SIENA HEIGHTS UNIVERSITY
ACC 441: AUDITING –
WINTER 2010 - JACKSON Campus
Faculty Name:
Office Location:
Phone:
E-mail:
Class :
LINDA M. CAMPBELL
SHH 414 C
517 264 7859
lcampbel@sienaheights.edu
Online
This class will meet for the first time on Tuesday, January 12, 2009 at 6pm.
Mandatory attendance for the first class.
Assignment 1: Due between January 6th and January 12th - Go to the Water Cooler
and introduce yourself, tell us a little bit about yourself (one or two paragraphs) –
attach a picture so that all your classmates can get to know you.
Read the first two chapters and respond at least twice to two different discussion
topics (that is a total of two responses) under Class Discussion.
Required Texts:
Rittenberg and Schwieger, Auditing: A Business Risk Approach, 7th edition,
Southwestern-Thompson
Knapp, Michael C., Contemporary Auditing Issues and Cases, West Publishing Company
Prerequisites: ACC 342
Course Description: Auditing can be viewed as a capstone course to an undergraduate
accounting education. Auditing integrates financial and cost accounting, ethics,
accounting theory, information systems, and control structure concepts into a systematic
process of obtaining, evaluating and reporting on economic events and activities. The
overall objective of the course is to help prepare accounting students for a professional
career that includes an understanding of service as an auditor and/or an auditee.
Accounting Program Learning Outcomes





Accounting Principles – Thorough knowledge of the technical principles and concepts of
accounting.
Communication – Ability to effectively communicate in both oral and written form.
Technology – Knowledge of basic accounting information systems technology and competency
using the personal computer.
Critical Decision Making – Ability to use knowledge of accounting theory in analyzing
information, problem solving and decision making.
Ethics – Understanding various ethical and moral issues facing today’s accountants.
Relationship to General Education
Accounting Learning Outcomes
Communication
General Education Learning Outcomes
5
Analytical/Critical Decision Making
Ethics
Technology
4
7
6
Learning Outcomes Assessment Plan:
ACC 441 AUDITING
PROGRAM
LEARNING
OUTCOMES
ETHICS
COMMUNICATION
ACCOUNTING
PRINCIPLES
COURSE
OUTCOMES
STRATEGIES
ASSESSMENT
TOOLS
To know the AICPA
Code of Professional
Conduct
Ethics Case
- identify ethical issues
- make appropriate
recommendations
Rubric
Interpretation and
application of
contemporary auditing
issues
- Completion of cases –
written report and
discussion
Rubric
Interpret GAAS and
use while performing
audit procedures
Combine lecture with class
discussion and group
problem solving; audit
practice case
Exams and
Discussion
Academic Honesty: All students are expected to adhere to the code of Academic
Honesty. Students violating academic honesty policies are subject to penalties of failure
of the exam, failure of the course and a letter describing the incident in the student’s file.
Academic Accommodations:
If a student is in need of an accommodation based on the impact of your disability, you
should contact me to arrange an appointment. At the appointment we can discuss the
course format, anticipate your needs and explore potential accommodations. I rely on the
Office for Students with Disabilities for assistance in verifying the need for
accommodations and developing accommodation strategies. If you have not previously
registered with the Office for Students with Disabilities, I encourage you to do so. Just a
reminder, requests for accommodations are not retroactive.
Grading Policy and Scale:
Total points available during the quarter include
Exam No. 1
Exam No. 2
Exam No. 3
Knapp Cases
Discussion Board
Presentation of Article and Comments &
Responses to colleague’s articles
Total Points Available
80
80
100
110
250
80
700
Grades will be determined based on the following scale:
A
91-100%= 631-700 pts.
B
81-90%= 561-630 pts.
C
71-80%= 489-560 pts.
D
61-70%= 423-490 pts.
F
0-60%= less than 423 pts
.
Learning Strategies:
The course will be conducted with a combination of lecture, discussion and problem
solving. An auditing case will be discussed in class and completed by the individual
student groups.
Exams: Two midterm exams and one final exam are scheduled
Discussion: Discussions are graded at 5 points each.
Knapp Cases: Each student is expected to prepare nine of the Knapp cases for grading
during the semester. The cases from the Knapp book are indicated by company name on
the assignment sheet. Read each case carefully. You are permitted to conduct research,
to gain sufficient information to answer the questions clearly and completely. Seven
cases are worth 10 points; and two are worth 20 points as indicated on the syllabus.
All cases must be typed. Number each question number. Complete the questions in full
sentences and paragraphs using correct grammar. Be sure to cite any outside sources.
Remember that this is your case – you must work independently with no assistance from
any other students, instructors, or friends.
Article – An article concerning an accounting standard or auditing topic from a
professional accounting journal is to be summarized (1 page) and posted. You are to
track the responses from your fellow students and make – at a minimum – three
comments.
In addition to posting your own article, each student is required to respond to the articles
posted by their fellow students.
A combination of 80 points are assigned for posting your article and for responding to all
the articles posted by your fellow students.
WINTER 2010 – MAY BE SUBJECT TO CHANGE
Date
Wk 1
1/6 – 1/12
Chapter and Topic
CH 1: Auditing: Integral to the Economy
CH 2: Corporate Governance – Audit Standards
Explore website; discuss Case
Crazy Eddie Film or ZZZZ Best
Assignments
Present climate, importance of
internal control, SOX,
independence Please have first two chapters read
1st meeting – January 12th
Wk 2
CH 2: Continued
CH 1: 1-47, # 1-5; 1-49
1/13-1/18
Ch 3 – Understanding and Meeting Ethical Expectations
Ch 2: 2-48, 2-54, 2-62, 2-64
Ch 4: Audit Risk and a Client’s Business Risk
Mallon Resources Corp Case –
Ethics case due – 10 pts
Respond to Discussion Topics and Article
Wk 3
Ch 4: Continued
1/19/1/25
Ch 5: Internal Control
Note: You must read Ch 3 in
order to complete the case
satisfactorily. Be sure to note
which specific ethics rulings are
involved.
Read Ch 4
Ch 3: 3-35, 3-36, 3-42
Ch 4: 4-48, 4-49, 4-55
Crazy Eddie – 20 pts
This case requires the completion
(at a minimum) of 4 years’
Current Ratio, Quick Ratio, A/Rec
Turnover, Inventory Turnover,
Debt to Assets, Profit Margin
Ratios, EPS (given) and Trend
analysis
Wk 4
Chapter 5: Continued
1/26-2/1
CH 5: : 5-41, 5-44, 5-5-54
Goodner Brothers – 10 pts
Wk 5
Exam No. 1 – Chs 1-5
2/2-2/8
Wk 6
Ch 6: Integrated Audit
2/9-2/15
Ch 7: Audit Evidence: A Framework
Wk 7
Ch7: Continued
2/16-2/22
Lincoln Savings & Loan Due –
20 pts
(Must read Ch 9: Auditing for
Fraud to answer this case
Ch 6: 6-35, 6-40, 6-41, 6-46
CH 7: 7-36, 7-38, 7-40, 7-42
Trolley Dodgers – 10 pts – NO
LATE CASES ACCEPTED
Wk 8
Ch 10: Auditing Revenue and Related Accounts
2/23-3/1
Campbell Soup Case -10 PTS. –
NO LATE CASES ACCEPTED
Ch 10: 10-54 (1, 2, 3), 10-59 (110), 10-70, 10-75
Wk 9
3/2-3/8
Wk 10
Ch 11: Audit of Acquisition and Payment Cycle and
Inventory
Ch 11: 11-55, 11-59, 11-60
Ch 12: Integrated Audit of Cash
CH 12: 12-43, 12-48, 12-49
Ch 13: Audit of Long-Lived Assets and Related
Expenses
CH 13: 13-34, 13-35, 13-36
Ch 13: Audit of Long-Lived Assets and Related
Expenses (continued)
Exam No. 2: Chs 6, 7, 11, 12, 13
Ch 14: Audit of Long Term Liabilities, Equity,
Acquisitions, and Related Entity Transactions,
CH 14: 14-33, 14-35, 14-40, 1442
Ch 15: Completing the Audit
Ch 15: 15-30, 15-32, 15-45
Capital Bank – 10 pts
3/9-3-15
Wk 11
3/16-3/22
Wk 12
3/23-3/29
Wk 13
3/30-4/5
Wk 14
4/6-4-12
Jamaica Water Properties - 10
pts.- NO LATE CASES
ACCEPTED
Wk 15
Ch 16: Auditor’s Reports
4-13-4-19
Ch 17: Professional Liability
FINALS
WEEK
Ch 17: Professional Liability continued
4-20-24
CBI Holding – 10 pts.- NO LATE
CASES ACCEPTED
FINAL EXAM –ON CHS 13, 15, 16, 17–Due by
Thursday, midnight.
Ch 16: 16-40, 16-41 (A-D), 16-42
Ch 17: 17-41, 17-42, 17-47, 1748