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Syllabus-Auditing-and-Assurance Concepts-and-Applications-1
Accountancy (BSA2)
Quezon City University
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BACHELOR OF SCIENCE IN ACCOUNTANCY
COURSE TITLE : Auditing and Assurance: Concepts and Applications 1 COURSE CODE : ACPAUD NUMBER OFUNITS : 3 Units PRE-REQUISITE SUBJECT : Auditing and Assurance Principles
Course Description:
This course deals with the study and application of audit procedures in the external audit of financial statements. It tackles detailed process and approaches to situational problems usually encountered in the audit of cash, revenue and receipt cycle, expenditure and disbursement cycle, and production cycle.
Course Learning Outcomes:
Upon completion of the course the students will be able to:
A. Cognitive
- Identify audit objectives and evaluate internal controls considerations for audit of cash, revenue and receipt cycle, expenditure and disbursement cycle, and production cycle
- Understand the process for audit of cash, revenue and receipt cycle, expenditure and disbursement cycle, and production cycle
B. Affective
- Appreciate the importance of the audit planning and internal control considerations in audit process
- Appreciate the importance of audit documentation in the audit process
Psychomotor
- Formulate and apply appropriate audit procedures for audit of cash, revenue and receipt cycle, expenditure and disbursement cycle, and production cycle
- Prepare and complete audit documentations related to cash, revenue and receipt cycle, expenditure and disbursement cycle, and production cycle as bases for the audit report
Textbooks and References:
- Applied Auditing 2017 Edition by Cabrera
- Auditing Theory; 2018 Edition, by Salosagcol, Tiu, and Hermosilla
- Applied Auditing 2017 Edition by Asuncion, Ngina and Escala
Requirements:
- Class Participation
- Quizzes/Recitation/Assignments/Seatworks/Outputs
- Major Examinations
4 Audit of payroll transactions
4 Audit of inventory balances
4 Audit of trade payable balances
4 Audit of prepaid expenses and
accrued liabilities
account balances and purchase, payroll and expense transactions
● Illustrate and apply audit of expenditure and disburse cycle
15-
5 Audit of Production Cycle
5 Audit of conversion activities
5 Audit of inventory balances: work-in
process and finished goods
5 Audit of cost of goods sold balance
● Discuss audit objectives for production cycle
● Identify appropriate audit procedures in the examinat work-in process, finished goods and cost of goods so account balances and production activities
● Illustrate and apply audit of production cycle
18
FINAL EXAM
EXPECTATIONS FROM STUDENTS:
- The student is responsible to come to each class prepared.
- The student expected to take all examinations on the date scheduled.
- The student should read the assigned chapter/s and solve exercises/problems prior to class.
- The student is expected to attended each class and participate actively in the discussions.
- The student is expected to do the seatwork/exercises that will be assigned by the instructor inside the classroom.
ACADEMIC DISHONESTY:
All students are expected to be honest. Cheating, lying, and other forms of unethical behavior will not be tolerated. Consistent with the University rules and regulations, the following are considered major offenses and will be subject to disciplinary action:
● Cheating during examination, quiz or test; plagiarism o Unauthorized possession of notes or materials relative to examination, whether the students use of them or not o Copying from of allowing another to copy from one's examination paper, report, term paper, etc. o Having somebody else take the examination in place of another student. Both students shall be liable o Talking to another student without permission during the examination o Submitting as one's work, assigned report, term paper, case analysis, reaction paper, etc, copied from others
POLICY on ABSENCES:
● A student is expected to attend all his/her classes promptly and regularly from the first day of classes onwards. ● A student will be marked late if s/he arrived within the 15-minutes grace period. ● A student will be considered absent if s/he arrives beyond the grace period ● Three instances of tardiness will be equivalent to one (1) absence ● The maximum number of absences is 20% of the total hours allotted for a subject in a semester or equivalent to 7 absences. A student who incurs more than 7 absences shall be considered Unofficially dropped.
GRADING SYSTEM:
Midterm Grade (MG) Midterm Exam Class Standing Quizzes 15% Recitation 10% Assignment 5% Seatwork 10% Output 20% Total
40% 60%
100%
Pre-Final Grade (PFG) Final Exam Class Standing Quizzes 15% Recitation 10% Assignment 5% Seatwork 10% Output 20% Total
40% 60%
100%
Final Grade (FG)= (MG + PFG) / 2
Auditing and Assurance: Concepts and Applications 1
(ACPAUD2)
COURSE OUTLINE
Week Topic 1-2 Audit Planning, Internal Control Considerations and Audit Documentation 3-5 Audit of Cash 6-8 Audit of Revenue and Receipt Cycle 9 MIDTERM EXAMINATION
10-14 Audit of Expenditure and Disbursement Cycle
15-17 Audit of Production Cycle
18 FINAL EXAMINATION
Syllabus-Auditing-and-Assurance Concepts-and-Applications-1
Course: Accountancy (BSA2)
University: Quezon City University
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