ACC 243 – Auditing and Attestation Services

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University of California, Davis
Accounting 243 Auditing and Attestation Services
Spring 2013
Instructor:
Office:
Office Hours:
E-mail:
TA:
Dr. C. Janie Chang
TBA
Thursday 5:00pm-6:00pm or by appointment
[email protected]
TBA
Course Description:
This course is designed to help you obtain an in-depth understanding of the assurance services.
The public accounting profession involves the issuance of audit reports by independent
accountants on the fairness of information used to make business decisions.
Auditing will focus on the major concepts of assurance services, risk, materiality and the
accountant’s role in applying these concepts. Much of what you do in this class will be based on
your prior knowledge of accounting principles, business transactions, financial reporting, and
managerial decision-making. The in-class discussions, group work, and assignments will
involve your use of critical thinking and judgment skills. This subject often appears easier than
it is, so you must be vigilant, persistent and willing to carefully analyze the information.
Learning Outcomes:
This course will focus on the following learning outcomes. For each chapter, we will discuss
how the related knowledge, skills and attitudes fit into these larger goals and outcomes for the
MPA program. More importantly, you need to examine how these outcomes will help you
achieve your professional goals. Bring your observations and questions to class.
At the end of this course students should be able to:
1. Identify and define major concepts of auditing, including risk, materiality and
professional standards.
2. Explain and model the accountants’ role in applying the concepts in auditing.
3. Apply judgment and critical thinking to evaluate and communicate the reliability of
financial information.
4. Analyze evidence for competency and relevancy in relation to management’s assertions.
TEXTBOOKS
1. Principles of Auditing & Other Assurance Services, 18th Ed., by Whittington & Pany,
McGraw-Hill, 2013.
Whittington Website: Please make use of the text resources at the Online Learning Center
(OLC): http://www.mhhe.com/whittington18e . The text website has PowerPoint slides,
Multiple Choice Quizzes, Keystone Cases, ACL cases, and links to various audit websites.
The website is free to students and we will use it for much of our class work.
2. Arens and Ward, Systems Understanding Aid, 8th edition, Armond Dalton Publishers Inc.
3. Computerized Auditing Using ACL, 2nd Edition, by Alvin A. Arens and Randal J. Elder,
Armond Dalton Publishers, 2008. ISBN# 978–0–912503–29–5.
GETTING READY FOR CLASS
The schedule identifies specific problems from each chapter that you should prepare as you read
and study the chapter materials. These problems and text publisher on line quizzes are not
graded. Use the problems to help you follow the readings and diagnose where you have
questions or are confused. Be ready to discuss your results and /or questions in class. The
solutions are posted, as a tool for you to figure out what you know and, more important, still
don’t know about the subject. If all you do is read the solutions, they will make perfect sense and
you will feel that you “know” the materials. However, being familiar with the material, which
you can get from just reading the solutions, is NOT the same as understanding the material,
which you can only get from lots of hands on practice.
Learning Style Resource: Please use this website to explore your learning style and use the
results to help you be more successful in your life-long learning as an accounting professional:
http://www.vark-learn.com/english/page.asp?p=questionnaire
Academic Integrity
Any observed or reported instance of academic dishonesty, as defined in the University of
California, Davis Student Handbook, will be prosecuted to the fullest extent possible. During
any stage of the quarter, if you deviate from the standards of academic integrity you will
receive a grade of F for the course. In addition, the instructor will report the event to the
Department and the University. The University may decide to apply additional penalties.
COURSE ASSIGNMENTS
This course will include a variety of in and out-of-class assignments, individual cases, group
cases, quizzes, and exams. Being prepared and actively participating are key ingredients to your
success in this class.
Composition of Course Grade
No.
Items
1
SUA Assignment
100
2
Excel Assignments
40
3
ACL Assignments
300
4
In-class Assignments and Quizzes
60
5
Examinations
300
Total
Points
800
Syllabus
This course syllabus is an important document to you. The instructor reserves the right to make
changes on the syllabus as the session proceeds. The following schedule indicates required readings,
suggested practice problems and graded assignments. Any changes to the syllabus will be announced in
class.
Accounting 243 Schedule
Suggested
Practice Problems
6-26, 6-33, 6-36,
Assignments (due)
7-32, 7-37, 7-40
8-33
Excel Assignment 1
9-42, 9-44a-d,
9-45a-e, 9A11a-c
11-37,11-38,1142,11-47
ACL1
5/16
Required Readings (Principles of Auditing &
Assurance Services, Whittington & Pany)
Chapter 6: Audit Planning & Risks
Handout on Business Processes
Introduction to SUA
Chapter 7: Auditing Internal Control
Chapter 8: IT Controls
Chapter 9: Audit Sampling
Chapter 10: Cash and Financial Investments
Chapter 10: Cash and Financial Investments
Chapter 11: Accts. Rec & the Revenue Processintro
Exam I (Ch. 6-11 and business processes)
Chapter 12: Inventories & Cost of Goods Sold
Chapter 12: Inventories & Cost of Goods Sold
Chapter 13: Property, Plant and Equipment
SUA project
5/23
Chapter 14: Accts. Payable and other liabilities
14-32, 14-39, 14-40
SUA project
Excel Assignment 2
ACL4
5/30
Chapter 16: Auditing Operations & Completing
the Audit
Chapter 17 Auditors Reports
Chapter 18 Integrated Audits of Public
Companies
Exam II (Ch. 12-18 and SUA)
16-30, 16-37,16-45
ACL5
17-27, 17-35,17-36
18-30, 18-31
ACL6
Session
4/4
4/11
4/18
4/25
5/2
5/9
6/6
6/13
ACL2
ACL3
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