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AC 430 Auditing
Castleman, Ronald


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.
CourseAC 430 Auditing WT
SemesterU1L2005
FacultyCastleman, Ronald
TitleAdjunct Faculty
Degrees/CertificatesBS
MBA
CPA
Office Location433 E Russell -- Warrensburg, MO
Office HoursBy appointment
Daytime Phone(660) 747-2721
Other Phone(660) 441-2033
E-MailR.Castleman@park.edu
castr@charter.net
Semester DatesJune 6, 2005 - July 31, 2005
Class Days--T-R--
Class Time7:45 - 10:15 PM
PerquisitesIntermediate I
Credit Hours3

Textbook:
Arens, Loebbecke, Auditing, 8th ed.; Prentice Hall

Additional Resources:
Student is espected to use the Internet, magazines, books, and newspapers.


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.  Pre-requisites: AC325 and CS140 or equivalents.  3:0:3

Educational Philosophy:
Students are expected to learn though studying the textbook, class discussions, research, and instructor experience.  Research should be done by using the Internet, reviewing magazines, reading books, and listening to the news.

Learning Outcomes:
1.  to describe what is meant by auditing.
2.  to distinguish between auditing and accounting.
3.  to list and differentiate between the types of audits.
4.  to identify who can be an auditor and under what circumstances, including whether or not CPAs are the only ones who can perform an audit.
5.  to defend the importance of the AICPA.
6.  to explain the role of teh SEC in auditing and accounting.
7.  to identify the four types of audit opinions than an auditor can render.
8.  to explain the difference between the four types of audit opitions list in "7" above.
9.  to identify when a specific type of audit report should be given.
10. to explain professional ethics as required by the AICPA and the enforcement mechanisms in place.
11. to distinguish between management's responsibilities for preparing financial statements from the auditor's responsiblities for verifying those financial statements.
12. to explain the relationship between audit objectives and the accumulation of audit evidence.
13. to explain why adequate audit planning is essential.
14. to explain the purpose of obtaining background information about an audit client.
15. to chart the chain of command in the decision-making process, and the flow of documentation.
16. to defend the purpose of utilizing audit working papers.
17. to prepare an audit program.
18. to apply the concept of materiality to the the audit.
19. to use the materializty concept to evaluate audit findings.
20. to explain audit risk.
21. to describe how materiality and audit risk are related and integrated into the audit process.
22. to explain internal control.
23. to prepare an intgernal control questionnaire.
24. to explain the necessity of obtaining outside confirmation of data.
25. to list data that should be confirmed outside the business being audited.
26. to explain necessary controls over mailing and receiving confirmation data from outsiders.
27. to list the two types of independence relative to auditing.
28. to explain the importance of independence.
29. to describe programs for auditing sales and the collection process and when alternative methods of determining the data are acceptable.
30. to state the importance of statistical sampling.
31. to indicate factors that msut be considered in determining the size and extent of the sampling required.
32. to identify accounts and transactions used in the payroll and personnel account.
33. to design and perform analytical procedurs for accounts payable.
34. to design and perform tests of details of balances of accountgs in teh payroll and personnel cycle.
35. to identify the accounts and classes of transactions in the acquisitions and payments cycle.
36. to describe the business functions and the related documents and records in the inventory and warehousing cycle.
37. to explain the importance of inventory testing and sampling, including safeguards tha should be undertaken to be able to verify the cost and existence of inventory items.
38. to design and perform tests of impress petty cash.
39. to identify the cash accounts maintained by the audit client.
40. to describe importance of auditing cash.
41. to discuss the differences between kiting and lapping.
42. to understand and explain the level of assurance and evidence requirements for review and compilation services.
43. to explain the importance of the audit engagement letter.
44. to explain the components and necessity of teh management representation letter.
45. to read and comprehaned written communication.
46. to write audit reports including the scope and opinion paragraphs paying particular attention to precise, court-upheld wording.
47. to know how to read and interpret data.

Course Assessment:
A student's grade will be determined by two major tests, three projects, learning devices, and class participation.

Grading:
Grades will be determined as follows:
Test 1 -----------------------------   400
Test 2 -----------------------------   400
Project 1 --------------------------   100
Project 2 --------------------------   100
Project 3 --------------------------    75
Class Participation ----------------   100
Learning Devises -------------------   100

    Total ------------------------- 1,275

Minimum Grading Scale

A=90%, B=80%, C=70%, D=60%, F=Below 60%              

Late Submission of Course Materials:
Late submission will not be accepted with prior approval. Should circumstances require that a student miss class, the student is expected to complete the equivalent make-up work.  This includes learning what transpired during the missed class.  Such may be accomplished by talking with the instructor, obtaining notes from a fellow student, having the class taped, etc.

Classroom Rules of Conduct:
A student is expected to participate in classroom discussion.  

June  7 NONE 
June  9#1
#2
#3
#4
1,6,7
2,14
1,5,6,7,9,19
3,5,6
 
June 14#4 -- continued

#5
8,9,10,11,12,14,17,20,25
7,9,14,23,26
 
June 16#6
#7
2,5,6,21,23
1,12,13,16,31,34
 
June 21#87,13,14,19,20,21,
28 (a and c), 32
 
June 23#9
#10
2,4,17,34
2,10,14,15,26
 
June 28Test  
June 30#12
#13
6,29,32,33,34
1,2,6,7,9
 
July  5#13

#14
13,15,16,24,28,34,
32
1,18
 
July  7OPEN  
July 12#15

#17
8,9,10,11,12,14,15,23,27,28,30
1,3,5,7,10,13
 
July 14#17

#18
17,18,21,24,25,26,27,29
5,7,12,13,15,19
 
July 19#18
#20
25,27,30
1,2,7,10,13,17,18,
19,24,26
 
July 21#21
#22
3,5,6,7,20,
1,3,4,5,6,7,8,9,10,
11,12,14
 
July 26#2221,22,24 
July 28FINAL  
    

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 2004-2005 Undergraduate Catalog
Page 101

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. <a href="http://www.park.edu/catalog">
Park University 2004-2005 Undergraduate Catalog</a> Page 101

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 "WH".
  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 2004-2005 Undergraduate Catalog Page 100

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. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners 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 learners 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:
http://www.park.edu/disability
 
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Copyright:
This material is copyright and can not be reused without author permission.