ACCO360 Summer 2022 All Sections
John Molson School of Business
Department of Accountancy
Principles of Auditing (ACCO 360)
Course Outline
General Information
Section AB
Course instructor: Joseph Vaccaro, CPA, CA
Office hours: by appointment
Contact information: joseph.vaccaro@concordia.ca
Course Description
This course examines the concepts and methods of auditing and how internal and external audits are
integrated in a more general corporate governance and risk management framework. The importance of the
design and monitoring of effective internal controls is highlighted. The objectives, concepts and methods of
auditing are illustrated with examples and short cases. They are also applied to solve simple problems and
cases.
Prerequisites: COMM 305
Objectives
- Acquire an understanding of external audit concepts and methods, and apply them to analyze simple
problems/situations/short cases
- Acquire an understanding of the design and monitoring of effective internal controls
- Acquire an understanding of key corporate governance and risk management concepts
- Acquire an understanding of internal audit concepts and methods, and apply them to analyze simple
problems/situations/short cases
- Acquire an understanding of the respective roles and responsibilities of management, internal and external
auditors
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ACCO360 Summer 2022 All Sections
Course materials
Textbook
Book: Auditing: Auditing: The Art and Science of Assurance Engagements, Fifteenth Canadian Edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones, with
contributions by Bartosz M. Amerski
Publisher: Pearson
ISBN: 9780136692201
Please note that this version of the book includes MyLab access which gives you the eText plus study tools
and practice materials. You may be able to purchase a cheaper version, which only has the eBook and no
MyLab access, but this has to be done directly from the Pearson website.
There is no paper version of the book.
You will need a course ID to access the online book, this will be communicated to you by your instructor.
Additional Resource Materials
•
•
•
Instructor’s notes
Items available through course reserves (listed on the weekly schedule on p. 3-4 of this document)
CPA Canada handbook – assurance.
o Students are strongly encouraged to read the related CPA Canada handbook sections.
o CPA Canada Standards and Guidance Collection (CPACHB) (available on the Concordia
library website – Databases by subject – Accountancy – Standards and handbooks- CPA
Canada Standards and Guidance Collection (CICA) - CPA Canada Standards and Guidance
Collection (CPACHB) – Assurance – Handbook – Canadian Auditing Standards), or the
following link:
o https://edu-knotia-ca.lib-ezproxy.concordia.ca/Knowledge/Home.aspx?productID=1
▪ Then select: Assurance – Handbook – Canadian Auditing Standards
o Review of these sections will enhance understanding of the topics covered in the textbook. The
main sections pertaining to the topics covered in this course are referenced in the
corresponding textbook chapters and will be discussed in class.
Important Dates
• Quiz 1 or assignment due (your instructor will communicate which one it will be): May 16
• Midterm exam: May 22nd
• Quiz 2 or assignment due (your instructor will communicate which one it will be): June 6th
• June 16th – June 22nd: Final examination period
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ACCO360 Summer 2022 All Sections
Weekly Schedule
External Audit
Chapter 1: The Demand for Audit and Other Assurance Services
Lecture 1, May 2
Chapter 2: The Public Accounting Profession and Audit Quality
Lecture 2, May 4
Chapter 4: Audit Responsibilities and Objectives
Lecture 3, May 9
Chapter 5: Audit Evidence
Chapter 6: Client Acceptance, Preliminary Planning, and
Materiality.
• Item “Auditing: A Practical Approach. Audit Planning
II” from course reserves
Lecture 4, May 11
https://reserves.concordia.ca/ares/
Quiz 1/Assignment 1, Lectures 1-4 material
Chapter 7: Risk Assessment and Inherent Risk
• Item “Auditing: A Practical Approach. Audit Planning
II” from course reserves
Lecture 5, May 16
https://reserves.concordia.ca/ares/
Lecture 6, May 18
Chapter 8: Understanding the Internal Control System
Midterm Exam, Sunday, May 22nd, 6-8 pm. Week 1-5 material
Lecture 7, May 25
Lecture 8, May 30
Lecture 9, June 1
Lecture 10, June 6
Chapter 9: Control Risk Assessment
Chapter 10: Risk Response: Audit Strategy, Overall Approach,
and Audit Program
Chapter 11: Audit Sampling Concepts
• Item “Auditing: The Art and Science of Assurance
Engagements” from course reserves
https://reserves.concordia.ca/ares/
Quiz 2/Assignment 2, Lectures 6-9 material
Chapter 16: Audit of Cash and Cash Equivalents
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Ex. 1-20
Ex. 220, 2-25
Ex. 421, 4-25,
4-28
Ex. 526, 5-30,
5-32, 533
Ex. 8-27
Ex. 924, 9-25,
9-26, 927, 9-30
Ex. 1020, 1021
ACCO360 Summer 2022 All Sections
Internal Audit
Lecture 11, June 8
Lecture 12, June 13
Lecture 13, June 15
The COSO Internal Control Framework
• Items “Principles of Auditing. The COSO Internal
Control Framework” and “Issues in Accounting
Education. Breach of Data at TJX” from course reserves
https://reserves.concordia.ca/ares/
The 17 COSO Internal Control Principles
• Items 1) “The 17 COSO Internal Control Principles”, 2)
“COSO 2013: Aligning Internal Controls and Principles”
from course reserves, 3) Worksheet for "COSO 2013:
Aligning Internal Controls and Principles"
• https://reserves.concordia.ca/ares/
Practice Cases in Internal Audit
• Item “Issues in Accounting Education. Internal Controls :
A Compendium of Short Cases” from course reserves
https://reserves.concordia.ca/ares/
Teaching Methods
-
In-person lectures
To develop a better understanding of this course:
-
You are strongly encouraged to take notes, which are an integral part of the required material.
Do the assigned lecture material readings before attending the lecture
Review the readings and your notes during the week that follows each lecture
Course Evaluation
The final grade for the course will be based on the following components:
Common Mid-Term Exam1 (2 hours)
30%
Quizzes/Assignments (15% each)
30%
Common Final Exam (3 hours)
40%
Total
100%
1
Students will be allowed to sit for the alternate exam only in exam conflict situations permitted in the
University Calendar, relating to final exams. Requests to sit for the alternate mid-term examination must be
submitted to your instructor at least two weeks before the date of the mid-term exam.
Under no circumstances will casual requests be considered – this includes travel and work conflicts. If a
student misses the regular or alternate mid-term exam for a valid reason (e.g., illness), the weight assigned to
the missed exam will be applied to the final examination; otherwise, the student will receive a mark of zero
for the missed exam.
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ACCO360 Summer 2022 All Sections
Feedback and Grading
Feedback will be provided to you on the basis of the midterm exam, quizzes/assignments, and final exam.
At the end of this course, the instructor will submit a letter grade for every student registered. The following
list provides the numerical equivalent for the letter grades that will be reported at the end of the term based on
the student’s performance on the various components of this course:
Letter
Number
Letter
90 - 100
85 - 89
80 - 84
77 - 79
73 - 76
70 - 72
C+
C
CD+
D
DFNS
A+
A
AB+
B
B-
Number
67 - 69
63 - 66
60 - 62
57 - 59
53 - 56
50 - 52
< 50
* D- is the minimum requirement to pass the course.
Please refer to section 16.3 of the Undergraduate Calendar for more information about the grading system,
examinations, and performance requirements.
Behaviour
All individuals participating in courses are expected to be professional and constructive throughout the course,
including in their communications.
Concordia students are subject to the Code of Rights and Responsibilities which applies both when students
are physically and virtually engaged in any University activity, including classes, seminars, meetings, etc.
Students engaged in University activities must respect this Code when engaging with any members of the
Concordia community, including faculty, staff, and students, whether such interactions are verbal or in
writing, face to face or online/virtual. Failing to comply with the Code may result in charges and sanctions, as
outlined in the Code.
Intellectual property
Content belonging to instructors shared in online and in-person courses, including, but not limited to, online
lectures, course notes, and video recordings of classes remain the intellectual property of the faculty member.
It may not be distributed, published or broadcast, in whole or in part, without the express permission of the
faculty member. Students are also forbidden to use their own means of recording any elements of an online
class or lecture without express permission of the instructor. Any unauthorized sharing of course content may
constitute a breach of the Academic Code of Conduct and/or the Code of Rights and Responsibilities. As
specified in the Policy on Intellectual Property, the University does not claim any ownership of or interest in
any student IP. All university members retain copyright over their work.
Extraordinary circumstances
In the event of extraordinary circumstances and pursuant to the Academic Regulations the University may
modify the delivery, content, structure, forum, location and/or evaluation scheme. In the event of such
extraordinary circumstances, students will be informed of the changes.
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ACCO360 Summer 2022 All Sections
Academic Integrity
The Academic Code of Conduct at Concordia University states that “the integrity of University academic life
and of the degrees, diplomas and certificates the University confers is dependent upon the honesty and
soundness of the instructor-student learning relationship and, in particular, that of the evaluation process. As
such, all students are expected to be honest in all of their academic endeavors and relationships with the
University" (Undergraduate Calendar, section 17.10).
All students enrolled at Concordia are expected to familiarize themselves with the content of this Code. You
are strongly encouraged to visit the following web address: http://www.concordia.ca/academicintegrity ,
which provides useful information about proper academic conduct.
Plagiarism:
The most common offense under the Academic Code of Conduct is plagiarism, which the Code defines as
“the presentation of the work of another person as one’s own or without proper acknowledgement.” This
includes material copied word for word from books, journals, Internet sites, professor’s course notes, etc. It
refers to material that is paraphrased but closely resembles the original source. It also includes for example the
work of a fellow student, an answer on a quiz, data for a lab report, a paper or assignment completed by
another student. It might be a paper purchased from any source. Plagiarism does not refer to words alone –it
can refer to copying images, graphs, tables and ideas. “Presentation” is not limited to written work. It
includes oral presentations, computer assignments and artistic works. Finally, if you translate the work of
another person into any other language and do not cite the source, this is also plagiarism.
In Simple Words:
Do not copy, paraphrase or translate anything from anywhere without saying where you obtained it.
(Source: The Academic Integrity Website: http://www.concordia.ca/students/academic-integrity
Need based Changes
If there is a need to do so, the course coverage, evaluations, and/or grading scheme may be subject to changes.
Students will be informed of such changes in due course.
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