AUDITING I ACG 4632 UNIVERSITY OF SOUTH FLORIDA ST. PETERSBURG COLLEGE OF BUSINESS Fall 2013

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1 INSTRUCTOR: OFFICE: OFFICE PHONE: OFFICE HOURS: OFFICE FAX: AUDITING I ACG 4632 UNIVERSITY OF SOUTH FLORIDA ST. PETERSBURG COLLEGE OF BUSINESS Fall 2013 Mike Sinclair, CPA, CVA, CFE PNM 101 C No Office Phone Please Tuesday 5:00 pm 6:00 pm CLASSROOM: STG 124 CLASS TIME: Tuesday 6:00 pm to 8:55 pm Course Prerequisites: ACG 3113 (Intermediate II); ACG 3401 (Accounting Info Systems); and ACG 3341 (Cost Accounting I), all with a grade of C or better (not C-) Course Description: This course provides a sound conceptual foundation of basic auditing theory from the perspective of the public accounting profession. Professional standards, ethics, legal responsibilities, and the utilization of technology are addressed. Good Auditors are: Good Accountants, Excellent Planners and Time Managers, Risk Assessment Experts, Honest and Ethical, Hard to find. Learning Objectives: At the conclusion of the course, students should be able to: Demonstrate an understanding of basic auditing theory. Demonstrate knowledge and understanding of COSO s Internal Control Integrated Framework. Demonstrate an understanding of audit risk and materiality. Demonstrate knowledge of ethical conduct and professional responsibilities as contained in the AICPA Code of Professional Conduct. Describe the three major phases of an external audit and have an understanding of what auditors do during each major phase. Understand what constitutes audit evidence. Demonstrate the ability to perform common analytical procedures and ratio analysis. Demonstrate the ability to work together in student audit teams to analyze audit cases. Auditing I ACG 4632 Page 1

2 COMMUNICATIONS: I am always happy to help you and welcome your questions before, during, or after class. Office hours are before class from 5:00 pm to 6:00 pm. is the best way to contact me. REQUIRED TEXTS & RESOURCES: 1. Auditing and Assurance Services: An Integrated Approach (15 th edition) Authors: Arens, Elder, and Beasley Publisher: Pearson Prentice-Hall, Inc. Two formats available: a. Student Value Edition, ISBN 13: b. Coursesmart etextbook, 15/E ISBN 13: TOPICAL COVERAGE: Approx Percentage Introduction to Auditing 5% Auditing Standards and Audit Reports 10% Professional Ethics and Legal Liability 10% Audit Responsibilities and Objectives 10% Audit Evidence 10% Auditing Planning 10% Analytical procedures 10% Materiality and Risk 10% Internal Control 10% Auditing Cycles 15% 100% STUDENT EVALUATION BY INSTRUCTOR: Points Exam Exam Exam Online Homework 70* Online Quizzes 60* * * Homework and Quizzes are optional. Only those attempted will be used to calculate your grade COURSE GRADING: Letter Grade Percentage A 90% and > B 80% to 89.9% C 70% to 79.9% D 60% to 69.9% F < 60% Note 1: You must pass at least one exam in order to pass the class. Note 2: Plus and minus grades are not given in this course. Auditing I ACG 4632 Page 2

3 EXAMS: Students are expected to attend all exams. You must discuss any reason for missing an exam with the instructor in advance of the exam. There will be no make-up exams. If approved by the instructor, the test may be taken one week prior to the scheduled exam date, Tuesday at 3:00 pm. Failure to take an exam without the instructor s prior approval will result in a grade of zero points for the exam. If the exam cannot be taken early, a comprehensive final may be available for students in place of exam 3. The instructor reserves the right to require documentation to substantiate the reason for not taking any exam at the regularly scheduled time. Exams usually consist of multiple-choice questions, but may also contain True/False, or short answer questions. Topical coverage will be announced prior to each exam and students are responsible for any information: Presented in class (via your instructor, news articles, videos, outside professional speakers, or student presentations, etc.), Distributed or available on Canvas, Contained in any assigned chapters, Contained in any quiz or prior exam, Covered by any homework assignment, In homework questions contained at the end of every chapter covered, In sample questions contained at the end of Power Point slides presented in class or posted on Canvas, In sample test questions provided on Canvas. Requests to re-grade an exam will be honored only if the request is received within one week of the date the exam is returned and reviewed. After in-class review, all exams will be collected by the instructor. No re-grade requests will be honored if received after this time limit. Except in the case of footing errors, the entire exam will be re-graded. (This means that your grade could go down as well as up.) All exam papers will be destroyed two (2) weeks after the end of the semester. ONLINE QUIZZES: Quizzes may be given at the discretion of the instructor. Sufficient notice will be given to prepare for online quizzes. ONLINE HOMEWORK: Homework may be given at the discretion of the instructor. Sufficient notice will be given to allow time for online completion. Note: No quiz or homework makeups are allowed for any reason. You must complete the quizzes and homework online before the due date. HOMEWORK: At the end of every chapter there are many opportunities for students to self-test their knowledge of the chapter by reviewing specific terminology and completing exercises and problems. Students are responsible for all Essential Terms, Review Questions Multiple Choice Questions at end of chapters. Solutions are provided on Canvas for everything except online assignments. Additional suggested homework assignments are included in the course calendar and may be worked online. Auditing I ACG 4632 Page 3

4 COURSE POLICIES: COURSE PREPARATION: The material in this class is appropriately difficult for an upper-level 4 th - or 5 th - year accounting course. As such, students will understand the lectures much better by being well prepared for each class. This means that (1) You have read the relevant materials assigned, and (2) You have re-read the relevant materials assigned. Educational research has shown that student participation leads to more active learning and higher retention of material. Students should be prepared to discuss all case assignments in class. COURSE SCHEDULE: The course schedule is to be considered a working document. This means that there may be changes made for various reasons during the course of the semester. Your instructor will make every effort to be guided by the dates provided in the course schedule. Students are asked to understand that there are times when schedule changes are made in the best interests of the students (e.g., weather issues, traffic issues, problems regarding availability of class resources, or mental lapses of the instructor). CANVAS: Students are responsible for checking Canvas on a regular basis, and at least just prior to each class, for information regarding assignments, quizzes, exams, or any changes made to the course schedule by your instructor. CALCULATORS: Calculators may be used on all exams or quizzes, however no calculators that are able to store text will be allowed for exams. Students are expected to act as professional auditors who are prepared to make quick calculations at any time. Therefore, students should bring calculators with them to every class even though calculations may not be required for each class. ATTENDANCE & CLASSROOM BEHAVIOR: Timely attendance is expected of all students for all classes and necessary for the successful completion of this course; however, roll will not be taken. Students are expected to act in a professional manner at all times. If you must arrive late, please enter the room quietly and do not disrupt the class in progress. RELEASE OF GRADES: Instructors are not permitted to release any grades or exam scores over the telephone or by . Your exam scores and final letter grade will be posted to Canvas unless there is a problem with the university Canvas grading system. Please access them there. Please notify the instructor if you have any problems accessing grades in Canvas. Auditing I ACG 4632 Page 4

5 KEY LEADERSHIP SKILL(S) AND PERSPECTIVES ADDRESSED IN THIS COURSE: Interpersonal and Communication Skills Analytical and Critical Thinking Skills Information Technology Skills Reflective Thinking and Experiential Learning Ethical and Social Consciousness Multicultural Competence 5(a) 5 (b) 3 (c) 3(d) 3 (e) 2 (f) (a) Through in-class discussions, homework discussions, in-class exercises, and audit case analysis. (b) Auditing is a theoretical accounting course that involves constant analytical and critical thinking skills; these skills are used throughout the course. (c) Audit case analyses require the use of spreadsheet software. Additionally, students must present data and conclusions in a meaningful manner using Word and Excel. (d) Reflective thinking is emphasized throughout the course as students analyze and summarize auditing standards in two written assignments. Reflective thinking is also a large part of real-world audit case analysis as students prepare for in-class discussions of cases and prepare written responses to specific questions related to these audit cases. (e) The course lectures and homework emphasize ethical decisions in today's business world. In addition there is an entire chapter devoted to Professional Ethics. (f) References and discussion throughout the course to the global business environment and international accounting and auditing standards. UNIVERSITY & COLLEGE POLICY HONOR SYSTEM: Under the USF Honor System, each student is expected to observe complete honesty in all academic matters. Violation of the Honor System will be referred to the Honor Council. Note: The following are violations of the Honor Code: Copying another student s homework, signing another student s name on the attendance roster, copying another group s disk or written work, using another student s computer disk to print out your assignment, copying another student s file onto your disk, and misrepresenting a reason for a missed exam. Plagiarism or cheating on course work or on examinations will result in penalties that may include a grade of F for the specific exam or course work and a grade of F or FF for the course. Any incident of academic dishonesty will be reported to the Dean of the College. Definitions and punishment guidelines for Plagiarism, Cheating, and Student Disruption of the Academic Process may be found in the USF Policy on Academic Dishonesty & Disruption of the Academic Process at STUDENTS WITH DISABILITIES: Please notify your instructor by the second class meeting if you have a learning disability or require special assistance with this course. Confidential personal and learning assistance counseling are made available to students through the Division of Student Affairs. Contact R. Barry McDowell, St. Petersburg Campus: TER 200 (727) , (mcdowell@stpt.usf.edu) for more information. RELIGIOUS OBSERVANCES: Students who anticipate the necessity of being absent from class due to the observance of a major religious holiday must provide notice of the date(s) to the instructor, in writing, by the second class meeting. COPYRIGHTS: Students who wish to audiotape lectures can do so with direct permission from the professor, but tapes and lectures may not be sold. No videos or photos can be taken in the classroom! INCOMPLETE GRADES: An I grade may be given to an undergraduate student only when a small portion of the student s work (normally 30% or less) is incomplete due to circumstances beyond the control of the student and only when a student is otherwise earning a passing grade. I grades are to be Auditing I ACG 4632 Page 5

6 used only in emergency situations and cannot to be used as a means of avoiding a poor grade. Normally these are only for medical emergencies and require a signed letter from a medical professional that the student was prevented from attending class. The student must petition the professor before the week of final exams for a grade of I to be given. GRADE FORGIVENESS: Grade forgiveness is limited to three USFSP courses with no more than one repeat per course. Accounting majors can use the forgiveness only once in upper level accounting courses. WITHDRAWAL: No W grades can be obtained after the official drop or withdrawal date (Sat, November 2, 2013). All students enrolled as of the withdrawal date, will receive a letter grade of A, B, C, D or F. EMERGENCY PREPAREDNESS: In the event of an emergency, it may be necessary for USF to suspend normal operations. During this time, USF may opt to continue delivery of instruction through methods that include but are not limited to: Canvas, Elluminate, Skype, and messaging and/or an alternate schedule. It is the responsibility of the student to monitor Canvas site for each class for course specific communication, and the main USF, College, and department websites, s, and MoBull messages for important general information. BOMB THREAT OR OTHER DISRUPTION: All scheduled classes will be held in an alternate room in the case of a bomb scare, fire alarm or other disruption. Students will gather outside of the classroom building at a designated area in the parking lot so that an alternative room may be announced. S/U GRADES: This course may not be taken on an S/U basis. PROFESSIONAL BEHAVIOR & DISRUPTIONS TO THE ACADEMIC PROCESS: If you bring a cell phone, pager or any other communication device to class, please be sure to turn it off and do not use it in the classroom. These devices are not to be used during an exam. Students are expected to conduct themselves at all times in a professional manner, including regular class attendance, alertness and interest in the class. Students are expected to attend class and make positive contributions to class discussions where appropriate and/or when called on. Unprofessional behavior includes, but is not limited to: arriving to class late, returning from breaks late, leaving class during a lecture, cell phone ringing, reading the newspaper during class, talking excessively, leaving class, sleeping in class, or engaging in any other behavior that is disruptive or disrespectful. Turn cell phone sound off during class! Cameras, laptops and other Internet enabled technologies are not allowed in the classroom without express authorization. Students who surf on the laptop during class will be denied use thereafter. Academic disruptions will be dealt with according to university policy. UNIVERSITY ASSESSMENT Students should be aware that some of the work you complete this semester will be used for purposes other than calculating the final course grade. Different types of assessments are required for us to maintain our accreditation as a university and/or as a college of business. Most of these assessments are done as part of the course and will require no additional work from you as a student. If you have any questions or concerns about this please see the instructor. Auditing I ACG 4632 Page 6

7 Class # Date Topics Covered 1 8/27/ /3/ /10/ /17/ /24/ /1/ /8/ /15/ /22/ /29/ /2/ /5/ /12/ /19/ /26/ /3/ /7/2013 through 12/13/2013 Introduction & Chap 1 Chap 2 & 3 Chap 5, Online Quiz 1 (Chapters 1-3)* Chap 6, Exam Prep Exam 1 (Chaps 1, 2, 3, 5 & 6) Review Exam 1, Chap 7 No Class COB Executive Forum Day Chap 8 & 9 Chap 10, Online Quiz 2 (Chapters 7 & 8)* & Exam Prep Exam 2 (Chaps 7, 8, 9 & 10) Drop Deadline Review Exam 2, Chap 4 Chap 14 Chap 15 Chap 16, Online Quiz 3 (Chapters 4, 14, & 15) Chapter 17, Final Exam Review Final Exam (Chapters 4, 14, 15, 16 & 17) Exam Time TBA(Specific exam time may differ from our normally scheduled class time.) Auditing I ACG 4632 Page 7