ACCT 430 Auditing Course Guide
The course will emphasize concepts and principles which enable the student to understand the philosophy and environment of auditing and assurance services theory and practice. It provides an overview and understanding of the public accounting profession and the professional standards utilized in providing auditing and other assurance services, and reporting on financial statements.
Topics studied in the course include:
• The role of the accountant and auditor in the American Economy
• Professional standards, integrity and ethics
• Legal liability of CPA’s
• Audit planning and risk assessment
• Audit evidence and documentation
• Internal control and its implications in an information technology environment
• Audit sampling
• The audit of financial statement accounts using both the balance sheet and business activity cycles approaches
• Audit reports
• Special reports and Accounting and Review Services
• Other assurance services
The prerequisites for this course include ACCT-200 Financial Accounting, ACCT-205 Managerial Accounting, ACCT-300 Intermediate Accounting I, ACCT-305 Intermediate Accounting II, ACCT-350 Cost Accounting, and ACCT-400 Advanced Accounting.
Students should also have a working knowledge of word processing and business report writing.
Recommended Teaching Methodology
The course will be conducted using an interactive format of lecture, discussion, and coverage of various exercises, problems and cases involving the application of auditing and assurance services concepts and principles. In-class presentations and review of current publications and materials from various media and databases will be used to emphasize current topics and related issues of audit risk and planning, financial standards, legality, governance, professional ethics, and integrity.
Student assignments will be on both an individual and small group (team) basis. The team approach to auditing should be emphasized. A major team project assignment should be used to augment this aspect of the program.
Guest lecturers should be invited to participate in the program by presenting lecture and dialogue on current professional “hot topics”.
Statement of Expectations
The course is designed for senior accounting majors. Students are expected to take an active role in their learning experience and must read the assigned material and prepare any written individual or team assignments prior to class meetings. Class attendance is mandatory and any absences should be minimal and require notification to other team members regarding the status and completion of any in-process project work.
Learning for the course will take place in and out of the classroom. Students are encouraged to begin an active association in the profession of accounting, and to be attentive to current professional issues and developments in accounting and auditing. This includes reading, attention to current media, thinking and engaging in dialogue in class on those topics.
The concept of academic integrity lies at the very heart of any college program. This is particularly true of Siena College with its strong Franciscan Tradition and its dedication to fostering sound moral growth. In such an environment academic dishonesty cannot be tolerated. Students who commit such acts expose themselves to punishments as severe as dishonorable dismissal from the college.
Academic dishonesty can take different forms, including, but not limited to: cheating (dishonesty in a test situation), plagiarism (dishonesty in the presentation of materials in a paper or report), and computer abuse. In any situation in which a student is unsure of what constitutes academic dishonesty, it is the student’s responsibility to be familiar with the student guidelines on academic honesty, “Academic Integrity and the Siena Student”, which can be found in Siena Life.
The Siena Committee on Academic Integrity hears cases of alleged academic dishonesty. This student/faculty committee reviews evidence for and against the accused. If the student is found guilty, the committee will determine the appropriate sanction(s), which may include failure of the course, suspension from the College, or permanent dismissal. A statement of the reasons for such sanctions will be placed in the student’s file.
Alleging ignorance of what constitutes academic dishonesty or of the College’s policy on the subject will not be considered a valid explanation or excuse.
Upon successfully completing this course students will:
• Understand generally accepted auditing standards (GAAS) and the procedures of auditing financial statements and providing other financial statement assurance services.
• Have a clear perspective of the financial auditing and accounting environment, and the purpose and content of professional ethics and the AICPA Code of Professional Conduct.
• Be alert to the continuing changes in the auditing profession and the current events that impact and shape financial statement assurance services.
• Demonstrate the application of audit principles and procedures, preferably by a team-based project.
• Understand the significance and implications of protecting against CPA’s liability risk exposure in providing client services.
Recommended Assessment Measures
Student understanding and ability will primarily be assessed by examinations, including a comprehensive final exam. In addition, there will be an evaluation of each student’s participation and contribution to a major team project which will be underway for approximately 2/3 of the semester. That assessment will consist of both instructor and peer evaluations. Individual lab assignments will also be considered in the overall student evaluation process.
Institutional Mechanism for Providing Feedback for Continuous Quality Improvement
There will be continual ongoing program review of the course curriculum and content to accommodate update and state-of-art focus on financial auditing and assurance services.