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AC 430 Auditing
Kotwitz, Shaun

Instructor: Mr

COURSE NUMBER & Title: AC430 Auditing


INSTRUCTOR: Mr. Shaun Kotwitz

WORK PHONE: (913) 967-2972


TERM DATES:  March 14, 2005 – May 8, 2005

CLASS SESSION DAY & TIME:  Tuesdays, 5:30 to 9:50 PM (Includes Office Hours)

SITE: Park Accelerated Programs – Parkville Campus

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




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.



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


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. 


COURSE OBJECTIVES:  To obtain a comprehensive knowledge of the role of an auditor and of the components of an audit.



1.  To understand the theory and procedures of auditing.

2.  To investigate the nature and economic purpose of the auditor, professional standards, and professional ethics.

3.  To learn the components of audit evidence; planning an audit; internal control including those related to a computer environment; audit sampling; audit workpapers; various substantive audit testing; auditor reporting; and internal, operational, and compliance auditing.


COURSE TEXTBOOK:  Whittington & Pany, Principles of Auditing and Other Assurance Services, Irwin McGraw-Hill Publishing, 2004, 14th Edition (ISBN 0072822732).


ACADEMIC HONESTY: “Academic Honesty is required of all members of a learning community.  Hence, Park will not tolerate cheating or plagiarism on tests, examinations, papers or other course assignments.  Students who engage in such dishonesty may be given failing grades or expelled from Park.” 


PLAGIARISM:  Plagiarism-the appropriation or imitation of the language or ideas of another person and presenting them as one’s original work—sometimes occurs through carelessness or ignorance.  Students who are uncertain about proper documentation of sources should consult their instructors.”


ATTENDANCE POLICY: Instructors are required to keep attendance records and report absences.  The instructor may excuse absences for cogent reasons, but missed work must be made up within the term of enrollment.  Work missed through unexcused absences must also be made up within the term of enrollment, but unexcused absences may carry further penalties.  In the event of two consecutive weeks of unexcused absences in a term of enrollment, the student will be administratively withdrawn, resulting in a grade of “F”.  An Incomplete will not be issued to a student who has unexcused or excessive absences recorded for a course.  Students receiving Military Tuition Assistance (TA) or Veterans Administration (VA) educational benefits must not exceed three unexcused absences in the term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.  Reports of F grade (attendance or academic) resulting from excessive absence for students receiving financial assistance from agencies not mentioned above will be reported to the appropriate agency.


LATE SUBMISSION OF COURSE MATERIALS: If a student submits an assignment after a scheduled deadline, he/she will be penalized accordingly.


COURSE ASSESSMENT: The course assessment will include three exams & weekly 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.

On-line Quizzes:  Fifteen 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, 2. Select applicable chapter, 3. Select Multiple Choice Quiz, 4. Take quiz, 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


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. 


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 American with Disabilities Act of 1990, regarding students with disabilities and, to the extent 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:




Subject Read Assignment Due



The Role of the Public Accountant in the American Economy

Professional Standards

Ch. 1


Ch. 2




Professional Ethics

Audit Evidence & Documentation

Planning the Audit; Designing Audit Programs

Ch. 3

Ch. 5

Ch. 6

Quiz for Chapter 1 & 2



Internal Control

Consideration of Internal Control in a Computer Environment

Distribute Exam 1

Ch. 7

Ch. 8


Quiz for Chapter 3, 5, & 6



Cash & Financial Investments

A/R, N/R, & Revenue

Overview of Audit Sampling

Ch. 10

Ch. 11

Ch. 9

Exam 1

Quiz for Chapter 7 & 8



Inventories & COGS

PP&E & Depreciation

A/P & Other Liabilities

Ch. 12

Ch. 13

Ch. 14

Quiz for Chapter 10, 11, & 9







Debt & Equity Capital

Auditing Ops & Completing the Audit

Distribute Exam 2

Ch. 15

Ch. 16

Quiz for Chapter 12, 13, & 14



Auditors’ Report

Overview of Internal, Operational, & Compliance Auditing

Review for Exam 3

Ch. 17

Ch. 20

Exam 2

Quiz for Chapter 15 & 16



Exam 3





Final Grades will be determined based upon the following:




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



Exam 2 (9, 10, 11, 12, 13, & 14)



Exam 3 (15, 16, 17, & 20)



On-line Quizzes



Attendance/Class Participation







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





90 – 100%

540 to 600


80 – 89%

480 to 539


70 – 79%

420 to 479


60 – 69%

360 to 419


Less than 60%

Below 360