De La Salle University
COLLEGE
COURSE CODE
FACULTY
: RVR COB
: MODAUD1
: Alger C. Tang,
DEPARTMENT
: Accountancy
CREDIT
: Three (3) units
TYPE OF COURSE : Major Subject
Jerwin B. Tubay
CLASS DAYS
MTWHFS
AND CLASS TIME : 0730-1200
1300-1730
ROOM
:
L309; L310
L310
COURSE DESCRIPTION:
This course (MODAUD1 or Auditing Practice I) covers the detailed approaches on problems and
situations ordinarily encountered in the independent examination of CASH, RECEIVABLES,
INVENTORIES, BIOLOGICAL ASSETS AND AGRICULTURAL PRODUCE, INVESTMENTS
(INCLUDING HEDGING INSTRUMENTS), AND PROPERTY, PLANT, AND EQUIPMENT
(INCLUDING BORROWING COSTS AND IMPAIRMENT). It deals specifically with the
application of auditing standards, techniques and procedures, the evaluation of internal control,
the preparation of audit working papers with computer application, and the preparation of audit
adjustments pertaining to a manufacturing, trading, and service concern.
LEARNING OUTCOMES:
UNIVERSITY EXPECTED
LASALLIAN GRADUATE
ATTRIBUTES (ELGA)
LEARNING OUTCOMES (LO)
On completion of the course, the student is
expected to be able to do the following:
A.
Critical and creative thinker
LO1: Apply the knowledge of auditing standards,
techniques, procedures and internal controls in the
conduct of audit of account balances affected.
B.
Effective communicator
LO2: Prepare audit working papers by applying
auditing standards and principles learned.
FINAL COURSE OUTPUT:
As of evidence of attaining the above learning outcomes, the student is required to do and
submit the following during the indicated dates of the term.
LEARNING OUTCOMES
REQUIRED OUTPUTS
DUE DATE
A.
LO1: Apply the knowledge of Complete
proposed
solutions
to
auditing
standards, problems and cases every meeting
techniques, procedures and (columnar notebook).
internal controls in the conduct
of audit of account balances
affected.
Day 1 to 9
B.
LO2: Prepare audit working Complete
proposed
solutions
to
papers by applying auditing problems and cases every meeting
standards
and
principles (columnar notebook).
learned.
Day 1 to 9
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RUBRIC FOR ASSESSMENT:
Columnar Notebook
CRITERIA
Solution
content
(50%)
Completeness
of solutions
(50%)
EXEMPLARY
96-100
The student
provides
correct
solutions to
problems and
cases.
SATISFACTORY
91-95
The student
provides
substantially
correct solutions
to problems and
cases.
The student
prepared
solutions to
all problems
and cases
before
reporting to
class.
The student
prepared
solutions to most
problems and
cases before
reporting to
class.
DEVELOPING
86-90
The student
provides partly
correct and
partly incorrect
solutions to
problems and
cases.
The student
prepared
solutions to
some
problems and
cases before
reporting to
class.
BEGINNING RATING
81-85
The student
provides
mostly
incorrect
solutions to
problems
and cases.
The student
did not
prepare
substantially
solutions to
problems
and cases
before
reporting to
class.
RATING
OTHER REQUIREMENTS AND ASSESSMENTS:
Aside from the final outputs, the student will be assessed at other times during the term by the
following:
 Quizzes
 Comprehensive examination
 Attendance
 Class participation
GRADING SYSTEM:
GRADE POINT
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.0
DESCRIPTION
PERCENTAGE
Excellent
Superior
Very Good
Good
Satisfactory
Fair
Pass
Fail
97-100
94-96
91-93
87-90
83-86
77-82
70-76
Below 70
The percentage equivalent shall be arrived at as follows:
BASIS
FINAL
GRADE
20%
20%
20%
20%
Quiz 1
Quiz 2
Quiz 3
Comprehensive Examination
Class Standing
 Columnar notebook
 Attendance
 Class participation
Total
10%
5%
5%
100%
Course grade requirement is at least 83%.
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LEARNING PLAN:
LEARNING
OUTCOMES
LO1, LO2,
LO1, LO2
LO1, LO2
LO1, LO2
LO1, LO2
UNIT
1
2
3
4
5
TOPICS
WEEK
NO.
NO. OF
HOURS
Orientation
ANALYSIS AND CORRECTION OF
ERRORS
1.1 Prior period errors
1.2 Counterbalancing and noncounterbalancing errors
1.3 Working paper for correction
of errors
1
0.5
1
AUDIT OF CASH AND CASH
TRANSACTIONS
2.1 Specific audit objectives, audit
procedures, and internal
control for cash on hand and
in banks
2.2 Analysis and classification of
cash balances
2.3 Cash counts
2.4 Bank reconciliations
2.5 Bank confirmation request
2.6 Proof of cash
2.7 Cut-off examination
2.8 Audit working papers
QUIZ 1
AUDIT OF RECEIVABLES,
RELATED REVENUES AND
CREDIT LOSSES
3.1 Specific audit objectives, audit
procedures and internal
control for receivables
3.2 Analysis of current receivables
3.3 Analysis of non-current
receivables
3.4 Impairment of receivables
3.5 Audit working papers
AUDIT OF INVENTORIES
4.1 Specific audit objectives, audit
procedures and internal
control measures for
inventories
4.2 Test of existence and
ownership
4.3 Test of accuracy and proper
valuation
4.4 Ratio analysis and gross profit
test
4.5 Audit working papers
QUIZ 2
AUDIT OF BIOLOGICAL ASSETS
AND AGRICULTURAL PRODUCE
5.1 Specific audit objectives, audit
procedures and internal
control measures for biological
assets and agricultural
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REF
LEARNING
ACTIVITIES
2.5
Handouts
(PAS 8)
Lecture,
Discussion,
and
Exercises
1
6.0
(Ch6)
Louwers
Handouts
(PAS 7; PSA
230, 240,
505; PAPS
1000)
Lecture,
Discussion,
and
Exercises
1
2.0
1
6.0
(Ch7)
Louwers
Handouts
(PAS 32, 39;
PFRS 7, 9;
PSA 230,
240, 505,
550)
Lecture,
Discussion,
and
Exercises
1/2
4.5
(Chs 8, 9)
Louwers
Handouts
(PAS 2; PSA
230, 240)
Lecture,
Discussion,
and
Exercises
2
2.0
2
3.0
Handouts
PAS 41, 16,
2; PSA 230)
Lecture,
Discussion,
and
Exercises
LEARNING
OUTCOMES
UNIT
TOPICS
WEEK
NO.
NO. OF
HOURS
REF
LEARNING
ACTIVITIES
2
6.0
(Ch10)
Louwers
Handouts
(PAS 28, 32,
39, PFRS 7,
9; PSA 230,
240, 505,
550; PAPS
1012)
Lecture,
Discussion,
and
Exercises
QUIZ 3
AUDIT OF PROPERTY, PLANT
AND EQUIPMENT AND RELATED
VALUATION ACCOUNTS
7.1 Specific audit objectives, audit
procedures, and internal
control for property, plant, and
equipment and related
valuation accounts
7.2 Test of existence and
ownership
7.3 Test of accuracy and proper
valuation (construction,
acquisition, depreciation,
revaluation, and impairment)
7.4 Audit working papers
2
2.0
2
4.5
(Ch8)
Louwers
Handouts
(PAS 16, 36,
23, 20;
PIC Q&A
2012-02;
PSA 230,
240)
Lecture,
Discussion,
and
Exercises
COMPREHENSIVE EXAM
2
3.0
produce
5.2 Test of existence and
ownership
5.3 Test of accuracy and proper
valuation
5.4 Analysis of changes in fair
value
5.5 Audit working papers
LO1, LO2
LO1, LO2
6
7
AUDIT OF INVESTMENTS,
HEDGING INSTRUMENTS AND
RELATED REVENUES
6.1 Specific audit objectives, audit
procedures, and internal
control for investments,
hedging instruments, and
related revenues
6.2 Test of existence and
ownership
6.3 Test of proper valuation
6.4 Analysis of investments and
hedging instruments
6.5 Audit working papers
TOTAL HOURS
42.0
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REQUIRED TEXT AND REFERENCE MATERIALS:
Required textbook
Louwers, Timothy J.; Ramsay, Robert J.; Sinason, David H.; Strawser, Jerry R. and
Thibodeau, Jay C. (2015). Auditing & Assurance Services. 6th Edition, McGraw-Hill
References
1. Whittington, O. Ray; Pany, Kurt. Principles of Auditing & Other Assurance Services. 20th
Edition, McGraw-Hill/Irwin.
2. Applied Auditing by Ma. Elenita B. Cabrera (latest edition).
3. Skousen K.F. et al. Intermediate Accounting. 16th Edition, Thomson.
4. Philippine CPA Examinations in Auditing Problems
5. Philippine Standards on Auditing (PSA)
6. Philippine Auditing Practice Statements (PAPS)
7. Philippine Financial Reporting Standards (PFRS)
8. Philippine Accounting Standards (PAS)
9. Interpretations (IFRIC, SIC, IC, PIC)
Websites
1.
2.
3.
4.
www.mhhe.com/louwers6e
http://www.aasc.org.ph
www.ifrs.org
www.iaasb.org
Auditing and Assurance Committee
May 2017
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