Lebanese International University School of Business Department of Accounting Information Systems
Spring 2015/2016
BACC 430 – Auditing and Fraud Prevention Instructors : Ahmad Salloum- Hala Baydoun- Hassan Nasereddine- Maria Hojeij- Reem Kabbara- Rofayda El Hout- Wissam El Hajj Office Hours: Business School Lecture Days: MW
Note: If these office hours are not convenient, please make an appointment at a mutually agreeable time. It is best to make an appointment or you can send an e-mail message.
Course Description The purpose of this course is to provide strong understanding of the basic concepts that underlie the audit process and how to apply those concepts. It introduces auditing, attestation and assurance services and helps the student understand the overall audit process.
Course Outcomes At the end of this course, students will be able to: 1. Understand the role of an auditor and the purpose of the audit 2. Describe the overall audit process, including the steps necessary to perform a complete audit 3. Understand the purpose and importance of internal controls in a business environment 4. Perform basic auditing procedures and draw conclusions from the testing performed 5. Analyze and evaluate conclusions reached in order to form an audit opinion 6. Understand the basic ethical and legal responsibilities of auditors
Topics Covered 1. Basic audit concepts 2. Audit reports 3. Audit planning 4. Risk assessment 5. Audit evidence and documentation
Prerequisites BACC 410.
Co-requisites N/A
Textbook and Recommended Material Textbooks
Auditing and Assurance Services: A Systematic Approach, 8/e, Messier. McGraw-Hill. References
N/A
Course Schedule Week
1
2
Textbook/Reference
Auditing and Assurance Services: A Systematic Approach
Auditing and Assurance Services: A Systematic Approach
Topic
Chapter One: An Introduction to Assurance and Financial Statement Auditing (Page 1- Page 32)
Chapter One: An Introduction to Assurance and Financial Statement Auditing (Page 1- Page 32) Chapter Two: The Financial Statement Auditing Environment (Page 34- Page 64)
Week
3
Textbook/Reference
Auditing and Assurance Services: A Systematic Approach
Topic
Chapter Two: The Financial Statement Auditing Environment (Page 34- Page 64)
Project Explanation 4
5
Auditing and Assurance Services: A Systematic Approach
Auditing and Assurance Services: A Systematic Approach
Chapter Eighteen: Reports on Audited Financial Statements (Page 612- Page 640)
Chapter Eighteen: Reports on Audited Financial Statements (Page 612- Page 640) Project Topic Approval
6
Auditing and Assurance Services: A Systematic Approach
Chapter Three: Risk Assessment and Materiality (Page 69- Page 96)
7
Auditing and Assurance Services: A Systematic Approach
Chapter Three: Risk Assessment and Materiality (Page 69- Page 96) Project Preparation and Approval Chapter Four: Audit Evidence and Audit Documentation (Page 98- Page 128)
8
Auditing and Assurance Services: A Systematic Approach
Chapter Four: Audit Evidence and Audit Documentation (Page 98- Page 128)
9
Auditing and Assurance Services: A Systematic Approach
Chapter Five: Audit Planning and Types of Audit Reports (Page 130- Page 181) Project Follow up
Week
10
Textbook/Reference
Topic
Auditing and Assurance Services: A Systematic Approach
Chapter Five: Audit Planning and Types of Audit Reports (Page 130- Page 181) Chapter Six: Internal Control in Financial Statement Audit (Page 184- Page 211)
11
Auditing and Assurance Services: A Systematic Approach
Chapter Six: Internal Control in Financial Statement Audit (Page 184- Page 211) Project Follow up
12
Auditing and Assurance Services: A Systematic Approach
Chapter Eight: Audit Sampling: An Overview and Application to Tests of Controls (Page 270- Page 307) Project Submission and Presentation
13
Auditing and Assurance Services: A Systematic Approach
Chapter Eight: Audit Sampling: An Overview and Application to Tests of Controls (Page 270- Page 307) Project Presentation
14
Auditing and Assurance Services: A Systematic Approach
Project Presentation and Review Session
Method of Instruction A mix of passive and active techniques will be adopted, primarily: 1. Instructor Lecture 2. Class Discussion. 3. Problem Based Learning or Case Study Analysis
Attendance Policy 1. 2.
Attendance in all classes is required. There are no exceptions to this policy. Roll will be called in the very beginning of each class. If you arrive after roll has been called, you may be marked as absent. 3. In any regular semester or summer term, students may miss no more than the equivalent of one third of class sessions scheduled. Students who exceed the above limits are automatically given an (AW) grade in the course by the UMS, and consequently not be allowed to attend class any longer.
Make-Up Examination Policy As per university council decision, a student is e ligible for a Test, Midterm or Final examination make-up if and only if he/she had the following incidents: a. Sickness; proved by hospitalization report; that is; a discharge summary is necessary. b. Death in the family proved by a death certificate or equivalent and personal identification. c. Accidents proved by an expert report. d. Military/Official engagement.
Course Assessment This course will be assessed by two main instruments: 1. Online student evaluation construct of 15 questions with Likert scale (5 answers) 2. Class visitation These instruments will be reviewed by the department each term. In addition, the School of Business Council will review the recommendation of the department at the end of each academic year.
Marking Profile Evaluation CAPA Midterm Project Final
Date
Time
Room
4/25/2016
75 minutes
Auditorium
TBA
2 hours
Weight 20% 30% 20% 30%
Chapters Covered According to
Structure
According to
Structure
According to
Structure
* A student cannot write any examinations without valid university identification . Failing to have valid university identification will result in assigning a z ero mark to the relevant examination.
Homework Homework should be clearly presented i.e.: 1. It should be written on A4 paper. 2. It should include a title page (Course Name, Semester, Date, Name…). 3. Your instructor will ask you to submit your homework online or as a hard copy. In the latter case, it should be stapled together.
Notes 1. Photocopied books are not allowed in classroom. 2. Deadline for volunteer withdrawal is on Wednesday, June 01, 2016 3. Exam dates are subject to change.
Assignments Assignment Week !
Chapter 1 One
Assignment Details Multiple Choice Questions Problem 1-26, 1-27
2 Two
Multiple Choice Questions
3 Eighteen
Multiple Choice Questions
4 Three 5 Four
6 Five
7 Six 8 Eight
Multiple Choice Questions Problem 3-23, 3-24, 3-27 Multiple Choice Questions Problem 4-22, 4-23, 4-26 Multiple Choice Questions Problem 5-31, 5-32, 5-34, 5-36 Multiple Choice Questions Problems 6-25, 6-27 Multiple Choice Questions
