ACCT 221
PRINCIPLES OF AUDITING
COURSE SYLLABUS
INSTRUCTOR: James I. Bryant, CPA, MBA
TERM: Spring 2008
CRN: 20245
OFFICE : Ad Fac 309
HOURS :
: Tuesday 6:00 ‑7:00 PM
PHONE : 410-455‑4204
FAX: 410-455-6121
EMAIL : jbryant@ccbcmd.edu
TEXT: Principles of Auditing and Other Assurance Services,
16th ed, Whittington and Pany, Irwin/McGrawHill
OBJECTIVES: Upon completion of the course, the student will be able to:
1. List the generally accepted auditing standards.
2. List the major accounting firms in the U.S.A.
3. List the various accounting organizations and regulatory
authorities and their functions.
4. Interpret cases involving professional ethical standards.
5. Describe the accountant's legal liability under common law as well as SEC regulations.
6. Describe basic elements of compliance testing of companies
control systems.
7. Describe basic elements of substantive tests of companies
accounting records.
8. Apply auditing techniques to specific case problems.
9. Prepare standard auditor’s reports as well as departures
therefrom.
Miscellaneous
Students should make every effort to review The Wall Street
Journal daily for articles on accounting and auditing.
Students are also encouraged to subscribe to the Journal of
Accountancy.
TOPICAL ASSIGNMENT SCHEDULE
|
Topic |
Chap. |
Written Assignment |
|
I. Introduction, Standards and Liability |
|
|
|
A. The Role of the Public Accountant in the American Economy |
1 |
1—2,21,23,24,28,30,31,34 |
|
B. Professional Standards |
2 |
2—1,6,18,20,24,27,36 |
|
C. Professional Ethics |
3 |
3—3,15,29,30,31,38,40 |
|
D. Legal Liability of CPAs |
4 |
4—1,12,18,27,31,34,40 |
|
II. Restricting Audit Risk |
|
|
|
A. Audit Evidence and Documentation |
5 |
5—6,9,14,17,42,44,52,54,55,56 |
|
B. Planning the Audit; Designing Audit Programs |
6 |
6—8,17,28,31,33*,39,42; B-4 |
|
C. Internal Control |
7 |
7—4,28,33,35,38 |
|
D. Internal Control in a Computer Environment |
8 |
8—1,10,12,31,32,33,35 |
|
III. Sampling |
|
|
|
A. Audit Sampling Appendices |
9 |
9—2,5,6,19,32,35,46,47,49 A-1,A-10,A-11, A-12 |
|
|
|
|
|
IV. Detailed Account and Cycle Analysis |
|
|
|
A. Revenue Cycle Accounts |
|
|
|
1. Cash and Financial Investments |
10 |
10—1,11,14,21,26,37,41 |
|
2. Accounts Receivable, Notes Receivable, and Revenues |
11 |
11—1,18,25,26,34*,36,37*, 38,41,A-1,B-2 |
|
B. Expenditure Cycle |
|
|
|
1. Inventories and Cost of Goods Sold |
12 |
12—1,11,17,26,32,38,41 |
|
2. Accounts Payable and Other Liabilities |
14 |
14—2,27,34,35,39,40; A-1, A-3 |
|
C. Investment and Financing Cycle |
|
|
|
1. Property, Plant, and Equipment: Depreciation and Depletion |
13 |
13—4,15,23,28,29,30,31 |
|
2. Debt and Equity Capital |
15 |
15—8,27,32,34,35,39 |
|
D. Operations; Completing the Audit |
16 |
16—2,15,23,24,34,37,39 |
|
V. Reporting |
|
|
|
A. Auditors' Reports B. Integrated Audits of Public Companies |
17 18 |
17—3,20,22,26,38 18- |
|
B. Special Reports and Accounting and Review Services C. Other Assurance Services |
19 20 |
19—6,20,28,35,40 20-1,24, 28, 34,35* |
GRADES:
Through a variety of learning experiences including lecture, class discussions, and audio-visual materials, students will learn and apply financial and managerial accounting concepts and procedures. Ninety (90) percent of the course grade will be earned by tests, written assignments, graded homework and other assessment instruments as determined by each instructor. Ten (10) percent of grade will be awarded for class participation.
Letter grades will be awarded for the following numerical averages:
90-100 A
80-89 B
70-79 C
60-69 D
Below 60 F
ATTENDANCE POLICY:
Students are expected to attend all class sessions except in cases of documented emergencies, the advent of religious holidays, or when participating in official College functions. In the case of absence for special personal reasons other than those mentioned above, it is the student’s responsibility to confer with the instructor about whether the absence is to be considered as excused. For additional information, refer to the College Catalog.
MAKE-UP POLICY:
Make-up exams will not be given unless the instructor is notified prior to the exam date that the student will be absent. Implementation of the make-up policy is based on each instructor’s requirements.
CLASSROOM MANAGEMENT/STUDENT BEHAVIOR:
The goal of classroom activities is to provide the greatest educational benefit to all students. Class participants should expect and provide mutual respect and consideration in words and actions. Student behavior in class should not interfere with the rights of others or with the educational process. An instructor has the right to dismiss a student from class for behavior he/she judges to be disruptive to the teaching and learning process. Refer to the College Catalog section entitled ‘Academic Information and Learning Support – Code of Conduct’ for more information.
Inclement Weather/Emergency Closing Policy
In the event that the college (or a specific campus) opens late due to weather-related or other emergency conditions, classes will commence at the announced opening time and resume the normal schedule thereafter for the remainder of the day.
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