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Course Outline

This document outlines a course on applied auditing. It describes the course objectives, topics to be covered including audit planning, evidence gathering, and completing the audit. It also lists the grading criteria as quizzes, activities, attendance, participation, and major exams.

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Jessica
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42 views

Course Outline

This document outlines a course on applied auditing. It describes the course objectives, topics to be covered including audit planning, evidence gathering, and completing the audit. It also lists the grading criteria as quizzes, activities, attendance, participation, and major exams.

Uploaded by

Jessica
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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AQUINAS UNIVERSITY OF LEGAZPI

College of Business, Management and Accountancy


A.Y. 2016 2017
Course Outline
Subject Details
Subject:
Schedule:
Faculty:
SY / Term:

Acctg 502 Applied Auditing


4BSA, MW, 4:30PM-7:30PM, T-113
Esmena, Jessica C.
Second Semester, 2016 2017

Course Description
This is a continuation Assurance Principles, Professional Ethics and Good Governance, focusing on financial statement audit.
It covers detailed approaches to problems and situations normally encountered in the independent examination of cash,
receivables, inventories, investments, prepaid expenses, deferred charges, property, plant and equipment, intangibles,
liabilities, owners equity and revenue and expenses. It deals specifically with the application of auditing standards,
techniques and procedures; application in auditing; audit adjustments; and audit reports pertaining to a medium-sized
manufacturing or trading concern. The determination of audit objectives and audit programs, evaluation of internal control,
determination of substantive procedures applied to various accounts are better appreciated as the transaction cycle approach
is employed in the course. Audit working papers and audited financial statements are the natural output of this course
leading to the preparation of audit reports.
Course Outline
1.
Review of overview of auditing
1.1
Definition
1.2
Objective and general principles of auditing
1.3
The audit process
1.4
Major steps in the systematic process of financial statement audit
1.4.1
Phase I: Pre-engagement and audit planning activities
1.4.2
Phase II: Gathering and evaluating audit evidence, interim audit phase, final audit phase
1.4.3
Phase III: Issuing the audit report
2.

Audit Planning
2.1
Purposes
2.2
Audit planning considerations
2.2.1
Knowledge of the business
2.2.2
Understanding the accounting and internal control system
2.2.3
Assessment of risk and materiality, application of analytical procedures, coordination, direction,
supervision, and review, other critical matters in engagement planning, planning the audit work

3.

Evidence accumulation and evaluation interim audit phase: tests of controls and substantive tests of transactions
3.1
Audit of the revenue and collection cycle: tests of controls and substantive test of transactions
3.1.1
Nature, documents used and their audit significance, accounting records in the revenue and
collection cycle
3.1.2
Audit of significant sales transactions
3.1.3
Audit of sales adjustments transactions
3.1.4
Audit of cash receipts transactions
3.2
Audit of the expenditure cycle: tests of controls and substantive tests of transactions I
3.2.1
Nature of expenditure cycle, documents used in the expenditure cycle and their significance,
accounting records involved in the expenditure cycle
3.2.2
Audit of acquisitions and cash disbursement transactions
3.2.3
Audit of cash disbursements
3.3
Audit of the expenditure cycle: tests of controls and substantive tests of transactions II
3.3.1
Audit of payroll transactions
3.3.2
Audit of production cycle transactions
3.3.3
Audit of inventory warehousing
3.4
Audit of the financing and investing cycle: tests of controls and substantive test of transactions (Nature,
financial cycle transactions, investing cycle transactions, documents and records)
3.4.1 Audit of financing cycle
3.4.2 Audit of investing cycle
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AQUINAS UNIVERSITY OF LEGAZPI


Basic Accounting Course Outline
4.

Evidence accumulation and evaluation final audit phase: substantive test of balances and analytical procedures
4.1
Substantive tests of cash
4.2
Substantive tests of receivables and sales
4.3
Substantive tests of inventories and cost of goods sold
4.4
Substantive tests of investments
4.5
Substantive tests of property and equipment
4.6
Substantive tests of intangible assets
4.7
Substantive tests of prepaid expenses and deferred charges
4.8
Substantive tests of liabilities
4.9
Substantive tests of owners equity accounts
4.10
Substantive tests of income statement accounts

5.

Completing the audit and report preparation


5.1
Completing the audit
5.1.1
Related party transactions
5.1.2
Subsequent events review
5.1.3
Evaluation of going concern assumption
5.1.4
Management representations
5.1.5
Analytical procedures
5.1.6
Evaluating findings, formulating an opinion and drafting the audit report
5.2
Preparation of audited financial statements
5.2.1
Summary of principles and guidelines in financial statements preparation
5.3
Reports on audited financial statements
5.3.1
Independent auditors report on a complete set of general purpose financial statement
5.3.2
Modifications to the independent auditors report
Grading System
Requirement/Assessment Task
Quizzes
Activities/Seatwork
Attendance
Class participation (Recitation and Board work)
Major exams (Prelim, Midterm and Final)
Total

Maximum Points
40%
10%
10%
10%
30%
100%

Text, Materials and References

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