Syllabus

Syllabus

Auditing (I)

Fall 2013

Text::

Ranold J. Elder,Mark S. Beasley, Alvin A. Arens, Auditing and Assurance Service, "An Integrated Approach", Pearson Education Inc., Upper Saddle River, New Jersey, USA, 14th. Edition, 2012.

Student Companion Site:: http://wps.prenhall.com/bp_arens_audit_13/

Class::

Male/Female: SST 09:00 – 10:00, Rm.: A2-503

Instructor::

eMad AbuShaaban, CPA (PAL)

MSA, Master of Science in Accounting /USA

MMD, Master in Management Development /SPAIN

Inception Phase, Ph. D in Accounting /EGYPT

Website: https://sites.google.com/site/emadabushaaban/

Youtube: http://www.youtube.com/user/emadabushaaban

Office Hour::

Tue, Thu 9:00 - 10:00 or

By Appointment, Cellular: 0599 885 448,

Email: emad.abushaaban@gmail.com

Objective::

This course introduces the demand for audit and other assurance services and the CPA profession, it illustrates audit reports, it explains professional ethics and the legal liability, it demonstrates audit responsibilities and objectives. Also, it presents audit evidence, illustrates audit planning and analytical procedures. It explains materiality and risk; also, it presents section 404 audits of internal control and control risk. It elaborates on fraud auditing, and presents the impact of information technology on the audit process. Finally, it concludes the overall audit plan and audit program.

Class::

Lecture, class discussion, problem solving, assignment presentation Format and computer lab if it was possible.

Assignment::

For full credit, assignments must be submitted at the beginning of class on the date due. Late assignments are accepted unless (1) they are discussed in class or (2) the start of final exams . Grads on assignments are reduced proportionate to the extent that they are late.

Workgroups:

Group study and discussion outside of class is encouraged. Group work on assigned exercises and problems from the text is acceptable only if each student submits his or her own copy of the assignment (Note: reproductions are not acceptable.)

Grading Scale:

Presentation 20%

Mid-term Exam 20%

Final Examination 60%

Examination questions are tested for validity. If 60% or more of those who respond to a question give an incorrect answer, that question (or part of a question) will be invalidated and the basis of the examination adjusted; equivalent extra credit is added to the score of those students who answer the question correctly.

Week #1

Chapter 1: THE DEMAND FOR AUDIT

AND OTHER ASSURANCE SERVICES

Auditors Have a Great Responsibility

FRAUD FIGHTERS: DEMAND FOR

FORENSIC ACCOUNTANTS REMAINS

STRONG THROUGH ECONOMIC

DOWNTURN

Assignments

RQ 1-2, 4, 6, 8, 10, 12,

DQ 1-16, 17, 18, 19, 20, 21, 22

Week #2

Chapter 2: THE CPA PROFESSION

Good Auditing Includes Good Client Service

CLARITY AND CONVERGENCE

PROJECT COMPLETION IMPACTS

AUDITING STANDARDS

Assignments

RQ 2-2, 4, 6, 8, 10, 12, 14

DQ 2-18, 19, 20, 21, 22

Week #3

Chapter 3: AUDIT REPORTS

The Audit Report Was Timely,

But At What Cost?

Assignments

RQ 3-2, 4, 6, 8, 10, 12, 14, 16, 18, 20

DQ 3-26, 27, 28, 29, 30, 31, 32, 33

Week #4

Chapter 4: PROFESSIONAL ETHICS

The Value of the Audit Depends

On Auditor Independence

Assignments

RQ 4-2, 4, 6, 8, 10, 12, 14, 16

DQ 4-20, 21, 22, 23, 24, 25, 26

Week #5

Chapter 5: LEGAL LIABILITY

It Takes the Net Profit from Many Audits

To Offset the Cost of One Lawsuit

Assignments

RQ 5-2, 4, 6, 8, 10, 12, 14

DQ 5-18, 19, 20, 21, 22, 23, 24, 25, 26

Week #6

Midterm Exam

Week #7

Chapter 6: AUDIT RESPONSIBILITIES

AND OBJECTIVES

Where Were The Auditors?

Assignments

RQ 6-2, 4, 6, 8, 10, 12, 14, 16

DQ 6-22, 23, 24, 25, 26, 27, 28, 29, 30, 31

Week #8

Chapter 7: AUDIT EVIDENCE

Sometimes the Most Important Evidence

Is Not Found In the Accounting Records

Assignments

RQ 7-2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22

DQ 7-27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37

Week #9

Chapter 8: AUDIT PLANNING AND

ANALYTICAL PROCEDURES

The fall of Enron:

Did Anyone Understand Their Business?

Assignments

RQ 8-2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22

DQ 8-28, 29, 30, 31, 32, 33, 34, 35, 36, 37

Week #10

Chapter 9: MATERIALITY AND RISK

Explain To Me One More Time That You Did

A Good Job, But the Company Went Broke

Assignments

RQ 9-2, 4, 6, 8, 10, 12, 14, 16, 18, 20

DQ 9-25, 26, 27, 28, 29, 30, 31, 32, 33, 34

Week #11

Chapter 10: SECTION 404 AUDITS OF

INTERNAL CONTROL AND CONTROL RISK

Rogue Trader Circumvents Controls

Causing $7 Billion in Losses

Assignments

RQ 10-2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26, 28

DQ 10-33, 34, 35, 36, 37, 38, 39, 40, 41

Week #12

Chapter 11: FRAUD AUDITING

Accounting Scandal Rocks Public Trust

Assignments

RQ 11-2, 4, 6, 8, 10, 12, 14, 16, 18

DQ 11-23, 24, 25, 26, 27, 28, 29, 30, 31, 32

Week #13

Chapter 12: THE IMPACT OF

INFORMATION TECHNOLOGY

ON THE AUDIT PROCESS

Just Because the Computer Did the Work

Doesn’t Mean It’s Right

Assignments

RQ 12-2, 4, 6, 8, 10, 12, 14

DQ 12-19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29

Week #14

Chapter 13: OVERALL AUDIT PLAN

AND AUDIT PROGRAM

How Much and What Kind Of Testing

Will Get The Job Done?

Assignments

RQ 13-2, 4, 6, 8, 10, 12, 14, 16, 18, 20

DQ 13-24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34

Week #15

Final Exam

Good Luck