IAF826 - Advanced Auditing

Outline info
Last revision date 2018-07-20 11:24:24.76
Last review date 2018-07-20 11:24:45.094

Subject Title
Advanced Auditing

Subject Description
This course examines current and advanced issues affecting the auditing profession. Coverage will include audit risk, corporate governance, standards for assurance engagements, various types of engagements such as special reports, prospectuses, future-oriented financial information, public sector audits, internal audits, comprehensive audits, forensic audits, and issues related to not-for-profit organizations and small business audits. Cases will be used to develop knowledge of the assurance concepts and practices relevant to special topics while enhancing students' analytical, critical thinking, and communication skills.

Credit Status
This subject is a required subject credit in the Bachelor of Commerce- International Accounting and Finance degree program.

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

1. Comprehend the role of auditing and other assurance services in our society and the public's expectation for these services.

2. Critique the direction of auditing standards in Canada compared to international standards.

3  Analyze public accountants responsibilities and assurance standards for fraud, errors, illegal acts.

4. Describe the public accountants responsibilities and assurance standards for review and compilation engagements.

5. Describe issues associated with the audit of public sector, not-for-profit, small business entities.

6. Identify the concerns with the public accountants association with interim financial statements, FOFI and offering documents.

7..Display a reasonable knowledge of current issues facing todays public accountant.

8. Discuss and describe the direction of future standards and the current issues facing the profession.

9. Discuss internal auditing with respect to the functions, standards, as well as various types of planning for internal audit.

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.

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.

IAF520 and IAF610

Advanced level financial accounting, management accounting, auditing, finance, accounting theory, economics and quantitative methods/statistics.

Topic Outline

Introduction to Course
Introduction to Integration and Analysis
Skills Required
Suggested Approach for Multi-Subject Questions
Grades vs. Competency Based Assessment
Financial Accounting Cases
Managerial Accounting Cases
Assurance Cases
Review of assurance basics
Practice SOA multi cases
Multi-subject cases
Comprehensive Cases

Mode of Instruction

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

Prescribed Texts
TITLE 1: Auditing: An International Approach
EDITION: 7TH Canadian Edition
AUTHOR: W. Smieliauskas,  K. Bewley
PUBLISHER: McGraw-Hill Ryerson
ISBN: 9781259087462

Reference Material
Reference Texts CICA Handbook – Accounting and Assurance Handbooks
ICAO Member’s Handbook
articles published by CICA, CGA Canada and ACCA

Seneca Libraries. Guide to Research and Citation: MLA Style. 3rd ed. Toronto: Seneca College, 2009. Print.

Required Supplies
CICA Handbook (available online via library)
IFRS standards (available on course website)

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)
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


Each exam will involve approximately 4.0 hours of writing responses to professional examination style questions. The questions are new and have been developed exclusively for this course. The standard applied will be tailored to one appropriate for a fourth year Commerce student.  We do not expect students to be at a UFE  or ICAO Summer School level of performance at this stage in their preparation. 
There are no make-ups, so special arrangements, if warranted, must be arranged with the professor before the scheduled date.

Policies Regarding Term Tests

The two term tests are open book and you can bring your CICA Handbook and  Income Tax Act. Silent, non-programmable calculators are allowed. 

In the event a student misses one of the two term tests due to illness or domestic tragedy, the student must contact the instructor immediately, and submit a medical certificate indicating type of illness, or date of illness (or other applicable documentation for domestic situations) to the instructor in the class following the test. In the case of one of the two term tests being missed, the student mark will be reweighted so that the entire term test mark will be based on the term test that was not missed.


Any modifications to the course will be announced and explained in class.


Your subject facilitator will take on the following responsibility:
  • ensure that the instructional materials are prepared for you;
  • challenge you and engage your intellect;
  • ensure you get the support you need throughout (technical, instructional, procedural, etc.);
  • ensure you receive regular and meaningful feedback on your progress;

As participants you need to take on responsibility for the following:
  • attend in-class sessions;
  • complete assigned tasks;

In-class Discussions

As well, it's useful to set out guidelines or norms for interaction in-class and online. Here are some suggested guidelines for us:
  • we will all strive to create and maintain a welcoming and safe environment;
  • we will strive to support each other in the learning process;
  • all discussion will be respectful of others' opinions and ideas;
  • lively debate is welcome; personal attacks are not;

Communication Skills

All tests, oral and written assignments, and examinations must meet Seneca’s standards for appropriate and acceptable communication skills.  Marks are provided for a demonstration of appropriate English skills and are deducted for spelling errors and for presenting materials in an in-concise and unclear manner. 

Language Across the Curriculum Rubric

Clear   Confusing  
Good Detail   Lacks Detail  
Easy to follow   Difficult to follow  
Answers Question   Evades Question  

Seneca College Library Resources
Be sure to begin all your research, assignment support and career preparation at the Seneca College libraries website http://library.senecacollege.ca where you will find information about our services and collections including, print and e-books, databases that will lead you to thousands of articles in magazines, newspapers, journals, encyclopedias, carefully selected websites, how-to tutorials, streamed videos and much more.

Accounting & Financial Services Subject Guide
Go to http://seneca.libguides.com/content.php?pid=51134&hs=a for an online customized guide for accounting and financial services students that meets specific program needs – you will find library resources, websites, industry associations and organizations, a business glossary, career sites for accounting and financial services students and more.

For rules on citing your sources, consult Seneca Libraries' online MLA Citation Guide at http://seneca.libguides.com/mla, or purchase a print copy of the Guide to Research & Citation: MLA Style in the Seneca Bookstore.
Ensure that you do not commit plagiarism. Information on academic honesty, including the Academic Honesty and Plagiarism tutorial is available through the library at: http://seneca.libguides.com/academichonesty.
Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Academic Program Manager - Business Studies Danielle Mercier