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AC 430 Auditing
Stacey, Lori L.


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

S1HH 2007 PA

Faculty

Stacey, Lori L.

Title

Adjunct Faculty

Degrees/Certificates

Bachelors in Business Administration, University of North Dakota
Masters of Accountancy, University of North Dakota
CPA, CGFM

Office Hours

By appointment

Daytime Phone

937-656-3369 (work)

Other Phone

937-478-9474 (cell)

E-Mail

Lori.Stacey@park.edu

twink51@woh.rr.com

Semester Dates

8 January - 11 March 2006

Class Days

---W---

Class Time

5:30 - 10:30 PM

Prerequisites

AC325, CS140

Credit Hours

3


Textbook:

Whittington/Pany, Principles of Auditing and Other Assurance Services, 15th Edition, Irwin Publishing 2006

Whittington/Pany, Principles of Audting and Other Assurance Services, Updated Chapters 5, 6, & 7, Irwin Publishing 2006 

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

Journal of Accountancy”, Wright State Library 

“ProQuest” Research Program, Wright-Patterson AFB Library

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.mhhe.com/whittington15e

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:
The facilitator's educational philosophy is to enable the student to get the most possible from the class through participation in classroom discussion, lectures, readings, audit cases, and exams. 

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:
Examinations, group audit cases, and an audit project

Grading:

The course grade will be determined as follows:

The following grading scale will be used:

 

Points

Grade

Points

Audit Case (25%)

75

A

270 -- 300

Team Cases (25%)

75

B

240 -- 269

Midterm Exam (25%)

75

C

210 -- 239

Final Exam (25%)

75

 

D

180 -- 209

Total Course Points

300

F

Below 180

Late Submission of Course Materials:
Late submission and make-up examinations will be accepted with the prior authorization from the instructor for excused abences only.

Classroom Rules of Conduct:
Demonstrate respect for the instructor and fellow students at all times.  Participation in classroom discussion greatly facilitates increased learning and is highly encouraged.  Students are expected to attend all classes and to arrive on time.  Cell phones must be turned off or in silent mode during class.  Put them away to prevent disturbing the rest of the class.

Course Topic/Dates/Assignments:

Meet

Date

Topics

Reading

Assignments

#1

Jan 10

The Role of the Auditor in the American Economy

Professional Standards

Ch 1, pp. 1--29

Ch 2, pp. 31-58

Problems 1-27, 28, 30, 33

Problems 2-29, 31, 33

#2

Jan 17

Professional Ethics

Legal Liability of CPAs

Ch 3, pp. 59-95

Ch 4, pp. 97-124

Problems 3-23, 24, 26, 29

Problems 4-23, 28, 30, 31

#3


Jan 24

Audit Evidence and Documentation

Planning the Audit; Linking Audit Procedures to Risk

Midterm Exam Handed Out

Ch 5, pp. 5-1 - 5-44

Ch 6, pp 6-1 - 6-34


Chapters 1--6

Problems 5-32, 40, 43, 47

Problems 6-28, 29, 32, 37

#4


Jan 31

Internal Control

Consideration of Internal Control in an Information Technology Environment

Midterm Exam Due

Ch 7, pp. 7-1 - 7-46

Ch 8, pp. 269--300


Problems 7-23, 25, 29, 36, 38

Problems 8-25, 27, 31, 33


#5

Feb 7

Audit Sampling

Cash and Financial Investments

Ch 9, pp. 303--339

Ch 10, pp. 351--395

Problems 9-41a thru g

Problems 10-26, 28, 37

#6


Feb 14

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property, Plant, and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Ch 11, pp. 397--440



Ch 12, pp. 463—500

Ch 13, pp. 501--524

Ch 14, pp. 527--554

Problems 11-39



Problems 12-32

Problems 13-31

Problems 14-34

#7


Feb 21

Auditing Operations and Completing the Audit

Ch 16, pp. 587--621

Problems 16-27, 30, 34

#8


Feb 28

Auditors' Reports

Ch 17, pp. 623--655


Problems 17-21, 22, 26




#9


Mar 7

Final Exam

Chapters 9-14, 16, 17

Audit Case, Team Cases Due

Team Cases

Problem

Page(s)

Requirements

3-39

93

a and b

4-40

123-124

all

8-39

300-301

all

10-47

389

all

Audit Case

Chapter

Requirements

Ch 6, pp 6-47 -6-54

6C-1, 4

Ch 11, pp 441-491

11A-1, 2

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 .



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:12/6/2006 8:47:52 PM