Prerequisites ACT 3392.
Description per Catalog: Auditing theory as contained in the official pronouncements with emphasis on professional ethics, audit engagement, internal control, audit sampling, evidence gathering, business cycles and auditors’ reports.
Objectives On completion of the course, the student should be able to:
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Demonstrate an understanding of essential audit standards, objectives, compliance, and substantive procedures.
Demonstrate an understanding of the professional guidance and issues related to the major facets of the attest function as it is performed by independent, internal, and governmental auditors.
Demonstrate an understanding of the transaction cycles, revenue cycles, expenditure cycles, and cash balances.
Demonstrate an understanding of professional ethics as it relates to the activities of independent auditors.
Purpose To introduce students to the fundamental concepts of auditing.
Approved Texts Boynton, W. C., & Johnson, R. N. Modern auditing: Assurance services and the integrity of financial reporting (8th ed. or current).
Hoboken, NJ: Wiley.
Supplements (Optional) AICPA (Current). Codification of statements on auditing standards. New York, NY: American Institute of Certified Public
Accountants. Use the AICPA web site when you need additional reading materials.
Mission & Vision Statements
Troy University Mission Statement Troy University is a public institution comprised of a network of campuses throughout Alabama and worldwide. International in scope, Troy University provides a variety of educational programs at the undergraduate and graduate levels for a diverse student body in traditional, nontraditional and emerging electronic formats. Academic programs are supported by a variety of student services which promote the welfare of the individual student. Troy University's dedicated faculty and staff promote discovery and exploration of knowledge and its application to life-long success through effective teaching, service, creative partnerships, scholarship and research.
SCOB Mission Statement Through operations that span the State of Alabama, the United States, and the world, Sorrell
College of Business equips our students with the knowledge, skills, abilities and competencies to become organizational and community leaders who make a difference in the global village and global economy. Through this endeavor, we serve students, employers, faculty, and Troy University at large as well as the local and global communities.
SCOB Vision Statement Sorrell College of Business will be the first choice for higher business education students in their quest to succeed in a dynamic and global economy. Sorrell College of Business will create the model for 21st century business education and community service.
School of Accountancy Mission Statement The mission of the School of Accountancy is to advance the accounting profession by providing quality accounting education to both undergraduate and graduate students, publishing quality research and providing service to the professional community. We prepare students for successful careers with increasing professional and managerial responsibility in public accounting as well as government and industry and prepare undergraduate students for admission to graduate programs in accounting and business.
Instructor Stan Lewis, DBA, CPA, CFE, CCEA
Office Location & Hours McCartha Hall 201. Weekly you may contact me in person in during the following days and time periods: Monday noon
– 1pm; Tuesday, 8:00am - 1:00pm; and Wednesday - 8:00am. – 1:00pm I'm available by email at any time or by telephone during my office hours (US CST/CDT).
Contact Information Telephone: 334-808-6164; 334-670-3136 (Administrative Assistant Ms. Patsy Brown); and 334-
670-3592 (FAX). Email: sxlewis@troy.edu
Class Location & Time GAB 203, 2:30 to 5:30 p.m. MW START Date is March 14

Exams There are three exams for the course. The dates are provided in the Course Schedule section (see below).
Each exam will be closed book/closed notes and will consist of multiple choice questions. You may use a calculator and/or an English translation dictionary during the exam. You may not talk to other students, look on other students exams and answer sheets, exchange information, etc. during the exam. A valid student ID or the equivalent must be presented at each exam.
Senior Assessment Exam The undergraduate degree program in accounting requires each student enrolled in this course to complete the Senior Assessment Exam that consists of questions from all undergraduate courses in accounting completed or currently enrolled in during the current semester (term). The score is a portion of your grade for this course.
A failure to take and perform at the best of your ability the senior assessment exam will result in a lower grade than one based solely upon lecture/chapter-based exams and assignment activities.
Assignments These are a combination of required and extra credit/bonus points Late submissions are not accepted for any reason. Each assignment should be prepared in a style consistent with that used in your undergraduate accounting and business courses and with expectations for documentation that are found in the professional workplace.
Cell Phone & Other Electronic Devices Use of any electronic devise by students in the instructional environment is prohibited unless explicitly approved on a case-by-case basis by the instructor of record or by the Office of Disability
Services in collaboration with the instructor. Cellular phones, pagers, and other communication devices may be used for emergencies, however, but sending or receiving non-emergency messages is forbidden by the University. Particularly, use of a communication device to violate the Troy University “Standards of Conduct” will result in appropriate disciplinary action (See the Oracle .)
In order to receive emergency messages from the University or family members, the call receipt indicator on devices must be in the vibration mode or other unobtrusive mode of indication. Students receiving calls that they believe to be emergency calls must answer quietly without disturbing the teaching environment. If the call is an emergency, they must move unobtrusively and quietly from the instructional area and notify the instructor as soon as reasonably possible.
Students who are expecting an emergency call should inform the instructor before the start of the instructional period.”
Photo ID Required For each exam and the senior assessment exam you must present a student photo ID or the equivalent.
Grading Methods & Scale Exams- 75 points (75 percent) divided among the listed lecture/chapter-based exams. Senior
Assessment Exam - 10 points (10 percent). Assignments (which includes attendance, completion of the senior assessment exam, occasional extra assignments and class participation) – 15 points (15 percent). These assignment points are only recorded at the conclusion of the course. Bonus Points/Extra Credit – Comes only from this one source.
Your efforts are monitored throughout the course and bonus points/extra credit are assigned on that basis only at the end of the course. The course letter grade is based upon 100 points (100 percent) and the following grading scale is used:
90%-100% A; 80%- 89% B; 70%- 79% C; 60%- 69% D; and below 60% F.
Class Procedure and Requirements The student will be expected to: (a) punctually attend all scheduled lectures (class periods). Students who arrive at class after the start of the lecture may be marked absent and (b) be penalized on the assignment portion of your course grade including the bonus points/extra credit component.
Americans With Disabilities Act (ADA) Any student whose disabilities fall within ADA must inform the instructor at the beginning of the term of any special needs or equipment necessary to accomplish the requirements for this course.
Students who have or may be dealing with a disability or learning difficulty should speak with the instructor and contact the Office of Adaptive Needs Program at call 670-3221/3222. Various accommodations are available through the
Adaptive Needs Program.
Attendance Policy Physical class meetings are part of this course; participation is expected and is integral to any bonus points available in the course.
Make-up Work Policy In general you do not make up exams or assignments. If there are exceptional circumstances such as a hospitalization, an exception may be made at the instruct or’s discretion only. Assignments - These are submitted each class period. If you are not in attendance you cannot submit assignments. Attendance and submissions are matched. A failure to take the senior assessment exam or to complete the exam without your best effort will result in a one letter grade reduction of your course grade.
Incomplete Grade Policy Missing any part of the Course Schedule may prevent completion of the course. If circumstances will prevent the student from completing the course by the end of the term, the student should complete a request for an incomplete grade. Note: A grade of incomplete or “INC” is not automatically assigned to students, but rather must be requested by the student by submitting a Petition for and Work to Remove an Incomplete Grade Form.
Requests for an incomplete grade must be made on or before the date of the final assignment or test of the term. The form will not be available after the last day of the term. A grade of “INC” does not replace an “F” and will not be awarded for excessive absences. An “INC” will only be awarded to student presenting a valid case for the inability to complete coursework by the conclusion of the term.
It is ultimately the instructor’s decision to grant or deny a request for an incomplete grade, subject to the policy rules below.
Policy/Rules for granting an Incomplete (INC)

• An incomplete cannot be issued without a request from the student.
• To qualify for an incomplete, the student must : a. Have completed over 50% of the course material and have a documented reason for requesting the incomplete. (50% means all assignments/exams up to and including the mid-term point, test, and/or assignments.) b. Be passing the course at the time of their request.
If both of the above criteria are not met an incomplete cannot be granted.
• An INC is not a substitute for an F. If a student has earned an “F” by not submitting all the work or by receiving an overall F average, then the F stands.
Cheating Policy If you are caught cheating, you will get a course grade of "F." See Student Handbook for the definition and university policy on cheating. Plagiarism is a form of cheating as is copying another’s assignments.

COURSE SCHEDULE
Dates
Mar 7-13
Mar 14 – 16
Mar 21
Mar 21 – 23
Mar 28 – 30
Apr 4 – 6
Apr 11 – 13
Apr 18 – 20
Apr 25 – 27
May 2
Notations & Assignments
Spring break
Chapter 1 – Auditing and the Public Accounting Profession-Integrity in Financial Reporting
Chapter 2 -Auditors Responsibilities and Reports
Chapter 3 – Professional Ethics
Chapter 4 – Auditor’s Legal Liability
Chapter 5 – Overview of the Financial Statement Audit
Assignment: Be prepared to discuss those related to these chapters
Last Day to Withdraw Without Academic Penalty
Chapter 5 – Overview of the Financial Statement Audit
Chapter 6 – Audit Evidence
Chapter 7 – Accepting the Engagement and Planning the Audit
Assignment: Be prepared to discuss those related to these chapters
Exam 1: Chapter 1 – 7
Chapter 8 – Materiality Decisions and Analytical Procedures
Chapter 9 – Audit Risk, Including the Risk of Fraud
Chapter 10 – Understanding Internal Control
Chapter 11 – Audit Procedures in Response to Assessed Risks: Tests of Controls
Assignment: Be prepared to discuss those related to these chapters
Chapter 12 – Auditing Procedures in Response to Assessed Risks: Substantive Tests
Chapter 13 – Audit Sampling
Chapter 14 – Auditing the Revenue Cycle
Assignment 9: Be prepared to discuss those related to these chapters
Exam 2: Chapters 8 – 14
Chapter 15 – Auditing the Expenditure Cycle
Chapter 16 – Auditing the Production and Personnel Services Cycles
Assignment 12: Be prepared to discuss those related to these chapters
Chapter 17 – Auditing the Investing and Financing Cycles
Chapter 18 – Auditing Investments and Cash Balances
Chapter 19 – Completing the Audit/Post-audit Responsibilities
Chapter 20 – Attest and Assurance Services and Related Reports
Chapter 21 – Internal, Operational, and Governmental Auditing
Assignment: Be prepared to discuss those related to these chapters
Senior Assessment Exam – April 25
April 27 is dead day
Exam # 3 – Chapters 15 – 21 Senior Assessment Exam (8-10 am)