Frederick Community College ACCT 214-1 Auditing SPRING 2012
Class begins: 1/30/12	Class ends: 5/18/12	Last Day to Withdraw: 4/16/12

Instructor Information:
Name: Kimberly S Chaney	Office: n/a
E-mail: kchaney@frederick.edu	Phone Number: 240-818-2187
Contact Hours: email and by appointment for in-person meeting	Campus Mail Box #: 768

Course Information:
Credits: 3
On-campus Meetings: none	On-campus Exams: 1 proctored exam
Prerequisites: ACCT 202	Corequisites: None

Course Description:

This course examines auditing principles and their application to the examination of financial statements. Special attention is given to authoritative pronouncements, internal control, auditing procedures and documentation, and professional ethics and responsibilities.

Core Learning Outcomes:

Upon completion of this course students will demonstrate their ability to:

1. Describe the nature of the Audit

2. Explain the auditor’s role in the financial reporting process and the importance of this role to the general public

3. Demonstrate a comprehensive understanding of Generally Accepting Auditing Standards

4. Describe the source of existing and future standards

5. Explain the purpose of the study and evaluation of internal controls to the audit process

6. Discuss the role that professional ethics plays in the audit process

7. Describe how an audit plan and program are used in the audit process

Instructional Methods:

This auditing course is taught on the internet as an on-line class. Student learning will be facilitating by weekly readings from the text, weekly quizzes, and a variety of exercises designed to prompt the student to be a more active learner. On a weekly basis, the student will be expected to participate in a discussion entitled, “The Muddiest Point” that will facilitate the exchange of learning among the class participants. Additionally, meaningful participation will be expected by the student in four group discussions during the semester.

 How is this course organized:

1. This course is NOT self paced. One assignment page for each of the 15 weeks in the session provides detailed instructions for that week’s learning as the course progresses. The learning is cumulative, so completion of the assigned work during the assigned week is necessary to enhance the learning process. The student is expected to login to the Blackboard website at least once per week, however, successful completion of the course will require more frequent logins to the site.

2. Textbook reading is required; one chapter is assigned per week. Chapter outlines are provided to assist the student in developing chapter notes; course power points are also provided for additional study information. The student is encouraged to use the course glossary to understand and adopt the language of auditing; during each week, the student is reminded to include at least five definitions in the course study notes they develop.

3. Weekly, an internet problem refers the student to information outside the course itself; the solutions and responses to these problems are accumulated and submitted three times during the semester in a portfolio word document that will be graded within two weeks of submission.

3. “The Muddiest Point” exercises are used through the course to gain clarification on issues in the text that are not clear to the student. Feedback on the MP postings will be provided within one week of the forum closing.

4. Four on-line discussion topics with mandatory participation are assigned during the course. These will be graded within one week of the forum closing date.

5. Weekly on-line self-grading practice quizzes are assigned and are designed to test the student’s learning process.

6. The bulk of the points for the course are available through the successful completion of three multiple choice exams; two of these are to be taken on-line and one of these will be conducted as a proctored exam at an approved testing center (generally, the FCC Testing Center). Grades for the exams will be finalized within one week of the closing date.

Text(s) and Course Materials:

Required text is, “Auditing and Assurance Services – An Integrated Approach, 14^th edition, Arens, Elder and Beasley, Prentice-Hall, Inc. 2012

ISBN-10: 0132575957
ISBN-13:  9780132575959

Progress Report:

By the end of the seventh week of the semester, each student will have an opportunity to evaluate their progress in this course to determine if any adjustments are required (such as additional study, tutoring, conference with instructor) to assure success in this course.

Evaluation Methods:
Tests / Papers / Projects / Participation	Point Value	Final Grade Scale
Exams (3 @ 100 points each) Practice Quizzes (14 @ 7.2 points each) Meaningful ongoing participation in “The Muddiest Point” weekly exercises (10 weeks @ 10 points each) Participation in 4 Class Discussions (@ 25 points each) Completion of the Internet Problems portfolios (3 portfolios @ 25 points each)	300 100 100 100 75 675 total points	607 - 675 = A 540 - 606 = B 472 - 539 = C 405 - 471 = D Below 405 = F
If the graded performance for online assignments differs significantly from the grade average for the proctored exam, the instructor reserves the right to administer additional tests.

Student Services

A variety of services are available to assist students in succeeding at FCC. Students can learn more about these services by visiting the Student Services web page: http://www.frederick.edu/student_services/index.aspx.

Students with disabilities who are in need of accommodations or who have questions related to disabilities services should contact the Services for Students with Disabilities (SSD) office at 301-846-2408. Students can learn more about these services by visiting the Services for Students with Disabilities web page: http://www.frederick.edu/student_services/disability.aspx.

Participation Policy:

Students are expected to participate fully in all course activities. The total number of points achievable for participation is 375. Points for will be awarded for participation as follows:

1. During each week, there is a chapter quiz designed to test the student’s learning process and knowledge of the subject matter. Make ups for these quizzes will be allowed upon request and only in limited situations as defined by the instructor and discussed between the instructor and the student. The student’s successful progression through the course is built upon successive weeks of learning material in the order of the syllabus; it will be difficult for the student to be successful if the course work is not completed in the order and time provided

2. Four class discussions will be posted during the semester; 100 points will be awarded, at 25 points for each question, for participation in the discussion. No make ups are provided for the discussion participation. These participation points are awarded at the discretion of the instructor.

3. During each week of the semester, “Muddiest Point” exercises will be posted. The student is required to complete at least 10 of them at 10 points each. No make ups are provided for the Muddiest Point exercises, and 10 points will be assigned for significant participation in the process only; partial points may be awarded for partial participation. These participation points are awarded at the discretion of the instructor.

4. During each week of the semester, internet problems will be included in the week’s activities. It is the responsibility of the student to follow the link to a website outside of the Blackboard site to complete the exam. At three times during the semester, the student is required to submit a portfolio and attach a word document that includes the substantiation of their work on the assigned internet problems. Points will be awarded for successful completion of these problems.

5. It is required that the student travel to FCC’s testing center to complete one proctored exam. The open days and times of the testing center are posted on www.frederick.edu, and it is the responsibility of the student to travel to the center and to complete the exam within the timeframe provided by the instructor. If the testing center at FCC is not convenient for the student, another approved testing center may be substituted. Please contact the instructor for additional information if a different testing center is required.

6. In case of illness, emergency, religious holidays, or participation on official college functions, students remain responsible for completing the requirements of the course. If there are any specific concerns, it is the responsibility of the student to contact the instructor in advance of the conflict.

Email Policy:

With the exception of MOL students, all FCC students will receive and are expected to use their FCC email address for correspondence with faculty and staff at the college. Students can establish and access their FCC email accounts at https://myfcc.frederick.edu. Email is an instructional tool essential to student-instructor and student-student communication. In the Blackboard environment by default, your email address is available to all students in this course.

However, students are permitted to use email addresses of other students in this course only for the purpose and the duration of this course.

The instructor can be expected to respond to regular student email inquiries (grades, posted assignments, and tests excluded) within the time frame of 24 to 48 hours.

Academic Integrity:

Work in this course is subject to the provisions of the FCC Code of Academic Integrity. Plagiarism in any form will not be tolerated. As a student, it is your job to practice academic honesty at ALL times. Make sure that all sources, particularly Internet sources, get proper credit for quotations, paraphrases, and ideas. More information about this and the Student Conduct Code are available at http://www.frederick.edu/student_services/studentpolicies.aspx

You must send your Academic Integrity Pledge to the instructor. The form is available at http://courses.frederick.edu/_utilities/regform.htm

Topical Outline (ONLINE COURSES)

Week	SUBJECT	CONTENT
Week 1	Chapter 1 – The Demand for Audit and Other Assurance Services	Introduction to Auditing – audit vs. accounting, other assurance services, types of audits and auditors
Week 2	Chapter 2 – The CPA Profession	Certified Public Accountants and their profession – cpa firms activities & structure, SOX and PCAOB, SEC, AICPA, GAAP, SAS and quality control
Week 3	Chapter 3 – Audit Reports	Types of audit reports – the standard report, reports on internal control, deviations from the standard report, materiality, international considerations
Week 4	Chapter 4 – Professional Ethics	Ethics in the CPA Profession – dilemmas faced, the need for ethics, independence and other rules of conduct, ethics enforcement
Week 5	Chapter 5 – Legal Liability	The Legal Environment – identifying business failure, audit failure and audit risk, legal concepts, liability to clients and others, civil vs. criminal liability, the profession’s response to liability, risk management of professional liability
Week 6	Exam 1 – Chapters 1 through 5 Submit Internet Problems Portfolio #1 Chapter 6 – Audit Responsibilities and Objectives	To be taken online The objectives of an audit – responsibilities of management vs. auditors, establishing objectives, presentation and disclosure objectives
Week 7	Chapter 7 – Audit Evidence	Determine Audit evidence – the nature and level of evidence, decisions regarding evidence, documentation of audit evidence
Break	Relax and get some fresh air!	Relax and get some fresh air!
Week 8	Chapter 8 – Audit Planning and Analytical Procedures	Planning and Audit engagement – accepting an engagement, assessing risk, understanding the client industry, planning and procedures, financial ratios
Week 9	Chapter 9 – Materiality and Risk	Determining Materiality in Audit engagements – preliminary determination of risk, concept of materiality, assessing acceptable levels of audit and inherent risk, factors affecting risk
Week 10	Chapter 10 – Section 404 Audits of Internal Control and Control Risk	Internal Controls – Identify and assess client internal controls, responsibilities of management and auditor for internal controls, documentation of internal controls, testing and reporting on internal controls for public and non-public companies
Week 11	Exam 2 – Chapters 6 - 10 Submit Internet Problems Portfolio #2 Chapter 13 – Overall Audit Plan and Audit Program	To be taken as a proctored exam, generally at the FCC Testing Center; see details on Week 11 assignments page Audit Planning – establishing the audit program, types of tests to be performed, the impact of technology on testing, evidence mix, design of the audit program
April 16	Last Day to Withdraw
Week 12	Chapter 15 – Audit Sampling for Tests of Controls and Substantive Tests of Transactions	Audit sampling – representative samples, statistical vs. non-statistical sampling, distribution of sampling, application of attributes sampling
Week 13	Chapter 17 – Audit Sampling for Tests of Details of Balances	Chapter 17 – Audit Sampling for Tests of Details of Balances Audit sampling – representative samples, statistical vs. non-statistical sampling, monetary unit and variables sampling
Week 14	Chapter 24 – Completing the Audit Submit Internet Problems Portfolio #3	The end result – presentation and disclosure for the auditor, review for contingencies, commitments and subsequent events, final evidence, issuance of the report and the statements, communication with the client
Week 15	Exam 3 – Chapters 13, 15, 17 & 24	To be taken online

NOTE: Your instructor reserves the right to make changes to this outline as needed.