AUDITING
Instructor: Richard Walstra, MBA, CPA
Office
Phone: 708-524-6772
Home
Phone: 708-383-5066
Business
Fax: 708-488-5170
E-mail: rwalstra@dom.edu
Office
Hours: Monday-Friday, 8:30 a.m. –
5:00 p.m., by appointment
Source Materials:
Rittenberg and Schwieger; AUDITING, Concepts for a
Changing Environment, 5th ed.
Instructor course handouts (summary notes will be
distributed for each chapter)
On-line publisher support materials (http://rittenberg.swlearning.com)
Course Description:
The focus is a study of the auditing and assurance services that are provided by CPA's. We will explore the many business and political dynamics that have affected the profession in recent years and the changes that are being implemented by the profession. Business operations and internal controls will be explored since they form a basis for a successful audit. We will use the text’s practice case to gain hands-on experience with audit procedures. Topics covered include business ethics, legal liabilities of the CPA, audit evidence and procedures, the cycles of an audit, materiality and risk, statistical sampling, and audit reports.
Expected Student Learning
Outcomes:
At the completion of this
class, students will
1.
Understand the
services provided by the accounting profession
2.
Learn the role of
the auditor in a financial statements audit
3.
Be familiar with
recent business and political events that have affected the profession and the
performance of audits
4.
Know the primary
requirements of the Sarbanes-Oxley Act of 2002
5.
Understand the
overall audit process
6.
Know the ten
general audit standards
7.
Be able to apply
the planning functions of an audit
8.
Appreciate the
importance of internal controls for business and the effect internal controls
have on the audit
9.
Know the
different types of audit evidence and how it is collected
10.
Be able to use
sampling techniques, including statistical sampling
11.
Be familiar with
the use of technology on an audit
12.
Know the wording
of the unqualified audit opinion and be able to identify when other types of
opinions are necessary
13.
Compile the
workpapers for an audit practice case
ACC-430
AUDITING
Assessment of Student
Learning:
Tests and Quizzes 30%
Final Examination 20
Biltrite Practice Case 25
Writing assignments, research papers,
classroom learning & occasional homework 20
We will move straight through the text, starting quickly and then working carefully through the chapters that cover the details of a financial statements audit. Quizzes and tests will be announced in advance and interspersed throughout the course. The first quiz, covering the ten general auditing standards, follows Chapter 2.
Throughout the semester, beginning after Chapter 4, you will be working on the Biltrite practice case. We will discuss aspects of this case briefly in class as we move along, but your accumulated work on this case is to be submitted at the end of the semester.