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
Not Specified
PLAR
No
Semester length
15 Weeks
Max class size
30
Course designation
None
Industry designation
None
Contact hours

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

Method(s) of instruction
Lecture
Seminar
Learning activities

Lectures, seminars and case studies. 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

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

Assignments/projects/tests AND case analysis  30%
Midterm examination  35%
Final examination  35%
Total 100%

 

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

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

Moroney, Campbell, Hamilton & Warren. Auditing: A Practical Approach, latest Canadian edition. Wiley, or other textbooks as approved by the accounting department.

Only Faculty of Commerce and Business approved calculators may be used in examinations.

Prerequisites

ACCT 3310 AND ACCT 3410 AND (BUSN 2429 OR BUSN 3431)

OR

ACCT 3310 AND (currently active in the PDD Accounting or PDD Accounting Studies or PBD Accounting or PBD Accounting & Finance programs)