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UNIVERSITY OF SOUTHERN CALIFORNIA
ACCT 373
INTRODUCTION TO ASSURANCE SERVICES
SPRING 2006
PROFESSOR ROSE LAYTON
GENERAL INFORMATION
Faculty:
Professor Rose Layton
Office Location:
ACC 232A
Office Phone:
213/740-5022
E-mail Address:
rlayton@marshall.usc.edu
Office Hours:
M/W 1:00-3:00 pm; T/Th 7:30-8:00 am or by
appointment.
USC Emergencies:
213/740-4321
USC Emergency Information
Line:
213/740-9233
USC Information:
213/740-2311 and 91.5 KUSC FM Radio
Course Section:
431-18055D, 18056D, 18057D, Lab 431-18058D
Course Prerequisites:
ACCT 370a, 371a
Co-Requisites:
None
Required Materials:
Custom Printing: Introduction to Assurance Services
Louwers-Ramsay-Sinason-Strawser. 2003. McGraw-Hill.
AICPA. Codification of Statements on Auditing Standards
(Available on line through the AICPA website or Citrix).
On-line articles.
Subscription to a business periodical.
COURSE OBJECTIVES AND DESCRIPTION
Assurance issues will be discussed from the perspectives of management and other users
of the financial statements and other reports, as well as, the external auditor. The
objectives of this course are for you:
1. To comprehend our role as professionals through understanding the value our
assurance, attest, and audit services have on our economy and the importance
integrity and ethical behavior have on our performance of this role.
2. To develop the ability to question and apply critical thinking skills to real
world situations involving risk.
3. To gain an understanding of the business environment that you will be
working in by presenting you with some of the types of conditions, events,
and situations that you will encounter.
4. To further develop your communications skills. These skills are essential to
your professional development.
5. Finally, I hope to share my enthusiasm and excitement for our profession.
Our profession is continually evolving and developing. Our training allows us
to make career choices that we may never have dreamed. The learning never
stops, nor does the opportunities.
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“If you do something long enough, with as much variety as possible, you will
begin to learn it”. Unknown.
PERFORMANCE EVALUATION
Your overall grade in this class will be determined by your performance in the following:
Component
Class Attendance
Participation
Homework
Friday Guests
Midterm
Group Project
Final Exam
Total
Due Dates
Continuous
Continuous
Continuous
During Friday Labs (TBA)
During Friday Lab, 2/3
Due 1/31
Tuesday, 2/28 6-7:50 pm
Points
26
4
30
20
70
50
100
300
After total points are summarized for the semester, letter grades will be assigned on a
3.15 curve in accordance with the Leventhal School of Accounting grading policy
attached. The three sections of ACC 373 will be curved together.
The grade of W is allowed only if a student withdraws by approved date. The grade of
IN is reserved for highly unusual cases where the student is unable to complete a single
item of the course requirements. See the attached policies for further information.
After each project grade is returned, you will have one week to challenge your grade in
writing. After this time, the grades on the project become final.
Exams:
There will be a midterm our lab period. It will consist of multiple choice questions and
short answers.
The final will be given in the evening. The test format and topics will be discussed in
class. The final exam must be taken at the time it is assigned. IF you have any conflicts,
please notify me immediately, so we can appropriately resolve the conflict.
Class Attendance and Speakers
I will distribute a daily attendance sheet for students present during our scheduled classes.
You are to indicate your attendance and, if you are late, you are to note this on the sheet.
I expect that you arrive on time to class and remain in class until the session is complete.
Each student will be allowed one absence or being tardy two times. Subsequent absences
or being tardy will result in 5 points deducted from your total points. Note: It is an
honor code violation to sign for another individual in the class or to sign-in and leave.
I plan to have professionals attend one or two of our lab sessions. Your participation is
worth 20 points. I have invited professionals because I believe it will enhance your
learning experience. Please be on prompt, courteous and prepared to asked relevant
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questions. Attendance will be taken and points will be assigned based on your
participation at these sessions. It is an honor code violation to sign-in and then leave the
lab without staying the entire period.
You will have an opportunity to earn 4 additional points for consistent active
participation in the classroom. These 5 points are based on the teacher’s evaluation of
what she deems as “consistent active participation”. A student will either be awarded 4
points or 0 points.
Group Research Projects:
You can select your group on the first or second day of classes. Each group will consist
of 4-5 members. Each group will work on each of research projects. I will hand out the
class projects the first week of class.
All members of the group will receive their grade unless their level of participation is not
the same as the other group members. Each group member will sign their name
indicating their level of participation in each project. Please note that it is an honor code
violation to indicate that you have participated, when if fact you have not participated in
the project. Additionally, each group member is held responsible for the level of
participation of the group members. No late papers will be accepted.
Homework
Homework is to be e-mailed each day that assignments are due by 8:00 am. You should
print a copy of the homework and bring it to class. Homework will be graded based on
effort. Once it is graded and posted, the e-mail will be deleted.
ACADEMIC INTEGRITY
Ethics and values are very important in accounting and the world of business, nonprofit
and government organizations. We will consider ethical issues throughout this semester.
Throughout the syllabus, the student's ethical standards are listed. It is expected that each
student follow these expectations. If there is a situation that results in an academic
integrity violation, the Leventhal School of Accounting Student Honor Code will be
followed.
LEVENTHAL SCHOOL OF ACCOUNTING GRADING AND ACADEMIC
STANDARDS
See the attached summary of the most important grading and academic standards of the
Leventhal School of Accounting.
RETENTION OF GRADED PAPERS
I will retain all graded material that has not been returned to the student for one semester.
After that time, I will discard all materials. E-mails will be viewed on line and then
deleted after viewed.
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DSP
Any student requesting academic accommodations based on a disability is required to
register with Disability Services and Programs (DSP) each semester. A letter of
verification for approved accommodations can be obtained from DSP. Please be sure the
letter is delivered to me as early in the semester as possible. DSP is located in STU 301
and is open 8:30 a.m. – 5:00 p.m., Monday through Friday. The phone number for DSP
is (213) 740-0776.
SKILL ENHANCEMENT ACTIVITIES
Throughout this course students will be challenged to develop skills that are critical to
professional success. The principal skills and related activities that will be employed in
pursuit of your development during this semester include:
Communication Skills:
Oral communication skills will be enhanced through active class participation and
presentation of group projects.
Written- Homework assignments, group projects, and written examination.
Research Skills:
Homework and projects will require Internet and database research.
Critical Thinking and Reasoning:
Homework assignments and projects will challenge the student’s critical thinking
and reasoning skills through the use of thought provoking questions to actual
cases.
Analytical Skills:
Homework and exams will analyze and evaluate financial information. Some
answers will be subjective.
Ethics:
Homework and class discussions will discuss ethical issues faced by today’s
auditors.
Information Technology
Homework and projects will be prepared using word-processing and/or
spreadsheet programs. Research of databases and the Internet will be utilized.
These skill-enhancing activities are designed to replicate those that are necessary and
commonly used in practice. Students are urged to work diligently in developing these
and other skills that form an important part of a successful professional.
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INDIVIDUAL CLASS TOPICS AND ASSIGNMENTS
T
Th
F
1/10
Discussion
Textbook/Course
Reader
Standards
Cases/
Problems
AU 110,
326
HW 1.42, .43, .44,
.46, .47, 48
Intro:
Assurance
Services/
Audit Services
1/12
No class 8 and
10 am
1/13
1/17
1/19
No Lab
Intro:
Assurance
Services/
Audit Services
12 noon class will have
speaker lunch –Sharon
Allen Chairman of the
Board – Deloitte
REQUIRED
ATTENDANCE
Text: Read Chapter 1,
Skim Module A and D
Please review Website:
www.aicpa.org/assurance/
index.htm
Intro:
Assurance
Services/
Audit Services
Including
Internal,
Governmental,
And Fraud
Audits;
1/20
1/24
Lab
Reports
1/26
Professional
Standards
Mod A.44, D.41
Chapter 1 multiple choice
or guests
Text: Read Chapter 12
Text: Read Chapter 2
AU 341
(.01-.04),
504 (.03.04), 508
(.01-.10),
AU 150,
311, 312
HW 12.37
HW group 12.42
select one company
and present with
overhead-no written
report (5 minutes)
HW 2.42, 43, 45
1/27
Chapter 2 and 12 multiple
choice or guests
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T
Th
F
1/31
2/2
Discussion
Textbook/Course
Reader
Ethics
Text: Read MOD B
2/7
Fraud and
Audit Risk
2/9
2/14
2/16
Module B multiple
choice
Midterm: Topics
through 2/2
Text: Read Chapter 3
Fraud and
Audit Risk
Read Articles to be
distributed in class
Legal Liability
Review midterm and
Chapter 3 multiple choice
or guests
Text: Read MOD C
2/10
Legal Liability
2/17
2/21
AU 316,
317
In class exercises
HW 3.38, .39, .41 ,.42
AU 339
HW C.52, 55, 57
Module C multiple choice
or guests
Project Due
2/23
Cases/
Problems
B.38, 39, 42;
Ethics
2/3
Presentation and
written report
Final Review
2/24
2/28
Standards
Final
No Lab
Tuesday, 2/28 6-7:50 pm