SALEM STATE COLLEGE
School of Business
Course Syllabus – ACC407
Course Number and Title: ACC407 – Auditing Theory and Practice
Professor: Paul F. McGee,CPA
Office Hrs. Tues. & Thurs 10:00 – 12:30 Rm HB311
Monday 9:00 – 10:30 Rm SB205B
Telephone: (978) 542-6647
Fax (978) 741-6027
E-mail paul.mcgee@salemstate.edu
Homepage: www.salemstate.edu/~pmcgee
Course Description: A study of the practical application of accounting knowledge to the problems of auditing. In addition to auditing theory, the course is designed to assist the student in the verification of records, the valuation and analysis of accounts, and the presentation of conclusions. The responsibility of the auditor and the audit program are also examined utilizing an electronic practice case.
Course Objectives:
· To learn about ethical issues facing the profession,
· To convey to students the importance of financial accounting and financial statements,
· To increase a students research skills ,
· To increase a students communication skills; written and oral,
· To encourage and develop students' critical thinking by incorporating a strong decision-making orientation.
· To learn to organize, coordinate, delegate tasks, achieve consensus and resolve conflict through the group experience.
Course Activities to Meet Objectives: Students will be expected to make class presentation and prepare papers - individually and within a team. American Institute of Certified Public Accountants (AICPA) cases will be utilized. Papers will be assigned. All papers must be typed, 1.5 or double-spaced. Grammar, spelling, and punctuation will be important. Most work will be completed in teams. Late work with be accepted, one class after due date, for ˝ credit.
Schedule of Assignments: See Schedule Attached
Course and Grading Policies: Attest Case, written papers, class projects, and graded homework 20%, mid-term 40%, final exam 40%.
Attendance: Regular attendance is strongly recommended. A maximum of three absences may be allowable in this course. A fourth absence may be allowable on special petition from the registrar and me. Any student who is unable to attend classes because of his/her religious beliefs will be excused
Last Day to Withdraw from the Course: The last day on which withdrawal from the course is permitted with a “W” grade is the last day of the tenth week of the semester.
Assistance: Any student having problems with course material should feel free to talk to me to arrange for assistance. I will be available during office hours or by appointment.
Tutoring: Free tutoring is available in the Accounting Lab on South Campus. Hours of operation are posted on the door. The Learning Center is located on the fourth floor of the Library and is open Monday - Friday from 8:30-5:00. Accounting tutors are available. The Writing Center is located in Meier Hall, Room 223.
College Policy Statement: A Salem State College is committed to non-discrimination of handicapped persons as specified in Section 504 of the Rehabilitation Act of 1973. Students who qualify as handicapped persons under the definition of this act should notify me at the beginning of the course so that reasonable modifications in course requirements may be made when necessary. Alternative methods of testing and evaluation are available in all courses offered by Salem State for students with requirements for such methods.
General: The above procedures and following schedule are subject to change in the event of extenuating circumstances.
4 Module B – Professional Ethics
Hmwk: Sarbanes-Oxley Paper
9 Module B Continued
Hmwk: Read Chapter 1
11 Chapter 1 – Auditing and Assurance Services
Hmwk: 1.40, 1.43
16 Chapter 1 - Continued
Hmwk: Read Chapter 2
18 Chapter 2 – Professional Standards
Hmwk: 2.34, 2.38
23 Chapter 2 - Continued
Hmwk: 2.40, 2.43, 2.45
25 Chapter 3– Reports on Audited Financial Statements
Hmwk: 3.29, 3.37
30 Chapter 3 - Continued
Hmwk: 3.33
2 Chapter 4 – Materiality and Risk
Hmwk: 4.39, 4.45, 4.4718
7 Chapter 5 – Audit Planning
Hmwk: 5.36, 5.38, 5.39, 5.43
9 Chapter 5 – Continued
Hmwk: 5.39
14 Chapter 5 - Continued
Hmwk: Case
16 Chapter 5 - Continued
Hmwk: Case
21 Catch- up
Hmwk: Study for Mid-Term
23 Mid-Term Exam.
Hmwk: Read Chapter 6
28 Chapter 6 – Internal Control Evaluation
Hmwk: 6.53, 6.55
30 Chapter 7 – Fraud
Hmwk: Forensic Accounting Consulting Engagement p.218 + 219
4 Chapter 7 - Continued
Hmwk: Case
6 Chapter 8 – Revenue and Collection Cycle
Hmwk: 8.56, 8.57
13 Chapter 8 - Continued
Hmwk: 8.58
18 Chapter 9 – Acquisition and Expenditure Cycle
Hmwk: 9.47, 9.49
20 Chapter 9 - Continued
Hmwk: 9.52
25 Chapter 9 – Continued.
Hmwk: 9.54
2 Chapter 12 – Completing the Audit
Hmwk: Case
4 Chapter 12 - Continued
Hmwk: 12.44, 12.47
9 Chapter 12 - Continued
Hmwk: Study for Final
The student is responsible for all that goes on in class whether you are present or not.