UNIVERSITY OF PUERTO RICO AT BAYAM BUSINESS ADMINISTRATION DEPARTMENT Bachelor s Degree in Accounting SYLLABUS CODIFICATION : CONT 4017

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1 UNIVERSITY OF PUERTO RICO AT BAYAM BUSINESS ADMINISTRATION DEPARTMENT Bachelor s Degree in Accounting SYLLABUS COURSE TITLE : Auditing CODIFICATION : CONT 4017 CREDIT HOURS : Three (3) PREREQUISITES : CONT 3008 CONTACT HOURS COURSE DESCRIPTION TEXT : Three hours per week. : Study and critical analysis of the concepts and principles of auditing by means of an integrated focus of the contemporary auditing practices. It focuses on the auditor s decision process and the gathering of evidence. : Auditing and Assurance Services: An integrated Approach, 9 th Edition Alvin A. Arens and Randal J. Elder & Mark S. Beasley, Prentice Hall 2003 EVALUATION CRITERIA : The student will be evaluated as follows: 1. Three partial exams: 100 points each 2. A special project to be handed in on a established date (approximately 2 weeks before end of classes): 100 points 3. Special assignments to be added to partial exams points. 4. The grading scale will be as follows: A B C D 59-0 F

2 2 GENERAL OBJECTIVES : The student must be able to: 1. To obtain knowledge that establishes the generally accepted auditing principles. 2. To know about the entities that established the auditing standards and the development of public accounting profession. 3. To know the legal responsibility of the Certified Public Accountant. 4. To learn how to plan and program an audit. 5. To learn the procedures made during an audit. 6. To know the various reports and opinions issued by a certified public accountant when the audit is finished. SPECIFIC OBJECTIVES : When course ends the student could: 1. Study the nature of an audit. 2. Know the different types of audits and auditors. 3. Study the various types of risks to which users of financial statements are exposed to. 4. Study the entities that establish audit standards and that affects the development of the public accounting profession. 5. Study the quality control elements and the procedures established to enforce them. 6. Study the code of ethics and the rules of conduct of the certified public accountants. 7. Study the legal responsibility of certified public accountants to Common Law, Civil Law and Criminal Law. 8. Learn how to plan, program and obtain evidence for an audit. 9. Study the relevance of knowing and evaluating client s internal control to

3 3 determine the quantity and extent of evidence. 10. Study and analyze the auditing procedures in the gathering of evidence. 11. Learn how to write the auditor s report and the various auditor s report. 12. Study and analyze what is materiality PART 1: THE AUDIT PROFESSION Chapter Duration I: The Demand of Audit and Other Assurance Services 4 hours A. Assurance Services. B. Economic Demand for Auditing C. Audit s Nature D. Distinction Between Audit and Accounting. E. Types of Audits and Auditors F. Certified Public Accountant G. Impact of E-Commerce on CPA s II: The CPA Profession 3 hours A. Certified Public Accountants Firms B. Activities of the CPA Firms C. Structure of CPA Firms D. E-Commerce and CPA Firm Operations E. American Institute of Certified Public Accountants (AICPA) F. Generally Accepted Audit Standards G. Statements on Audit Standards H. Quality control G. Securities and Exchange Commission (SEC) III: Audit Reports 5 hours A. Standard Unqualified Audit Report B. Standard Unqualified Audit Report with Explanatory Paragraph or Modified Wording C. Departures from Unqualified Audit Report D. Materiality E. Discussion of conditions requiring a departure F. Auditor s decision process to issue audit reports G. Impact of E-Commerce on audit reporting

4 4 Chapter IV: Professional Ethics Duration 4 hours A. What is ethics? B. Ethical dilemmas C. Special need for professional ethic conduct D. Professional Conduct Code E. Independence F. Independence Rule of Conduct and Interpretations G. Other Rules of Conduct H. Enforcement FIRST EXAM V: Legal Liability 3.5 hours A. Legal environment changes B. Distinction among business failure, audit failure and audit risk C. Legal concepts affecting liability D. Liability to clients E. Liability to third parties under Common Law F. Civil liability under the Federal Securities Laws G. Criminal liability H. The profession s response to legal liability I. Protecting individual CPA s from legal liability PART II: THE AUDIT PROCESS VI: Responsibilities and objectives of auditing 6 hours A. Objective of conducting the audit of financial statements B. Management s responsibilities C. Auditor s responsibilities D. Financial Statement cycles E. Establishment of audit objectives F. Transaction-related audit objectives G. Balance-related audit objectives H. How audit objectives are met

5 5 Chapter VII: Audit Evidence Duration 4.5 hours A. Nature of evidence B. Audit evidence decisions C. Persuasiveness of evidence D. Types of evidence. E. Audit Documentation VIII: Audit Planning and Documentation 3.5 hours A. Planning B. Accept client and perform initial audit planning C. Understand the client business and industry D. Asses client business risk E. Preliminary analytical procedures F. Summary of the purposes of audit planning G. Analytical procedures H. Five types of analytical procedures I. Common financial ratios J. Summary of analytical procedures SECOND EXAM IX: Materiality and risk 4.5 hours A. Materiality B. Establishment of preliminary materiality judgment C. Allocation of preliminary judgment about materiality to segments (tolerable misstatement) D. Error estimate and comparison with preliminary judgment E. Risk F. Types of risks G. Assessing acceptable audit risk H. Assessing inherent risk I. Assessing risk of fraud J. Relationships of risks to evidence and factors influencing risks K. Evaluating results

6 X: Internal Control and Control Risk 3.5 hours 6 A. Client and auditor concerns B. Effect of information and technology on internal control C. Components of internal control D. Procedures to obtain an understanding of internal control E. Assess control risk F. Test of controls G. Decide planned detection risk and decide design substantive tests XII: Overall audit plan and audit program 3.5 hours A. Types of tests B. Selecting which types of tests to perform C. Impact of information technology on audit testing D. Evidence mix E. Design of the audit program F. Summary of key evidence-related Terms G. Summary of the audit process Total 45 hours THIRD EXAM EDUCATIONAL STRATEGIES : 1. Conferences and profound class discussions. 2. Teamwork sessions to answer questions and solve problems. 3. Special assignments that includes among others: -Case studies for the procurement of interactive learning

7 7 BIBLIOGRAPHY Beasley, Buckless, Glover & Prawitt, Auditing Cases An Interactive Learning Approach, Second Edition, Prentice Hall, 2003 Caswell, Brian, and Catherine Allen, The Engagement Team Approach to Independence, Journal of Accountancy, February 2001, Guy, Dan, Auditing, Dryden, Highlights- SEC Approves Rules on Auditor Independence, Journal of Accountancy,Jan. 2001, KPMG and University of Illinois at Urbana- Champaign 2002 Lanza, Richard B. Take My Manual Audit, Please, Journal of Accountancy, June 1998, page McConnell, Donald Jr., and George Y. Banks, A Common Peer Review Problem, Journal of Accountancy, June 1998, page Messier, William, Auditing and Assurance Services A Systematic Approach, Irwin/ McGraw Hill, News Report- SEC Releases Interpretative Advice on Regulations for fair disclosure, Journal of Accountancy, Jan 2001, Ricchiute, David, Auditing, South-Western, Robertson, Jack, Auditing, Irwin/McGraw-Hill Wells, Joseph T., So That s Why It s Called a Pyramid Scheme, Journal of Accountancy, October 2000, page Whittington, Ray, Principles of Auditing, Irwin, Willis, David M. and Susan Lightle, Management Reports on Internal Control, Journal of Accountancy, October, 2000, page Revision: Prof. Ivette Gómez Translation: Prof. Ivette Gómez march 2003

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