UNIVERSITY OF ALBERTA SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING, OPERATIONS AND INFORMATION SYSTEMS
Syllabus Accounting 456 - Assurance on Financial Information
Term: Fall 2017 Section: A1
Instructor Information:
Instructor Email Office Location & Hours
Jocelyn E. King CPA, CA [email protected] Office: Bus 1-27A
Office Hours: MTW: 11:30 am - 12:15 pm or by
appointment
General Information:
Course Description and Objectives
The primary objective of this course is to introduce students to the principles of auditing and assurance services. The course is designed to provide students with an understanding of the need for audit services, the objectives of the audit and the planning and execution of the audit to meet these objectives. The course aims to provide students with an
understanding of the complete audit process, including the assessment of risk associated with the client’s business and the financial statement components. Auditing theory links audit fieldwork to specific objectives (audit assertions), which allows for the appropriate collection and evaluation of evidence. Throughout the course, emphasis will be placed on developing critical and practical thinking skills necessary for competency in the area of audit. Please note that this course is not designed to teach students how to audit and as a result, auditing procedures will not be performed and audit/accounting software will not be used.
This course incorporates the Learning Goals of the BCom. Program. In particular, Critical thinking, Ethical Awareness and Written Communications are emphasized.
Course protocols
Lectures will be a combination of lectures and discussions of problems. Presence at lectures, participation in discussions, and the completion of recommended questions are important components of this course. Students will serve their interests best by regular attendance in class. Those who choose not to attend must assume whatever risks are involved. Students are responsible for all information provided in class (e.g.,
announcements, lectures etc.). If you are absent from a lecture, it is your responsibility
to arrange for someone else in the class to provide you with the information you may have missed.
A list of suggested problems from the textbook are identified in the attached schedule at the end of this document. Students should also answer the multiple-choice questions at the end of each chapter. You can check your answers against the solutions shown at the end of each chapter.
Academic Integrity
The University of Alberta is committed to the highest standards of academic integrity and honesty. Students are expected to be familiar with these standards regarding academic honesty and to uphold the policies of the University in this respect. Students are
particularly urged to familiarize themselves with the provisions of the Code of Student Behaviour (online at www.governance.ualberta.ca) and avoid any behaviour which could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts and/or participation in an offence. Academic dishonesty is a serious offence and can result in suspension or expulsion from the University.
Evaluation
The components of the course grade will be weighted as follows:
Component Percentage
Midterm 25%
Assignment 20%
Participation 20%
Final 35%
Total 100%
Letter grades will be assigned in accordance with University Regulations [Section 23.4(4) of the University Calendar]. Grades in this course will be based on a combination of absolute achievement and relative performance.
These grades represent the only marks available to students. No additional work or extra credit is available.
Case Assignment
There will be one (1) case assignment administered in this course. The assignment and instructions will be posted on ULearn. Your submissions will be due November 30, 2017 BEFORE the start of class, although you are welcome to submit it earlier. The assignment should be in submitted in MS word and Excel via the assignment function on ULearn. A late submission will be assessed a penalty of 33⅓-percentage points for each day that it is late; therefore, any submission more than two days late will receive a mark of zero.
Exams
There will be one midterm and a comprehensive final exam. Students are not permitted to use cellphones or any other form of electronic communication devices.
You will have eighty (80) minutes to write the midterm exam and two (2) hours to write the final exam.
Midterm Exam: – November 7, 2017
Final Exam: – Tuesday December 19, 2017 at 2:00 pm
Section 23.5.1 of the Calendar provides the University Regulations for the conduct of exams. At an exam, students must be able to present their student ID cards or other acceptable photo identification. Cell phones, iPods, and other electronic devices must be turned off and put away prior to the exam.
Absences from Exams
Occasionally life events occur that require a student to miss term work, term examinations, or final examinations. However, excused absences are not granted
automatically and will be considered only for acceptable reasons such as incapacitating illness, severe domestic affliction, or religious convictions.
Unacceptable reasons include, but are not limited to personal events such as vacations, weddings, or travel arrangements. When a student is absent without acceptable excuse, a final grade will be computed using a raw score of zero for the work missed. Any
student who applies for or obtains an excused absence by making false statements will be liable under the Code of Student Behaviour. Students may be asked to make a statutory declaration (similar to a statement under oath) of the reason for their absence.
Absence from Midterm examination
If you are absent from the midterm exam for a legitimate reason, please email your instructor within two (2) days (or as soon as possible). If the midterm is missed for an acceptable reason, the weight of the midterm will be reallocated to the final exam
Absences from Exams, continued Absence from Final examination
Section 23.3(2) and 23.5.6 (1) of the Calendar provides the University Regulations
regarding procedures in the case of a missed final examination. You will need to apply to the undergraduate office for a deferred final exam. ). If a deferred final exam is required for this course, it will be held on Friday January 12, 2018 at 10 am.
Participation
Name cards will be used to allow me to give you credit for your participation. You must have your name card with your name clearly displayed in front of you for each lecture.
You will be asked to sign up to prepare and present a solution to at least one discussion problem over the term.
Participation will be assessed according to the following rubric:
Level Description
0 Does not attend lectures, or attends and is disruptive. (Including, arriving late, cell phones ringing and distracting others during lectures. Does not present at least one problem over the course of the term.
1 Attends lectures, but does not contribute to the discussion. Provides limited contribution to discussion problem. Shows a lack of preparedness for
lectures.
2 Contributes by asking/ answering questions, and making comments.
Preparation for lectures is evident. Presents a discussion question that provides some value and/or comments are primarily factual in nature.
3 Demonstrates good preparation for lectures, contributing well to both the lecture component and the discussion questions. Offers insights and adds significant value to the discussion.
Etiquette
Courtesy to other students, and the instructor, is an important part of every lecture.
Because some kinds of behaviour are distracting to all, it is expected that students:
a) Will arrive in classroom before it begins, and will stay until it is over;
b) Will not engage in sidebar conversations with other students;
c) Will not read non-course materials; and
d) Will not use personal communication or entertainment devices in lecture. This includes computers used for those purposes, mp3 players, cell phones,
Blackberries, etc.
If arriving late or leaving early on a specific date is unavoidable, please inform the instructor.
When contacting your instructor by email, students are expected to:
1) Identify the course by including both the course number AND section number in the heading.
Etiquette, continued
2) Will communicate through the U of A/ Ulearn email system.
3) Communicate in a profession manner.
4) Will clearly describe the problem or concern.
Other
Audio or video recording of lectures, labs, seminars or any other teaching environment by students is allowed only with the prior written consent of the instructor or as a part of an approved accommodation plan. All course materials are to be used solely for personal study, and are not to be used or distributed for any other purpose without prior written consent from the instructor.
Course Materials Required Materials
Textbook: Auditing: A Practical Approach (Extended Canadian Edition) by Moroney, Campbell, Hamilton & Warren (Wiley) 2015. ISBN: 978-1-118-87841-5.
This is available in hardcopy at the Bookstore or in e-book version at https://www.wileyplus.com/WileyCDA/.
ULearn: You will be able to obtain information for use in-lecture and related materials from ULearn at https://ulearn.ualberta.ca/
Course Schedule
Date Topic Reading and Problems
Sept. 5 Introduction to course Read: Syllabus located in Ulearn
Sept. 7, 12 Introduction and Overview
of Audit and Assurance Read: Chapter 1
For discussion: PA 1.1, PA 1.7 (a – g), PA1.10 For self-study: PA1.3, PA1.4 PA1.8, PA1.12, PA1.13
Sept. 14 Ethics, Legal Liability, and
Client Acceptance Read: Chapter 2
For discussion: PA 2.4, PA 2.12
For self-study: PA 2.3, PA 2.7, PA 2.14, PA 2.15
Date Topic Reading and Problems Sept. 19 & 21 Audit Planning I Read: Chapter 3
For discussion: PA 3.7, Cases 3.17
For self-study: PA 3.2, PA 3.6, PA 3.9, PA 3.13
Sept. 26, 28 &
Oct. 3 Audit Planning II Read: Chapter 4
For discussion: PA 4.4, PA 4.12, PA 4.16 & 4.17 For self-study: PA 4.1, PA 4.5, PA 4.7, PA 4.8, PA 4.9, PA 4.10, PA 4.13, PA 4.15
Oct. 5 &10 Audit Evidence Read: Chapter 5
For discussion: PA 5.1, PA 5.17, PA 5.21, PA 5.22, Case 5.25
For self-study: PA 5.5, PA 5.7, PA 5.8, PA 5.19
Oct.12 & 17 Sampling and overview of the risk response phase of the Audit
Read: Chapter 6
For discussion: PA 6.2, PA 6.10
For self-study: PA 6.1, PA 6.3, PA 6.14, PA 6.15, PA 6.18
Oct 19, 24 & 26 Understanding and testing the client’s system of internal control
Read: Chapter 7
For discussion: PA 7.1, PA 7.5, PA 7.12, PA 7.13 For self-study: PA 7.2, PA 7.4, PA 7.7, PA 7.14, PA 7.16
Oct 31& Nov. 2 Execution of the Audit – performing substantive procedures
Read: chapter 8 For discussion: PA 8.7
For self-study: PA 8.2, PA 8.10, PA 8.11, PA 8.14
Nov. 7 MIDTERM EXAM Coverage: All materials up to and including
Chapter 7
Nov. 9 Auditing Sales and receivables / Discuss assignment
Read: Chapter 9
For discussion: PA9.7, PA 9.14
For self-study: PA 9.2, PA 9.11, PA 9.13
Date Topic Reading and Problems Reading week - November 13- 17 No classes
Nov. 21 Catch up, Midterm feedback
Nov. 23 Auditing Purchases payables
and payroll Read: chapter 10
For discussion: PA 10.2, PA 10.7, PA 10.13 For self-study: PA 10.1, PA 10.4, PA 10.6
Nov. 28 Auditing inventories and property, plant, and equipment
Read: chapter 11
For discussion: PA 11.2, PA 11.4 For self-study: PA 11.3, PA 11.8
Nov. 30 Auditing cash and
investments Read: chapter 12
For discussion: PA 12.10, PA 12.5 For self-study: PA 12.1, PA 12.7 Case Assignment due
Dec. 5 & 7 Completing and Reporting on the Audit / Wind up and Final Exam Review
Read: chapter 13
For discussion: PA 13.12, PA 13.21
For self-study: PA13.3, PA 13.4, PA 13.13, PA 13.18
Exam Schedule
Date Subject
MIDTERM EXAM: NOVEMBER 7, 2017 – up to and including Chapter 7
FINAL EXAM: DECEMBER 19, 2017 (Tuesday) @ 9:00 a.m. - CUMMULATIVE
