ACC551 - Accounting: Auditing I

Outline info
Semester
School
Last revision date 2017-05-29 00:29:50.035
Last review date 2017-07-17 00:15:24.818


Subject Title
Accounting: Auditing I

Subject Description
This one semester subject is a comprehensive introduction to auditing which will provide students with a knowledge of auditing methodology, theory and practice. Students will study a variety of topics including: the nature of evidence, accounting cycles, analytical procedures, auditing in an EDP environment, and interacting with management and audit committees.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see https://www.gocpaontario.ca/Content/Attachments/Seneca%20College.pdf

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Define and explain the nature of auditing and generally accepted auditing standards.

2. Describe the components of unqualified and qualified auditors reports and identify situations where a qualification is warranted.

3. Explain the objectives of an audit and the way the auditor approaches accumulating evidence.

4. Describe the four evidence decisions that must be made and the seven types of evidence available to an auditor.

5. Perform the steps involved in planning an audit and designing an audit approach.

6. Design and perform the five major types of analytical procedures.

7. Apply the concept of materiality to the audit.

8. Describe and apply the audit risk model.

9. Apply the steps necessary in understanding a client's internal control system and assess control risk for each major type of transaction.

10. Describe the methodology for the design of an audit program.

11. Design and perform tests of controls over the following transaction cycles:
a) Sales and collection
b) Acquisition and payment
c) Inventory and warehousing

12. Design and perform tests of details over the following transaction cycles:
a) Payroll
b) Capital Acquisition
c) Cash

13. Design and perform the necessary procedures involved in the final phase of the audit.

14. Describe the ethical concerns specific to the accounting profession.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
ACC415 - Intermediate Accounting I

Topic Outline

  •     Overview of Auditing
  •     The Auditor's Report
  •     The Elements of Auditing
  •     Planning and Analytical Procedures
  •     Internal Control and Control Risk
  •     Planning Audit Tests
  •     Revenues, Receivables and Receipts Cycle
  •     Expenditures, Payables, and Disbursements Cycle
  •     Investing and Financing Cycle
  •     Completion of the Audit
  •     Professional Ethics and Legal Liability

Mode of Instruction
In-Class

A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work.

Prescribed Texts
Title: Auditing, A Practical Approach, Extended Canadian Edition with WileyPLUS
Edition: Extended Canadian Edition
Author: Moroney, Campbell, Hamilton and Warren
Publisher: John Wiley and Sons
ISBN:  9781118878415



Required Supplies
None

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:

http:/senecacollege.ca/library

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:

Case Study  10 %
Term Test  40 %
Final Examination  50 %





Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Jeff McCarthy