ACG 4651: Auditing and Assurance Servicessoa.fau.edu/syllabus/syllabus/spring09/ACG4651TS.pdf ·...
5
Florida Atlantic University School of Accounting ACG 4651: Auditing and Assurance Services Spring 2009 Instructor: Thomas C. Samartino; BS, MBA, CPA Course Location: Wednesday nights, 7:10pm to 10:00pm; room ES 102; Davie Campus Office: E-mail: [email protected] Include the course number in the subject line of all communication. Include your phone number if you want me to call you. If I do not respond to you within 2 -3 business days, assume that I have not received the email and try to send it again. You must indicate the class name in the subject line. Office Hours: Saturdays 9am – 10am, room TBA; I will be available after class as needed. Course Description: An introduction to and overview of auditing concepts and techniques. Emphasis is placed on concepts and techniques applicable to the integrated audits of financial statements and internal controls over financial reporting performed by independent certified public accountants. Required Text: Auditing and Assurance Services by William Messier, Steven Glover, and Douglas Prawitt; 6th Edition, McGraw Hill Irwin (ISBN 978-0-07-352690-4) 6th Edition Supplemental Material: Class PowerPoint presentations AICPA web page (Statements of Auditing Standards; Code of Professional Conduct) PCAOB web Page (Auditing Standards) Securities and Exchange Commission EDGAR database found at www.sec.gov. Statement about the Course and Objectives: Some students have difficulty in an auditing class because the nature of the course is different from most other accounting courses. In this class, the material is qualitative rather than quantitative. At the end of the course the student should: Understand the role of financial audits in society Understand the nature of the public accounting profession Understand the regulatory environment of auditing Understand audit professional standards Understand the reporting responsibilities of auditors Understand the basic audit process Understand the concept of risk as it relates to the auditing process Understand the role of internal controls in auditing Understand the legal issues in auditing Understand how to audit basic business processes Class policies: Prerequisites o The prerequisites for the course are ACG 3141 and ACG 4401. If you do not have these courses, you may be administratively dropped at any time during the semester. If you are administratively dropped, you will be fee liable. It is the student’s responsibility to ensure that he/she has met all prerequisites.
Transcript of ACG 4651: Auditing and Assurance Servicessoa.fau.edu/syllabus/syllabus/spring09/ACG4651TS.pdf ·...
Florida Atlantic University School of Accounting ACG 4651: Auditing and Assurance Services
Spring 2009
Instructor: Thomas C. Samartino; BS, MBA, CPA Course Location: Wednesday nights, 7:10pm to 10:00pm; room ES 102; Davie Campus Office: E-mail:
Include the course number in the subject line of all communication.
Include your phone number if you want me to call you. If I do not respond to you within 2 -3 business days, assume that I have not received the email and try to send it again. You must indicate the class name in the subject line.
Office Hours:
Saturdays 9am – 10am, room TBA; I will be available after class as needed. Course Description:
An introduction to and overview of auditing concepts and techniques. Emphasis is placed on concepts and techniques applicable to the integrated audits of financial statements and internal controls over financial reporting performed by independent certified public accountants.
Required Text:
Auditing and Assurance Services by William Messier, Steven Glover, and Douglas Prawitt; 6th Edition, McGraw Hill Irwin (ISBN 978-0-07-352690-4) 6th Edition
Supplemental Material:
Class PowerPoint presentations
AICPA web page (Statements of Auditing Standards; Code of Professional Conduct)
PCAOB web Page (Auditing Standards)
Securities and Exchange Commission EDGAR database found at www.sec.gov. Statement about the Course and Objectives: Some students have difficulty in an auditing class because the nature of the course is different from most other accounting courses. In this class, the material is qualitative rather than quantitative. At the end of the course the student should:
Understand the role of financial audits in society
Understand the nature of the public accounting profession
Understand the regulatory environment of auditing
Understand audit professional standards
Understand the reporting responsibilities of auditors
Understand the basic audit process
Understand the concept of risk as it relates to the auditing process
Understand the role of internal controls in auditing
Understand the legal issues in auditing
Understand how to audit basic business processes Class policies:
Prerequisites o The prerequisites for the course are ACG 3141 and ACG 4401. If you do not have these courses,
you may be administratively dropped at any time during the semester. If you are administratively dropped, you will be fee liable. It is the student’s responsibility to ensure that he/she has met all prerequisites.
Florida Atlantic University School of Accounting ACG 4651: Auditing and Assurance Services
Spring 2009
Use of Blackboard o Students are responsible for ensuring that their Blackboard account is current. The instructor will
not resend emails because your Blackboard account was not up to date. I recommend that you find a buddy in the class who you can contact about announcements or notes. Emails and announcements may be sent through Blackboard. Per university policies, grades cannot be discussed via email because faculty email is subject to the Freedom of Information Act, thus, it is impossible to guarantee student privacy. Exam and coursework grades will be posted to Blackboard. Final grades are posted to the University system, not Blackboard.
Homework o For homework, I recommend that you do the exercises at the end of each chapter and check your
work against the solutions provided. Homework is not collected and is not part of the course grade.
Other Class Policies o Students are expected to come to class having READ the text material assigned for that day. The
course text is the primary source for quiz and exam questions. Class PowerPoint presentations are intended as supplemental materials to facilitate class discussions.
o Cell Phones. Cell phones should be turned off during class. Cell phones are not allowed to be
used at all during exams.
o Honor Code. The Florida Atlantic University Honor Code governs all student activities throughout this course. A fundamental principle of academic, business, and community life is honesty. Violation of this ethical concept shall result in penalties ranging from a grade of ‘F’ in the course to dismissal from the University. In all penalties, a letter of fact shall be included in the student’s file. The honor code is available in the catalog.
o Conduct. To foster a more professional learning environment and to develop habits that lead to
success in the business world, all participants must engage in professional behavior, including taking responsibility for individual actions and attending each class session (including arriving promptly and leaving at the designated time). Attendance sign-in sheets may therefore be used and excess absences may impact the participation grade. Students are expected to be attentive and actively participate in group activities and class discussions. Other responsibilities include respecting diversity in the classroom and treating everyone involved in the class in a civil manner, planning outside activities to avoid conflicts with the activities outlined in the syllabus, meeting all deadlines in the course for assignments, projects, etc. and acknowledging the importance of clarity of expression in written and oral communication and understanding that the course grade will be affected by your ability to communicate.
o Missed Quizzes / Exams. Make-up quizzes or exams may be given only at the instructor’s
discretion. Students must provide a written explanatory request for a make up prior to the date of the quiz or exam to be missed. Make up requests will rarely be approved.
o Withdrawals. Students are responsible for withdrawing from the class. Deadlines for withdrawal
can be found on the academic calendar on the university web page.
o Incompletes. There are no incompletes for this course except in the case of extraordinary circumstances (for example, excessive absences due to severe illness). The instructor determines when an incomplete is appropriate. In no case can an incomplete be given unless the student is passing the course with a C or better at the time the incomplete is requested.
Florida Atlantic University School of Accounting ACG 4651: Auditing and Assurance Services
Spring 2009
o Points Awarded. It is the responsibility of the student to monitor the points awarded in Blackboard. During the semester, the student has up to two weeks following the posting of any points to contest the number of points, after which the points are considered final.
o Electronic Communication. Blackboard and FAU email will be used in this course for content
delivery and other communications. It is the student’s responsibility to check the Blackboard site and his/her FAU email account for announcements, etc. Students are responsible for ensuring that the correct email address is used for Blackboard. Make sure you account does not get full.
o Religious Holidays. It is the responsibility of the student to promptly notify the instructor of any
conflicts due to religious observance so that accommodations can be arranged.
o Weather. In the event of a hurricane or tropical storm (or other disasters), the class will meet in accordance with the university policy. Classes cannot be individually cancelled by the instructor, although assignments and exams may be modified or postponed. Students should monitor university and Blackboard announcements.
Grade Determination
Grade Component Potential Points Weight Quizzes (10 @ 12points each) 120 35% Exams (3 @ 75 points each) 225 65% Total Potential Points 345 100%
The following grading scale will be used.
A 100 - 92.0 A- 91.99 - 90.0 B+ 89.99 - 88.0 B 87.99 - 82.0 B- 81.99 - 80.0 C+ 79.99 - 78.0 C 77.99 - 72.0 C- 71.99 - 70.0 D+ 69.99 - 68.0 D 67.99 - 62.0 D- 61.99 - 60.0 F Below 60
Florida Atlantic University School of Accounting ACG 4651: Auditing and Assurance Services
Spring 2009
Course Schedule and Topics: Note: The following schedule is subject to change. Students should refer to Blackboard for syllabus updates. Date
Topic
Readings and Homework (Text & Study Guide questions are recommended for every chapter).
January 7 Syllabus and Class Overview Overview of the Auditing Process
Chapter 1
January 14 Quiz 1: Chapter 1 The Financial Statement Auditing Environment Risk Assessment and Materiality
Chapter 2 Chapter 3
January 21 Quiz 2: Chapters 2 & 3
Audit Evidence and Audit Documentation Audit Planning and Types of Audit Tests
Chapter 4 Chapter 5
January 28 Quiz 3: Chapters 4 & 5 Internal Control in a Financial Statement Audit Internal Control over Financial Reporting
Chapter 6 Chapter 7
February 4 Quiz 4: Chapters 6 & 7 Reports on Audited Financial Statements
Exam #1 Review / Class Q & A
Chapter 18
February 11 Exam #1
Chapters 1, 2, 3, 4, 5, 6, 7, 18
February 18 Audit Sampling - Overview and Application to Tests of Controls Audit Sampling – Application to Substantive Tests of Account Balances
Chapter 8 Chapter 9
February 25 Quiz 5: Chapters 8 & 9 Auditing the Revenue Process Auditing the Purchasing Process
Chapter 10 Chapter 11
March 4 SPRING BREAK
March 11 Quiz 6: Chapters 10 & 11 Auditing the Human Resource Management Process Auditing the Inventory Management Process
Chapter 12 Chapter 13
March 18 Quiz 7: Chapters 12 & 13
Auditing Prepaid Expenses, Intangibles, PP&E
Exam #2 Review / Class Q & A
Chapter 14
March 25 Exam #2
Chapters 8, 9, 10, 11, 12, 13, 14
April 1 Auditing Debt, Equity, Income Statement Accounts Auditing Cash & Investments
Chapter 15 Chapter 16
April 8 Quiz 8: Chapters 15 & 16
Completing the Engagement Professional Conduct, Independence and Quality Control
Chapter 17 Chapter 19
Florida Atlantic University School of Accounting ACG 4651: Auditing and Assurance Services
Spring 2009
April 15 Quiz 9: Chapters 17 & 19
Legal Liability Assurance, Attestation & Internal Audit
Chapter 20 Chapter 21
April 22 Quiz 10: Chapters 20 & 21
Generally Accepted Auditing Standards
Exam #3 Review / Class Q & A
GAAS
April 29 Exam #3
Chapters 15, 16, 17, 19, 20, 21 & GAAS
