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|THE PENN STATE UNIVERSITY |
|THE SMEAL COLLEGE OF BUSINESS |
|DEPARTMENT OF ACCOUNTING |
|COURSE SYLLABUS |
|Course |ACCTG 403W – Auditing (3 credits) |
|Prerequisites |ACCTG 471 (Intermediate Accounting I) with “C” or better |
|Required Text |Auditing & Assurance Services, 5th edition, 2013. Louwers, Ramsay, Sinason, Strawser and Thibodeau. NYC: McGraw Hill.|
| |ISBN: 978-0-07-802544-0. |
|Description |This course introduces the standards and procedures employed by public accountants in performing financial statement |
| |audits. The course covers the objectives of an audit, audit planning and risk assessment, the detailed procedures |
| |performed during the course of an audit, the steps taken to complete an audit, and the audit opinions available for |
| |financial statements. The course focuses on audit theory, audit procedures, and report writing. |
| | |
| | |
|Topics |1. Audit, attestation, and assurance services. |
| |2. Generally accepted auditing standards. |
| |3. Planning the audit and assessing audit risk. |
| |4. Auditor's consideration of fraud in a financial statement audit. |
| |5. Evaluating, testing and reporting on Internal Controls |
| |6. Audit procedures in the various audit cycles. |
| |7. Audit-sampling techniques. |
| |8. The steps required in completing an audit. |
| |9. Audit opinions and issues related to audit opinions. |
| |Students that complete this course will be able to: |
|Student Learning |Recognize generally accepted auditing standards and procedures. |
|Objectives |Recognize the components of a strong internal control system. |
| |Evaluate the strengths and weaknesses of an internal control system and identify the risks of fraud and errors. |
| |Integrate the auditor’s responsibility to consider fraud in a financial statement audit with adjustments to the audit|
| |plan. |
| |Perform tests of internal controls, account balances and transactions. |
| |Gather and document sufficient and appropriate audit evidence. |
| |Exercise independent judgment and professional skepticism. |
| |Perform the activities necessary to complete an audit. |
| |Communicate internal control deficiencies, material weaknesses and fraud to those charged with governance. |
| |Issue an audit opinion commensurate with the audit evidence. |
Syllabus Subject to Change, Last Revised August 2014
COURSE INFORMATION
Course Instructor and Meeting Information:
Instructor: Patricia A. Patrick, PhD, CPA, CFE, CGFM
Contact Information:
Office Location: BUS 377
Office Email: pap157@psu.edu (preferred method of communication)
Office Phone: 814-867-5799
Home Email: ppatrick123@
Home Phone: 814-808-6566
Course Name: ACCTG 403W.001 – Auditing (3 credits); Fall 2014
Course Meeting Time: TR 08:00 a.m. to 9:15 a.m., WGR 316
Office Hours: MW 11:15 a.m. – 12:45 p.m., BUS 377
TR 06:00 p.m. – 07:00 p.m., BUS 377
Other appointments available upon request
Teaching Schedule: ACCTG 403W.001 TR 08:00 – 09:15 a.m., WGR 316
ACCTG 403W.003 TR 09:45 – 11:00 a.m., WGR 316
ACCTG 403W.004 TR 11:15 – 12:30 p.m., WGR 316
ACCTG 803.501 MW 09:45 – 11:00 a.m., KLR 211
ACCTG 803.401 MW 01:00 – 02:15 p.m., BUS 004
Grading System and Course Requirements:
Students will complete two memos and five exams. The assignments and grading system are described below.
Memos: Students will write two memos in technical report-writing style. Both memos will frame the topics as they are relevant to the auditor, not the client’s management. Students will deliver hardcopies and electronic copies of their memos by the deadlines.
Fraud Risk Memo – The fraud risk memo is a 3-page memo summarizing the auditor’s responsibility to consider fraud in a financial statement audit. Students will use AU 240 – Consideration of Fraud in a Financial Statement Audit as the basis for the memo. The first 2-pages will summarize the steps the auditor follows to consider the risk of fraud in a financial statement audit. The last page will contain a bulleted list of generic red flags of fraud sorted into three categories: management characteristics, industry conditions, and operating characteristics.
Internal Control Memo – The internal control memo is a 3-page memo summarizing how the client’s internal control system impacts the auditor’s assessment of risk in a financial statement audit. Students will use AU 315 – Understanding the Entity and its Environment and Assessing the Risk of Material Misstatement as the basis for the memo. The first 2-pages will describe the COSO framework and how the auditor’s assessment of the client’s internal controls impacts the audit. The last page will contain a bulleted list of generic internal control deficiencies, significant deficiencies, and material weaknesses sorted into the three categories.
Exams: Students will take five exams at scheduled intervals. Exams will be taken in class and will consist of objective questions and short answers. The exams may include material covered in the chapters, memos, and homework.
Summary of Assignments and Due Dates:
|assignment |Chapter |topics |pts |Due date |
|memos: | | | | |
|Fraud memo |chp 4 |consideration of fraud |100 |10/07 |
|Int Ctrl memo |chp 5 |Internal Controls |100 |11/18 |
|Exams: | | | | |
|Exam No. 1 |chps 1, 2, 3 |GAAS & planning |100 |09/11 |
|Exam No. 2 |chps 4, 5, E |Fraud & int ctrl, sampling |100 |10/07 |
|Exam No. 3 |chps 6, 7, 8 |cash, a/r, a/p & ppe |100 |10/28 |
|Exam No. 4 |chps 9, 10 |inv, investing & financing |100 |11/18 |
|Exam No. 5 |chps 11, 12 |completing audit, opinions |100 |12/XX |
| | |Total Points |700 | |
Students will Earn Grades as Follows:
A = 100% to 95% At least 665 points
A- = 94% to 90% At least 630 points
B+ = 89% to 86% At least 602 points
B = 85% to 82% At least 574 points
B- = 81% to 78% At least 546 points
C+ = 77% to 74% At least 518 points
C = 73% to 70% At least 490 points
C- = 69% to 66% At least 462 points
D+ = 65% to 62% At least 434 points
D = 61% to 58% At least 406 points
F = Below 58% 405 points or fewer
Make up Exams: Students are expected to take exams at the scheduled dates, unless otherwise approved by the instructor. Make up exams may be given for documented university approved absences such as injuries and illnesses, family emergencies, university-approved curricular/extra-curricular activities, and religious holidays, if the student requests and receives instructor approval prior to the absence. Prior approval involves contacting the instructor prior to the exam by email or phone, receiving a reply, and supplying documentary evidence to support the absence at the earliest possible date. A unilateral communication made by a student does not constitute prior approval. Students that fail to obtain prior approval for a missed exam run the risk of not being able to take the missed exam. Missed exams are generally taken the week of finals.
Guidelines for WRITING Memos:
Assistance: Students may seek help from the instructor and official writing specialists at Penn State. Students may NOT enlist the help of friends, family or other students on the memos. Students may review the writing samples on Angel.
Formatting: Memos should use single-spacing, 12-point font, 1-inch margins, and Times New Roman. Names and titles should be in headers. First sentences should begin on the first line of the page. Memos must fill the number of pages assigned. Memos should frame the topics to the auditor, not the client. Students may use block paragraphs or indentation, but not both. Students may not use quotations. Students failing to follow the guidelines in this syllabus and the writing tips on Angel may receive a 60% deduction for noncompliance before any points for specific deficiencies are deducted. See the grading rubric in this syllabus for guidelines and expectations.
Feedback: The instructor encourages students to seek feedback on the memos. The instructor will give two rounds of verbal feedback on the first memo. Feedback is used to fine-tune memos, so seek feedback only after you have written the best memo possible.
Submitting Assignments: Due dates are “no later than” dates. Students must hand-deliver hardcopies and send electronic copies to the instructor “no later than” the due dates. Students may not place assignments under office doors or in mailboxes. Students can have a proxy hand-deliver their assignments to the instructor.
Noncompliance: Late or otherwise noncompliant assignments are subject to a 60% deduction of the total possible points, even if only a portion of the assignment is late or noncompliant. Assignments that are incomplete, plagiarized, prepared or delivered in contradiction to the procedures or standards specified in this syllabus may be considered noncompliant and subject to the 60% deduction.
Auditing Standards: The auditing standards can be found on the AICPA website under the tab for Research, then Auditing Standards.
Plagiarism: Students may not work together on the memos. Students may not solicit the help of friends or family. Students may not copy anything verbatim out of any resource or quote a source in this class, which includes drafts of memos delivered to the instructor. Students must express all work submitted to the instructor in their own words.
Memos: The purpose of the memos is to give students experience with technical report writing. Technical report writing requires clear, concise, direct sentences. It requires well-organized papers written with short, clear sentences.
Grading Rubric for Memos:
Memos will be assessed using the criteria below, which are not evenly weighted. A memo deemed unacceptable in only one criterion could receive a failing grade.
Content – Content refers to how well you understand the topic and the extent to which the content of the memo complies with the assignment requirements. Content measures how well you have developed ideas, whether you developed your ideas in enough detail, and how well you stayed on topic. It assesses your knowledge of the topic and whether you present your ideas in a manner that allows the reader to understand the topic.
Organization – Organization refers to how well your memo is organized, whether your ideas flow in an organized fashion, whether the sentences in each paragraph belong in that paragraph, if the sentences in a paragraph flow in the proper order, and whether the paragraphs flow in a logic pattern. Organization assesses whether your memo is organized in a logical fashion.
Sentence Fluency – Sentence fluency refers to how well your sentences are written, whether you have run-on sentences, sentence variety, and use appropriate transition words. Sentence fluency also assesses the flow of your sentences and conciseness. Sentences should always be written with as few words as possible.
Word Choice and Voice – Word choice refers to the whether the words you choose are appropriate for technical writing. It assesses whether your memo is written in a manner that is appropriate for the purpose and audience, whether the memo uses appropriate vocabulary, and if it is written from the proper point of view (i.e., proper use of pronouns).
Conventions – Conventions refer to whether your memo is written with appropriate spelling, punctuation, capitalization, and grammar. Memos should be typed in black ink. You may NOT work with other students on the memos. Memos may never be similar to those of your classmates, textbooks or technical standards. Students must paraphrase all ideas. Students may not use quotations. No need to cite any references.
PENN STATE POLICIES
Academic Integrity: The Penn State Principles and University Code of Conduct state:
Academic integrity is a basic guiding principle for all academic activity at Penn State University, allowing the pursuit of scholarly activity in an open, honest, and responsible manner. According to the University’s Code of Conduct, you must neither engage in nor tolerate academic dishonesty. This includes, but is not limited to cheating, plagiarism, fabrication of information or citations, facilitating acts of academic dishonesty by others, unauthorized possession of examinations, submitting work of another person, or work previously used in another course without informing the instructor, or tampering with the academic work of other students.
Any violation of academic integrity will be investigated and, where warranted, corrective academic and/or disciplinary action will be taken. For every incident where a penalty is assessed, an Academic Integrity Incident Report form must be filed. The form can be found on the Smeal College website at this URL . This form is to be used for undergraduate courses. The report must be signed and dated by both the instructor and the student, and then submitted to the office of Jeff Sharp, Associate Dean for Undergraduate Education, 202 Business Building.
Smeal Honor Code: We, the Smeal College of Business Community, aspire to the highest ethical standards and will hold each other accountable to them. We will not engage in any action that is improper or that creates the appearance of impropriety in our academic lives, and we intend to hold to this standard in our future careers.
Plagiarism/Copying: All work submitted by students for grading or academic credit is to reflect their knowledge and skill related to the course subject matter. Unless otherwise indicated, all work is to be done on an individual basis. This includes but is not limited to all exams, quizzes, homework, written assignments, and presentations.
Plagiarism is claiming work as your own that you have copied from another person, whether that other person knows about it or not. This includes copying from web sites without proper source citation and using homework or papers prepared by current or past students whether working as an individual or working in a group / team.
Disagreements/Complaints Relating to Coursework/Instructors/Fellow Students: Students with class-related disagreements/complaints with the instructor/students should begin by addressing the matter with the instructor. If the matter remains unresolved, students may contact the department chairperson. Only after these steps have been followed may the Dean's Office become involved.
Affirmative Action & Sexual Harassment: The Pennsylvania State University is committed to a policy where all persons shall have equal access to programs, facilities, admission, and employment without regard to personal characteristics not related to ability, performance, or qualifications as determined by University policy or by Commonwealth or Federal authorities. Penn State does not discriminate against any person because of age, ancestry, color, disability or handicap, national origin, race, religious creed, gender, sexual orientation, or veteran status. Related inquiries should be directed to the Affirmative Action Office, 328 Boucke Building.
Students with Disabilities: Penn State and the Smeal College of Business welcome students with disabilities to its classes, programs and events. The Penn State Office of Disability Services (ODS) in Room 116 Boucke Building provides a vast array of services for students with disabilities under Title II of the ADA amendments Act of 2008 and Section 504 of the Rehabilitation Act of 1973. For more information or to meet with a service provider from ODS, contact them at (814) 863-1807 (V/TTY) or visit their website at: . To be considered for an accommodation, students must contact the Office of Disability Services, participate in an interview, and provide documentation: . If the documentation supports the request for reasonable accommodations, ODS will provide the student with an accommodation letter that should be shared with the instructor as soon as possible. Adjustments will be made based on the recommendations in the accommodation letter. This process must be followed each semester an accommodation is requested.
Deferred Grades: Students will not receive deferred grades without the consent of the Associate Dean for Undergraduate Education. The only circumstances considered for deferred grades are: 1) personal or family emergencies occurring late in the semester and which prevent the student from attending the final exam or submitting a paper; and 2) attendance at a university-approved event that prevents the completion of a scheduled final exam.
Disruptive Behavior: Disruptive behavior interferes with the operation of the classroom and the rights of others. Students are expected to refrain from disruptive behaviors. Disruptive students may be asked to leave the classroom for the remainder of the class period. Chronically disruptive students will be reported to the Associate Dean for Undergraduate Programs. Chronic disruptiveness is handled as a student conduct proceeding by the Office of Student Conduct. Students involved in such proceedings may not be permitted to return to class until all proceedings have been completed.
Registration: The student registration process at Penn State is a two-step process. First students register for courses. Second, students complete registration by payment of applicable tuition and fees. Students who have not completed their registration are clearly indicated on all forms of the class list, by the message "Registration Not Complete." The faculty is not obligated to instruct or assess these students. If you are in this status you should contact the Registrar's office immediately.
i Student Guide to General University Policies and Rules,
ii Code of Conduct, ; The Pennsylvania State University, Office of Student Affairs. Also see:
Course Calendar
# Day Date Topic Text Assignment Homework Assignments
1 T Aug 26 Chp 1 Auditing Services Ex: 1.47, 49, 52, 53
2 R Aug 28 Chp 2 GAAS Ex: 2.52, 54, 57, 61, 62
3 T Sep 2 Chp 3 Planning Ex: 3.48, 49, 50
4 R Sep 4 Chp 3 Planning Ex: 3.52, 53, 55
5 T Sep 9 Chps 1, 2, 3 Test Review
6 R Sep 11 Test 1 Chaps 1, 2 & 3
7 T Sep 16 Chp 4 Fraud Risk Ex: 4.48, 54
8 R Sep 18 Chp 4 Fraud Risk Ex: 4.57, 61, 62
9 T Sep 23 Chp 5 Internal Controls Ex: 5.58, 59, 62
10 R Sep 25 Chp 5 Internal Controls Ex: 5.63, 68
11 T Sep 30 Module E Audit Sampling Ex: E.51, 52, 53, 54
12 R Oct 2 Chps 4, 5, E Test Review
13 T Oct 7 Test 2 Chaps 4, 5 & E SAS 99 Memo Due
14 R Oct 9 Chp 6 Cash Ex: 6.46, 47, 51, 54
15 T Oct 14 Chp 7 Accts Receivable Ex: 7.57, 58, 59, 60, 68
16 R Oct 16 Chp 7 Accts Receivable Ex: 7.57, 58, 59, 60, 68
17 T Oct 21 Chp 8 Accts Payable Ex: 8.39, 40, 41, 42, 43, 47
18 R Oct 23 Chps 6, 7, 8 Test Review
19 T Oct 28 Test 3 Chaps 6, 7 & 8
20 R Oct 30 Chp 9 Inventories Ex: 9.45, 46, 47
21 T Nov 4 Chp 9 Inventories Ex: 9.48, 49, 52, 53
22 R Nov 6 Chp 10 Investing Cycle Ex: 10.48, 50, 51, 53, 56
23 T Nov 11 Chp 19 Financing Cycle Ex: 10.48, 50, 51, 53, 56
24 R Nov 13 Chps 9, 10 Test Review
25 T Nov 18 Test 4 Chaps 9 & 10 SAS 109 Memo Due
26 R Nov 20 Chp 11 Completing the Audit Ex: 11.52, 53, 54, 57
27 T Nov 25 No Class Thanksgiving
28 R Nov 27 No Class Thanksgiving
29 T Dec 2 Chp 11 Completing the Audit Ex: 11.64, 65, 67, 68, 69, 71
30 R Dec 4 Chp 12 Audit Opinions Ex: 12.38, 39, 40, 41, 42, 44
31 T Dec 9 Chp 12 Audit Opinions Ex: 12.45, 46, 47, 48, 57, 58
32 R Dec 11 Chps 11, 12 Test Review
33 T Dec XX Test 5 Chap 11 & 12
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