Accounting 493 –Advanced Auditing
Winter 2004: Section 1 Dr. Raymond N. Johnson, CPA
Office Hours: T 3:00 – 5:15, Office: 670 SBA
after class or by appointment Phone: 725-5354
PREREQUISITES: Accounting 492 and Admission to the School of Business Administration
DESCRIPTION AND OBJECTIVES OF THE COURSE:
Goals of the Course:
To prepare students for the real world audit environment. 2.
To be able to evaluate a company's internal controls (particularly in the areas of payroll, purchases, and inventory) 3.
To understand how to apply audit sampling for substantive tests 4.
To be able to write audit programs for various audit areas 5.
To understand audit procedures that should be performed at the end of the audit. 6.
To be able to draft an independent auditor’s report.
REQUIRED TEXTS AND MATERIALS:
Modern Auditing, William C. Boynton, Raymond N. Johnson, and Walter G. Kell (2000), 7rd Edition.
GRADING PROCEDURES AND CRITERIA:
Grades. Your grade will be based on the following point system: Cases, Best 4 of 5 at 50 points each
Best One of 2 Midterms
The primary determinant of whether a borderline grade will be increased or decreased will be performance on the 125 point final.
Portfolio and Case Assignments: A variety of case assignments are assigned from the text associated with the audit of Mt. Hood Furniture, Inc. The case should be accomplished in two person teams. To obtain the full benefit of the case assignments each student in the team should read and study the underlying information. One person should initially write up working papers and the other team member should review, critically evaluate, and improve the proposed solutions prior to turning in the assignment. The review comments of the second team members review should be turned in along with the revised work of the first team member.
The case assignments should be submitted for evaluation by the professor as scheduled in the schedule of assignments. The professor will review case assignments are return them to student with comments. Each assignment should then be improved, and put in a portfolio along with a cover page summarizing what was learned by team members in the process of improving the assignment.
Homework and Class Participation. An important part of learning involves answering questions that have known answers. Therefore, the answers to learning checks, multiple choice questions, and comprehensive questions at the end of every chapter are available at Smart Copy. To get the full benefit of this resource, you should attempt these questions on your own, and only after you have written answers should you look at solutions.
In practice, CPAs must also be able to comprehend an unfocused set of facts, identify and anticipate problems, and find acceptable solutions. This involves creative problem solving that infers from knowledge such as textbook and professional standards to seek respectable answers. Answers are often not "clear cut." To develop these problem solving skills, a variety of problems are recommended as discussion problems.
Class Participation: Since classes will not be “straight lecture,” but will include your active participation in discussions and in-class activities, your preparation is critical to success in this course. During the middle of the course, and again at the end of this course you will complete the following evaluation of your class participation. Your self-evaluation is non-binding, but I will consider it in determining your participation points for the class.
CLASS PARTICIPATION SELF-EVALUATION
Attends class and arrives on time (25%)
5 Reads assigned material prior to class (15%)
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