. 9UM • The University of Mindanao COURSE INFORMATION 1. Course Number 2. Course Name 3. Course Description 4. 5. 6. 7. 8. College of Accounting Education ACCE 311- Course Outline : ACCE 311 : Operations Auditing : This course is designed to explore and examine the duties and responsibilities of an auditor in conducting a systematic and independent evaluation of organizational activities. It covers the scope, importance and elements of internal audit that emphasizes on operations audit. Also discussed in detail are the evolution of and development of audit services, internal auditing functions and activities, code of ethics among internal auditors, corporate governance, fraud, risk and risk management, internal control, audit planning and strategy, audit testing and sampling, working papers and audit reporting. The main purpose of the course is to provide students with the necessary knowledge to understand the wide scope of internal auditing with the dynamics of operations auditing. Pre-requisite Co-requisite : None Credit : 3.0 units Class schedule : 6 hours per week Program Educational Objectives (PEO) of __: Five years after graduation, the BSA T graduates are expected to: A. Engage in the field of accounting or entrepreneurial undertaking that provides employment in the community; B. Pursue graduate studies related in the field of business, or obtain international certification, or advancement in technology; and C. Demonstrate ethical responsibility in the practice of profession and in the community. 9. Student Outcomes (SO) and their links to Program Educational Objectives (PEO) Student Outcomes (SO) Upon completion of the program, the UM Accountancy student will have the ability: • A. Articulate and discuss the latest developments in the practice of Accountancy; B. Effectively communicate orally and in writing using both English and Filipino; C. Work effectively and independently in multi-disciplinary and multi-cultural teams; D. Act in recognition of professional, social, and ethical responsibility; E. Preserve and promote "Filipino historical and cultural heritage"; F. Describe the basic functions of management such as planning, organizing, leading and controlling; G. Identify and describe the basic concepts that underlie each of the functional areas of business (marketing, finance, human resources management, production and operations management, information technology, and strategic management) and employ these concepts in various business situations; *H. Select the proper decision-making tools to critically, analytically and creatively solve problems and drive results; I. Express clearly and communicate effectively with stakeholders both in oral and written forms; J. Apply information and communication technology (ICT) skills as required by the business environment; K. Work effectively with other stakeholders and manage conflict in the workplace; L. Organize and lead groups to plan and implement business related activities. M. Demonstrate corporate citizenship and social responsibility; N. Exercise high personal moral and ethical standards. 0. Resolve business issues and problems, with a global and strategic perspective using knowledge and technical proficiency in the area of financial accounting and reporting, cost accounting and management ACC 31 I - Operations Auditing Date Revised: August I, 2021 Revision No. I Date Effective: I" Sem, SY 20212022 1 PEO 2 3 ., ., ., ., ., v ., ., v v ., v ., ., ., Page I of 13 .• e>UM College of Accounting Education ACCE 311- Course Outline The University of Mindanao accounting and control, taxation, and accounting information systems; P. Conduct accountancy research through independent studies of relevant literature and appropriate use of accounting theory and methodologies; Q. Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions; *R. Apply knowledge and skills to successfully respond to various types of assessments, and (including professional licensure and certifications); S. Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant; and T. Graduates of universities participate in the generation of new knowledge or in research and development program. Note: y y y y y * SO be111g addressed i11 t/11s course 10. Course Outcomes (CO) of ACCE 311 and their links to Student Outcomes (SO) C01 CO2 C03 At the end of the course, the student has the ability to: Explain the key concepts, principles and activities of operations audit Explain internal control, risk management and corporate governance in organizational context and setting Prepare audit plan Legend: I E D ACC 311 - Operations Auditing A B C D E F G H I J Student Outcomes (SO) K L M N 0 p R Q E E E E E E E E E s T Upon attainment of this CO, students will have been imroduced to the SO. Upon attainment of this CO, students wiLI have enabled themselves to attain the SO. Upon attainment of this CO, students will have demonstrated partly or fully the SO. Date Revised: August I, 2021 Revision No. I Date Effective: I" Sem, SY 20212022 Page 2 of 13 eUM The University of Mindanao College of Accounting Education ACCE 311- Course Outline Program Educational Objectives (PEO) Vision: By 2022, a globally recognized institution providing quality, affordable and open education. I. Mission: Provide a dynamic and supportive academic environment through the highest standards of instruction, research and extension in a non-sectarian institution committed to democratizing access to education. 2. Core Values: Excellence, Honesty and Integrity, Innovation and Teamwork. Core Competency: "Quality affordable open education" 3. Engage in the field of accounting or entrepreneurial undertaking that provides employment in the community. Build and sustain a successful career in accounting through pa1ticipation or involvement in continuing Professional Development Programs (CPDP) of the profession or pursue advance studies in other related area of specialization. Show leadership and ethical responsibility in the practice of profession or in the community. Student Outcomes (SO) as Applied to this Course Course Outcomes (CO) • A. Articulate and discuss the latest developments in the practice of Accountancy; *H. Select the proper decision-making tools to critically, analytically and creatively solve problems and drive results; • R. Apply knowledge and skills to successfully respond to various types of assessments, and (including professional licensure and certifications); CO I. Explain the key concepts, principles and activities of operations audit CO2. Explain internal control, risk management and corporate governance in organizational context and setting CO 3. Prepare audit plan ACC 311 - Operations Auditing Date Revised: August I, 2021 Revision No. I Date Effective: I" Sem, SY 20212022 Page 3 of 13 e>UM College of Accounting Education ACCE 311- Course Outline The University of Mindanao CO and Assessment Task Alhmment Course Outcomes Assessment Task Theory-Based Practice-Based Assessment Schedule Coverage First Exam *Overview of operations audit *Code of ethics • International Standards for the professional Practice of Internal Auditing Multiple Choice Questions Second Exam *Corporate Governance *Fraud Multiple Choice Questions Third Exam * Risk and Risk Management *Internal Control • Audit Planning • Audit Testing and Sampling *Working papers • Audit Reporting 1. Explain the key concepts, principles and activities of operations audit Multiple Choice Questions 2. Explain internal control, risk management and corporate governance in organizational context and setting 1. Explain the key concepts, principles and activities of operations audit 2. Explain internal control, risk management and corporate governance in organizational context and setting 3. Prepare audit plan Multiple Choice Questions Preparation of Audit Plan Fourth Exam *Final assessment will be a comprehensive examination (from first topic to the last) in a Multiple Choice Questions Assessment Task Details (Theory and Practice-Based) Coverage Assessment Task Assessment Schedule First Exam *Overview of internal auditing. *Overview of operations audit. *Code of ethics • International Standards for the professional Practice of Internal Auditing ACC 311 - Operations Auditing Date Revised: August 1, 2021 Multiple Choice Questions/Short Answer (100% of the exam} (Theory-Based} Revision No. 1 Details You are expected to show knowledge on the nature and definition of internal auditing and external auditing, scope, importance, and elements of internal audit, evolution and development of audit services, internal auditing functions, activities, phases of operations audit, code of ethics of internal auditors and internal audit standards. This includes research articles required for you to read and theories related to the topics mentioned. You are also expected to critically analyze the contribution of various topics in understanding internal audit profession. Date Effective: 1" Sem, SY 20212022 Page 4 of 13 e>UM The Unjversity of Mindanao College of Accounting Education ACCE 311- Course Outline 11. COURSE OUTLINE AND TIME FRAME TIME FRAME TOPICS FOR FIRST EXAMINATION ► Orientation on Classroom and University Week1 to Week3 Policies as well as Grading System ► Discussion of PEO, SO, and CO *Overview of operational auditing. • Definition of internal audit • Audit professionalism and hallmarks • Internal versus external audit • Scope, importance, and elements of internal audit • Evolution and development of audit services • Internal auditing functions and activities • Managing an internal audit activity *Code of ethics • Principles of Institute of Internal Auditors Code of Ethics • Ethical behavior and rules of conduct * International Standards for the professional Practice of Internal Auditing • Definition and purposes of Internal Audit Standards • Attribute and Performance Standards TLA ► Lecture ► Research Article reading/discour se ► Oral Recitation ► Concept Mapping ► Cooperative Learning Required Readings Tusek, B. (2015). The influence of the audit committee on the internal audit operations in the system of corporate governance - evidence from croatia: Znanstvenostrucni casopis znanstveno-strucni casopis. Ekonomska lstrazivanja, 28(1), 187203. doi:http://dx.doi.org/10.1 080/1331677X.2015.1028 245 Wimoonard, T., Ussahawanitichakit, P., & Janjarasjit, S. (2015). STRATEGIC INTERNAL AUDIT EXCELLENCE AND ORGANIZATIONAL SURVIVAL: A CONCEPTUAL MODEL. Allied Academies INDUSTRY INTEGRATION: Seminar on Internal Audit Standards and Code of Ethics by Industry Practitioner International Conference.Academy of Accounting and Financial Studies.Proceedings, 20(2) , 185-201. Retrieved from https://search.proquest.c om/docview/1764886803 ?accountid=31259 FIRST EXAMINATION Week4 to Weeks ACC 311 - Operations Auditing *Corporate Governance • Corporate Governance: Definition and function • Principles of Corporate Governance • The Agency Concept • Cadbury and Greenbury Code • Manual of Corporate Governance (The Code) Date Revised: August 1, 2021 ► Group dynamics ► Concept mapping ► Write-shop on FS analysis report ► Research article Revision No. 1 Date Effective: 1" Sem, SY 20212022 Corporate Governance in the Philippines Source: htti;i:LLwww.dlsu.edu.i;ihL researchLcentersLcberdL i;idfLbus focusL Cori;iorate Governance.i;id f (Baltazar 2015) Page 8 of 13 e>UM The University of Mindanao College of Accounting Education ACCE 311- Course Outline Source: http://wwwbfs.ucsd.edui'.blinki'. ocbfs/acci'. UnderstandlC.pdf THIRD EXAMINATION Week8 to Week9 • Audit Planning • Audit Plan • Audit Assignment • Roles of Audit Manuals • Planning Approaches • Audit Testing and Sampling • Definition of Audit Testing • Testing process • Types of audit test • Testing techniques • Sampling • Statistical sampling process • Sampling techniques and parameters *Working papers • Attributes of audit evidences • Functions of working papers • Characteristics and types of working papers • Audit Reporting • Definition, functions and objectives • Audit reporting process • Internal audit report samples ► Lecture ► Oral recitation ► Concept Mapping ► Cooperative Learning Iverson, A. R. (2018). PLAN AUDITS: What is that auditor thinking? Journal of Pension Benefits, 25(2), 40-43. Retrieved from https://search. proquest. com/docview/19894965 87?accountid= 31259 Teodorescu, 5., & Dumitru, A. P. (2019). PRACTICAL METHODS OF SELECTION AND CALCULATION OF SAMPLE SIZE FOR AUDIT SAMPLING. Challenges of the Knowledge Society, 1129-1133. Retrieved from https://search.proquest.c om/docview/2263227242 ?accountid=31259 Protecting internal audit work papers from discovery Source: INDUSTRY INTEGRATION: AUDIT REPORT PREPARATION h1m.;LL www.cluteinstitute.com1'. ojsi'.index.phpi'.JABRi'. articlei'.viewFilei'. 58495923 Audit Working Papers I Importance I Objectives Contents Source: http:// accountlearning.com/ audit-working-papersimportance-objectivescontents/ ACC 311 - Operations Auditing Date Revised: August 1, 2021 Revision No. 1 Date Effective: 1" Sem, SY 20212022 I Page 11 of 13 e>UM College of Accounting Education ACCE 311- Course Outline The University of Mindanao Audit quality and financial reporting Source: htt12s:[j_www.k12mg.comL CaLenLservicesLAuditL DocumentsL5523-ICDarticle-re12rints-ThesbergV3-web.12df FOURTH EXAMINATION 12. TEXTBOOK : * * International Standards for Professional Practice of Internal Auditing downloadable from https://na.theiia.org/standards-guidance/mandato01-guidance/pages/standards.aspx#:-:text=Stand,irds %2Q,ir!;l%2QRrinQiRl!;l%2DfQQ!.!S!;ld%2Q,ing,th!;l%2Q!;lff!;lQtiv!;ln!;lss%2QQf%2Qits%2QR!;lrfQrm,inQ!;l. Tan, J. (2015). Internal Audit: Concepts, Theories and Applications. Davao City: EDS Books Publication References: a. b. C. d. e. f. g. h. 13. Vallabhaneni, S.(2020). Wiley CIAexcel exam review 2018. Part 1 Internal audit practice. New Jersey: John Wiley & Sons Vallabhaneni, S.(2020). Wiley CIAexcel exam review 2018. Part 2 Internal audit knowledge elements. New Jersey: John Wiley & Sons Vallabhaneni, S.(2020). Wiley CIAexcel exam review 2018. Part 3 Internal audit basics. New Jersey: John Wiley & Sons Doxey, C. (2019). Internal controls toolkit. Hoboken, NJ: Wiley AICPA (2019). Audit risk alert: 2019-20 general accounting and auditing developments. USA: Wiley Johnstone, K., Gramling, A., and Rittenberg, L. (2019). Auditing: a risk-based approach. 11'h edition. Australia: Cengage. Recommended Guidance downloadable from httRs://na.the i ia. org/standards-g uidance/recommendedgyig,i nQ!;l/P,ig!;ls/StrQngl'l,-R!;lQQmm!;)ng!;)g-�yig,inQ!;l.<!SRX Position Papers downloadable from https://na.theiia.org/about-us/about-ia/Pages/Position-Papers.aspx COURSE EVALUATION Assessment Methods Weights EXAMINATIONS A. B. Exam 1- 3 Final Exam MCQ/Short Answer - 50% Competency Assessment - 50% -· -- - ""�""'--' D. t.' 1-,.-.., -•-a-•- ,,,, I l\..11 r, I 14. ,C..,_,_ 011in<>< 30% 30% 10'1{, 1:--- lS'V,, RequTrement - Preparation of Au(lit Plan lU'.o l�MRon frnm thP first rpm,l�r rl�ss mPPlin<> I . F. A vali8atigfl�filt identification card must alwavs be worn bv all student s while attending clasi�. c. Tdtla�ating is strictly prohibited. Any form of academic dishonesty shall be dealt with ac ordingl\l�ve offen es such as plagiarism and outsourcing of major requirements, final requirements, theses, dissertations, capstones, designs and similar others, are automatically elevated to OSA/SCC/USCC for disciplinary action. d. Valid examination permits are necessary in taking the examinations as scheduled. PRESCRIBED PRC CALCULATORS ACC 311 - Operations Auditing Date Revised: August 1, 2021 Revision No. 1 Date Effective: 1" Sem, SY 20212022 Page 12 of 13