Daps on Daps

Topics: Financial audit, Audit, Auditing Pages: 7 (2295 words) Published: April 14, 2013
Department of Accounting
School of Economics, Business and Accounting
St. Mary’s College, California
 Accounting 164
Instructor:Erica Bains, Ph.D, CIA, CISA
Galileo Hall, Room 318
ebains@stmarys-ca.edu or ebains@comcast.net

Class Meets:Session #1: 9:10 -10:10 AM, Garaventa 230

Office Hours:MW: 2:30 to 4 PM or by Appointment on Fridays.  
Course Learning Objectives:
The main objective of this course is to teach an Accounting student the basics of Financial Auditing. In order to achieve this objective, the accounting student must understand four auditing concepts: (1) the generally accepted auditing standards and the Accounting Principles auditors use to evaluate and opine on a company’s financial statement; (2) audit objectives and the differences between sufficient and appropriate audit evidence and how they are used in an audit test; (3) audit procedures used to adequately complete an audit of a public company’s financial statement; and (4) the type of auditor opinions used in an Auditor’s Report. Why is an Accounting Student learning about Auditing

* Many Accounting students get a job as an Auditor
* The longest section in the CPA test is on Auditing (4.5 or 14 hours) * The work of an Accountant is subject to Financial Audit * Financial statements of all public and most private and non-profit organizations get audited

Textbooks and material used for this class.
1. Auditing and Assurance Services: An integrated Approach, 14th Edition, Arens, Elder, Beasley, Prentice Hall Publication 2. Auditing Cases: 5th Edition, Beasley, Buckless, Glover, Prawitt, Pearson.

1. The student is required to read each chapter listed in the Plan of Study (POS). 2. The student is required to complete all assigned homework questions for each chapter studied. These will include review questions, multiple choice questions, current events, and discussion questions found in the required textbook and the required case study book for this class. 3. The student is required to orally present the answers to any assigned homework questions or case study questions. For the oral presentations the students will follow the “oral communication skills guidelines and rubrics”. 4. All students must make a list of all applicable auditing standards (GAAS, SAS, and AU/AS) for each chapter studied in class. These standards are listed in all chapters we will be cover during this semester. While we will mainly study the public entity auditing standards (PACOB: AS and AU) whenever applicable, the students will learn the corresponding AICPA standards (SAS) to either get a more detailed explanation of auditor responsibility or understand some variations in applications when conducting financial statement audits of private, non-profit, and other types of business entities. 5. All students must make a list of and know the 10 GAAS standards by the end of week 1. This list must be readily available during the semester as a guide to auditing throughout the semester. 6. All students must make a list and know all management assertions and all audit objectives related to transactions, balances, and presentation and disclosures by the beginning of week 4. This list must be readily accessible during each day of class throughout the semester.

 Accounting 164 grades will be based on the students' performance on these areas:   1. Midterm Examination – 100 points 

2Final Examination – 150 points
 3Quizzes - 150 points (5 at 30 points each)
4.1 Individual case study: Written Case: 50 points.
51 Group final presentation: Oral and Written Presentation:
Auditor Negligence and Professional Ethics: 50 points

6 Homework and case studies: 20 points

Grading Scale based on a 100% grading scale: 94+ A, 90-93.9 A-, 87-89.9 B+,83-86.9 B, 80-82.9 B-,77-79.9 C+,73-76.9 C, 70-72.9 C-,...
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