New Era University

COLLEGE OF ACCOUNTANCY
Bachelor of Science in Accountancy

AUDITING & ASSURANCE: CONCEPT AND APPLICATIONS 1

COURSE PLAN

NEU PHILOSOPHY
Godliness is the foundation of knowledge.
NEU VISION NEU GOALS
A world-class Institution of learning 1. Impart values-laden educational leading to the total
with a unique Christian culture of development of man.
excellence, discipline, and service to 2. Offer curricula responsive to the needs of the time.
humanity. 3. Optimize learning through the adoption and utilization of
NEU MISSION appropriate instructional methods and resource.
Provide quality education anchored on 4. Propel institutional development through the conduct of
Christian values with the prime purpose useful and significant researches.
of bringing honor and glory to God. 5. Extend outreach services which promote self-help in the
NEU CORE VALUES community.
 Fear of God 6. Promote access to non-conventional higher education and
 Competence basic education programs.
 Discipline 7. Develop servant leaders among staff, faculty members, and
administrations.
8. Produce God-fearing, competent, and disciplined graduates.

NEU GRADUATE ATTRIBUTES NEU LEARNING OUTCOMES

1. God-fearing citizens 1. Reinforce the instilled values of the students through
2. Service oriented competent relevant activities
people 2. Demonstrate service-oriented competence in their chosen
3. Critical thinkers and problem field
solvers 3. Utilize critical and creative thinking skills to address the
4. Productive researchers challenges of the society
5. Effective communicators 4. Conduct significant research that leads to the improvement
6. Collaborators and leaders of the community
7. Lifelong learners 5. Apply communication skills to effectively convey ideas
8. Socially and ethically responsible 6. Contribute to noteworthy advocacies to serve the
professionals multicultural society
7. Pursue lifelong learning to improve oneself
8. Practice professionalism while attending to social
responsibilities

COLLEGE VISION COLLEGE GOALS

A Prime college in Accountancy  Equip students with the technical knowledge, proficiency
producing, globally competitive, highly and intellectual abilities to help them easily cope with the
trained, well-disciplined, morally present trend in the industry.
upright and socially responsible  Impart Christian values and culture of excellence, discipline
Accountants and Entrepreneurs. and service to humanity.
 Offer Curricula that will prepare students for their Licensure
examinations, certifications and future employment.
COLLEGE MISSION  Promote and sustain high quality instructions, teaching
The College is committed to provide materials and strategies.
High standard of education and best  Deliver outreach services that will promote community
quality training in the field of development.
accounting, preparing students ready  Develop alumni who are servant leaders and God-fearing
for their careers and in dealing with the individuals.
problems they will encounter as
accountants, entrepreneurs and duty-
bound citizens.
PROGRAM EDUCATIONAL OBJECTIVES PROGRAM OUTCOMES:
The Bachelor of Science in Accountancy The bachelor of Science in Accountancy graduates should be able
programs aim to achieve the following to demonstrate the following:
objectives: a. Knowledge in organization, business, information
1. To provide students with specific technology, accounting finance as in gaining an
skills for entry into the understanding of the different cultures in the world and in
accounting profession as well as developing an international perspective.
in BPO industry. b. Analytical, strategic, logical and critical thinking skills in
2. To prepare students for the solving a problem.
Certified Public Accountant (CPA) c. Interpersonal skills that enhance the ability of the graduate
licensure examination. to work in groups and being a team playing.
3. To equip students with d. Christian values that emphasizes discipline, honesty,
knowledge, skills, values, ethics uprightness and Godliness.
and attitude necessary in their
eventual career as professionals,
employees or entrepreneurs.

SPECIFIC COURSE INFORMATION

ACTG11-18
COURSE CODE AND
AUDITING AND ASSURANCE: PRE-REQUISITES None
DESCRIPTION
CONCEPTS AND APPLICATIONS 1
CREDITS AND
6 Units - 6 hours lecture/week CO-REQUISITES None
CONTACT HOURS

Section Schedule
CONSULTATION
3BSA-3 MW 5:30PM - 8:30PM AREA LEADER
HOURS
3BSA-1 TF 5:30PM - 8:30PM
3BSA-2 MW 5:30PM - 8:30PM

COURSE DESCRIPTION
The course covers conceptual knowledge and understanding of assurance and related services performed by
professional accountants. This includes knowledge and understanding of the nature of assurance and
related services particularly independent audits of financial statements, the responsibilities of professional
accountants, the audit process, audit objectives, evidence, procedures, auditing standards, and the elements
of the independent auditor’s report. In all the areas mentioned, the application of the Philippine Standards
on Auditing (PSA) and other regulatory laws and regulations in effect are also covered.

SCOPE OF COURSE

1. The Risk-based Financial Statement Audit – Client Acceptance, Audit Planning, Supervision and
Monitoring
2. Understanding the Entity and its Environment including its Internal Control and Assessing the Risks of
Material Misstatement
3. Audit Objectives, Procedures, Evidences and Documentation
4. Completing the Audit/Post-Audit Responsibilities
5. Reports on Audited Financial Statements
COURSE OUTCOMES On the completion of the course, student is expected to be able to do the following:

Program Outcomes (PO) Course Outcomes (CO)

PO CO
Code Code
PO 01 Carry out abstract logical CO1 Describe the overview of the risk-based audit
thinking and apply the process of process including pre-engagement procedures,
critical thinking. scope and purpose of audit planning, and the
importance of direction, supervision, and review.

CO2 Describe and discuss the industry, regulatory and

other external factors, including the applicable
financial reporting framework, internal control, and
identify risks of material misstatement.
PO 02 Review, interpret, and evaluate CO3 Describe and discuss the nature and significance of
financial data and audit objectives. Identify evidential matters.
systems/operational Describe the audit procedures/ techniques, including
data/controls in order to form audit selection and prepare audit working papers.
conclusions and/or
recommendations on the
validity, usefulness, correctness
and compliance with established
policies, procedures, guidelines,
agreements and/or legislation

PO 03 Discern the true nature of a CO3 Describe and discuss the nature and significance of
situation and evaluate applicable audit objectives. Identify evidential matters.
principles and techniques. Describe the audit procedures/ techniques, including
audit selection and prepare audit working papers.
PO 04 Link data, knowledge and insight CO4 Discuss the completion of the audit and audit report
from different sources and preparation and identify and discuss post-audit
disciplines to make informed responsibilities.
decisions
C05 Describe and identify the elements of an unqualified
auditor’s report, modified auditor’s report, and key
audit matters.
PO 05 Work in groups and be a team
player.

PO 06 Listen and communicate

effectively one’s points of view,
both orally and in writing at all
organizational levels; being able
to justify, persuade and convince
others of one’s position and
deliver impressive presentations.

PO 07 Work in accordance with the CO6 Discuss and apply the provisions of the PSA.
highest standards of
professionalism: integrity,
objectivity and independence,
professional competence and
due care, confidentiality,
professional behavior and moral
values.

PO 08 Pursue continuing professional CO6

development, research and
community extension.
MAJOR COURSE OUTPUTS
As evidence of obtaining the above learning outcomes, students are required to do and submit the
following during the indicated dates within the term.

Course Required Output Due Date

Outcomes
MCO 1: 18 weeks
CO1-CO6 Participation in the class room discussion, graded recitation,
problem solving and submission of required assignment and/or
research output

CO1-CO6 MCO 2: 18 weeks

Quizzes and examinations with passing rate based on the grading
system

GRADING SYSTEM

To pass this course, one must accumulate at least 60 points through the course requirements
discussed above. The maximum points that a student can obtain through each requirement are shown below:

Requirements/ Assessment Tasks Maximum Points

Major Exams (Midterm and Final) 33.33
Quiz, Seatwork, Assignment, Project and Recitation 66.67
TOTAL 100

Midterm Grade = (CS x 2 + Midterm Exam)/ 3

Final term Grade = (CS x 2 + Final Exam)/3
FINAL GRADE = Midterm grade + Final term grade
2
GRADE TABLE

Grade Grade Description Grade Grade Description

Percentage Equivalent Percentage Equivalent
97-100 1.00 Excellent 83-84 2.25 Average
94-96 1.25 Superior 80-82 2.50 Fair
91-93 1.50 Very Good 78-79 2.75 Fair
88-90 1.75 Good 75-77 3.00 Passed
85-87 2.00 Above Average Below 75 5.00 Failed
DRP Dropped
TEACHING AND LEARNING ACTIVITIES

WEEK LEARNING TOPICS LEARNING ASSESSMENT AND

OBJECTIVES/COURSE ACTIVITIES TASKS
OUTCOMES
1 Identify the topics to be Course Plan, Course Discuss the outline
covered for the rest of the Guidelines and Rules of the Course and
semester. the class rules

Discuss the audit process THE AUDIT PROCESS Lecture – Seatwork

and auditor’s AND AUDITOR’S Discussion Quiz
responsibilities RESPONSIBILITIES Recitation
 Discuss the steps of Group/Team
the audit process, Learning
the meaning and
classifications of
financial assertions
and the
responsibilities of
auditor’s in relation
to error, fraud and
noncompliance to
laws and
regulations.
2 Discuss the pre- PRE-ENGAGEMENT Lecture – Seatwork
engagement procedures PROCEDURES Discussion Quiz
 Identify the relevant Recitation
PSAs discussing Group/Team
requirements on Learning
pre-engagement
procedures.
3 Discuss the essential AUDIT PLANNING Lecture – Seatwork
requirements on planning  Discuss the scope Discussion Quiz
the audit of financial and purposes of Recitation
statements audit planning. Problem Solving
 Discuss the planning Group/Team
requirements for an Learning
audit of financial
statements.
4 Define the components of THE AUDIT PROCESS Lecture – Seatwork
an entity’s internal control AND AUDITOR’S Discussion Quiz
structure and how this RESPONSIBILITIES Recitation
affects the financial  Define, identify, and Problem Solving
statement audit discuss the Group/Team
components of Learning
internal control.
 Identify and
describe the steps in
the auditor’s
consideration of
internal control.
 Discuss how the
entity’s internal
control affects the
financial statement
audit.
WEEK LEARNING TOPICS LEARNING ASSESSMENT AND
OBJECTIVES/COURSE ACTIVITIES TASKS
OUTCOMES
5 to 6 Identify and discuss the SUBSTANTIVE TESTS Lecture – Seatwork
concept of substantive AND AUDIT Discussion Quiz
procedures and audit DOCUMENTATION Recitation
documentation  Discuss and define: Problem Solving
a) appropriate and Group/Team
sufficient evidence Learning
b) analytical
procedures and
tests of details
c) audit objectives
and audit
procedures.
d) nature and
purposes of audit
documentation
e) requirements
related to the
timeliness, form,
content and
extent of audit
documentation.
7 to 8 Identify and discuss the AUDIT SAMPLING Lecture – Seatwork
concept, definition,  Discuss and define Discussion Quiz
approaches and steps to audit sampling. Recitation
audit sampling  Discuss the risks Problem Solving
associated with Group/Team
audit sampling. Learning
 Identify, discuss and
differentiate the
steps in sampling for
tests of controls and
substantive tests.
 Discuss the different
approaches to audit
sampling.
9 MID-TERM EXAMINATION
10 to Identify the procedures COMPLETING THE Lecture – Seatwork
11 required to complete the AUDIT Discussion Quiz
audit as well as the post-  Discuss the Recitation
audit responsibilities requirements to Problem Solving
complete the audit Group/Team
 Discuss the auditor’s Learning
post-audit
responsibilities
12 to Discuss the auditor’s AUDIT REPORTS Lecture – Seatwork
13 responsibilities on issuing  Discuss the basic Discussion Quiz
audit reports for financial elements of an audit Recitation
statements and the report. Problem Solving
requirements set out by  Discuss matters that Group/Team
the PSA on the contents, affect the auditor’s Learning
form and types of audit opinion.
reports  Discuss the different
types of
modification of
opinion.
 WEEK LEARNING TOPICS LEARNING ASSESSMENT AND
OBJECTIVES/COURSE ACTIVITIES TASKS
OUTCOMES
14 to Discuss the requirements, SPECIAL PURPOSE Lecture – Seatwork
15 procedures and reports on AUDIT ENGAGEMENTS Discussion Quiz
special purpose audit  Discuss the various Recitation
engagements standards and Problem Solving
requirements of Group/Team
such special purpose Learning
audit engagements
– from client
acceptance to
reporting.
 Discuss and define
the various special
purpose audit
engagements that
professional
accountants can
perform.
16 to Discuss the requirements, ATTESTATION AND Recitation Seatwork
17 procedures and reports on RELATED SERVICES Problem Solving Quiz
attestation and other  Discuss the various Group/Team
related services standards and Learning
requirements of
such special purpose
audit engagements
– from client
acceptance to
reporting.
 Discuss and define
the various special
purpose audit
engagements that
professional
accountants can
perform.
18 FINALS EXAMINATION

RUBRICS:
Criteria
Outstanding Excellent Good Fair Poor
(95%-100%) (90%-94%) (85%-89%) (80% - 84%) (Below 80%)
Reasoning Clear and Correct answer Correct answer Incomplete Wrong answer
and Analysis accurate answer; and reasons but with weak answers and and/or with
insightful, support answer reasons weak reasons wrong reasons
specific. but overlooked and/or
some/an irrelevant or
important confusing`
reason(S). reasons
Well organized, Presented Inconsistent Incoherent and Little or no
Organization ideas are in ideas with presentation of inconsistent evidence of
logical sequence minor errors. ideas presentation of organized ideas.
with clear ideas.
transition.
Grammar Use of correct Not more than Not more than Not more than Numerous
and Spelling grammar, choice two errors in four errors in six errors in errors in
of words, spelling grammar or grammar or grammar or grammar and
 and punctuation. spelling spelling spelling spelling.

PRIMARY LEARNING MATERIALS

1 Ireneo, I. (2018). Audit & Assurance Principle

SECONDARY LEARNING MATERIALS

Prepared by the COA Course Plan Committee

Chair Member Member

Checked and Verified: Checked and Verified:

ISAGANI T. SABADO
Program Coordinator
Dean
Effectivity: First Semester, AY 2020-2021