ACG 4651 – Auditing and Assurance Services 1

Fall 2007

Syllabus

Class time:5:30-6:50 PM, Tuesdays and Thursdays

Class location:LA 234

Instructor:Karen L. Hooks

e-mail:

Boca office:11:00 AM -12:15 PM, FL 408, Tuesdays and Thursdays

Davie office:4:00–5:15 PM, 7:00-7:30 PM (as needed) Tuesdays and Thursdays

Additional hours by appointment at my Fort Lauderdale office

Fort Lauderdale office:Askew Tower, 548

Fort Lauderdale office phone:954-762-5690

The best way to reach me is in person during office hours or by e-mail. When sending e-mail place ACG 4651 in the subject line to avoid spam filters and unintentional deletion.

Course Description: An introduction to and overview of auditing concepts and techniques. Emphasis is placed on concepts and techniques applicable to the integrated audits of financial statements and internal controls over financial reporting performed by certified public accountants.

Prerequisites:Currently ACG 3131 and 3341; Spring ‘08, ACG 3141 and 4401

Course Learning Objectives: At the end of the course the student should:

  1. Be able to identify the contributions of an integrated audit and a financial statement audit to society, including to individuals, entities and the capital markets.
  2. Understand the nature of the accounting profession, accounting firms and the services they provide, including the role of legislative, regulatory and professional standardsand effects of the legal system and courts.
  3. Be familiar with audit planning, risk assessment, effective internal control over financial reporting, audit procedures and audit reports.

Required Materials:

  1. The text to be used for this class is authored by Karen L. Hooks, is in the process of publication by Wiley & Sons, and is available through Blackboard for this course under “Course Documents.”
  2. Internet access to the auditing standards issued by the PCAOB (pcaobus.org) and the AICPA (aicpa.org).
  3. All information posted on the Blackboard web page for this course. The course syllabus and other information is subject to change and students should check Blackboard regularly for updates. Grades will be regularly posted to Blackboard throughout the term.

Course Requirements:

  1. Class format may consist of lecture, class discussion, problem solving and small group work.
  1. Three non-cumulative scheduled exams, unannounced quizzes, assignments and participation may be used in determining course grades.
  1. Scheduled exams will take place on the date noted on the calendar. If needed (because we get ahead or behind), the material to be covered on the exam will be adjusted, but exam dates will not change from the schedule. If you miss exam 1 or 2, and the absence is excused based on university policy, the points may be made up by additional weighting of the final exam which will, in these cases, be cumulative.
  1. Unannounced quizzes may or may not be a part of the course, at the instructor’s discretion. If they are used the point value is added to that of exams (in other words, points possible for quizzes are added to the denominator of total points possible for exams and points achieved on quizzes are added to the numerator of points achieved for exams.)No make ups are available on quizzes that are missed.
  1. You are more likely to be successful in the course if you complete the assigned reading. Each chapter includes review questions in various places throughout the reading. To encourage you to complete the reading, you are required to answer all of the review questions for each chapter and turn them in, typically at the beginning of the class period when the material is to be discussed. The answers must be prepared in good form using word processing. Answers will not be accepted in any other form than hardcopy at the time they are due and missed points can not be made up. Due dates will be announced in class on an ongoing basis. (If you miss class and suspect an assignment may be due the next class period you can e-mail me and ask me to post a Blackboard announcement. Otherwise, do not count on Blackboard announcements as a substitute for in-class announcements of assignment due dates.) Although no specific format is required, when answers need more than a word, list, or phrase you are expected to use grammar that is appropriate for a college senior. The professor reserves the right to use Turnitin to grade answers to review questions. Answers to review questions will be provided after the due date so you can check your response. Submitted assignments will not be returned. (Recognize that in contrast to much of the accounting curriculum a large amount of auditing is non-quantitative and subjective. Thus, knowledge of underlying information and critical thinking is crucial.)
  1. You should attempt all end of chapter materials assigned. These will not be turned in or graded. The assignments can be found under Assignments on Blackboard. To the extent that time permits we will go over end of chapter materials in class.
  1. Participation is a subjective grade that does not receive a percent value but may be used at the instructor’s discretion, particularly when a student’s cumulative points are close to the “break point” between letter grades for the term.
  1. Uniform Course Policies for the School of Accounting can be found at and apply to this course. Please read the policies, paying particular note to items 7, 11, 12, 16.
  1. It is the responsibility of any students affected to promptly notify the professor of any conflicts due to religious observance so that accommodations can be arranged.
  1. In the event of a hurricane warning or watch class meetings will be governed by university policy, however, while you are able (have power, etc.) you should monitor Blackboard for this course for any announcements. I do not have the authority to cancel class if the university does not close, but I do have the authority to modify the format of the class (for example, to make it a distance learning session or postpone the meeting). Be sensible and be safe. I do not want any student to be hurt because of weather while traveling to or from class.

Points and Grading:

Exam 1100

Exam 2100

Exam 3100

Review Questions*100

*Max of 100 points; 11 or 12 assignments at 10 points each; lowest 1 or 2 grades dropped. Subject to change.

A = 92.00 / B- = 80.00-81.99 / D+ = 68.00-69.97
A- = 90.00-91.99 / C+ = 78.00-79.99 / D = 60.88-67.99
B+ = 88.00-89.99 / C = 70.00-77.99 / F = Below 60
B = 82.00-87.99 / C- = 69.98-69.99

Tentative Schedule:

Week OfChapter Number and Title

8/28Class Introduction

Ch. 1, Introduction to Auditing

Ch. 1 Appendix, Working in a Public Accounting Firm

9/4Ch. 2, Overview of the Integrated Audit

9/11Ch. 3, Auditor’s Role in Society

9/18Ch. 4, Client Acceptance and Preliminary Engagement Procedures

Ch. 4 Appendix, Industry Descriptions

9/25Exam 1

(exam on 9/25; 9/27 will be an online/distance learning class)

10/2Ch. 5, Audit Planning, Risk Assessment and Internal Control

10/9Ch. 6, Understanding Client’s System, Assessing Design Effectiveness

Ch. 6 Appendix 1, Using the Work of Others

Ch. 6 Appendix 2, Specifics of IT General Controls

10/16Ch. 7 Operating Effectiveness of ICFR

Ch. 7 Appendix, Testing IT Controls & Computer Audit Software

10/23Ch. 8 Substantive Procedures and the Financial Statement Audit

10/30Exam 2 (on 10/30, 11/1 content to be announced)

11/6Ch. 9, The Revenue Cycle Process and Related Accounts

11/13Ch.10, Wrap Up and Completing the Integrated Audit

Ch.10 Appendix, Non-Public Company Audits

11/20Selected topics from Chapters 11-14

(11/20 topics to be announced, 11/22 Thanksgiving)

11/27Chapter 15, Legal Environment Affecting Audits

12/4Catch up and review

12/6Reading day

Exam 3, December 11, 20075:30 PM

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