Faculty

ACNT-2331 Internal Control and Auditing

Kimberly Cameron

Credit Fall 2023

Section(s)

ACNT-2331-001 (66184)
LEC DIL ONL DIL

Student Learning Outcomes/Learning Objectives

For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This syllabus is intended to be a brief overview of the course and is subject to change. The final syllabus will be posted in the blackboard course.

CATALOG DESCRIPTION:

A study of internal control and auditing standards and processes used by internal auditors, managers and independent public accountants. Includes responsibilities of auditors, developments of audit programs, accumulation of audit evidence and reporting.

Auditing is a 3 credit hour course.

COURSE OBJECTIVES:

Upon completion of ACNT 2331 the student shall:

Develop a thorough understanding of the attest function.
Understand Generally Accepted Auditing Standards and the professional and ethical responsibilities of the independent public accountant.
Understand risk assessment and its importance in the audit function.
Demonstrate the ability to plan and document the planning of the audit including the initial risk assessment, calculation of materiality and preparation of audit programs.
Understand the concepts, processes and assessment of internal control.
Demonstrate knowledge of the substantiation of balances and collection of audit evidence and preparation of audit work papers.
Understand and demonstrate the ability to report the results of the audit.
Have knowledge of other attestation and assurance services performed by CPAs as well as other types of services, which independent auditors may or may not perform.
Demonstrate the ability to research auditing and accounting issues and respond to current developments and changes in the accounting and auditing profession due to legislation, new pronouncements by regulatory and standard-setting bodies and forces of current events in the business world.
Develop an understanding of the ethical decisions than an auditor must make in the conduct of the audit from the client acceptance phase throughout the audit to the reporting process.

SCANS COMPETENCIES:

SCANS is the Secretary's Commission on Achieving Necessary Skills. Please go to http://www.austincc.edu/mkt/scans.htm#whatis for complete definitions and explanation of SCANS. This list summarizes the SCANS Competencies addressed in this particular course.

Manages Time: Selects relevant, goal-related activities, ranks them in order of importance, allocates time to activities, and understands, prepares and follows schedules.
Acquires and Evaluates Information: Identifies needs for data, obtains it from existing sources or creates it, and evaluates it relevance and accuracy.
Responsibility: Exerts a high level of effort towards goal attainment. Works hard to become excellent at doing tasks by setting high standards, paying attention to details, working well and displaying a high level of concentration even when assigned an unpleasant task. Displays high standards of attendance, punctuality, enthusiasm, vitality, and optimism in approaching and completing tasks.

PROGRAM-LEVEL STUDENT LEARNING OUTCOMES:

Upon successful completion of the Accounting program, students will be able to:

Complete degree requirements
Obtain or improve job skills
Satisfy educational requirements for CPA exam

Readings

REQUIRED TEXTS/MATERIALS:

¨ Auditing and Assurance Services, 9th Edition, Blay, Ramsay, Sinason, Strawser, Thibodeau, McGraw-Hill Irwin, with Connect

Course Requirements

COURSE PREREQUISITE:

¨ ACNT 2303 with a grade of C or better, or its equivalent at an accredited college or university. There are no exceptions. A student may be withdrawn from this class if the prerequisite has not been successfully completed.

¨ Austin Community College has received the designation of Qualifying Educational Credit for CPA Examination by the Texas State Board of Public Accountancy (Board). This course qualifies as one of the required upper-level accounting courses. However, for this course to be counted, the student MUST have completed a bachelor's degree PRIOR to taking this course. If this course is completed before a bachelor's degree is awarded, the Texas State Board of Public Accountancy will not accept it. Please review the information on our web site http://www.austincc.edu/accting/cpainfo.php. It is the responsibility of the student to understand and comply with the requirements of the Texas State Board of Public Accountancy.

¨ Basic Computer skills utilizing the internet, spreadsheets, word-processing and presentation software are required for this course. Generally, all assignments are to be prepared on the computer and presented in a format that would be acceptable in a business environment. Access to computers is available at ACC.

Your Grade will be based on the following:

Learning Activity	Percentage
Exams	50%
Quizzes	18-19%
Pre-class Assignments	7-8%
Homework	9-10%
Cases	10%
Orientation/ Discussion Board	4-5%
Total Points	100%

Letter grades for the course will be assigned based on the total number of points accumulated during the course, according to the following scale:



Letter Grade	Final Grade Basis
A	90 -100 percent
B	80 - 89 percent
C	70 - 79 percent
D	60 - 69 percent
F	Below 60 percent

Course Subjects

Chapter 1: Auditing and Assurance Services

Chapter 2: Professional Standards

Chapter 3: Engagement Planning and Audit Evidence

Chapter 4: The Audit Risk Model and Inherent Risk Assessment

Chapter 5: Risk Assessment: Internal Control Evaluation

Chapter 6: Employee Fraud and the Audit of Cash

Chapter 7: Revenue and Collection Cycle

Chapter 8: Acquisition and Expenditure Cycle

Chapter 9: Production Cycle and Auditing Inventory

Chapter 10: Finance and Investment Cycle

Chapter 11: Completing the Audit

Chapter 12: Reports on Audited Financial Statements

Module B: Professional Ethics

Module C: Legal Liability

Module G: Data and Analytics in Auditing