ACC 374 – Auditing II DePaul University Professor: Email: Office: Office Phone: Office Hours: Skype Hours: Classroom: Dr. Mary P. Mindak, Ph.D, C.P.A. mmindak1@depaul.edu 6021 DePaul Center 312-362-5601 M/W 9:15-9:45 (AM) or by appointment By appointment (Skype name: mary.p.mindak) DePaul Center Room 7601 Winter Quarter 2014-2015 Sec. 501: M/W 10:10-11:40 AM Required Texts: (1) Principles of Auditing and Other Assurance Services (19th Edition), Whittington and Pany, Irwin McGraw Hill. www.mhhe.com/whittington19e. Course Description and Objectives This course covers the implementation and application of generally accepted auditing standards to significant accounts and processes. The class will cover topics that allow you to gain an understanding of fundamental concepts, standards, procedures, tools and techniques used to plan and conduct audits. Objectives of the course include understanding (1) audit risk assessment to properly audit specific accounts, (2) audit sampling techniques, (3) and tests of controls and substantive testing procedures for accounts including cash, accounts receivable, inventories, PP&E, accounts payable, debt, and stockholder’s equity. The course emphasizes the importance of ethical behaviors, communication skills, analytical and critical thinking, technological competence and teamwork. Please note that the nature of this class is mostly conceptual and procedural, whereas most of your accounting classes have been quantitative with one final solution (ex. LIFO calculations). Auditing entails using judgments around auditing and accounting rules. You will need to adapt your study habits and approach to succeed in this course. Class Correspondence The best way to reach me is through my email address at mmindak1@depaul.edu. Any important news or reminders will also be sent through email so please make sure that your address on Campus Connect is current so that you will receive these emails. Please note that I am in class on Mondays and Wednesdays from 10:10am until 1:20pm. Homework Homework is due at the beginning of class for the date assigned on the syllabus. Any late submissions will receive a 0.5 point deduction for each 5 minutes that the assignment is turned in late. Team Case Study We will be covering one case study in this class. Your team’s case submissions will be due prior to or at the beginning of the class on the assigned dates. Late assignments will receive points off of the final case grade for the entire team. Any assignments turned in after I begin the class are considered late. You will also provide a team evaluation on the date that your final case submission is due. Page 1 of 3 Exams Exams will be given promptly at the start of the class. If you are late to the exam – you will not be given additional time to complete the exam. If you are unable to make an exam date for a valid and documented reason, please notify me ahead of time. You will then be given a different exam on a date that we schedule together. If there is an emergency and you are unable to contact me ahead of time, please communicate with me as soon as possible. Students who do not have a valid and documented excuse for missing an exam will not be allowed to make up the exam. Business Etiquette: Since this is a business class, proper business etiquette is expected. Conduct like coming late to meetings, turning in projects or work late, leaving meetings before they are over, having your cell phone on during meetings, surfing the internet during a meeting, and talking while your boss is discussing important work information would not be tolerated in the business world. The same conduct is expected in my classroom. If you have a commitment that will make you late or need to leave early please tell me before class begins. I am reasonable in my expectations and understand there are special situations, but I would like you to conduct yourself in a business professional manner in and out of the classroom. Grading All points must be earned during the quarter as there are no points awarded or available after the quarter is over. Any grades that are posted on D2L must be discussed within one week of posting in order to discuss any discrepancies. Your grade will be determined as follows: Grade Description Points Possible Overall Attendance and Etiquette 15 Points Homework (10 points each) 30 Points Case Study 100 Points Exam 1 100 Points Exam 2 120 Points Exam 3 (Final) 160 Points Total Points Possible 525 Points Grading Scale A = 93% and above A- = 90%—92% B+ = B = B- = 87%—89% 83%—86% 80%—82% C+ = C = C- = 77%—79% 73%—76% 70%—72% D = F = 60%—69% below 60% Student Responsibilities: Students who feel they may need an accommodation based on the impact of a disability should contact me privately to discuss their specific needs. All discussions will remain confidential. To ensure that you receive the most appropriate reasonable accommodation based on your needs, contact me as early as possible in the quarter (preferably within the first week of class). Work done for this course must adhere to the University Academic Integrity Policy , which you can review in the Student Handbook or by visiting Academic Integrity at DePaul University (http://academicintegrity.depaul.edu). Cases of academic dishonesty are viewed as a serious violation of professional ethics and will result in an F Grade. Students are expected to observe the School of Accountancy and MIS code of Conduct, which can be found on Desire to Learn. ACC 374 Tentative Course Outline and Assignments Date Mon. Jan. 5th Wed. Jan. 7th Mon. Jan. 12th Wed. Jan. 14th Mon. Jan. 19th Wed. Jan. 21st Mon. Jan. 26th Wed. Jan. 28th Mon. Feb. 2nd Wed. Feb. 4th Mon. Feb. 9th Wed. Feb. 11th Mon. Feb. 16th Wed. Feb. 18th Mon. Feb. 23rd Wed. Feb. 25th Mon. Mar. 2nd Wed. Mar. 4th Mon. Mar. 9th Wed. Mar. 11th Final Exam : Chapter Ch. 5-7 Topic Introduction and Audit Process Review Ch. 5-7 Audit Process Review Ch. 5-7 Audit Process Review Ch. 5-7 Audit Process Review Ch. 5-7 Ch. 9 Audit Process Review Audit Sampling Assignments Chapter Pages Ch. 5: Pgs. 137-155 Ch. 6: Pgs. 183-185, 193220, Ch. 7: Pgs. 243-271 Homework #1 Due Exam 1: Ch. 5-7 Ch. 9: Pgs. 331-345, 356358 Ch. 9 Audit Sampling Ch. 10 Cash Audit Process Ch. 10 Cash Audit Process Catch up and Review Ch. 11 Accounts Receivable, Notes Receivable and Revenue Ch. 11 Accounts Receivable, Notes Receivable and Revenue Overview of Case and In Class Case Work Ch. 10: Pgs. 381-407 Homework #2 Due Ch. 11: Pgs. 431-464 Case #2 Provided Exam 2: Ch. 9-11 Ch. 14 Accounts Payable Ch. 14 Accounts Payable Ch. 12 Inventory Ch. 12 Inventory Case #2, Part 2 Due Speaker Event (Tentative Date) Homework #3 Due PP&E, Debt and Equity Capital Case #2, Part 3 &4 Due Ch. 13 & 15 Case #2, Part 1 Due Ch. 14: Pgs. 564-584 Ch. 12: Pgs. 500-526 Ch. 13: Pgs. 538-552 Ch. 15: Pgs. 597-613 Review Section 501 Some important dates: 1st day of class: Last day to drop class with no penalty: Last day of withdraw: Class Time 10:10-11:40 Class Exam Date Mon. 3/16/2015 01/05/2015 (Monday) 01/16/2015 (Friday) 02/20/2015 (Friday) Exam Time 8:45–11:00 AM