ACCOUNTING 411/511

FINANCIAL AUDITING

SPRING 2000

Tuesday and Thursday, 11:00 – 12:15, Engineering Learning Center - Room 113

Friday, 4:20 - 7:00, Virginia Beach Graduate Center

INSTRUCTOR: Dr. Douglas Ziegenfuss

OFFICE: Hughes Hall, Room 2028

OFFICE HOURS: 

T., Th. 9:45 – 10:45 AM; T. 6:00 - 7:00 PM;

F.3:30-4:30PM (VBGC)

Or by appointment

OFFICE PHONE NUMBER: 757-683-3514

FAX PHONE NUMBER: 757-683-5639 (use sparingly)

E-MAIL: dziegenf@odu.edu

A. CATALOG DESCRIPTION:

Lecture, case study, and discussion-- 3 hours; 3 credits. Pre- or co-requisites: Accounting 317 and senior standing. Standards and ethics of the public accounting profession, generally accepted auditing standards, and public reporting are covered as well as exposure to other types of auditing, such as operational and compliance auditing.

B. OBJECTIVES OF COURSE:

To impart a knowledge of the philosophy of auditing and the nature and importance of auditing. Understanding of and regard for generally accepted auditing standards, ethics of the accounting profession, auditing procedures and programs, statistical sampling and audit reports are basic to the course. The course considers both auditing in the public accounting reporting context and operational auditing.

Consideration of legal responsibility, with its current implications for the accounting profession, is emphasized. Internal control and reliance upon internal control in discharging the responsibility of the auditor and the concurrent reduction of substantive auditing procedures when internal control is inadequate are stressed. The course builds on the student’s understanding of internal control procedures obtained in Accounting Systems by presenting the audit procedures necessary to conclude that the internal control system is functioning properly.

The course provides technical understanding of evidence-gathering and evaluation procedures appropriate for use by auditors, including internal/operational auditors. The students are introduced to the application and use of EDP techniques and statistical technology to be used by the auditor.

C. TEXTS:

Robertson, Auditing, Ninth Edition, 1999 (required).

Coursepac (highly recommended).

D. GRADES:

The separate assignment sheet indicates text materials, term schedules (including examination dates), required readings and homework, grades will be assigned based on numerical scores on the examination, homework, and the projects weighted as identified below.

Students will be required to have a minimal level of ability to use the computer and other modern technologies to complete homework assignments. This includes the ability to send e-mail, fax messages, and access/browse the internet. Those students unable to perform these functions will not benefit from the course to the same extent as those students who can.

Assignments turned in late will be marked down one letter grade for each day late. This penalty is not assessed with prior notification and approval of instructor.

E. GRADE POINTS: PTS.

ACCOUNTING 411

EXAM ONE..................……………….. 100

FINAL EXAM.... .......………………....... 100

AUDITING 

STANDARDS PRESENTATION ............. 25

CASES AND CLASS EXERCISES ……………. 50

ASSESSMENT EXAM ………………...…………. 25

TOTAL …................................... 400

ACCOUNTING 511

AUDITING RESEARCH PROJECT ………… 100

TOTAL ..................................... 500

F. GRADING SYSTEM: GRADES OF A,B,C,D + OR -, AND F, WILL BE ASSIGNED BASED ON RELATIVE STANDING. GRADE DISTRIBUTION WILL CORRESPOND TO OTHER UPPER LEVEL ACCOUNTING CLASSES.

G. GENERAL POINTS:

Be conscientious in your reading. You will get more out of my lectures.

Do not be afraid to ask questions and discuss.

The only dumb question is the one not asked.

Do not assume! Ask the question.

Edit your work, and work in teams, but submit individual work.

I am very accessible and welcome hearing from you.

Good luck and have a great semester.

ACCOUNTING 411/511

FINANCIAL AUDITING

SPRING 2000

LECTURE SCHEDULE

DATE: TOPIC: ASSIGNMENTS:

OVERVIEW OF THE PUBLIC ACCOUNTING PROFESSION

WK OF JAN. 11 

Introduction to Course Syllabus

Introduction to Public Accounting Profession 

Assignment R. Ch. 1

WK OF JAN. 18 

Professional Standards 

Assignment R. Ch. 2 & Module G

WK OF JAN. 25 

Legal Responsibilities 

Assignment R. Module H 

SAS Presentations

WK OF FEB 1 Exam One

Audit Planning 

Assignment R. Ch. 4 & 5

THE INDIVIDUAL AUDIT ASSIGNMENT

WK OF FEB 8 Video Cableco

WK OF FEB 15 

Audit Planning Continued 

Assignment R. Ch. 4 & 5

WK OF FEB 22 

Fraud Awareness 

Assignment R. Ch. 8

Video – Cooking the Books

WK OF FEB 29 Internal Control 

Assignment R. Ch. 6

Audit Sampling 

Assignment R. Ch. 7 & Mod. A, B

WK OF MAR 7 SPRING BREAK-NO CLASS

WK OF MAR 14 IT and the Auditor 

Assignment R. Mod. C, D

Audit Testing – Revenue Cycle 

Assignment R. Ch. 9

WK OF MAR 21 Audit Testing – Expenditure Cycle 

Assignment R. Ch. 10

Audit Testing – Payroll Cycle 

Assignment R. Ch. 11

WK OF MAR 28 

Audit Testing – Finance and Investment Cycle. 

Assignment R. Ch. 12

Completing the Audit 

Assignment R. Ch. 13

WK OF APR 4 Audit Reporting 

Assignment R. Ch. 3

SAS Presentations

WK OF APR 11 Exam Two

WK OF APR 18 Other Types of Audits

WK OF APR 25 Other Types of Audits

ASSESSMENT EXAM

FRIDAY, APRIL 28, 

VIRGINIA BEACH CENTER, 7:00 - 10:00

TUESDAY, MAY 2, 

ENG. LEARNING CENTER, 

ROOM 0113, 12:30 - 3:00

R. = Robertson text.

ACCOUNTING 411/511

FINANCIAL AUDITING

SPRING 2000

 

Electronic Auditor Project

Purpose: Allow the student to master current technologies being used by practitioners.

Assignment: The student will obtain an e-mail account from site director (or one the student currently uses) and send the instructor an e-mail message. The instructor will then send a confirming message back to the student acknowledging receipt of the e-mail message. The instructor will then send a confirming message back to the student acknowledging receipt of the e-mail. The instructor’s e-mail address is:

dziegenf@odu.edu

PLEASE NOTE YOU MUST HAVE AN E-MAIL ACCOUNT THAT ACCEPTS WORD 97 ATTACHMENTS. IF YOU DON'T GET AN ODU STUDENT ACCOUNT. IF YOU HAVE SEVERAL E-MAIL ACCOUNTS GIVE ME ALL OF THEM TO ADD TO THE DISTRIBUTION LIST.

The student will then log on the internet and perform a search for auditing web pages. The student will report on the search (sites visited, and information gathered) by e-mailing the instructor.

 

ACCOUNTING 411/511

FINANCIAL AUDITING

SPRING 2000

 

Cases and Written Assignments

 

PURPOSE: Apply auditing concepts presented in class.

PROCEDURES: Each case will be discussed in class. Students will prepare one-page summaries and hand them in during the next class meeting. The summary will contain the following sections: (1) summary of facts (25% of page), (2) discussion of issues (50% of page), and (3) recommendations (25% of page).

 

GRADING: Based on class participation, writing ability, and analytical skills.

Dr. Ziegenfuss’s writing tips:

Organization and appearance are everything.

One thought per sentence.

Use short paragraphs.

Use headings and subheadings to break up long paragraphs.

Use the active voice.

Substitute shorter words for longer words.

Watch the use of modifiers. Be specific.

Do not use verbs as nouns and nouns as verbs.

 

ACCOUNTING 411/511

FINANCIAL AUDITING

SPRING 2000

 

AUDITING STANDARDS PROJECT

PURPOSE: This project is designed to give the auditing student practice in reviewing, summarizing, and reporting Generally Accepted Auditing Standards (GAAS).

DIRECTIONS: The student will be assigned a Statement on Auditing Standards (SAS) from the attached list. The student will then read the statement, summarize its key provisions and prepare a POWERPOINT presentation.

The class presentation will occur during the class period whose subject matter contributes the most to a discussion of the SAS. It should be limited to no more than 10 minutes.

Handouts should be prepared and a copy given to each member of the class

DUE DATES

WK OF JANUARY 25

SASs – 83, 84, 69, 60, 61, 57, 56, 54, 48, 50

WK OF APRIL 4

SASs- 55/78,31/80,85,87, 75, 73, 71, 70, 67, 65, 51

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