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AC 430 Auditing
Kotwitz, Shaun


Mission Statement: The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

Course

AC 430 Auditing

Semester

S2J 2009 PV

Faculty

Kotwitz, Shaun

Degrees/Certificates

C.P.A.

Office Hours

Before and after class

Daytime Phone

(816) 329-8788

E-Mail

kotwitz@mail.park.edu

Semester Dates

March 16, 2009 – May 10, 2009

Class Days

--T----

Class Time

5:30 - 9:50 PM

Prerequisites

AC325 (Intermediate Accounting II) and CS140 (Computer Science)

Credit Hours

3


Textbook:

Whittington & Pany, Principles of Auditing and Other Assurance Services, McGraw-Hill/Irwin Publishing, 2010, 17th Edition.

Additional Resources:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
A study of auditing theory and procedures, the development and use of internal controls, and the ethical and professional standards of an independent professional accountant.

Educational Philosophy:

To foster a learning environment that enables the learner to realize his/her greatest potential. Specifically, this class teaches the learner to think critically; to communicate clearly; and to take ownership for his/her learning.

Learning Outcomes:
  Core Learning Outcomes

  1. Review, analyze and test internal controls.
  2. Complete an audit of a fictitious corporation.
  3. Write an audit plan.
  4. Prepare adjustments of accounts.
  5. Write audit reports.
  6. Prepare audit schedules and working papers.


  Instructor Learning Outcomes
  1. To investigate the nature and economic purpose of the auditor, professional standards, and professional ethics
  2. To evaluate the requirements under the Sarbanes-Oxley Act (SOA) for companies and Public Company Accounting Oversight Board (PCAOB) for certain auditors including considering the requirements to review, analyze, and test internal controls, to analyze the linkage between tests of internal controls and the financial statement audit (integrated audit), and to assess the impact of the SOA and PCAOB on publicly held companies and public accounting firms, respectively
  3. To analyze the linkage between the following components of an audit and to understand the purpose of each:  planning the audit, audit sampling, audit evidence, audit schedules and workpapers (including how to prepare), substantive audit testing, proposing adjustments of accounts, and auditor reporting
  4. To compare/contrast financial statement auditing to internal, operational, and compliance auditing
Core Assessment:
The test examines each learning outcome with 20 questions. Eighteen multiple-choice questions will be based upon a distribution of critical thinking concepts applied to a learning outcome. Two questions will examine a communication/writing component. Each question will be weighted as 5 points. 

Link to Class Rubric

Class Assessment:

The course assessment will include three exams, one paper, and on-line quizzes.
 
Exams:  Three exams will be given during this course. Students will be notified in advance of changes in the material tested. Material from the class discussions, in-class problems/questions, & on-line quizzes will be covered in the exams. Exams will include multiple choice and short answer questions that require application of course learning objectives.

SOA/PCAOB Assessment Paper: 
5-7 page paper to evaluate the requirements under the SOA for companies and PCAOB for certain auditors including considering the requirements to review, analyze, and test internal controls, to analyze the linkage between tests of internal controls and the financial statement audit (integrated audit), and to assess the impact of the SOA and PCAOB on publicly held companies and public accounting firms, respectively.

On-line Quizzes:
 Thirteen quizzes (see Course Schedule for which chapters) will be required for this course and will be due on the dates specified in the attached Course Schedule. Instructions for taking and submitting the on-line quiz for each chapter are as follows: 1. Go to http://highered.mcgraw-hill.com/sites/007352686x/student_view0/index.html, 2. Select applicable chapter, 3. Select online quizzes, 4. Take quiz and submit answers, 5. Enter Name, and 6. Email quiz results to your email address and to instructor each Tuesday before noon. Each quiz is worth 10 points and consists of 10-12 questions on average. Students earn points according to the following scale:
 
75% or higher……………10 Points
50% to 74%........…………5 Points
Less than 50%…………….0 Points

Attendance/Class Participation:
Attendance will be taken at the beginning of each class period. Students are expected to attend class and to participate in class discussions. Attendance/Class Participation will be worth 10 points of each student’s final grade and will be earned according to the following schedule:
                       
                        Present less than six times……….…..0 Points
                        Present six times…………………….5 Points
                        Present seven or more times……….10 Points

Grading:

Final Grades will be determined based upon the following:

 

Points

%

Exam 1 (1, 2, 3, 5, 6, 7, & 8)

150

21.4

Exam 2 (9, 10, 11, 12, & 13)

150

21.4

Exam 3 (14, 15, 16, 17, 18, & 21)

160

21.4

SOA/PCAOB Assessment Paper

100

14.3

On-line Quizzes

130

20.0

Attendance/Class Participation

10

1.4

Total

700

100.0

Grades will be computed using the following scale, although I reserve the right to make adjustments:

Grade

Percentages

Points

A

90 – 100%

630 to 700

B

80 – 89%

560 to 629

C

70 – 79%

490 to 559

D

60 – 69%

420 to 489

F

Less than 60%

Below 420

 

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.

Late Submission of Course Materials:
If a student submits an assignment after a scheduled deadline, he/she will not receive credit for the assignment.

Classroom Rules of Conduct:

The classroom rules of conduct include the following: 1. Respect the instructor’s decisions/requirements; 2. Respect other learners; 3. Participate in classroom discussions/exercises; 4. Take ownership and complete assignments by given deadlines; 5. Notify instructor of any possible absences or missed deadlines; & 6. Any other rules that come up during the course of the semester.

Course Topic/Dates/Assignments:

Week

Date

Subject Read Assignment Due
1  

 

3/17  

 

The Role of the Public Accountant in the American Economy
Professional Standards
Ch. 1  

 Ch. 2  

 

 

 

2  

 

3/24  

 

Professional Ethics
Audit Evidence & Documentation
Audit Planning, Understanding Client, Assessing Risk, & Responding
Ch. 3
Ch. 5
Ch. 6
Quiz for Chapter 1 & 2  

 

3  

 

3/31  

 

Internal Control
Consideration of Internal Control in an IT Environment
Explain SOA/PCAOB Assessment Paper Requirements
Distribute Exam 1
Ch. 7
Ch. 8
 

 

Quiz for Chapter 3, 5, & 6
4  

 

4/7  

 

Cash & Financial Investments
A/R, N/R, & Revenue
Audit Sampling
Ch. 10
Ch. 11
Ch. 9
Exam 1
Quiz for Chapter 7 (No quiz for Chapter 8)
5  

 

4/14  

 

Inventories & COGS
PP&E & Depreciation
A/P & Other Liabilities
Ch. 12
Ch. 13
Ch. 14
Quiz for Chapter 10 & 11 (No quiz for Chapter 9)
6  

 

 

 

 

 

4/21  

 

Debt & Equity Capital
Auditing Ops & Completing the Audit
Auditors’ Report
Distribute Exam 2
Ch. 15
Ch. 16
Ch. 17
Quiz for Chapter 12, 13, & 14  

 

7  

 

4/28  

 

Integrated Audits of Public Companies
Internal, Operational, & Compliance Auditing
Review for Exam 3
Ch. 18
Ch. 21
Exam 2
Quiz for Chapter 15 & 16
8  

 

5/5  

 

Exam 3  

 

 

 

SOA/PCAOB Assessment Paper  

 

 

 

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2008-2009 Undergraduate Catalog Page 87

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2008-2009 Undergraduate Catalog Page 87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "F".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2008-2009 Undergraduate Catalog Page 89-90

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluate and define accounting concepts identified by:                                                                                                                                                                                                     
Outcomes
1,2,3,4,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Evaluate and define the audit procedure(s) in order to conduct an audit per Generally Accepted Auditing Standards and Sarbanes Oxley Q1, Q4, Q8, Q12, Q15 100-80 % Evaluate and define the audit procedure(s) in order to conduct an audit per Generally Accepted Auditing Standards and Sarbanes Oxley Q1, Q4, Q8, Q12, Q15 60-79% Evaluate and define the audit procedure(s) in order to conduct an audit per Generally Accepted Auditing Standards and Sarbanes Oxley Q1, Q4, Q8, Q12, Q15 50-59% Evaluate and define the audit procedure(s) in order to conduct an audit per Generally Accepted Auditing Standards and Sarbanes Oxley Q1, Q4, Q8, Q12, Q15 Less than 50%
 
Synthesize data to produce a logical flow of informational reporting per established accounting rules and standards outcome(s):                                                                                                                            
Outcomes
1,2,3,4,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Formulate the correct and ethical auditing procedures for given accounting transactions in order to prepare an audit report per Generally Accepted Auditing Standards and Sarbanes Oxley Q3, Q6, Q7, Q11, Q14 100-80 % Formulate the correct and ethical auditing procedures for given accounting transactions in order to prepare an audit report per Generally Accepted Auditing Standards and Sarbanes Oxley Q3, Q6, Q7, Q11, Q14 60-79% Formulate the correct and ethical auditing procedures for given accounting transactions in order to prepare an audit report per Generally Accepted Auditing Standards and Sarbanes Oxley Q3, Q6, Q7, Q11, Q14 50-59% Formulate the correct and ethical auditing procedures for given accounting transactions in order to prepare an audit report per Generally Accepted Auditing Standards and Sarbanes Oxley Q3, Q6, Q7, Q11, Q14 Less than 50%
 
Analysis  of transactional data  outcome(s):                                                                                                                                                                                                               
Outcomes
1,2,3,4,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Analyze accounting transactions and apply audit procedures to conduct an audit per Generally Accepted Auditing Standards and Sarbanes Oxley Q2, Q5, Q9, Q10, Q13 100-80 % Analyze accounting transactions and apply audit procedures to conduct an audit per  Generally Accepted Auditing Standards and Sarbanes Oxley Q2, Q5, Q9, Q10, Q13 60-79% Analyze accounting transactions and apply audit procedures to conduct an audit per  Generally Accepted Auditing Standards and Sarbanes Oxley Q2, Q5, Q9, Q10, Q13 50-59% Analyze accounting transactions and apply audit procedures to conduct an audit per  Generally Accepted Auditing Standards and Sarbanes Oxley Q2, Q5, Q9, Q10, Q13  Less than 50%
 
Application of established rules and logic per regulatory and commercial standards outcome:                                                                                                                                                                
Outcomes
5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Demonstrate and interpret accounting data and auditing procedures in order to write an audit report per Generally Accepted Auditing Standards Q16, Q17, Q18 100-80 % Demonstrate and interpret accounting data and auditing procedures in order to write an audit report per Generally Accepted Auditing Standards Q16, Q17, Q18 60-79% Demonstrate and interpret accounting data and auditing procedures in order to write an audit report per Generally Accepted Auditing Standards Q16, Q17, Q18  50-59% Demonstrate and interpret accounting data and auditing procedures in order to write an audit report per Generally Accepted Auditing Standards Q16, Q17, Q18 Less than 50%
 
Content of Communication written essay outcome:                                                                                                                                                                                                            
Outcomes
3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to writing an audit plan Question 20 100-80 % Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to writing an audit plan Question 20 60-79% Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to writing an audit plan Question 20 50-59% Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to writing an audit plan Question 20 Less than 50%
 
Technical Skill in Communicating written essay outcome:                                                                                                                                                                                                    
Outcomes
5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Demonstrate the knowledge and skill to evaluate, apply and discuss writing an audit report Question 19 100-80 % Demonstrate the knowledge and skill to evaluate, apply and discuss writing an audit report Question 19 60-79% Demonstrate the knowledge and skill to evaluate, apply and discuss writing an audit report Question 19 50-59% Demonstrate the knowledge and skill to evaluate, apply and discuss writing an audit report Question 19 Less than 50%
 

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Last Updated:2/24/2009 11:15:57 PM