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ACCT 497: AUDITING I Iowa State University Fall 2004 Prof. Dilla Class Meeting Time: 9:00-10:00 MWF 0119 Gerdin Business Building Office: 3342 Gerdin Business Building Office Phone: 4-1685 (voice mail answers 24 hours. per day!) e-mail: firstname.lastname@example.org Class home page: http://www.bus.iastate.edu/wdilla/acct497/default.asp Office Hours: TTh 1:30-3:00; other times by appointment Texts--required: Messier, Auditing and Assurance Services 3rd Edition Readings Packet from Copyworks Prerequisite: ACCT 384 and ACCT 386 Course Objectives ** To learn what auditing and assurance services are. ** To learn why auditing and assurance services are important in today's economy. ** To become familiar with the economic and regulatory environment affecting financial reporting, auditing, and assurance services. ** To learn about changes in this environment, in light of recent cases where regulatory oversight over accounting and auditing has failed. ** To become familiar with the financial auditing process, as follows: assessing the inherent risk of errors or fraud evaluating controls gathering audit evidence evaluating audit evidence reporting audit results Course Grading and Activities Course grades will be based upon the following allocation of points: Plan A Plan B Four exams at 100 points 400 points 400 points Written Assignments 100 points 100 points Quizzes (taken in small 50 points groups) Fraud research report 100 points 100 points TOTAL 650 points 600 points Semester grades will be based on the percentage of total points earned. Your grade will be based on the plan that yields a higher percentage; you do not need to choose a grading plan in advance. Tentative grade cutoffs (in percentages of available points) are shown below. These cutoffs may be revised at the discretion of the professor. Grade Percentage Grade Percentage A >=93.0% C+ 77.0 – 79.9 A- 90.0 – 92.9 C 73.0 – 76.9 B+ 87.0 – 89.9 C- 70.0 – 72.9 B 83.0 – 86.9 D 60.0 – 69.9 B- 80.0 – 82.9 F <60.0% Exams: Four exams will be given. The first three will occur during the course of the semester. The fourth exam will be given during the final exam period, but will not be cumulative. Exam coverage will be announced in class in advance of each exam. Students will only be allowed to reschedule exams for the following reasons: 1) unavoidable work or interviewing conflicts 2) urgent personal emergencies (i.e., illness, death in the family, unable to get to campus because of weather) 3) conflicts with religious holidays 4) participation in University intercollegiate athletic teams Makeup exams for non-emergency reasons (1, 3, and 4 above) must be arranged in advance. Makeup exams should be taken before the scheduled exam, if possible. All makeup exams must be taken before the exam is handed back to the class. If a student is unable to make up an exam, points will be reallocated so that the remaining exams are worth a total of 400 points. Re-scheduling the last exam is allowed only for one of the four reasons listed above. If an urgent personal emergency occurs, and a student is unable to take the last exam by the end of the final exam period (December 17), he or she will receive an incomplete for the semester. Quizzes: A number of unannounced quizzes will be given during the semester. Students must complete these working in small groups (2 to 4 students). Students’ two lowest quiz grades will be dropped. If a student misses a class where a quiz is given, that counts as a drop. Makeup quizzes will not be given for any reason. The dual grading plan should compensate for students with low quiz scores. Quizzes will be graded on a scale of 0 to 10. Total quiz scores will be re-weighted to 50 points, by taking each student’s total quiz score and dividing it by the total number of available quiz points. For example, suppose that 9 quizzes were given during the semester, and that, after dropping the two lowest scores, your total quiz grade is 63. Your quiz grade would be 63 divided by the maximum available number of points (70) times .50, or 45 (quiz grades are rounded to the nearest whole number). Homework: There will be four homework assignments during the semester. Assignments and due dates are listed on the syllabus. These must be typed. Assignments 1 and 2 are worth 10 points each. Assignments 3 and 4 are worth 40 points each. Assignments 1 and 2 are individual assignments. Students will have the option of completing assignments 3 and 4 in groups (2 to 4 people) if they wish. Fraud report: Students will write a short (no more than five page) paper on a recent case of financial statement fraud. Detailed instructions for writing the report will be given on a separate handout. Late assignments: Homework assignments and the fraud report are due at the beginning of class on the date assigned. Assignments handed in later, but on the same day, are considered one day late, those handed in 24 to 48 hours late are two days late. Assignments more than two days late will not be accepted. Penalties for late assignments are 10 percent of possible points per day. For example, if an assignment is worth 40 points, the late penalty will be 4 points per day. If you are unable to come to campus on a day that an assignment is due, you may submit your assignment as an e-mail attachment (email@example.com). The time the assignment is sent from your e- mail account is considered the submission time for determining whether an assignment is on time or not. Research project participation: Students may have the opportunity to participate in one or more research projects during the semester for course credit. Credit will be applied to either the quiz grade or homework grade. The type and amount of credit to be given will be announced before the research project is conducted. Course Organization and Resources Scope of Course and Learning Objectives Class time will be divided between lectures and discussion of assignments. You are expected and encouraged to participate in the classroom discussions. Because of the large amount of material covered in the course, we will not always be able to discuss all readings and written assignments in class. The textbook for this course covers a wide range of material in fairly extensive detail. There is a list of learning objectives at the beginning of each chapter. The learning objectives that you are responsible for are listed on the syllabus. Note that you are responsible for all material assigned, whether covered in class or not. Class Preparation and Discussion Assignments You should complete class reading assignments before coming to class. We will usually complete one or two discussion assignments in each class. These will not be collected, except as noted. Some will not even require advance preparation (other than completing the assigned reading). However, when discussion assignments do require advance preparation, you should come to class prepared. Being prepared for class and willing to participate will make the classroom experience more interesting and stimulating for everyone. Textbook Questions / Problems There are a number of assignments from the textbook indicated on the syllabus. These are of three types: review questions (R), multiple choice questions (M), and problems / discussion cases (P). Review and multiple-choice questions are all for self-study; we will not review these in class. We will cover some of the cases and problems in class, but the majority of these will also be for self-study. You will have access to the answers for assigned textbook questions / problems from the course web site. Course Web Site There are extensive class materials available on the course web site (see home page URL above). These include a summary of web links for use in research projects, articles on topics of current interest, class notes, problem solutions, and old exams. The majority of these materials are in a password-protected section. The user name and password for these materials will be given out the first day of class. Course Schedule We will cover the course material as indicated below. Listed learning objectives indicate the material that you are responsible for. H in the assignment list indicates a class handout; P refers to the readings packet from Copyworks. Important dates (assignment due dates, exams) are in bold type. Topic and Assignments Dates Learning Objectives Reading Discussion and Written Self-Study 8/23, 8/25 Introduction to Auditing Chapter 1 Review Questions and Assurance Services (R): all (all except 3 on p. 3) Multiple-Choice (M): all Problems (P): 1-23 8/27 The Public Accounting Chapter 2 (to p. 45) Assignment #1: 8/27 Profession (1, 2 on p. 37) 8/30, 9/1, 9/3 Audit Process Overview Chapter 2 (p. 45 to end) Assignment #3: 9/3 R: all M: all P: 2-26 (remaining objectives on p. 37) 9/6 No class—Labor Day holiday 9/8, 9/10, Ethics and the Code of Chapter 19 (to p. 689) Leigh Ann Walker (P) R: 19-1 to 19-10 9/13 Professional Conduct (1 M: 19-12 to 19-22 to 3, 5 to 12 on p. 659) P: 19-26, 19-32 9/15 Evidential Matter (1 to Chapter 4 Audit Planning R: all M: all P: 4- 4 on p. 138) Worksheet (H) 22, 4-23, 4-24 9/17 (Friday) Exam One 9/20, 9/22 Evidential Matter (5 to Chapter 4 Audit Planning R: all M: all P: 4- 9 on p. 138) Worksheet (H) 26, 4-29 9/24, 9/27, Materiality and Audit Chapter 3 R: all M: all P: 3- 9/29, 10/1 Risk (all except 3 on p. “Cooking the Books” 26, 3-27, 3-28, 3-29, 81) outline (P) 3-30 10/4, 10/6 Audit Planning (1 to 8 Chapter 5 (to p. 184) Assignment #3: 10/4 R: all M: all P: 5- on p. 171) Murphy Tymshare (P) 23, 5-24, 5-27, 5-29 10/8, 10/11 Analytical Procedures Chapter 5 (from p. 184), Regina Co. (P) P: 5-31, 5-32 (9 to 11 on p. 171) Analytical Procedures Reading (P) 10/13 (Wednesday) Exam Two 10/15 (Friday) NO CLASS 10/18, 10/20, Internal Control (all on Chapter 6 Assignment #4: 10/20 R: all M: all P: 6- 10/22, 10/25 p.210 except 13) Trolley Dodgers (P) 24, 6-28, 6-30, 6-33 Topic and Assignments Dates Learning Objectives Reading Discussion and Written Self-Study 10/27, 10/29 Internal Auditing Readings from packet Cinema Paradisio (H) Problems from handout 11/1, 11/3 Information Technology Chapter 7 IT fraud case (H) R: all M: all and Auditing (all on P: 7-25, 7-26, 7-31, p.257) 7-32, 7-33, 7-35 11/5, 11/8, Audit Sampling: Tests Chapter 8 Attribute Sampling R: all M: all P: 8- 11/10 of Controls (1 to 7 on p. Case (H) 21, 8-22, 8-25, 8-26, 297) 8-27, 8-28 11/12 (Fri.) Exam Three 11/15, 11/17, Revenue Process (all on Chapter 10, Accts. Receivable R: all M: all P: 10- 11/19 p.369) Dermaceutics Revenue Cases (H) 24, 10-27, 10-28, 10- Cycle Narrative (P) 29, 10-33 11/22-11/26 Thanksgiving Break 11/29, 12/1 Purchasing Process (all Chapter 11 Jack’s Appliances (H) R: all except 11-1 on p. 423) M: all P: 11-25, 11-27, 11- 28, 11-29 12/1 (Wed.) Fraud papers due. 12/3, 12/6 Completing the Chapter 17 R: all M: all P: 17- Engagement (all on p. 22, 17-23, 17-25, 17- 591) 28, 17-30 12/8, 12/10 Audit Reports (1 to 8 on Chapter 18 (to p. 642) R: all except 18-9 M: p. 623) all P: 18-23, 18-24 Exam 4: During assigned final exam time. Dates to be announced.
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