ACC 441-01 AUDITING
Spring 2010
M:  4 - 6:50 ALGER 10
3

Instructor: Jane Przybyla, CPA
Office: Alger 234
Office Hours: M 1-2; T 12-1; Th 9-10, 12-1
Communication: My office telephone number is 456-9546. All students will be registered into the course WebCT site and I prefer that you communicate with me (and encourage you to communicate with your class peers) via WebCT e-mail.

Required Text: Auditing and Assurance Services, 3nd Edition; Louwers, Ramsay, Sinason, Strawser;  2008; McGraw-Hill Co., Inc.

Required Case: Real Audit ™ - Within the first several weeks you will be given an instruction code and then you may purchase access to this case by going to the website www.realaudit.com . Select Simulations from the main menu. Then click on ordering instructions to purchase an account. You should purchase the Lite version ($15). We are not using the SOX 404 add-on. Each student will have a unique account (user name and password) which will be activated after your payment has been verified. Sharing an account is not possible since each student's activities are tracked, accompanied with performance reporting.

Text Companion Website: Visit the text website at  www.mhhe.com/louwers3e . The student resources include on-line multiple choice quizzes,  PowerPoint presentations, and other information. 

Course Description and Objectives
This course covers auditing concepts and theory. Topics covered include audit planning, audit risk, internal control, evidence, reporting and professional ethics.

For educational enhancement, consider becoming an AICPA student affiliate member. Materials are available at the AICPA website: www.aicpa.org. One of the benefits of joining is receiving a monthly CPA newsletter which will keep you current on all important accounting and auditing issues, including the CPA exam.

The Best Approach
This course is different from any accounting course you have taken. It requires understanding the concepts of the auditing framework. There is very little discussion of debits and credits, nor are there many problems to work. The course will take a lot of time and effort, both inside and outside the classroom. You are expected to attend each class and to complete all assigned work in a timely manner. An essential component to your successful completion of this class is to keep up with the material. Do not let yourself fall behind!

Group Assignments
Over the course of the semester you will work in groups on assignments that cover various aspects of a financial statement audit. I will ask you to provide peer evaluations of the other members of your team at the end of the semester.  If a student does not receive an adequate performance evaluation from team members then she/he will not receive full credit for the team assignments. It is expected that each group assignment will be submitted by the due date. Points will be deducted for any late submissions.

Examinations
Exams will consist of multiple choice questions, essays and short answers. Some exams may include a take-home component. Spelling, grammar, and quality of writing will be graded on all exams and written work. A professional demeanor includes the ability to meet deadlines. Therefore, make-up exams are generally not available.

Professional Conduct
Accounting is a highly respected profession that provides a service to a client.  This is true if you are an auditor or a tax accountant hired by a client; or you are a controller, audit manager, or managerial accountant where your client is the company for which you work and its various departments.  The only product you offer is quality, ethical professional service.  I expect that you will conduct yourself in the classroom as you would at a business meeting with a client or with the management in your company.  Your professionalism in this course means coming to class, being on time, participating in discussions, asking thoughtful questions and meeting deadlines.  Please turn off your cell phone and place it in your knapsack before class begins.

Grade Distribution:

Exam 1 100 points
Exam 2 100 points
Exam 3 50 points
Group assignments 60 points
Total 310 points

Final Grade = Total Points Earned / Total Possible Points. Scale: 92+ A, 89-91 A-, 87-88 B+, 82-86 B, 79-81 B-, 77-78 C+, 72-76 C, 69-71 C-, 67-68 D+, 62-66 D, 59-61 D-.

TENTATIVE SCHEDULE  

Week

Chapter

Topics

Text Assignments *

1

1,2

 Introduction to Auditing & Assurance Services; Professional Standards 

1.51,1.52;
2.44,2.50,2.53

2

3

Management Fraud & Audit Risk

3.45,3.46,3.51

3

4

Engagement Planning

4.49 (a,b,d)4.51,4.55

4

 

Planning, Cont'd.

 

5

  5

Internal  Control Evaluation, Exam

 

6

 

Internal  Control Evaluation

5.62,5.63,5.65

7

6

Employee Fraud & the Audit of Cash

6.45,6.46,6.47,6.52

8

7

Revenue & Collection Cycle

7.57,7.58,7.63

9

8

Acquisition & Expenditure Cycle

8.39,8.42,8.45,8.46

10

 

Expenditure Cycle, Cont'd

 

11

11

 Completing the Audit, Exam

11.48,11.53,11.54

12

12

Reports on Audited Financial Statements

12.38,12.44,12.45

13

Mod B

Professional Ethics

B.45,B.47,B.49

14

 

Wrap-up


 

*NOTE: Assignments may vary according to class needs. Specific assignments  are given at the end of each class.