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AC 430 Auditing
Osborne, Robert Lewis


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

S1DD 2007 DC

Faculty

Osborne, Robert Lewis

Title

Adjunct Senior Instructor

Degrees/Certificates

CMA, CFM, CGFM, CDFM, CBM
recently passed the CPA exam - waiting for Certificate to be issued

Office Location

DSCC, Building 11

Office Hours

Before class, After Class, or by Appointment.  Office hours are not available during normal work hours.  However, assistance can be obtained by calling or emailing the instructor, or by appointment.

Daytime Phone

(614) 251-4261

Other Phone

Cell: (614) 216-9768

E-Mail

robert.osborne@park.edu

osbornephd@sbcglobal.net

Semester Dates

January 15 to March 11, 2007

Class Days

---W---

Class Time

5:00 - 10:45 PM

Credit Hours

3


Textbook:

Arens, Alvin A, Randal J. Elder and Mark S. Beasley. Auditing and Assurance Services:  An Integrated Approach. Prentice Hall, Upper Saddle River, New Jersey, Eleventh Edition, 2005  ISBN: 0-13-186712-1
 
 Each student is required to have his/her own copy of the text and bring it to each class session.   Each student should have a calculator for this course. The particular make or model of calculator is left at the student's discretion.

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

Any Principles of Accounting and Intermediate Accounting Text.

ADDITIONAL SUPPLEMENTAL RESOURCE MATERIALS

To enhance your current knowledge of accounting publications and articles published by the Financial Accounting Standards Board (FASB) of the American Institute of Certified Public Accountants (AICPA) are available. The Journal of Accountancy and other professional accounting publications are a good source for additional discussions. Also, the Governmental Accounting Standards (GASB) of the Financial Accounting Foundation is the primary reference for Governmental fund accounting. 

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/.

http://www.fasb.org
http://www.aicpa.org
http://www.gasb.org

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. PREREQUISITES: AC325 and CS140 or equivalents. 3:0:3

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. The instructor’s educational philosophy is based on student participation which is based on lectures, readings, quizzes, dialogues, examinations, internet, and writings. The instructor will encourage each learner to explore new ideas, issues, and contradictions.

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.


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:

This course will cover Chapters 1 through 17, 24 and 26 of the assigned text.

Students will be expected to have read and studied the material assigned for that class and have completed the assigned homework problems.

The will be two (2) Examinations, one (1) Research paper and presentation and ten (10) graded homework assignments. Examinations will be graded on 100 points each, research paper and presentation 100 points and homework on 10 points each (see attached list of graded homework assignments).

            1. Examination Number One (1) – Chapters 3, 5, 6 7, 8, 9, 10 & 11

            2. Examination Number Two (2) – Comprehensive

Research paper and presentation (100 points)

1. Select a topic from the assigned text. During week 1 or 2, submit your topic to the instructor for approval.

2. Compose a 4-6 page length, double-spaced, 12 font paper showing proper MLA or APA citation and references.

3. Please remember that this paper must be in your own words except for properly cited rules or quotes.

4. The Title page and reference page is not included in the count of pages for your 4-6 page length paper.

5. Your research must include at least two different references. Our course textbook may be used as a reference, but does not count toward the required minimum two references.

6. To assist you with writing your paper the instructor will provide a listing of Web sites that can be used for Research on the first night of class.

7. Prepare a 3-5 minute presentation (I encourage students to use of visuals during the presentation such as PowerPoint, handouts, etc.) on your research to be delivered no later than during class in Week 7.

Grading:

Course grades will be based on an average percentage, as follows:

A. Examinations: two (2) 100 points each                              200 points total

B. Research paper and presentation                                      100 points total

C. Homework: TEN (10) at 10 points each                              100 points total

D. Class total   100 percent                                                     400 points total

E. This course grade distribution is as follows:

                  A = 90% to 100%       360 to 400 points

                   B = 80% to 89.9%      320 to 359 points       

                   C = 70% to 79.9%      280 to 319 points

                   D = 60% to 69.9%      240 to 279 points

                   F = less than 60%        239 or less

All final grade percentages will be rounded to one decimal point.

An “Incomplete” will be assigned only in accordance with Park University policy. All final grade percentages will be rounded to one decimal point. 

All final exams will be comprehensive and will be closed book and closed notes.  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 Associate Dean.

Late Submission of Course Materials:
A. Examinations are announced well in advance and it is the Students' responsibility to know when exams are scheduled and make special arrangements PRIOR TO THE EXAM if they will be unable to attend. Makeup exams will be allowed, without penalty, only if the situation warrants and only if PRIOR arrangements have been made with the instructor. If you have an unexcused absence resulting in you missing an exam, the exam must be made up the following week. In addition, your test score will be reduced by ten (10) percentage points. These requirements are imposed to protect the validity of the evaluations and to enhance the objective of timeliness, which is of major importance in Accounting.

B. Homework assignments must be submitted on or before the beginning of the class on the assigned due date. Ten (10) percentage points will be deducted for each calendar day that homework is late. The instructor, at his/her sole discretion, may choose to amend this policy in certain cases to accommodate extenuating circumstances. Assignments submitted for grading will be returned within one week of the due date. All assigned homework will serve as bases for discussion in class. It is important to note that it is virtually impossible to understand auditing as it works in the real world, without performing problems in a classroom situation. Reading the book without performing the homework will not result in your learning auditing. 

C. Research paper and presentation will not be accepted after week 7. 

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. Turn off Cell phones or place them in vibrate mode.

Remember, computers make writing and revising much easier and more productive. Students must recognize though that technology can also cause problems. Printers run out of ink and hard drives crash. Students must be responsible for planning ahead and meeting deadlines in spite of technology.

Students will be expected to have read and studied the material assigned for that class and have completed the assigned homework problems. 

Course Topic/Dates/Assignments:

 

 

Week

Chapters

Subject

What to expect

#1

1, 2

and 3

Review syllabus; Introduction; The demand for audit and other assurance services ; The CPA profession; Audit Reports Lecture, problems

#2

6, 5

and 7

Audit responsibilities and objectives; Legal Liability; Audit evidence

 

Lecture, problems

#3

8, 9
and 10
Audit planning and analytical procedures, Materiality and risk, Section 404 audits and control risk Lecture, problems

#4

11 &

12

Fraud auditing

The impact of information technology on the audit process
Lecture, Problems, Discussion

#5

13 14 & 15

Overall audit plan and audit program Audit of the sales and collection cycle: tests of controls and substantive tests of transactions Lecture, Problems, exam **

#6

15, 16 & 17

Audit sampling for tests of controls and substantive tests of transactions; Accounts receivable: tests of details of balances Lecture, problems

#7

24 & 26

Completing the audit Internal and governmental financial auditing and operational auditing Lecture, problems

#8

4

Professional ethics

 

FINAL EXAM (Comprehensive)

 

Discussion, Final Exam
A list of graded homework assignments and additional information on the Research paper and presentation will be provided the first night of class.  

 

**Midterm will be a take home exam; it will be handed out during week 4 and due back week 5 with no exceptions.  

 

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 2006-2007 Undergraduate Catalog Page 87-89

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 2006-2007 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 "W".
  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 2006-2007 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 .

Additional Information:


I will try to assist you as much as I can as you proceed through this course.  Always feel free to consult me when you have problems meeting course commitments.




Attachments:
Class Assignments

Research Ppaper and Presentation

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:12/31/2006 10:23:13 AM