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