McNellis, Casey J.

English

University of Montana

University of Montana ScholarWorks at University of Montana Syllabi Course Syllabi 1-2015 ACTG 411.01: Auditing I Casey J. McNellis University of Montana - Missoula, casey.mcnellis@umontana.edu Follow this and additional works at: https://scholarworks.umt.edu/syllabi Let us know how access to this document benefits you. Recommended Citation McNellis, Casey J., "ACTG 411.01: Auditing I" (2015). Syllabi. 2554. https://scholarworks.umt.edu/syllabi/2554 This Syllabus is brought to you for free and open access by the Course Syllabi at ScholarWorks at University of Montana. It has been accepted for inclusion in Syllabi by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact scholarworks@mso.umt.edu. UNIVERSITY OF MONTANA SCHOOL OF BUSINESS ADMINISTRATION ACTG 411 – AUDITING I (3 CREDITS) – SPRING 2015 SECTION 1:  MW 9:40 – 11:00 AM – GBB 201 SECTION 2:  MW 11:10 AM – 12:30 PM – GBB 201  Instructor:  Dr. Casey J. McNellis, PhD, CPA Office:  GBB 309 Office Hours:  MW 12:35 – 2:05 p.m.; 3:35 – 4:35 p.m. & by appointment     Email:   Casey.McNellis@business.umt.edu Phone:  406-243-4698   Course Learning Goals  At the completion of this course, a successful student will be able to: 1. Describe the relationship between attestation, assurance, and auditing engagements and their roles in society  2. Understand the role of ethics, the Code of Professional Conduct, professional skepticism, and professionalism in the profession  3. Identify important audit standard-setting bodies and processes  4. Understand generally accepted auditing standards  5. Write the standard audit report and understand when standards require variations from it  6. Understand the distinct steps in the audit process, including how activities in different phases of the audit relate to one another  7. List and explain management’s financial statement assertions, and relate audit objectives to assertions  8. Define the elements of audit risk, their relationship to one another, and how internal and external factors impact the elements of audit risk  9. Thoroughly understand best practices for internal control and how internal controls relate to audits of both public and nonpublic entities, including the impact on the audit of ineffective controls 10. Differentiate audit standards and requirements for public company versus private entity audits  11. Understand the auditor’s responsibility with regards to fraud  12. Identify and associate audit procedures in a particular area with risks, assertions, and audit objectives for the area  13. Identify required audit communications and documentation. 14. Understand current events impacting the audit profession  15. Articulate how auditors are regulated 16. Perform work and make judgments under time pressure.   Pre-requisites:  ACTG 306, ACTG 321, and all lower business core; OR enrollment as a PMAC or MAcct student who has been advised to take the course.  ***THIS COURSE MUST BE TAKEN FOR A LETTER GRADE***  Drop/Add Policy The last day to drop the class is the 45th instructional day (Monday, April 6th – 5:00 PM).  After this date, students must petition to drop the course (grade = WP only for grade percentages of 70% or higher at the time the petition is initiated).  I will not sign petitions to drop after April 6th unless the circumstances are extraordinary (i.e. accident or illness; family emergency; or other circumstances beyond the student’s control).  Per university policy, drop slips will not be signed for any reason after the last day of semester instruction. All of the policies can be found at the following link: http://www.umt.edu/registrar/.  Please note that poor academic performance and its consequences are not valid reasons for petition approval.  Required Materials Custom textbook:  Auditing & Assurance Services, 6th edition, by Louwers, Ramsay, Sinason, Strawser, and Thibodeau.  This text is available at the bookstore and is sold with a CONNECT access code included.  See Moodle for CONNECT registration information.    Performance and Evaluation* Exams (3 @ 120 points each)      360 45.0% CONNECT Homework (8 @ 5 points each)      40   5.0% Research Cases (4 @ 20/60/50/30)   160      20.0% Audit Cases (2 @ 40 points each)      80 10.0% Final Project       160 20.0% Total                  800 *Failure to complete any of the assessments will result in a failing grade (F) for the course.  Grading Criteria Course grades will be determined as identified below.  Grades are not negotiable. A 92-100%                                 A- 90-91.999% B+ 87-89.999% B 82-86.999% B- 80-81.999% C+ 77-79.999% C 72-76.999% C- 70-71.999% D+ 60-69.999% D 50-59.999% F Below 50%  Grade Requirements:  C- or better to count in major  Assessments There will be three exams throughout the semester.  The exams will cover topics discussed in class, assigned homework, and readings from the textbook.  Exams will consist of multiple-choice questions and/or problems.  There will be no make-ups unless legitimate documentation substantiating an illness, a family emergency, a school-sponsored event, etc. is provided.  If you have an emergency, please contact me by email or phone PRIOR TO THE EXAM to make arrangements.    CONNECT Homework  The process of completing homework exercises is integral to understanding the concepts underlying the audit process.   Homework will be assigned for most chapters and MUST be completed in CONNECT by the due date designated in the course schedule below.  Completion of homework exercises is not a guarantee of success in this course.     Group Work The Research Cases, Audit Cases, and Final Project will be completed in groups, which will be chosen at the beginning of the semester.  In general, the individuals within a group will receive the same grade based upon the group’s collective efforts and performance.  However, throughout the semester, I will ask for feedback from each student regarding his/her group experience.  If particular group members do not contribute equally to the effort and performance of the group, I reserve the right to assign different grades for each group member, based upon my own assessment of effort and performance in conjunction with the feedback from group members.    Participation & Attendance Attending class is strongly recommended.  However, simply showing up for class is not sufficient for success in this course.  Students are expected to actively participate in all aspects of the course.  Exams will cover material from the text as well as material discussed in class (that is not in the text).  Additionally, material covered in this course is also covered on a number of professional certification exams. The CPA, CIA, CISA, and CFE exams all include concepts from this course to some extent. This course covers most, but not all, of the material tested on the Auditing section of the CPA exam.  Graduate Credit  Graduate students wishing to take ACCT 411 for graduate credit must complete an additional project/research assignment. The details will be provided by me.  All graduate students need to meet with the instructor the first week of class to inform the instructor if graduate credit is desired.   It is the student’s responsibility to change credit status to undergraduate if the graduate option is not selected.  Student Conduct  Show up to class on time  Keep cell phones off during class  Put cell phones, laptops, etc. away during exams  Respect each other  Be professional  Academic Misconduct   Academic honesty is fundamental to the activities and principles of a university.  All members of the academic community must be confident that each person’s work has been responsibly and honorably acquired, developed, and presented.  Any effort to gain an advantage not given to all students is dishonest whether or not the effort is successful.  The UM academic community regards academic dishonesty as an extremely serious matter, with consequences that range from failure to expulsion.  If you have questions about issues related to academic dishonesty, please review the Student Conduct Code (http://life.umt.edu/vpsa/student_conduct.php) and/or talk to the instructor.    Students with Disabilities Reasonable accommodations are available for students with a documented disability.  If you think you may have a disability adversely affecting your academic performance, and you have not already registered with DSS, please contact DSS in Lommasson 154.  The University of Montana assures equal access to instruction through collaboration between students with disabilities, instructors, and Disability Services for Students (DSS).  “Reasonable” means the University permits no fundamental alterations of academic standards or retroactive modifications.  For more information, please consult http://www.umt.edu/disability.  Email According to University policy, faculty may only communicate with students regarding academic issues via official UM email accounts.  Accordingly, students must use their GrizMail accounts (netid@grizmail.umt.edu or fname.lname@umontana.edu). Email from non-UM accounts will likely be flagged as spam and deleted without further response.  To avoid violating the Family Educational Rights and Privacy Act, confidential information (including grades and course performance) will not be discussed via phone or email.  School of Business Administration Mission Statement The University of Montana’s School of Business Administration is a collegial learning community dedicated to the teaching, exploration, and application of the knowledge and skills necessary to succeed in a competitive marketplace.    Accounting Program Mission Statement The Department of Accounting and Finance prepares ethically aware decision makers with effective analytical and qualitative business knowledge and skills to become professionals in their respective fields.  We commit to high quality teaching and applying scholarship to professional practice and theory.  The undergraduate accounting program is committed to preparing students to apply accounting and business knowledge in organizations.  Assessment and Assurance of Learning Goals As part of our assessment process and assurance-of-learning standards, the School of Business Administration has adopted seven learning goals for all undergraduate students, and the accounting program has adopted four additional learning goals for accounting majors.  SoBA graduates will:  1. Possess fundamental business knowledge. 2. Be able to integrate business knowledge. 3. Be effective communicators. 4. Possess problem solving skills.  5. Have an ethical awareness. 6. Be proficient users of technological skills. 7. Understand the global business environment in which they operate.  Accounting majors will: 1. Possess fundamental accounting knowledge.  2. Be effective business writers. 3. Critically analyze and solve problems, using technology where appropriate. 4. Understand the importance of ethics to the accounting profession and demonstrate ethical decision making.  Course Schedule Date Topic (subject to change) Deadlines (homework due at 9:30 a.m. on specified due dates) Jan 26 Introduction  Jan 28 Chapter 1 – Auditing and Assurance Services  Feb 2 Chapter 1 – Auditing and Assurance Services  Feb 4 Chapter 2 – Professional Standards  Feb 9 Module B – Professional Ethics  Feb 11 Exam 1 Introduction to Research Case 1 Chapter 1/Chapter 2/Module B Homework Due Feb 16 PRESIDENTS DAY – NO CLASS   Feb 18 Research Case 1 Research Case 1 Due Feb 23 Chapter 4 - Management Fraud and Audit Risk  Feb 25 Chapter 3 – Engagement Planning  Mar 2 In-class audit case  Mar 4 Chapter 4 – Management Fraud and Audit Risk  Mar 9 Chapter 5 – Risk Assessment:  Internal Control Evaluation Introduction to Audit Case 1  Mar 11 Exam 2 Research Case 2 Chapter 3/Chapter 4/Chapter 5 Homework Due Mar 16 Research Case 2 Introduction to Final Project Research Case 2 Due Mar 18 Chapter 6 – Employee Fraud and the Audit of Cash  Mar 23 Chapter 7 – Revenue and Collection Cycle  Mar 25 Audit Case 1 Audit Case 1 Due – Mar. 27 12:00 p.m. Mar 30 SPRING VACATION – NO CLASS  Apr 1 SPRING VACATION – NO CLASS  Apr 6 Chapter 8 – Acquisition and Expenditure Cycle  Apr 8 Chapter 8 – Acquisition and Expenditure Cycle Audit Case 2  Apr 13 Audit Case 2  Apr 15 Research Case 3 Research Case 3 Due Apr 20 Chapter 11 – Completing the Audit Audit Case 2 Due Apr 22 Chapter 12 – Reports on Audited Financial Statements  Apr 27 Exam 3 Introduction to Research Case 4 Chapter  11/Chapter 12 Homework Due Apr 29 Final Project  May 4 Research Case 4  Research Case 4 Due May 6 Final Project Final Project Due Monday, May 11 3:00 p.m.  

ACTG 411.01: Auditing I

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ACTG 411.01: Auditing I

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