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AC 430 Auditing
Lampton, Jolene A.


Mission Statement: Park University provides access to a quality higher education experience that prepares a diverse community of learners to think critically, communicate effectively, demonstrate a global perspective and engage in lifelong learning and service to others.

Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.

Course

AC 430 Auditing

Semester

S2A 2012 BE

Faculty

Lampton, Jolene A.

Title

Assistant Professor of Management Accounting

Degrees/Certificates

Ph.D. in Higher Education
MBA; BSE in Business Education
CPA - licensed in Texas and Missouri

Office Hours

Monday/Wednesday 3 - 5 p.m. or upon request

Daytime Phone

512-385-7275 (office)

Other Phone

512-338-8155 (home)

E-Mail

jolene.lampton@park.edu

jlampton@att.net

Semester Dates

March 19 - May 11, 2012

Class Days

--T-R--

Class Time

8:00 - 10:40 PM

Prerequisites

AC325 and CS140

Credit Hours

3


Textbook:

Principles of Auditing & Other Assurance Services
by Ray Whittington and Kurt Pany
17th edition
Published by McGraw-Hill Irwin
ISBN #978-0-07-730445-4

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

http://www.mhhe.com/whittington17e to access Chapter quizzes
 
 

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.
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Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
AC430 Auditing: 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. Prerequisite: AC325 and CS140 or equivalent. 3:0:3

Educational Philosophy:
Insatructor follows sound educational philosophy in that the student is expected to engage with the subject matter.  Students are to read the chaprters, complete homework, engage in discussions, complete quizzes and exams, and attend class.  To do such things, students will be engaged with the subject.  Instructor will go beyond to assist students when students do their part.  Instructor is available via email or phone and maintains office hours should students need assistance. 

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:

Grading:
Online quizzes
Problems to be collected selectively by instructor
Final exam
Attendance
Research project

Grading:

Plan:
 
Online quizzes               150 points
Problems to be collected
selectively by instructor 100 points
Final Exam                    300 points
Research Project           200 points
Attendance                    100 points
 
Total                              850 points

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 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.

Late Submission of Course Materials:
Upon permission of instructor.

Classroom Rules of Conduct:
Professional demeanor expected.

Course Topic/Dates/Assignments:

#1 Chapter 1 The Role of the Public Accountant in the American Economy
 
Questions 1, 11, 21
Problems, 29, 30, 31
 
#2 Chapter 2 Professional Standards
 
Questions 1, 2, 6
Problems 33, 34, 35
 
#3 Chapter 3 Professional Ethics
 
Questions 1, 3, 4, 9, 21, 23
Problems 33, 46
 
#4 Chapter 5 Audit Evidence & Documentation
 
Questions 10, 12, 14
Problem 50, 53, 36
 
#5 Chapter 6 Audit Planning, Understanding Client, Assessing Risk, and Responding
 
Questions 18, 21
Problems 40, 42
 
#6 Chapter 7 Internal Control
 
Questions 1, 3, 5, 10, 21, 18
Problem 45
 
#7 Discuss Research Project - Research Project will consist of a 5-page minimum paper that is due on Night #15.   Paper should conform to APA requirements and consist of resources other than the textbook.   Topic should be SOX and PCAOB requirements that were implemented after 2002 (current topics, please!).  Research ways that SOX and PCAOB make financial audits more reliable.   Conversely, you can also research problems, challenges, or shortcomings of the new requirements.  You should then prepare a verbal presentation to be delivered on Night #15 consisting of a visual aid or PPT presentation.  The presentation should be 5 - 10 minutes long.
 
Chapter 10 Cash & Financial Investments
 
Questions 3, 4, 5
Problems 38
 
#8 Chapter 11 Accounts Receivable, Notes Receivable, and Revenue
 
Questions 2, 4, 21
Problem 43
 
#9 Chapter 12 Inventories and Cost of Goods Sold
 
Questions 6, 14, 17
Problem 33
 
#10 Chapter 18 PP&E and Depreciation
 
Questions 4, 13
Problem 38
 
#11 Chapter 14 Accounts Payable & Other Liabilities
 
Problems 35, 37, 40
 
#12 Chapter 17 Auditors' Reports
 
Questions 1, 5, 16
Problem 27
 
#13 Chapter 18 Integrated Audits of Public Companies
 
Questions 1, 2
Problem 33
 
#14 Chapter 21 Internal, Operational & Compliance Auditing
 
Questions 1, 3, 8
Problem 45
 
#15 Presentations Research Projects Due
 
#16 Final Examination (Closed Book)
 
 
 

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 students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty (www.park.edu/current or http://www.park.edu/faculty/).from Park University 2011-2012 Undergraduate Catalog Page 93

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. from Park University 2011-2012 Undergraduate Catalog Page 93

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 2011-2012 Undergraduate Catalog Page 96

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:2/8/2012 9:55:03 AM