ACC 45 - Auditing

This syllabus and related point allocations for purposes of grading may change during the term.  Any changes will be announced in class and posted to this web site.

Office:  Hipp Hall 201R
Office hours: 1:30 to 2:30 and by appointment
Email:  sandy.roberson@furman.edu  
Web address:  www.furman.edu/~sroberso 
Home phone:  (864) 879-6485

Course Objectives:  The primary objective of this course is to provide you with an understanding of auditing theory and practice.  Generally accepted auditing standards, audit techniques and reporting issues, as well as  the auditor's professional responsibilities and legal liability are explored in detail.  Additionally, we will spend significant time discussing the impact of current events on the audit profession.

Text:  Auditing and Assurance Services - A Systematic Approach, Third Edition, William F. Messier, Jr., McGraw-Hill Irwin 2003

Text web site: http://highered.mcgraw-hill.com/sites/0072478772/student_view0/

Class Format:  We will begin the study of each chapter with a brief lecture and discussion of the topic followed by questions, problems and cases.  The most important requirement for this course is a thorough preparation of the assigned reading material and active participation in the classroom.  You will be held accountable for material discussed in class that is not in the text.

Written assignments, additional readings and communication exercises:  Each reading assignment will be accompanied by a written assignment to test your understanding of the material and to reinforce what you have learned. Such assignments should be completed prior to when we go over them in class. Additionally, certain chapter assignments may include readings from other sources.  Such readings may be a source of exam questions.

Effective communication skills are important in this class and in the "real world".  Accordingly, during the term I may assign short papers, cases or other written communication exercises in addition to those discussed below.  Your grade on all such assignments will be based on the substance of your comments as well as your ability to communicate your thoughts clearly and succinctly.     Written assignments should be prepared in good form.  Among other things, good form means the assignment should be typed and free of spelling and grammatical errors.  While these assignments will be graded primarily on content, organization and conceptual understanding, grammar, punctuation and spelling will be considered in the overall grade.   A due date will be announced at the time the assignment is given.  If an assignment is submitted after class on the due date, it will be considered "late" by one day. Your grade will be reduced by one full grade each day it is late.  Communication exercises other than those specifically discussed below will make-up no more than 10% of your total grade.

Group work:  Because decision making in business and public accounting often involves work in teams, you will be expected to complete certain assignments during the term, including the Overall Preliminary Client Assessment Project, as a team effort.   The team grade for the Overall Preliminary Client Assessment Project will be adjusted for each team member based on the self and peer evaluation as discussed below.  Relative to other team activities that I may assign, each member of the team will receive the same grade.

Overall Preliminary Client Assessment Project:  During the term you will prepare an overall preliminary client  assessment on a publicly traded company that is audited by a CPA firm.  The project grade will make-up 30% of your final grade.  The objectives of this project are as follows:

1. To further acquaint you with the annual report and Form 10-K of a publicly held company.
2. To provide a practical experience relative to certain steps in the audit process, including obtaining an understanding of the business and industry of a potential audit client and using that understanding to develop an overall risk assessment.
3. To provide you with the opportunity to develop practical research skills.
4. To provide you with experience working on an audit team basis, as is done in actual auditing

Class Attendance and Participation:  Due to the changes and challenges faced by the profession we will spend significant class time discussing current events and the impact of recent and proposed changes.  Accordingly, a portion of your grade (no greater than 5%) will be based on your participation in class.  The points earned in this area will be based on your contributions to the class relative to class discussions of homework and assigned material (including outside readings), your participation in group exercises and your participation in other class exercises that I may assign from time to time.  Note that if you do no more than regularly attend class and provide solutions to homework problems when called upon you will earn a "C" for participation.  

Final Grade:  Your final grade will be determined based on your total number of points earned as a percentage of the total points available.

Academic Integrity:  Your enrollment in this class signifies that you accept the rules of academic honesty provided in the Helmsman. Any violation is grounds for an "F" in this course.  Cheating on assignments, plagiarism, and other similar conduct will result in immediate dismissal from this course.

Students with disabilities who need academic accommodations should contact Ms. Donna Taylor in the Office of Disability Services.  After meeting with her, contact me.   It is important that you do this early in the term.
 
 

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