Professional Documents
Culture Documents
SYLLABUS
Course Details
Course No.
AC 516
Professor:
Course Title
Office :
Department of Accountancy
Contacts:
Email: janssenjay@yahoo.com
Credit Units :
Pre-requisites :
Term
Schedule
:
:
Course Description
The course provides 3rd year undergraduate Accountancy students with the conceptual knowledge and understanding of the fundamental theory of auditing and assurance
services, and the philosophy underlying audits with emphasis on external auditing as performed by independent Certified Public Accountants and the management of public
accounting practice. The course covers Philippine Standards on Auditing; the Philippine Accountancy Law; internal controls; audit objectives; audit techniques; audit
programs and procedures; and audit reports. Ethical standards affecting the accountancy profession are also taken up.
The course emphasizes the use of relevant knowledge, skills, and professional judgment in analyzing, evaluating, concluding and reporting on the assurance engagement and
other issues in the context of the professional regulatory framework. It is intended to adequately prepare students for analytical activities in subsequent major courses in the
Accountancy curriculum.
PO1
X
PO2
PO3
X
PO9
PO10
PO11
X
X
X
X
Course Structure
Topics
C. Pre-engagement procedures
D. Scope, purpose and requirements of audit planning
E. Direction, supervision and review
IV. Understanding the Entity and its Environment including its Internal Control
and Assessing the Risks of Material Misstatement
A. Industry, regulatory and other external factors, including the applicable
financial reporting framework affecting the entity
B. Elements of internal control and consideration of accounting and internal
control systems
C. Assessing the risks of material misstatement
D. Communicating with those charged with governance and management
MIDTERM EXAMINATION
V. Audit Objectives, Procedures, Evidences and Documentation
A. Nature and significance
B. Audit evidence
C. Audit procedures/techniques including tests of control and substantive
procedures
D. Audit working papers
VI. Audit Sampling
A. Basic audit sampling concepts
B. Factors affecting sample design
C. Factors affecting sample size
D. Sample selection methods
E. Evaluation of sample results
VII. Completing the Audit / Post-Audit Responsibilities
A. Scope, purpose and requirements in completing the audit
B. Post-audit responsibilities of auditors
VIII. Reports on Audited Financial Statements
A. The unmodified auditors report and its elements
B. The different types of modified auditors report
Educational Resources
A. Books
Textbook:
Rasalan-Racaza, C. and Datu-Evangelista, R., Auditing Theory for Students & Practice Guide for Auditors, 4th ed., GIC Enterprises & Co., Inc. (2011)
Workbook: Racaza, C., Restificar, N., Tongco, J., and Cortes, M., Compilation of Exercises and Cases in Auditing, 2nd ed., (2012)
References: Boynton, W. and Johnson, R., Modern Auditing Assurance Services and the Integrity of Financial Statements, 8th ed., John Wiley and Sons, Inc., (2006)
B. Websites
Auditing and Assurance Standards Council: http://aasc.org.ph
Philippine Stock Exchange: http://www.pse.com.ph
Philippine Institute of Certified Public Accountants: http://www.picpa.com.ph
IFAC: http://www.ifac.org
Course Requirements
As a students in this course, you must comply with the following requirements:
1. Attendance and Class Participation
You are expected to attend all classes. Attendance in the lectures is very important because the lectures present new information and provide background for the
assignments. You are responsible for all of the material presented in lectures.
The USC Student Manual (2006 Edition) specifies that a student who incurs absences of more than 20% of the prescribed number of class hours or laboratory periods
during the term should be given NC or 5.0. A 3-unit course has 48 class hours. Students with three absences are required to get a readmission permit from the college
dean.
Class participation is evidenced by individual or group outputs from in-class exercises. These outputs shall be collected at the end of a class meeting. In-class exercises
could include short quizzes, seatworks, and group discussions.
2. Out-of-Class Learning Tasks and Assignments
To ensure learning engagement and constant timely practice, you are required to do out-of-class tasks in the form of small projects and recommended problems relevant to
a particular unit. To this end, you are required to have a notebook intended only for focus notes and exercises. From time to time, your notebook will be checked in order
to assess the timeliness of your learning efforts.
3. Tests and Examinations
A minimum of four (4) exams are given during the semester and are scheduled following the schedules set by the university. The midterm exam and the final exam are
three-hour examinations and require students to present valid examination permits for participation in the examination.
4. Portfolio
A portfolio of the students work will be submitted at the end of the term. Such portfolio will contain the activities that the student had undergone throughout the semester.
The portfolio will contain the students completed concept maps, collected sample audit evidence and audit reports, finished mini-case analyses and reflections thereof.
The student will also write summaries of each activity and a brief reflection of their learning.
Evaluation/Grading System
This course will follow the standard grading system of the university as follows:
For the Midterm Grade:
Tests/Quizzes
1/3
Other Assignments/requirements
1/3
Midterm Exam
1/3
For the Final Grade:
Midterm Grade
1/3
Class Standing after Midterm
1/3
Final Exam
1/3
GPA Scoring
For purposes of transmutation, the Department of Accountancy standard equivalents will be used as follows:
100-95
1.0
82-81
1.7
68-67
2.4
49 & below
5.0
94-93
1.1
80-79
1.8
66-65
2.5
92-91
1.2
78-77
1.9
64-62
2.6
Note: Below 3.0 is equivalent to a failing grade of 5.0
90-89
1.3
76-75
2.0
61-59
2.7
88-87
1.4
74-73
2.1
58-56
2.8
86-85
1.5
72-71
2.2
55-53
2.9
84-83
1.6
70-69
2.3
52-50
3.0
Course Policies
Tardiness
Attendance will be checked 5 minutes after the scheduled start of the class. If you are not around during the roll call, you are automatically marked late. Although occasional
tardiness may be tolerated, habitual tardiness is not. Students who are habitually late may be required to do extra learning tasks.
Special Assignments
Students are encouraged to work together on assignments and when studying. However, the product that you shall turn in must be your own work, not a direct copy of
someone elses work. Cases of copying shall be dealt with following the universitys procedures for disciplinary actions. Note that the university considers dishonesty or any
fraudulent act as a major offense. Thus, make sure that you do your own work and that you protect them from plagiarism by others.
Special assignments that are submitted late may not be accepted.
Missed Tests and Exams
If you miss to take a scheduled examination, you can make a formal written request to take a special examination if missing the examination was due to a serious medical
condition or due to an emergency. "EMERGENCY shall be understood as an unforeseen combination of circumstances which calls for an immediate response to an urgent
need for assistance or relief. Pertinent supporting documents must be attached to your letter of request. The schedule of the special examination shall be set by the teacher.
Classroom Behavior
In class, students are expected to behave in a manner that would not unnecessarily disrupt classroom activities. The instructor reserves the right to expel misbehaving students
from the classroom. For one, use of cell phones during class hours is strictly prohibited; cell phones used in class will be confiscated and surrendered to the Student Affairs
Office. (Students are assumed to have read Section 2.5.4 to 2.5.12 of the USC Student Manual, 2006 edition.)
Classroom Management
1. Attendance is a MUST. Students may incur only ten (10) absences for MWF schedules or seven (7) absences for TTH schedules. Otherwise, they will automatically
be dropped from class and receive a grade of either NC (No Credit) or a failing grade of 5.0 whichever is applicable.
2. Students who incur three (3) absences will be asked by the instructor to see the Department Chair to secure permission to be re-admitted to class. A re-admission slip
should be properly accomplished for this.
3. Tardiness is discouraged. It is a source of irritation and class disruption when students arrive late. Students who arrive 15 minutes after the start of class are
considered tardy. Please note that a total of three (3) tardiness is equivalent to one (1) absence.
4. A permanent seat plan will be made at the start of the semester. Students are advised to keep to their assigned seating arrangement; otherwise, they will be marked
absent for that day.
5. Classes should always start and end with a short prayer. The instructor can opt to lead the prayer or assign students to do this alternately.
6. Students should assist in maintaining the orderliness and cleanliness of the classrooms. Graffiti writing is strictly prohibited. Any student found violating this rule
will be punished with the appropriate sanction. Before leaving the classroom, the instructor with the help of the students, should ensure that no litter/garbage is left
behind and that chairs are in their proper order. Should the class be the last schedule for the day, the instructor should arrange that the lights and air conditioning units
are switched off.
7. Going out of the classroom at any time is strictly discouraged. Students should make it a habit to go to the restroom during their vacant period or before the start of
their classes. If they must visit the restroom, permission should be sought from the instructor.
8. Use of mobile phones inside the classroom is strictly prohibited. They should be switched off or placed in silent mode before entering classes. The instructor has the
right to confiscate mobile phones that ring and/or are used during class hours. The confiscated unit can only be claimed from the Deans Office at the end of the
semester.
9. The teacher reserves the right to ask the student to leave the room if his behavior is disruptive in class.
10. It is the responsibility of the students to properly schedule their classes so that meals and snacks will be taken at the proper time.
11. Students are encouraged to see the instructor during consultation hours for any concerns, questions and assistance with regards to the course.
10
Criteria
Content
Organization
Development
Use of
Language
Weig
ht
25%
25%
25%
25%
11
Criteria
Collaboration/
Teamwork
Content/
Organization/
Synthesis
Delivery
Enthusiasm/
Audience
Awareness
Weig
ht
25%
25%
25%
25%
Is uncomfortable with
information and is able to
answer only rudimentary
questions.
The report was haphazardly
summarized without
cohesion.
Attempts to define purpose
and subject; provides weak
examples and which do not
adequately support the
subject.
Displays minimal eye
contact with audience,
while reading mostly from
the notes.
Speaks in uneven volume
with little or no inflection.
Shows little or mixed
feelings about the topic
presented.
Raises audience
understanding and
knowledge of some points.
12
Criteria
Weight
Content/
Concept/
Terminology
30%
Organization
Connections
and
Relationships
Originality
and Overall
design
30%
30%
10%
Well organized
Logical format
Contains main concepts
All key words and concepts necessary
to promote an overview of the unit are
used and well organized to give added
meaning.
Concept Map
Admirable (8-7 pts)
Makes some mistakes in
terminology or shows a few
misunderstandings of
concepts
Few misconceptions are
evident.
Thoughtfully organized
Easy to follow most of the
time
Contains most of the main
concepts
Most key words and
concepts from the units are
covered in a meaningful
way and are thoughtfully
organized.
Most words are accurately
connected.
Connections are clear and
logical.
Identifies important
concepts but make some
incorrect connections.
The design provides a look
and feel that improves the
overall experience.
13
Criteria
Case
Summary
Identification
of Major
Problem
Proper
Analysis
Decision and
Action Plan
Grammar,
Organization
and Citations
Mini-Case Analysis
Weight
Exemplary (10-9 pts)
Admirable (8-7 pts)
Acceptable (6-4 pts)
Provides a thorough, clear and
Provides a clear and concise
Provides a clear but less
10%
concise summary of the case context
summary of the case context
concise summary with
and content.
and content
some insignificant info.
Identifies and thoroughly describes
Identifies and clearly
Provides superficial
multiple problems in the case;
describes most of the major
discussion of the problems
indicates relevant importance among
problems in the case with a
with no discussion of
10%
the issues and explains why.
simplistic discussion of the
relevant importance.
relevant importance of the
issues.
Thorough analysis which includes
Analysis includes only two
Analysis includes only two:
all:
of the following:
1. Problems are
1. Problems are properly identified
1. Problems are identified
simplistically analyzed.
and thoughtfully analyzed.
and analyzed.
2. Method is correct but
30%
2. Proper methods used with
2. Proper methods used
erroneous interpretation
supporting computation, if any.
3. Some of the relevant
3. One relevant legal,
3. Most relevant legal, ethical or
legal, ethical or policy
ethical or policy issues
policy issues are analyzed.
issues are analyzed.
are analyzed
Thorough discussion of the action
Strong discussion of the
Adequate discussion of the
plan to resolve the case problem
action plan to resolve the
action plan to resolve the
case problem.
case problem.
There is direct connection of the
30%
decision making and the analysis of
There is clear connection of
Superficial analysis of the
evidence
the decision making and the
evidence vis--vis with the
analysis of evidence
decision making.
Consistently contains accurate and
Most of the time an accurate
Frequent errors on
proper grammatical conventions,
and proper grammar, spelling
grammar, spelling and
spelling and punctuation.
and punctuations.
punctuations.
20%
Well organized
Well organized
Not well organized.
Proper reference and citation, if any Proper reference and citation Inconsistent citations or
if any
reference.
14
Criteria
Weight
Completeness,
Organization
and
Presentation
10%
Evidence of
Understanding
Growth and
Development
Reflections
30%
30%
30%
Portfolio
Admirable (8-7 pts)
All entries to the portfolio are
completed according to
directions.
Key elements demonstrate
creativity and style.
Entries are error-free.
Entries reflect analysis and
synthesis.
Entries reflect basic to
advanced understanding.
Entries demonstrate active
involvement in group
activities.
Entries demonstrate ability to
brainstorm possible solutions.
Entries demonstrate amenable
growth in both analytical and
personal skills.
Reflections provide insight on
students perception on
various and unconnected
subjects.