Course Outline
Eastern Connecticut State University
Business Administration Department
Course Number
(Section): ACC
412 (01) Instructor: Richard P. Silkoff Sc.D., CPA
Course Name: Auditing
Office Hours: MW 11:00 – 1:00 p.m.
Semester: Spring 2003
F 11:00 – 12:00 noon
Class Time: Wednesday 7:00 – 9:45 p.m
Office
Location: Webb Hall 420
Class
Location: Webb
Hall 313
E-mail:silkoffr@easternct.edu
Telephone: (860) 465-5326
COURSE
DESCRIPTION AND OBJECTIVES:
Rigorous applications of the principles, conventions
and mechanics of auditing are explored. Emphasis is placed on the philosophy
and environment of the auditing profession. Attention is given to the nature
and purpose of auditing, generally accepted auditing standards, professional
conduct, auditor’s legal liability, and the procedures followed in performing
audits of financial statements. Specifically, this course is designed:
1.
To introduce students to the principles, conventions and mechanics of financial
auditing.
2.
To develop the critical thinking skills necessary to analyze and examine
financial statements. .
3. To gain exposure to professional auditing standards, ethics, legal
liability, evidence, planning, internal control and workpaper documentation.
4.
To develop an understanding of statistical sampling techniques used in
conducting a financial audit.
PREREQUISITES: ACC 302 (Intermediate Accounting II)
REQUIRED TEXT/AUDIT
CASE:
Whittington, O.R. & Pany, K., Principles of
Auditing, Irwin McGraw-Hill,
13th ed., 2001
Paul, Jack W., Peach Blossom Cologne Company: Short Audit Case, Irwin McGraw-Hill, 3rd ed.
Examinations. There will be three examinations. The final exam will be given during the scheduled final exam period. The first two exams are not cumulative, while the final will have a comprehensive component. You must take the exams on the scheduled exam date! Departures from the scheduled exam time are allowed only in the case of extreme emergency.
Audit Cases. The typical work environment in professional organizations, including public accounting firms, requires people to apply what they have learned to real life problems, to critically analyze difficult issues and arrive at a common resolution.You will work to analyze and resolve issues on Peach Blossom Cologne Company.
Homework
problems. Homework problems assigned from the textbook will not be collected on
a regular basis. However, the key to success in the course will be the
completion and comprehension of the homework problems. Homework problems will
frequently be discussed in class, and participation is required.
GRADING
PROCEDURE:
The
grading is based approximately as follows:
Description Date Weight
|
Exam 1 |
February 19, 2003 |
20% |
|
|
|
Exam 2 |
March 19, 2003 |
20% |
|
|
|
Final Exam |
May 7, 2003 |
20% |
|
|
|
Peach Blossom Audit Cases (3) |
See Course outline |
15% |
|
|
|
Paper |
April 30, 2003 |
15% |
|
|
|
Participation |
Various |
10% |
|
|
The grading policy will be the same as stated in the
college catalogue.
If an examination is missed due to extenuating
circumstances, a makeup exam will be administered at the discretion of the
instructor, provided typewritten explanation is submitted stating the
examination to be taken and explaining, in detail, the extenuating
circumstances.
ATTENDANCE
POLICIES:
Class participation is very important in this
course. Classroom participation and discussion are necessary to make possible a
better understanding of the assigned material. Students are expected to attend all
scheduled classes and take part in
class discussions and assignments.
Students are expected to have read the assigned exercises and problems and be
prepared to discuss the material and answer questions. As such, participation
is worth 10% of grade.
* Note: Homework will usually be covered in the
class following the date for which it is listed, but homework listed for the
class preceding an exam will be covered on the date listed.
STUDENTS
WITH DISABILITIES:
If you are a student with a disability and believe
you will need accommodations for this class, it is your responsibility to
contact the Office of Disability Services at (860) 465-5573. To avoid any delay
in the receipt of accommodations, you should contact the Office of Disability
Services as soon as possible. Please understand that I cannot provide
accommodations based upon disability until I have received an accommodation
letter from the Office of Disability Services. Your cooperation is appreciated.
Students are expected to write a clear, short and concise report on some change in auditing and GAAS (generally accepted auditing standards) that has occurred over the past 2 years and its impact on a specific company, industry or the CPA profession. Papers should not exceed 8 pages in length. Each individual must discuss the topic of their report with me by the third class. For a list of topics, use "Topics" listed in Course Outline below.
CLASS
|
TOPIC
|
CHAPTER / ASSIGNMENT
|
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1/22 |
The Role of the Public
Accountant |
1 - 2, 4, 10, 16, 25, 27, 30, 34, 35 |
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|
1/29 |
Professional Standards |
2 - 3, 6, 9, 12, 20, 30,
31, 33 |
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2/5 |
Auditors’ Reports |
17 – 2, 6, 11, 15, 17, 20,
23, 25, 27 |
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2/12 |
Professional Ethics |
3 – 9, 11, 13, 14, 16, 19,
22, 23, 25, 26, 33 |
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2/19 |
Examination I |
Chapters 1 through 3 and 17 |
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2/26 3/5 |
Legal Liability of Auditors
Audit Evidence and Documentation
(Peach Blossom Assignment 1) |
4 – 1, 2, 3, 5, 10, 20, 21,
25, 27, 28, 30 5
- 4, 5,
6, 10, 16, 20, 22, 24, 25, 38, 42, 46, 56 |
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3/12 |
Planning the
Audit/Audit Programs
|
6 - 1, 2, 7, 9, 28, 31, 36,
39
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Internal Control |
7 – 1, 2, 5, 6, 10, 22, 23,
33, 36 |
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3/19 |
Examination II |
Chapters 4 through 7
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Classes do not meet from March 24th-March 29th
inclusive due to Spring Recess
|
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4/2 4/9 |
Internal Control -
Computer Audit Sampling (Peach
Blossom Assignment 3) |
8 - 7, 9, 10, 16, 21, 31,
33, 34 9 – 1-15, 35, 39, 46, 49,
50 |
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4/16 |
Accounts Receivable and Revenue
|
11 – 3, 13, 18, 18, 34, 37,
38 |
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4/23 |
Inventories and Cost of Goods Sold
(Peach Blossom Assignment 4) |
12 – 1, 6, 7, 22, 24, 32,33
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4/30 |
Audit Operations and Completion |
16 – 1, 3, 7, 14, 34, 35,
36, 38 (PAPER DUE)
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5/7 |
Other Attest Services /
Review |
18 - 1, 3, 5, 9, 20, 34, 36 |
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TBA |
Final Exam
|
Chapters 8,9,11,12,16,18 |
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