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Delaware Technical & Community College

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Delaware Technical & Community College

    Version Date: March 20, 2001

     Delaware Technical & Community College Georgetown ? Dover ? Stanton ? Wilmington

     DELAWARE TECHNICAL & COMMUNITY COLLEGE

Owens Campus:

Business Administration Department:

ACC251, Auditing Course Number and Title:

     Instructor Name: Telephone:

    Email:

ACC231, CIS112, MAT250 Prerequisite:

3 Credits 2 hours Lecture/Week Course Hours and Credits:

     2 hours Lab/Week

A study of external audit process, including ethical and Course Description:

    legal environment, audit planning, control risk

    assessment, substantive testing, and audit report.

Auditing Concepts and Applications: A Risk Analysis Required Text(s):

    Approach by Larry F. Konrath, current edition.

Contemporary Auditing, Issues & Cases by Michael Additional Materials:

    Knapp.

Campus classroom Method of Instruction:

None Manuals:

Not Applicable Disclaimer:

Core Course Performance Objectives:

The student will be able to:

1. Explain the demand for audit services and enumerate the types of audit

    engagements and types of auditors. (CCC-1; PGC-12 & 13)

    2. Discuss and list the groups that impact the profession and auditing standards.

    (CCC-1 & 4; PGC-12 & 13)

3. Discuss and explain the concept of materiality and audit risk. (CCC-1 & 4;

    PGC-12 & 13)

    4. List and explain the relationship between evidential matter and the auditor’s

    report. (CCC-1 & 4; PGC-12 & 14)

5. Demonstrate knowledge of content and organization of working papers. (CCC-1

    & 4; PGC-12 & 13)

6. Develop an understanding of pre-engagement activities including the

    components of internal control. (CCC-1 & 4; PGC-12 & 13)

7. Enumerate the types of audit sampling. (CCC-1 & 7; PGC-12 & 13)

    8. Identify specific audit objectives related to the auditing of the revenue cycle,

    expenditure cycle and/or the financing and investing cycle. (CCC-1, 2 & 4; PGC-

    12 & 13)

    9. Differentiate among unqualified opinions, qualified opinions, adverse opinions,

    and disclaimers of opinions. (CCC-1 & 4; PGC-12 & 13)

10. Demonstrate the ability, either individually or as part of a team, to analyze the

    risk involved in a particular audit engagement, determine the areas needing

    additional investigation, and communicate audit results to the company or its

    representative. (CCC-1, 2, 3, 4 & 5; PGC-12, 13 & 14)

MEASUREABLE PERFORMANCE OBJECTIVES

1. Explain the demand for audit services and enumerate the types of audit

    engagements and types of auditors.

    1.1 Identify the various kinds of assurance services performed by

    independent CPAs.

    1.2 Differentiate between internal and independent auditing and between

    accounting and auditing.

    2. Discuss and list the groups that impact the profession and auditing standards. 2.1 Discuss the impact on auditing standards from the following groups:

    2.1.1 AICPA

    2.1.2 American Accounting Association

    2.1.3 Financial Executives Institute

    2.1.4 Institute of internal Auditors

    2.1.5 Institute of Management Accountants

    2.2 Describe the generally accepted auditing standards.

    2.3 Describe the framework that defines the quality of independent auditing.

    2.4 Differentiate between auditing standards and auditing procedures.

    3. Discuss and explain the concept of materiality and audit risk. 3.1 Define the three components of audit risk.

    3.2 State audit risk in equation form.

    3.3 Incorporate materiality considerations into the gathering and evaluation of audit evidence.

    3.4 Explain the relationships among risk, materiality, and evidence and how these

    relationships are reflected in the development of audit programs. 3.5 Describe how audit risk analysis affects the development of audit programs.

    4. List and explain the relationship between evidential matter and the auditor’s

    report.

    4.1 Describe the framework, in terms of objectives, evidence and procedures

    for conducting an independent financial audit.

    4.2 Explain how an auditor determines when sufficient evidence has been obtained.

    4.3 Describe the standard audit report and the conditions under which it is issued.

    4.4 Identify types of evidence produced by basic procedures.

    5. Demonstrate knowledge of content and organization of working papers.

    5.1. Describe the components of complete workpapers

    5.2. Explain the major function of audit workpapers.

    5.3. Differentiate between current and permanent audit workpaper files.

    6. Develop an understanding of pre-engagement activities including the

    components of internal control. 6.1 Explain the factors that the auditor should consider when developing and planning audit

    programs.

    6.2 Define internal control.

    6.3 Describe the five components of internal control.

    7. Enumerate the types of audit sampling.

7.1 Differentiate between statistical and nonstatistical sampling.

    7.2 Identify the commonly used statistical sampling methods

7.3 Define the following terms:

    7.3.1 Expected occurrence rate;

    7.3.2 Tolerable occurrence rate

    7.3.3 Risk of underassessment;

    7.3.4 Upperoccurence limit.

     7.4 Apply attribute sampling to a control testing example.

    8. Identify specific audit objectives related to the auditing of the revenue cycle,

    expenditure cycle and/or the financing and investing cycle.

8.1 Identify the specific management assertions that become the objectives for the audit of

    transactions and balances.

    8.2 Explain how these objectives support financial statement fairness.

    8.3 Identify specific audit objectives related to the revenue cycle, the expenditure cycle and

    the financing or investing cycle.

    9. Differentiate among unqualified opinions, qualified opinions, adverse opinions,

    and disclaimers of opinions.

9.1 List the conditions necessary for an unqualified audit opinion.

    9.2 Explain how the type of opinion should be communicated in an audit report.

    9.3 Explain the purpose of a disclaimer of opinions.

    10 Demonstrate the ability, either individually or as part of a team, to analyze the

    risk involved in a particular audit engagement, determine the areas needing

    additional investigation, and communicate audit results to the company or its

    representative. (CCC-1, 2, 3, 4 & 5; PGC-12, 13 & 14)

10.1 Prepare an analysis of an audit engagement.

    10.2 Suggest several areas needing additional investigation

    10.3 Prepare an audit report.

    Evaluation Criteria/Policies:

    Students will demonstrate proficiency on all measurable performance objectives at

    least to the 75 percent level to successfully complete the course. The grade will be

    determined using the College Grading System:

     92 100 = A

     83 91 = B

     75 82 = C

     0 74 = R

Students should refer to the Student Handbook for information on Academic Standing

    Policy, Academic Honesty Policy, Student Rights and Responsibilities, and other

    policies relevant to their academic progress.

Student’s Class Grade Determination:

Written Examinations 75%

    Class Project 25%

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