University of Phoenix, Online Campus

Course Syllabus

Please print a copy of this syllabus to keep as a reference.

Whenever there is a question regarding which assignments are due, please remember this syllabus is considered to be the ruling document.

Course Information

COURSE NUMBER: ACC 491

COURSE TITLE: CONTEMPORARY AUDITING I

COURSE START DATE: 05/22/2012

COURSE END DATE: 06/25/2012

REQUIRED TEXT:

Boynton, W. C., & Johnson, R. N. (2006). Modern auditing: Assurance services and the integrity of financial reporting. (8th ed.). Hoboken, NJ: Wiley.

Louwers, T., Ramsay, R., Sinason, D., & Stawser, J. R.. (2007). Auditing and assurance services. New York, NY: McGraw-Hill.

Electronic Resources:

Please Note: Students are required to read all materials available on the rEsource site for this course on http://mycampus.phoenix.edu.

Facilitator Information

Dwayne Thompsondwaynett@email.phoenix.edu (University of Phoenix)thomps112000@yahoo.com (Personal)678-538-7276 (Eastern Standard Time )

Facilitator Availability

I am available from 9 a.m.-5 p.m. Eastern Standard Time (EST) Monday through Friday via phone and email. During the week, I am primarily online between the hours of 12 pm-9 pm. On Saturdays and Sundays, I am typically online during the morning hours. If these times are inconvenient for you, please let me know. I will make every reasonable attempt to accommodate your schedule, whenever possible. I have provided these times in an effort to make it easier to communicate with me, and not to limit our contact. However, should you need to contact me outside of these time frames, please do so.

For emergencies purposes, if you are unable to gain access to the messages posted on the Online Learning System (OLS), please send a message to my personal email address.

Facilitator Bio

I am posting my online biography in a separate note (in the Chat Room) to give you more information about me. I look forward to reading your biographies and getting to know you as well.

Where to Go to Class: Your Course Forums

Main: This is the main forum for the class and is where discussion is conducted. It has read-and-write access for everyone.

Chat Room: This is a read-and-write access forum. It is designed as a place to discuss issues not related to the course content. This is the forum to which we will send our bios.

Course Materials: This is a read-only forum, which means you can read messages here, but cannot send any. This is where I will post the course syllabus and materials.

Learning Team-A, B, C, D and E: These five Learning Team forums will be used as workrooms for the learning teams. You will be assigned to one of these learning teams.

Individual forum: You will see one forum with your name on it. This is a private forum, shared only by you and I, the facilitator. Your classmates will not have access to this forum. This is where I will post your feedback. You can also ask questions here. However, if you have general questions regarding the instructions for assignments, please post those in the Main forum, since other students may benefit from that exchange as well.

Where to Submit Your Assignments

Assignment Section: This is where you will submit all formal assignments. Navigate to the Assignments link on eCampus. Locate the link to submit your assignment as an attachment.

Policies

For class policies, please see the “Policies” link on the left side of the classroom. Faculty and student/learners will be held responsible for understanding and adhering to all policies contained within that link. University policies are subject to change so please be sure to read them at the beginning of each class as it may have changed since your last class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities it is important you read the policies governing your current class modality.

Late Assignments

Late assignments receive a 10% deduction for each day they are late if assignments are not posted by 11:59 p.m. M.S.T. on the day they are due. Assignments more than 4 days late will not be accepted. Technological issues are not considered valid grounds for late assignment submission. In the event of a University of Phoenix server outage, students should submit assignments through email to the instructor. In addition, post their assignments to the Assignment section of eCampus when the system is restored. Unless an Incomplete grade has been granted, learner assignments submitted after the last day of class will not be accepted.

                                                                                                                                                                                                                 

Learning Teams

University of Phoenix students are expected to work effectively in diverse groups and teams to achieve tasks. They must collaborate and function well in team settings as both leaders and followers. They should respect human diversity and behave in a tolerant manner toward colleagues and peers. If you experience difficulties working with your team, you are expected to resolve them within the team if possible. However, please feel free to contact me for guidance if you have concerns in this area. Because Learning Team projects are outcome-based, all members of your Learning Team will generally earn the same grade for Learning Team projects. However, I reserve the right to report different

grades for different Learning Team members if I see a substantial imbalance in individual contribution.

Learning Teams should provide a brief summary of any communication held outside the forum. Therefore, if you hold conference calls, work in a real-time chat room, or get together outside the OLS (Online Learning System) environment in another way, please post a log, transcript, or summary in the Learning Team forum. Further, do not use any of these supplementary communication tools unless everyone on your Learning Team agrees to the method and to the schedule. If you have any questions, please contact me

Learning teams will be set up at the beginning of Week 1. The teams will be set up according to time zones to make it easier for communication. I will post your team members in your Individual Forum. Each team will be required to complete a Learning Team Charter. All team members are required to participate in the creation of the LTC and agree with its content. The LTC will be located in the Course Materials forum. The LTC is due by Monday at the end of Week 1. Also, each team member will be required to complete a Learning Team Evaluation after completion of the final team assignment and post the LTE in their Individual Forum. The LTE will be located in the Course Materials forum.

It is expected that you will actively participate with your learning team and contribute to the team discussions by a) contributing original work that is accepted and used by the team with proof of originality b) participating in the project from assignment organizing through meaningful final review of the team project for submission, and c) ensuring to your team that your contributions are your original work and properly quoted, cited, and referenced.

Technical Support

Technical Support is available 24 hours a day, 365 days a year. Call 1-877-832-4867, or use the e-mail support form. Answers to the most common issues are found in the Knowledge Base by clicking Help, found at the top of every student Web site.

Feedback

Each week, I will provide grades or scores and comments on assignments within 6 days of when they were submitted. Feedback be accessed via the Assignment link and your individual forum. After I send feedback each week, I will post a notification in the Main forum.

Grading Formula

Points Grade

95+ A

90-94 A-

87-89 B+

84-86 B

80-83 B-

77-79 C+

74-76 C

70-73 C-

67-69 D+

64-66 D

60-63 D-

<59 F

Point Values for Course Assignments

ASSIGNMENTS % Points

Week One: Auditing and Assurance

Participation/Discussion Questions 2

Individual Assignment: Generally Accepted Auditing Standards Paper 5

Week Two: Materiality, Audit Risk, and Evidence

Participation/Discussion Questions 2

Individual: Assignments From the Text 10

Learning Team Assignment: Auditing, Attestation, and Assurance Services Paper 5

Week Three: Audit Planning and Internal Controls

Participation/Discussion Questions 2

Individual Assignment: Assignments From the Text 10

Learning Team Assignment: Assignments From the Text 5

Learning Team Assignment: Assessing Materiality and Risk Simulation 5

Week Four: Statistical Tools for Auditing

Participation/Discussion Questions 2

Individual Assignment: Assignments From the Text 10

Learning Team Assignment: Apollo Shoes Case Assignment 7

Week Five: Internal Controls and Information Technology

Participation/Discussion Questions 2

Individual Assignment: Assignments From the Text 10

Individual Assignment: Final Examination 15

Learning Team Assignment: Audit Sampling Case Memo 8

Total 100

ASSIGNMENTS

Week 1 Assignments

Week 1 Learning Objectives:

Please see the rEsource page.

Required Reading:

Read Ch. 1 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read all messages in the Main forum, the Course Materials forum, and the Chat Room forum.

Assignments:

Due Day 1(Tuesday): Post your biography to the Chat Room forum. Respond to each other's biographies.

Due Day 2, 3 and 5 (Wednesday, Thursday and Saturday): Discussion Questions: Post your responses to the Week 1 Discussion Questions in the Main forum and begin responding to each other's responses. Please post your responses in the DQ threads. Responses to each question should be at least 200-300 words.

Due Day 7 (Monday): Generally Accepted Auditing Standards Paper. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus and should adhere to APA formatting.

Write a 700 to 1,050 word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following:

Describe the elements of the Generally Accepted Auditing Standards (GAAS).

Describe how these standards apply to financial, operational, and compliance audits.

Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies.

Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.

Cite at least two sources in your paper.

All Week: Participation: Remember to participate in the class discussions with two substantive posts 4 out of 7 days during the week. Your DQ responses will count towards this requirement.

Remember to post your completed Learning Team Charter in your Individual forum on Thursday as well.

Brief Summary of Week One Deliverables

Assignment Individual or Learning Team

Location Due

Participation Individual Main Ongoing— 4 days per week

Bio Individual Chat Room Tuesday

DQs Individual Main Wednesday, Thursday and Saturday

Generally Accepted Auditing Standards Paper

Individual Assignment section of eCampus

Monday

Week 2 Assignments

Week 2 Learning Objectives:

Please see the rEsource page.

Required Reading:

Read Ch. 6 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read Ch. 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read Ch. 9 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read this week’s Electronic Reserve Readings. Read all messages in the Main forum, the Course Materials forum, and

the Chat Room forum.

Assignments:

Due Day 2, 3 and 5 (Wednesday, Thursday and Saturday): Discussion Questions: Post your responses to the Week 2 Discussion Questions in the Main forum and begin responding to each other's responses. Please post your responses in the DQ threads. Responses to each question should be at least 200-300 words.

Due Day 7 (Monday): Assignments From the Text. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus. Prepare written answers to Ch. 1: Comprehensive Questions: Organizations associated with the public accounting profession.

Due Day 7 (Monday): Auditing, Attestation, and Assurance Services Paper. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus and should adhere to APA formatting.

Write a 1,050 to 1,400 word paper in which you compare and contrast auditing, attestation, and assurance services. In your paper, be sure to include the following:

o An example of each type of serviceo Who might request such a serviceo What standards apply to each service and who establishes those

standards

Cite at least two sources in your paper.

All Week: Participation: Remember to participate in the class discussions with two substantive posts 4 out of 7 days during the week. Your DQ responses will count towards this requirement

Brief Summary of Week 2 Deliverables

Assignment Individual or Learning Team

Location Due

Participation Individual Main Ongoing— 4 days per week

DQs Individual Main Wednesday, Thursday and Saturday

Assignments From the Text

Individual Assignment section of eCampus

Monday

Auditing, Attestation, and Assurance Services Paper

Learning Team Assignment section of eCampus

Monday

Week 3 Assignments

Week 3 Learning Objectives:

Please see the rEsource page.

Required Reading:

Read Ch. 8 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read Ch. 10 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read Ch. 11 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read this week’s Electronic Reserve Readings. Read all messages in the Main forum, the Course Materials forum, and

the Chat Room forum.

Assignments:

Due Day 2, 3 and 5 (Wednesday, Thursday and Saturday): Discussion Questions: Post your responses to the Week 3 Discussion Questions in the Main forum and begin responding to each other's responses. Please post your responses in the DQ threads. Responses to each question should be at least 200-300 words.

Due Day 7 (Monday): Assignments From the Text. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus.

Prepare written answers to the following assignments:o Ch. 5: Comprehensive Questions: Assertions o Ch. 6: Comprehensive Questions: Audit evidence o Ch. 7: Comprehensive Questions: Understanding the entity and its

environment

Due Day 7 (Monday): Assignments From the Text. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus.

Prepare written answers to the following assignments:o Ch. 6: Comprehensive Question: Audit programs and assertions o Ch. 7: Case: New Client Acceptance, part b only

Due Day 7 (Monday): Assessing Materiality and Risk Simulation. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus and should adhere to APA formatting.

Resources: Assessing Materiality and Risk located on the Week Two Materials page.

Complete the simulation and prepare a 350 word response to the following questions:

o Why do certain accounts have to be audited 100%?o Why is materiality allocated only to those accounts that are

sampled?o Is any component of audit risk within the control of the auditor?

Explain.o How are the three risks that make up audit risk interrelated?

Cite at least two sources in your paper.

All Week: Participation: Remember to participate in the class discussions with two substantive posts 4 out of 7 days during the week. Your DQ responses will count towards this requirement

Brief Summary of Week 3 Deliverables

Assignment Individual or Learning Team

Location Due

Participation Individual Main Ongoing— 4 days

per week

DQs Individual Main Wednesday, Thursday and Saturday

Assignments From the Text

Individual Assignment section of eCampus

Monday

Assignments From the Text

Learning Team Assignment section of eCampus

Monday

Assessing Materiality and Risk Simulation

Learning Team Assignment section of eCampus

Monday

Week 4 Assignments

Week 4 Learning Objectives:

Please see the rEsource page.

Required Reading:

Read Ch. 12 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read Ch. 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting.

Read this week’s Electronic Reserve Readings. Read all messages in the Main forum, the Course Materials forum, and

the Chat Room forum.

Assignments:

Due Day 2, 3 and 5 (Wednesday, Thursday and Saturday) Discussion Questions: Post your responses to the Week 4 Discussion Questions in the Main forum and begin responding to each other's responses. Please post your responses in the DQ threads. Responses to each question should be at least 200-300 words.

Due Day 7 (Monday): Assignments From the Text. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus.

Prepare answers to the following assignments:o Ch. 8: Comprehensive Questions: Analytical procedures

o Ch. 10: Comprehensive Questions: Components of internal control o Ch. 11: Comprehensive Questions: Assessing control risk

Due Day 7 (Monday): Apollo Shoes Case Assignment. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus. Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoe Minutes. Complete the Internal Control audit section of the case.

Resources: Apollo Shoes Case Materials located on the Week Three Materials page

All Week: Participation: Remember to participate in the class discussions with two substantive posts 4 out of 7 days during the week. Your DQ responses will count towards this requirement

Brief Summary of Week 4 Deliverables

Assignment Individual or Learning Team

Location Due

Participation/Case Study

Individual Main Ongoing— 4 days per week

DQs Individual Main Wednesday, Thursday and Saturday

Assignments From the Text

Individual Assignment section of eCampus

Monday

Apollo Shoes Case Assignment

Learning Team Assignment section of eCampus

Monday

Week 5 Assignments

Week 5 Learning Objectives:

Please see the rEsource page.

Required Reading:

Review this week’s Electronic Reserve Readings. Read all messages in the Main forum, the Course Materials forum, and

the Chat Room forum.

Assignments:

Due Day 2, 3 and 5 (Wednesday, Thursday and Saturday): Discussion Questions: Post your responses to the Week 5 Discussion Questions in the Main forum and begin responding to each other's responses. Please post your responses in the DQ threads. Responses to each question should be at least 200-300 words.

Due Day 7 (Monday): Assignments From the Text. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus.

Download the Adobe® Reader® version of Ch. 11 and 13 to complete this assignment.

o Click on the link for Ch. 11 of Modern Auditing on the course website.

o Click Download eBook on the left-hand side of the page.o Download Ch. 11 and 13 of Modern Auditing.

Prepare written answers to the following assignments:

o Ch. 11: Learning Check 11-6 o Ch. 11: Learning Check 11-8 o Ch. 11: Learning Check 11-9 o Ch. 13: Learning Check 13-8

Due Day 7 (Monday): Apollo Shoes Case Assignment. This paper should be posted as a Word attachment (or Excel or PowerPoint) in the Assignment section of eCampus and should adhere to APA formatting. Prepare a 1,400 to 1,750 word memo to the Audit Partner, John Smith, summarizing your findings from the following case:

Ch. 13: Case: Mt. Hood Furniture—PPS sampling problem

Due Day 7 (Monday): Final Examination

Resources: Modern Auditing: Assurance Services and the Integrity of Financial Reporting

Click the link to the Final Examination on your student website available from the end of Week Four through the end of Week Five.

Complete the Final Examination. You are allowed one attempt to complete the exam, which is timed and must be completed in 3 hours. Results are auto graded and sent to your instructor.

All Week: Participation: Remember to participate in the class discussions with two substantive posts 4 out of 7 days during the week. Your DQ responses will count towards this requirement

Brief Summary of Week 5 Deliverables

Assignment Individual or Learning Team

Location Due

Participation Individual Main Ongoing— 4 days per week

DQs Individual Main Wednesday, Thursday and Saturday

Assignments From the Text

Individual Assignment section of eCampus

Monday

Audit Sampling Case Memo

Learning Team Assignment section of eCampus

Monday

Final Examination Individual Results are sent to your individual forum

Monday

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