

SEC’s EDGAR Database (edgarhp.htm) Access and download registration statements, periodic reports, and other forms electronically.

Schedule and Assignments: (This WILL change as SPEAKERS are confirmed).

|Date |Topic |Read-(By this Date) |Problems-(Due on |Other (Due this |ACL- (Due on this Date) |

| | | |this Date) |Date) | |

Tuesday

August 24 |Introduction & Orientation | | | |THE AUDITING PROFESSION | |Thursday August 26 |Audit and Assurance Services

The CPA Profession and Global Standard Setting |Chapter1

Chapter 2

(1-5 only)

|17, 18

| | | |Tuesday August 30 |The CPA Profession & GSS |Chapter 2

|22,

Inter.-2-1

| | | |Thursday September 2 |Overview of Reporting

|Chapter 3

(1-6 only)

|29, 30, 33 | | | |Tuesday September 7 |Cont. Chapter 3 & Professional Ethics |Chapter 4

|21,25,26 | | | |Thursday September 9 |Professional Ethics Cont… Review |Chapter 4 |21,25,26 | | | |Tuesday

September 14 |Exam 1 | | | | | |Thursday

September 16 |Go Over Exam | | | | | |Tuesday

September 21 |Speaker

| | | | | |Thursday

September 23 |Audit responsibilities and objectives |Chapter 6

|21,24,27 | |THE AUDIT PROCESS | |Tuesday

September 28 |Audit evidence |Chapter 7

(1-6 only) |29,30,34, 41 | | | |Thursday

September 30 |Audit planning and analytical procedures |Chapter 8

(1-7 only) |40,41

Pinnacle | | | |Tuesday

October 5 |Materiality and risk

Review…. |Chapter 9

(1-8 only) |25, 30, 31 | |ACL 1 | |Thursday

October 7 |Exam 2 | | | | | |Tuesday

October 12 |Go Over Exam | | | | | |Thursday

October 14 |Fraud Auditing |Chapter 11 |23, 28, 33 | | ACL 2 | |Tuesday

October 19 |Fraud Auditing |Chapter 11 |23, 28, 33 | | | |Thursday

October 21 |Overall Audit Plan & Audit Program |Chapter 13 |25, 30, 31 | | | |Tuesday

October 26 |Audit of the sales & collection cycle: tests of controls and substantive tests of transactions

|Chapter 14

(1-6 only) |34 | |ACL3

APPLICATION OF THE AUDIT PROCESS TO THE SALES & COLLECTION CYCLE | |Thursday

October 28 |Accounts Receivable: Tests of Details of Balances |Chapter 16

(1-3 only) |35 | | | |October 30 |Last Day For (W) | | | | | |Tuesday

November 2 |Exam 3 | | | | | |Thursday

November 4 |Go Over Exam | | | | | |Tuesday

November 9 |Speaker

| | | | | |Thursday

November 11 |Audit sampling for tests of controls and substantive tests of transactions |Chapter 15

|34 | |ACL 4

| |Tuesday

November 16 |Audit sampling for tests of details of balances |Chapter 17

|30, 32 | | | |Thursday

November 18 |Audit of Cash Balances |Chapter 23

(1-4 only) |18, 21, 24 | | | |Tuesday

November 23

|Completing the Audit |Chapter 24 |27, 28, 33 | | | |Thursday

November 30 |Other Assurance Services |Chapter 25 |26, 28 | | | |Tuesday

December 2 |Catch-up & Review | | | |ACL 5 | |Tuesday December 9 |FINAL EXAM |10:00 am – 12:45 pm | | |Room 301 | |

**** THIS SYLLABUS IS SUBJECT TO CHANGE!

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