Audit Concepts and Applications
Spring, 2015
Welcome to Accounting 6510! (Credit: 3 semester hours)
Prerequisites: ACC 5405 or 405; Graduate Standing
Instructor: Mark Morgan, CFE, CPA, PhD
Office Self 113; M 9:30 – 10 am; M Noon - 1 pm and 5 – 6:30 pm; T 4:30 -6:30 pm; W 9:30 – 10
am and Noon – 2:30 pm; F 9:30 – 10 am; Noon – 1:30 pm.
601.925.3896; Morgan00@mc.edu; Self Hall 113
Course Description
A study of the concepts, assumptions, standards, and issues related to current
applications of auditing. This course takes an integrated approach to the assessment of risk
and testing of management assertions associated with current external and internal conditions,
business processes, and financial reporting in the planning, completion, and reporting of an
audit.
Rationale
This course is offered to enhance the student’s understanding of principle audit
standards and risk assessment in today’s current audit environment. The course will expand
audit knowledge by application of audit concepts to particular cases and situations while
addressing current pronouncements from both the Auditing Standards Board and the
International Accounting and Auditing Standards Board.
Learning Objectives
1. The development of a theoretical understanding of assurance and auditing in the global
economy.
2. Understand the objectives of auditing standards described in the auditing standards
promulgated by the Auditing Standards Board and International Accounting and Auditing
Standards Board.
3. Managing risk associated with the auditing of financial statements.
4. Learning to apply the building blocks for the integrated audit process.
5. Understanding the client’s industry and business strategic analysis.
6. Understand business processes and internal control risk.
7. Improve inquiry skill and analytical evidence.
8. Understand evidence of management assertions.
9. Understand audit testing for business processes.
10. Completing the integrated audit process with audit reporting.
Attendance
Class attendance is important, and students are strongly encouraged to be present for
each class session. Class discussions and presentations are a significant component of this
class. Each student is expected to read chapter(s) text assignment and complete the chapter
multiple choice questions for the upcoming lecture. Student participation is critical to gain
benefit from this class. If a student is absent, he/she is responsible for missed assignments.
This class will adhere to college attendance policies described in the Graduate Bulletin.
Academic Integrity
Mississippi College students are expected to be scrupulously honest. Dishonesty, such
as cheating or plagiarism, will be regarded as a serious offense subject to severe penalty
including, but not limited to, loss of credit and possible dismissal. See University Policy 2.19 for
specific information. Students are expected to complete tests individually. Cheating will result in
a zero on the test, no participation points, no extra points for homework, and possible immediate
expulsion from the class. Study groups are encouraged for completing homework assignments.
However, every person in a study group is expected to contribute. Copying homework
assignments or having someone else complete homework assignments will be considered
cheating. The class attendance policy of the University will be enforced. Students are expected
to attend all classes and to be on time.
Methodology
Teaching methods employed in this class will include class discussion, cases, oral and
written presentations, cooperative learning exercises, lectures, text exercises, analysis, and
problem solving.
Grade Opportunities
Two mid-semester exams and one final semester exam will be given. Each exam will
consist of any combination of CPA review simulations, multiple choice, true-false, fill-in-theblank, short answer, and essay questions. Each of the three semester exams total 100 points
each. Class quizzes and cooperative learning exercises will cumulatively account for another
100 points. Presentation and presentation summaries will be worth 80 points. Up to 20 points
may be awarded based upon participation in class discussion and presentations, attendance,
and prompt completion of required tests and coursework. Missed tests will be made up at the
end of the semester on the date of the final. Cumulative possible total points for the semester
equal 500 points.
Grading Scale
A
93-100
B+
88-92
B
80-87
C+
76-79
C
70-75
D
60-69
Text
Auditing & Assurance Services
Publisher: McGraw-Hill
Authors: Louwers; Ramsay; Sinason; Strawser; Thibodeau
Edition: 6th
*CUSTOM ISBN - 13: 978-1-308-39310-0; CUSTOM ISBN - 10: 1-308-39310-5*
*This is a Custom Print Black and White Text at a reduced rate available in the Mississippi
College Bookstore
Additional Supplemental Text Requirement
CPA Review; Auditing & Attestation
Publisher: Bisk Education
Author: Bisk
Edition: 44nd; 2015
Student Assistance
A. Early Alert System
Mississippi College has adopted the practice of finding students early in the semester
who may be exhibiting behaviors that could ultimately have a negative impact on their
academic progress. These behaviors are often called “red flag” behaviors and include,
but are not limited to, excessive absences, poor test grades, and lack of class
participation or evidence of non-engagement. Identifying these behaviors early gives the
instructor the opportunity to raise the “red flag” on behalf of a particular student so that
the student can take the appropriate action to redirect his/her progress. The system
alerts the student, the student’s advisor, and the Office of Student Success.
These messages are intended to help a student recognize an area of concern and to
encourage him/her to make some choices to improve the situation. When a student
receives an Early Alert message, the student should quickly make an appointment to talk
with his/her professor about the situation. Also, students can make full use of the Office
of Student Success to set academic goals and connect to campus resources.
.
B. Students with Disabilities
In order for a student to receive disability accommodations under Section 504 of the
Americans with Disabilities Act, he or she must schedule an individual meeting with the
Director of Student Counseling Services immediately upon recognition of their
disability (if their disability is known they must come in before the semester begins or
make an appointment immediately upon receipt of their syllabi for the new semester).
The student must bring with them written documentation from a medical physician and/or
licensed clinician that verifies their disability. If the student has received prior
accommodations, they must bring written documentation of those accommodations
(example Individualized Education Plan from the school system). Documentation must
be current (within 3 years).
The student must meet with SCS face-to face and also attend two (2) additional follow
up meetings (one mid semester before or after midterm examinations and the last one at
the end of the semester). Please note that the student may also schedule additional
meetings as needed for support through SCS as they work with their professor
throughout the semester. Note: Students must come in each semester to complete
their Individualized Accommodation Plan (example: MC student completes fall semester
IAP plan and even if student is a continuing student for the spring semester they must
come in again to complete their spring semester IAP plan).
Student Counseling Services is located on the 4th floor of Alumni Hall) or they may be
contacted via email at mbryant@mc.edu . You may also reach them by phone at 601925-7790. Dr. Morgan Bryant is director of MC Student Counseling Services.
Retaining Student Work
The instructor reserves the right to retain for pedagogical reasons either the original, or a copy
of any student’s exam, quiz, written assignment, paper, video, or similar work submitted by the
student, either individually or as a group project, for this class.
Please turn off and put away cell phones during class.
This syllabus represents a tentative program of study. The instructor may modify this plan at any
time during the semester.
Electronic Hand-held devices including translators are not allowed during in-class testing.
Please place backpacks, text and notebook material at the front of the class during testing.
Calculators are always recommended.