For Academic Year 2016-2017
COURSE SYLLABUS
Syllabus for: ACCT 2351 AUDITING
Former Course(s): ACT 2810, ACCT 2810 (Semester)
Catalog Description:This course is a study of auditing theory and practices with emphasis on problems that auditors encounter in the course of an audit. Topics discussed may include verifying accounting data, internal controls, and auditor liability in the preparation of audit reports.
Credit Hours: 3Contact Hours: 3Lab Hours: 0
Prerequisite(s): ACCT 1020 or permission of the Dean of Business and Technology
RequiredText(s): Auditing: A Business Risk Approach to Conducting a Quality Audit, 10th edition, Johnstone, Gramling, and Rittenberg, Cengage Learning
Required Supplies/Material(s): none
Recommended Supplementary Material(s): none
Student Group for Whom Course is Required/Intended: This course is intended for students pursuing an Associate of Applied Science degree majoring in Business with a concentration in Accounting.
Student Learning Outcomes: Upon completion of this course, students will demonstrate the ability to:
1.Define external auditing and describe its role in meeting society’s demands for reliable financial and internal control information.
2.Define the various types of fraud that affect organizations and discuss auditors’ fraud-related responsibilities and users’ related expectations.
3.Describe the components of internal control and articulate its importance over financial reporting for organizations and their external auditors.
4.Discuss the liability environment in which auditors operate, explore the effects of lawsuits on audit firms, and articulate a framework for making quality professional decisions in selected audit settings.
5.Identify and explain the auditing standards that provide guidance on the audit opinion formulation process.
6.Discuss the importance of the evidence concepts of appropriateness and sufficiency and explain how those concepts are related to the risk of material misstatement.
7.Define the concepts of material misstatement and materiality and discuss how they relate to audit risk and detection risk.
8.Discuss sampling for the testing of controls and account balances, and describe the risks associated with sampling.
9.Identify the significant accounts, disclosures, relevant assertions, and risks associated with the revenue cycle.
10.Identify the significant accounts, disclosures, relevant assertions, and risks associated with auditing cash accounts.
11.Describe the activities required to complete a quality audit.
12.Describe the audit opinion formulation process and the various types of audit reports.
13.Explain review and compilation engagements, relevant procedures performed, and reports issued.
Final Grading Plan:The grading scale for all examinations and the final course gradewill be based on the following percentages:
A = 90 - 100%
B = 80 - 89%
C = 70 - 79%
D = 60 - 69%
F = 0 - 59%
Suggested Evaluation Plan:
Task / Weight / Student Learning OutcomesExam 1 (Chapters 1-3) / 18% / 1 - 3
Exam 2 (Chapters 4-7) / 18% / 4 - 7
Exam 3 (Chapters 8-10) / 18% / 8 - 10
Exam 4 (Chapters 14, 15, 17) / 18% / 11 - 13
Discussions / 10% / 1 - 13
Quizzes / 10% / 1 - 13
Cases / 8% / 1 - 13
Instructional Schedule:
Week
/Student Learning Outcomes
/Content to be Covered
/Suggested Assignments Due
1
/Introduction to the course
/Post introduction to discussion board
2
/ 1 /Chapter 1 – Auditing: Integral to the Economy
/Read Chapter 1Homework & Quiz as assigned
3
/ 2 /Chapter 2 – The Auditor’s Responsibility Regarding Fraud and Mechanisms to Address Fraud
/Read Chapter 2Homework & Quiz as assigned
4
/ 3 /Chapter 3 – Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditors
/Read Chapter 3Homework & Quiz as assigned
5
/ 1-34 /
Exam 1 (Ch. 1-3)Chapter 4 – Professional Liability, Auditor Judgment Frameworks and Professional Responsibilities
/Read Chapter 4 Homework & Quiz as assigned
6
/ 5 /Chapter 5 – Professional Auditing Standards and the Audit Opinion Formulation Process
/Read Chapter 5Homework & Quiz as assigned
7
/ 6 /Chapter 6 – A Framework for Audit Evidence
/Read Chapter 6Homework & Quiz as assigned
8
/ 74-7 /
Chapter 7 – Planning the Audit: Identifying and Responding to the Risks of Material MisstatementExam 2 (Ch. 4-7)
/Read Chapter 7Homework & Quiz as assigned
9
/ 8 /Chapter 8 – Specialized Audit Tools: Sampling and Generalized Audit Software
/Read Chapter 8Homework & Quiz as assigned
10
/ 9 /Chapter 9 – Auditing the Revenue Cycle
/Read Chapter 9Homework & Quiz as assigned
11
/ 108-10 / Chapter 10 – Auditing Cash and Marketable Securities
Exam 3 (Ch. 8-10)
/Read Chapter 10Homework & Quiz as assigned
12
/ 11 /Chapter 14 – Activities Required in Completing a Quality Audit
/Read Chapter 14Homework & Quiz as assigned
13
/ 12 /Chapter 15 – Audit Reports on Financial Statements
/Read Chapter 15Homework & Quiz as assigned
14
/ 13 /Chapter 17 – Other Services Provided by Audit Firms
/Read Chapter 17Homework & Quiz as assigned
15
/ 11-13 /Final Exam (Ch. 14, 15, 17)