Herron, Terri L.

English

University of Montana

University of Montana ScholarWorks at University of Montana Syllabi Course Syllabi Spring 2-1-2018 ACTG 641.01: Advanced Auditing Terri L. Herron University of Montana - Missoula, terri.herron@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 Herron, Terri L., "ACTG 641.01: Advanced Auditing" (2018). Syllabi. 7241. https://scholarworks.umt.edu/syllabi/7241 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. 							 	 	 		 	 	 					 	 	 		 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 		 	 	 	 					 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 		 	ACTG	 641	 –	 Advanced	 Auditing 		Spring 	2018 MW 8-11am, GBB 225 Dr. Terri Herron, CPA Office 	Hours:	 terri.herron@umontana.edu 406.243.5878  MW 2-3:30 and by appt ACTG 	641	- 	Advanced	 Auditing	( 3	Cred its) 	Research cases in auditing and coverage of contemporary topics in auditing, typically including attestation standards, other reports and services, legal and ethical environment, and fraud detection. Course	O bjectives ACTG 641 extends the foundational audit	 concepts learned in ACTG 411. Students will apply audit	 standards to complex cases, apply data	 analytics techniques in an audit	 environment, learn standards applicable to other attest	 and non-audit/non-tax engagements, develop judgment	 and decision making	 skills, and research professional topics. Program Learning	Go als (PLG) This is a	 required course in the MAcct. Program learning goals are for MAccts students to: 1.	 Obtain a	 deeper master of technical accounting competencies 2.	 Understand the role of the accounting profession in business and the economy, along with the importance of professionalism and ethics in carrying out	 this role 3.	 Communicate effectively through both written and verbal means 4.	 Demonstrate a	 high level of critical thinking skills 5.	 Be	prepared for certification as a	 CPA Course	L earning	Go als This course facilitates the program learning goals. ACTG 641 students will: •	 Understand external auditing standards and practices applicable to public companies, private companies, nonprofits, and government	 entities (PLG	1, 2, 5) •	 Apply external auditing standards using a	 data	 analytics tool (PLG	1, 4) •	 Contribute to discussions with insightful comments and questions (PLG	3, 4) •	 Analyze fact-base cases, applying applicable professional standards (PLG	1, 	2,	 3,	 4,	 5) •	 Understand standards applicable to non-audit	 services (PLG 1, 2,	 5) •	 Identify judgment	 and decision-making pitfalls common in auditing (PLG 2,	 4) •	 Understand current	 events impacting audit-related services (PLG 1, 2) Prerequisites Admission to MAcct., cumulative GPA of 3.0 or better in all accounting fundamental courses taken to date, ACTG 411, graduate student	 in business or consent	 of accounting graduate director. This	course 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 			 	 	 			 	 	 	 	 	 		 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 			 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 		 	 	 	 	 		 	 	 	 			 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 		 	 	 	 	 	 	 			 	 	 		 	 	 	 	 		 	 	 	 		 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 		 	 	 	 	 											 		 			 	 	 		 	 					 			 	 						 	 	 	 	 	 	 	 	 						 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 	 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 			 	 		 	 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 	 	 	 		 	 	 	 	 	 	 		 	 	 	 	 	must	 be taken for a	 letter grade. Students must	 complete this course with a	 C or better to take (or continue in) the review course, ACTG 694 Accounting Problems. How You Will Learn The only thing certain about	 the audit	 environment	 is uncertainty. Auditors at	 every level make judgments every day. My goal for you is that	 you will learn to critically think in situations where there is no black and white answer, for you to exercise your professional skepticism, for you to learn when to speak up and when to listen.		 I	 expect	 you to demonstrate a	 strong knowledge of auditing standards by applying them to cases. You will learn the basics of standards applicable to non-audit	 services such as compilations, reviews, and agreed-upon procedures. This course includes learning how to use actual audit	software to accomplish audit	 procedures, and you’ll use a	 number of data	 sets to practice these procedures. Finally, as you are on the cusp of launching your careers, you will give some serious consideration to what	 you really need to know to be successful in the first	 couple of years.		You	will	do	 this through research 	and 	presentation on a	 professional life topic. Some work will be completed individually and some in teams. Required	 Textbook You are required to purchase this new from the bookstore. It	 includes a	 code for one-time download of the software, so you cannot	 buy it	 used under any circumstances. Data Analytics for Auditing Using ACL (4ed),	 Arens,	 Elder,	 & Borsum	 2017. Armond Dalton Publishers Inc. (set	 of 2 books) How You Will Be	A ssessed Audit	 cases and other assignments 25% A =	 92.0%+ Professional topic presentation 20% A- =	 90.0-91.9% ACL projects 35% B+	 =	 88.0-89.9% Quizzes 10% B =	 82.0-87.9% Participation 10% B- = 80.0-81.9% Total 100% C+	 =	 78.0-79.9% C =	 70.0-77.9% Students must	 earn a	 C or better in this required graduate course. Participation Being a	 good audit	 team member requires effective interpersonal skills. These include being prepared for meetings, speaking up in meetings, and being an active, effective listener. I	 will assess student	 participation after each class period where discussions are a	 significant	 portion of class. You will receive a	 positive mark if you engage in discussion and/or answer questions without	 being col- called. You will receive a	 negative mark if you do not	 engage, you are not	 actively listening (e.g., looking at	 your phone), and/or dominating a	 discussion. I	 expect	 attendance at	 every class unless you are ill. Cases A number of cases will be assigned in this course – some individual and some group cases. All case solutions must	 be typed with proper grammar, punctuation, and appropriately concise and to the point. Evidence supporting conclusions should be cited, where appropriate (e.g., applying a	 particular audit	 standard). Students will both lead and participate in case discussions. Due to the nature of auditing, there may not	 be “right” answers to case questions. These cases will be assessed on your ability to support	 your position with evidence. 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 		 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 					 		 	 	 	 	 	 	 	 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 			 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	 					 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 			Professional Topic	Pres entations One surprise students have when they start	 their careers is that	 there are lots of things that	 can make your professional life easier or harder. Student	 teams will self-identify a	 topic of substance to research and create a	 45-minute “CPE style” training session to the class. You are encouraged to contact	 local CPAs to get	 insights into your topic. These topics are not	 necessarily related to accounting but	 are focused on the whole person, whether it	 be focused on expertise, efficiency, health, or wellness.		Think of it	 as “How to Adult” but	 for new CPAs and much more in-depth. ACL Projects Audit	 Command Language (ACL) is a	 commercial software package used by many audit	 firms, including the Big 4. It	 is a	 Windows-based database application that	 allows auditors to review, extract, sample, compare, manipulate, and evaluating entire client	 files/populations. Each student	 will purchase a	 book that	 has a	 code allowing you to download the software on a	 laptop. If you have a	 Mac, you need to have the Windows operating system installed (more about	 this in class). The first	 part	 of the projects are self-directed training activities and exercises so that	 you can become proficient	 in the in using the software (not	 graded). The second part	 of the projects is a	 series of cases where you will complete tasks using simulated data	 files (graded). Some portion of the second part	 will be completed in teams. Several class days are designated as ACL project	 work days so you can complete these projects entirely outside of class. There will be an ACL quiz	 where you demonstrate your proficiency with the software. Quizzes In addition to the ACL quiz, you will complete a	 few quizzes on content	 learned in the course. These will 	be	pre-announced. Excused	absences Absences are “excused” ONLY in these very narrow and specific situations: (1) University-approved absences with documentation, (2) documented health emergencies, (3) civil service such as military duty and jury duty, (4) documentation of a	 job interview during class, and (5) other emergencies deemed appropriate by the instructor. In all cases, you must	 notify me prior to the quiz/exam unless the emergency makes such notification infeasible. Most	 reasons students miss class do not	 fit	 the excused absence definition. For example, oversleeping, feeling under the weather, traveling for work, or taking care of other personal business are not	 excused absences. Note that	 I	 do not	 provide makeup quizzes/exams or provide due date extensions unless there is a	 pre-approved excused	 absence. Academic	Ho nesty Did you know research tells us that	 students who cheat	 are more likely to commit	 fraud in their professional life? All students are expected to practice academic honesty. Specifically, you are not	 to use any unauthorized source in completing cases and assignments (such as solutions manuals, completed cases) or work with other students unless it	 is specified as a	 team assignment. 	 	 		 	 	 	 	 	 	 	 	 	 	 	 		 	 		 	 	 	 	 	 	 	 	 	 	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 		 	 	 	 	 					 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 		 	 	 	 	 		 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 		 		 	 	 	 	 	 	 	 	 	 	 						 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 			 	 	 		 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 			Work Product Pride Auditors have their work reviewed by supervisors, managers, and one or more partners. As well, auditor documentation is reviewed during the intra-firm quality control, peer review, and PCAOB inspection processes. I	 expect	 you to produce work products that	 are neat, concise, easy to read, and complete. Technical work products	should	reference authoritative literature, and where appropriate, contain a	 clearly marked purpose and conclusion. Availability Most	 weeks, office hours will be Monday and Wednesday from 2-3:30. Some weeks, I	 will need to move office hours to accommodate some of my other work commitments. I	 make every attempt	 to respond to emails within 24 hours during the business week. Please reserve your more detailed questions for in-person visits. Accommodations If you have a	 disability accommodation request, please see me before the end of the second week. I	 require certification from the DSS office; no foreign language accommodates are provided. Any accommodations must	 not	 alter the nature of the course or impede on learning objectives. Adds/Drops • 	 January	 30 	is 	the 	last	 day 	to 	add 	the 	course 	without	 instructor 	approval. 		Makeup 	work	 for 	late 	adds 	will 	not	 be 	offered. 			• 	 February	 9th 	is 	the 	last	 day	 to 	drop 	the 	course	 without	 instructor 	approval. 	• 	 April	 2nd	 is	 the	 last	 day	 to	 drop	 the	 course	 without	 petitioning 	the	 dean.		 I	 follow	UM	 and	 departmental	 policy	 for	 petitions. 	Thus,	 I	 will 	not	 approve	 petitions 	to	 drop 	after	 April 	2nd	 unless	 the	 student	 meets	 the	 requirements	 in 	the	 UM	catalog, 	 which 	states,	 “During 	this 	timeframe,	 students 	may	 drop 	courses 	only 	by 	petition. 	Note 	that	 not	 all 	petitions 	are 	approved, 	and 	that	 documented 	justification 	is 	required. 	Some 	examples 	of 	documented 	circumstances 	that	 may 	merit	 approval 	are:	 accident	 or 	illness, 	family 	emergency,	 or 	other 	circumstances 	beyond	 the	 student's 	control. 	Instructors	 and 	advisors 	have	 the	 right	 to 	indicate 	they 	do 	not	 recommend	 the 	drop. 	However,	 it	 is 	the 	decision 	of 	the	 Dean	 of 	the	 student’s 	major	 to	 approve	 or	 deny	 the 	request	to  	drop 	courses” 	(emphasis 	added). 	Please 	note 	that	poor  	academic 	performance 	and 	its 	consequences 	are 	not	 valid 	reasons	 for 	petition 	approval. 	If 	approved, 	grade=WP	 only 	for 	70%	or	higher.			 •	  Note: 		you 	must	 complete 	this 	course 	with 	a	 C 	or 	better 	as 	a	 condition 	of 	enrolling 	(or 	staying 	       th enrolled in) the CPA review course, ACTG	694SoBA 	Mission	Statement	 The University of Montana’s School of Business Administration enhances lives and benefits society by providing a	 world-class business education in a	 supportive, collegial environment. We accomplish this mission by acting on our shared core values of creating significant	 experiences, building relationships, teaching and researching relevant	 topics, behaving ethically, and inspiring individuals to thrive. 

ACTG 641.01: Advanced Auditing

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ACTG 641.01: Advanced Auditing

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