Auditing

Curriculum Guideline

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Course
ACCT 4750
Discontinued
No
Course Code
ACCT 4750
Descriptive
Auditing
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
202230
PLAR
No
Semester Length
15 Weeks
Max Class Size
30
Course Designation
None
Industry Designation
None
Contact Hours

In person: Lecture and/or Seminar: 1 X 3 hours per week OR 2 X 2hrs per week

or

Hybrid: minimum 50% in person and up to 50% online

or

Online: Synchronous and/or Asynchronous

Method(s) Of Instruction
Online
Hybrid
Lecture
Seminar
Learning Activities

Lectures, seminars and group discussions.

All methods of instruction apply to in class, hybrid and/or online modes of learning.

Course Description
This course covers concepts and procedures of external auditing. Topics include: reporting, professional standards and ethics, legal liability, audit objectives, evidence and documentation, planning and analysis, materiality and risk, internal control, sampling, and computer auditing including the use of data analytics tools. Attest procedures related to the revenue and collection cycle, acquisition and expenditure cycle, inventory and capital asset balances, production and payroll cycle, investments, long term debt and equity balances, and the finance and investment cycle are studied. Completion of the audit, including evaluation and communication of findings is also covered.
Course Content
  1. Professional standards, ethics and legal liability.
  2. Audit objectives, evidence, procedures and documentation.
  3. Planning, materiality and risk.
  4. Internal control.
  5. Audit sampling.
  6. Computer auditing including the use of data analytics as an audit tool.
  7. Revenue and collection cycle and acquisition and expenditure cycle.
  8. Inventory and capital asset balances, production and payroll cycle, and finance and investment cycle.
  9. Investments, long term debt and shareholders’ equity balances, and completion of the audit.
Learning Outcomes

At the end of the course, the successful student should be able to:

  1. Discuss the environmental context and issues relating to the attest function;
  2. Plan an audit taking into account concepts of evidence, risk and materiality;
  3. Evaluate internal controls;
  4. Explain sampling techniques and auditing in a computer environment using data analytics where appropriate;
  5. Discuss and perform audit procedures as and when appropriate;
  6. Explain the importance of data integrity and systems reliability in supporting effective decision making.
Means of Assessment
Assignments/projects/cases/tests  30%
Midterm examination  35%
Final examination  35%
  100%

Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.

Students must write both the midterm examinations and the final examinations to pass the course.

To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.

Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.

Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.

 

Textbook Materials

Textbooks and Materials to be Purchased by Students

Robertson & Smieliauskas, Auditing: An International Approach, latest Canadian edition. McGraw-Hill Ryerson, Toronto, or other textbooks as approved by the accounting department.

Instructor compiled materials (if applicable).

Faculty of Commerce and Business Administration approved calculators

Prerequisites

ACCT 3880 with a minimum grade of C
AND
ACCT 3310 with a minimum grade of C
AND
ACCT 3410 with a minimum grade of C
AND
(BUSN 2429 with a minimum grade of C OR BUSN 3431 with a minimum grade of C)

OR

ACCT 3310 with a minimum grade of C AND currently active in:
PBD Accounting
PBD Accounting & Finance
PDD Accounting