UNIVERSITY OF ST. FRANCIS

College of Business

Joliet, IL  60435

ACCT 330 – Auditing - 3 semester hours,

Spring, 2007 MWF 10:00-10:50 Tower Hall N217 CRN 20553

Instructor: Tony Zordan, D.B.A., CPA, CMA

Professor of Accounting

Office: N222-D   815-740-3608

Home: 773-238-5558  (before 9 p.m. only)

Email: azordan@stfrancis.edu

Website: http://www.stfrancis.edu/cob/tonyz/Index.html

Office hours: MWF 11:00-12:00; T 5:00-6:00; M 8:00-9:00; and by appointment

Teaching hours: MWF 9:00-10:50 (N217); T 6:00-8:45 (N216)

Approximate on-campus hours: MWF 8:00-5:00; T noon - 9:00 p.m.

USF MISSION STATEMENT: As a Catholic university rooted in the liberal arts, we are a welcoming community of learners challenged by Franciscan values and charism, engaged in a continuous pursuit of knowledge, faith, wisdom, and justice, and ever mindful of a tradition that emphasizes reverence for creation, compassion, and peacemaking. We strive for academic excellence in all programs, preparing women and men to contribute to the world through service and leadership.

COLLEGE OF BUSINESS MISSION STATEMENT: The mission of the College of Business is to offer undergraduate and graduate degree programs that are career oriented and focus on academic excellence.  Undergraduate programs are designed for traditional and nontraditional students providing a blend of professional studies and a strong liberal arts curriculum. Graduate programs are designed for working professionals and are practitioner based. All programs in the College of Business are driven by the University’s Catholic Franciscan mission. The College seeks to inspire in its students a love of knowledge and truth and to instill the Franciscan values of respect, compassion, integrity and service.

COURSE DESCRIPTION: This course offers a balanced treatment emphasizing both the theoretical concepts of auditing and the application of those concepts in the business environment. It provides a foundation that prepares future financial, managerial, systems, and tax professionals in assurance, attestation, and auditing fundamentals. This course will allow professional accountants, as clients of assurance service providers, to prepare for and manage audits and other attestation and assurance engagements.  In addition, those students desiring a career in assurance services will have the essential background to continue their education by taking courses directed at specific aspects of assurance services such as internal audit, government audit, fraud audit and financial statement audit.

COURSE PREREQUISITES: ACCT 225 - Intermediate Accounting I

COURSE OBJECTIVES:  Upon finishing the course, students should:

·        Have both a theoretical and practical understanding of the auditing function and ethical considerations in accounting and auditing.

·        Be better prepared for professional exams (CPA, CMA, CIA) by having answered typical exam questions in class, in homework assignments, and on exams.

·        Have improved their ability to think analytically and independently.

·        Have improved their communication skills.

·        Be able to use typical audit software.

·        Have developed an understanding and knowledge of the auditing profession including a history of legal liability and lawsuits.

·        Know how to plan an audit giving adequate consideration to sufficient, competent audit evidence, audit programs, materiality, and an assessment of inherent and control risk.

·        Know how to conduct an audit with and without the use of statistical sampling in both the test of controls phase and the substantive testing phase.

·        Know appropriate audit procedures for the Revenue, Expenditure, Financing, and Investing cycles of an audit.

·        Know how to write an audit report; differentiate among unqualified opinions, qualified opinions, adverse opinions, and disclaimers of opinion; distinguish between an explanatory paragraph and a qualified opinion; and define and give examples of material scope limitations and departures from GAAP.

REQUIRED MATERIALS:

·        Louwers, T. J., Ramsay, R. J., Sinason, D. H., & Strawser, J. R. (2007).  Auditing & Assurance Services, 2e, New York: McGraw-Hill Irwin, ISBN 0-07-312824-4

·        The Apollo Shoes Case that is part of the text and is available online

·        One red pen or pencil

OPTIONAL MATERIALS:

·        "The Wall Street Journal"

·        Professional Standards

·        Study guide to accompany the text

CLASS POLICY / FORMAT:  The above objectives will be met through lectures/discussions, problem solving, cases, discussion of current events and examinations. I expect that you will have read the assigned material before class at least once. You should attempt to outline the chapter before class, and then annotate your notes from the lecture material. In addition to class handouts, an author-provided PowerPoint presentation and other study aids are available at the authors’ website at www.mhhe.com/louwers2e. The PowerPoint slides are also on the USF network O: drive (USF1\Data1) at Student Common \Business_Admin\Zordan\ACCT 330 Auditing.

            Accounting is one of the most highly respected professions. As an accountant, you will provide a service to your client. You will be judged on how ethically, competently, and professionally you deliver that service. Your conduct in the classroom should reflect that same level of professionalism that is expected in the work environment. Attendance and punctuality are minimum job requirements. Attendance is mandatory on the days tests or presentations are given. Excessive absences (>6) will affect your grade. Each absence above this number will reduce your total points by 10. As an alternative, I may, at my discretion, assign additional work. You are responsible for all material discussed, handed out or assigned in class even if you are absent. Please make every effort to be on time for class.

            Common courtesy to your co-workers is essential and is expected in class also. At a minimum this involves addressing others with common courtesy, avoiding profanity, ensuring cell phones and pagers are off, and listening when others talk. The reading of newspapers, preparing and studying for other classes, sleeping, and other actions in the class show a lack of respect for the instructor and the class. Please do not wear a hat in class.

EXAMS and QUIZZES:  There will be four exams and one scheduled quiz. Each may consist of true/false, multiple choice, essays and/or problems. If you must miss an exam or quiz due to a hardship you must talk to me in advance. Failure to do this may result in a zero for that exam or quiz. Clearly mark your answers. If you answer on the back, clearly note this. There may be unscheduled quizzes. No cell phones can be used during exams. (You should use a regular calculator.)

            Cheating will not be tolerated. The guidelines on academic integrity are found in the University Catalog p. 24. Students have an obligation to exhibit honesty in carrying out their academic assignments. Students may be found to have violated this obligation if they plagiarize or cheat. Plagiarism is presenting the work of others as one's own; “cheating is taking, giving, or accepting any illicit advantage for any course work inside or outside of the classroom."

HOMEWORK:  In order to gain a thorough understanding of the topics covered in this class it is essential that your homework be completed before class. Make a serious attempt at doing the multiple choice questions assigned for homework in each chapter. They are good practice for the exam. We will review homework in class. You should be prepared to present your solutions in class and defend them. Any corrections or additions should be made in red. The homework for most chapters will be collected after class. Occasionally, I will collect, log in and return homework at the beginning of class. It is worth one to three points per chapter. When submitting homework, please use these procedures: 1) Do only one or two problems per page; 2) Do not write on the back side of the page; 3) Don't submit paper with frayed edges; 4) Write your name on each page; 5) Use a staple or paper clip. Cheating or plagiarism will not be tolerated. Again, see the guidelines on academic integrity in the University Catalog.

            Additional readings, cases, and problems may be assigned.

APPOLLO SHOES CASE:   At least two assignments from this case will be required. The case must be accessed on-line. Submit these as you would if I were your supervisor. Several ethics cases will be discussed after viewing a video in class. Several short cases included in the end-of-chapter materials have also been assigned.

PAPER:   One paper on any approved audit related topic is required. Topics are due February 23^rd  and an outline and references on March 30^th. Papers are due one week before they are presented; presentations begin April 9^th. Additional information regarding length and style will be provided.

GRADING SYSTEM:

            Four exams                              350 points        A = 90-100%

            Homework/quizzes/cases            50 points        B = 80- 89.99%

            Paper and presentation               50 points        C = 70- 79.99%

                                                            ________        D = 60- 69.99%

            Total approx.                            450 points        F = Below 60%

                                                            =======       

WITHDRAWAL / DROP:  In order to drop this course, see your advisor before January 19, 2007. Be sure to have your PIN. In order to withdraw from this course submit the appropriate form, signed by myself and your advisor, to the Registrar by Friday, March 30, 2007.

OTHER:  The University strives to be in compliance with Americans with Disabilities Act (ADA) regulations.  To this end, a student who requires special support or arrangements due to a disability should contact the Office of Disability Services Coordinator, Pat Vivio at 815-740-3864 in the ARC; Library L 214 to coordinate accommodations.  This contact should occur no later than the first week of classes in order to allow for sufficient time to provide accommodations.  Should a need arrive after the start of a semester, the student is encouraged to contact the ADA coordinator as soon as possible.  Each case will be reviewed on an individual basis.

Tutoring and other assistance can also be found in the Academic Resource Center.  Stop in or call 815-740-5060 for more information or tutoring times.

Love is not a feeling; it’s an act of your will.

Note: All multiple choice (MC) questions are due for each chapter except Ch 9 and Module G; Read all footnotes; Additional homework may be assigned.