20201 st sem Syllabus Auditing Assurance Principles PDF

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College of Business Management and AccountancyAn Outcomes-Based Learning ProgramIVISION : The Laguna State Polytechnic University shall be the Center for Sustainable Development transforming lives and communiies.MISSION : LSPU provides quality educaion through responsive instrucion, disincive resear...

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Republic of the Philippines

Laguna State Polytechnic University Province of Laguna

College of Business Management and Accountancy An Outcomes-Based Learning Program I.UNIVERSITY

VISION: The Laguna State Polytechnic University shall be the Center for Sustainable Development transforming lives and communities. MISSION: LSPU provides quality education through responsive instruction, distinctive research, and sustainable extension and production services for improved quality of life towards nation building. QUALITY POLICY: We, at LSPU are committed with continual improvement to provide quality, efficient services to the university stakeholders’ highest level of satisfaction through a dynamic and excellent management system imbued with utmost integrity, professionalism and innovation

AN OUTCOMES-BASED LEARNING PROGRAM (Syllabus) 1. COURSE DESCRIPTION Program: BSPart Accountancy (BSA) Academic Year: 2020-2021 Course Title:This Auditing and Assurance Principles (PRE 1) Semester: FirstServices course provides an introduction to the “Universe of CPA services” comprising two broad categories: Assurance Prerequisites: Intermediate Accounting 2 (AEdiscuss 16) the relevance of a Code of Ethics for Professional AccountantsNo. of the units: 3 No.of ofGood Hours: 54 and Non-Assurance Services; and Principles Governance. The course also provides a clear standpoint of the new auditing environment to students throughout their undergraduate level on Auditing and Assurance Principles Course. Rationale: This course is designed to make students familiar with a risk-based managerial environment in which audits are conducted and the process, methods and standards auditors follow in conducting the audits.

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Focus: Emphasis is placed on understanding the basic principles and fundamentals of Assurance Services and the Professional Ethics in the Practice of Accounting. Outcome: Enhanced the learning process of students and the preparedness of accounting graduates who wish to review/take the CPA Licensure Examination.

Part 2. Outcomes-Based Macro Curriculum Framework

Intended Learning Outcomes (ILOS) Institutional (IILOs) LSPU Graduate Attributes

Program Intended Learning Outcomes

INTEGRITY

When you have fully completed the Bachelor of Science in LSPU Graduate is expected to be a: Accountancy (BSA) Program, you should be graduates who: Will become a responsible 1. Responsible and Upright professional holding out himself Citizen, who is capable of achieving high level personal as one skilled in the knowledge, science and practice of well-being contributive to accounting. the harmony and betterment of the profession, family, society and nation.

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Course Intended Learning Outcomes When you have fully completed PRE 1– Auditing and Assurance Principles, you will be able to demonstrate:

Increased professional competence and confidence in the field of accounting and auditing.

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2. Compassionate Leader, who Can conduct himself at a higher is an advocate of good governance and quality management for a quality life.

PROFESSIONALISM

3. Professionally Skilled, who

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applies technological as worker-leader in the field of expertise apt to the global needs.

4. Effective Communicator, who is proficient in the exchange of information orally and in writing both in English and in Filipino in interpreting, expressing and negotiating meanings in relevant settings for lifelong learning.

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level of integrity capable of considering public interest as a priority than self-interest.

Capability to maintain a high level of professional conduct recognizing the importance in complying with relevant laws and regulations.

Ability to solve and evaluate more complex problems in Will become a proficient and business arrangements/engagements. competent professional even in the global world applying his expertise and knowledge in accounting. Can communicate effectively both orally and in writing fully equipped with good presentation skills.

The effectiveness of information and communication in one’s personal and business life.

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INNOVATION

5. Creative Critical Thinker, who articulates and produces entrepreneurial resources extended to families and community for improvement.

6. Competent Research Oriented Individual, who is able to analyze facts methodically, discover and establish new theory to use in solving problems and decision making contributory to the sustainability of the needs of the community.

Can link data, knowledge and insights from various sources and discipline in the current technoenvironment.

Can evaluate and process data logically considering the various threats and risk in an environment thereby bringing good results beneficial to the community.

An alternative solutions that is outside the “box.” Can convert complex problems to a simple but practical one, beneficial to families and communities.

The importance of solving problems objectively and analyzing data/facts methodically and logically considering the available resources, process and technology on hand.

Part 3 – Curriculum Mapping LSPU-ACAD-SF-015

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Intended Learning Objectives 

and Learning

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Define Assurance Services its scope, nature and objectives. Discuss the Five (5) Elements of Assurance Services. Identify the Parties Involved in determining engagement requirements. Classify assurance engagements according to structure and according to level of assurance provided. Discuss the meaning of assertion-based engagements and give examples. Differentiate Assurance Services from NonAssurance Services Engagements.

Identify the Services under each Classification.

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Course Contents 1. Fundamentals of Assurance Services 1.1 The Concept of Assurance 1.1.1 Examples of Economic Decisions Made by Users of Financial Statements(Table 1-1) 1.2. Assurance Services 1.2.1 Nature and objective 1.3. Elements of Assurance Engagements 1.3.1 Three-party Relationship 1.3.1.1 Examples of Responsible Parties & Intended Users (Table 1-2) 1.3.1.2 Practitioner 1.3.1.3 Responsible Party 1.3.1.4 Subject Matter, Subject Matter Information, & Responsible Party in a Financial Statement Audit(Table 1 – 3) 1.3.1.5 Extent of Responsibility of the Responsible Party(Table 1-4) 1.3.1.4 Intended Users 1.3.1.5 Parties Involved in determining Engagement Requirements

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Lecture via zoom/google.meet (slides and or /power point presentations) Reporting on selected topics (on line and via Email/Facebookmessenger) On line discussion and sharing on the practical application of concepts, focusing on the elements of Assurance Engagements

1.3.1.6 Assurance engagements for a Specific Purpose 1.3.2 Subject Matters 1.3.2.1 Examples of Subject Matter and Subject Matter Information (Table 1 -5) 1.3.3 Suitable Criteria 10 August 2018 1.3.3.1 Examples of Assurance Engagements & Applicable Formal Criteria(Table 1 -6) 1.3.3.2 Characteristics of Suitable Criteria(Table 1-7)

Assessment Tasks Recitation Reporting Seatwork Assignment Quiz

Time Frame Weeks 1 to 2

Part 4. Teaching Matrix

PART 5. REFERENCES: Suggested textbook:

Auditing and Assurance Principles (2018 Edition) By: Jose M. Ireneo, Shirley C. Ireneo And George R. James

Other Reference/s:

Comprehensive CPA Reviewer in Auditing Theory(2008 Edition) By: Ma. Elenita Balatbat Cabrera Auditing Theory or Students & Practice Guide for Auditors(2015 Edition) By: Concepcion Rasalan-Racaza, Rosalinda Datu-Evangelista Auditing and Assurance Services:Theory and Principles(2021 Edition) By: Raymund Francis A. Escala, Rein Ronald C. Bercasio Reviewer Materials from various Review Schools

MATERIALS: LCD, Laptop, Slide presentations, Videos, Sample Audit Reports and Other Documents

PART 6. LEARNER ASSESSMENT (GRADING SYSTEM)

Criteria Attendance

Participation Activity Recitation Quizzes Major Exam LSPU-ACAD-SF-015

Percentage(%)

10% 30%

20% 10% 30% 30%

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Midterm Exam Final Exam

15% 15%

Total

100%

Part 7. Course Policies

1. Student is expected to attend and complete the scheduled 54 hours on line sessions for the given coursework through their presents in virtual discussion of lesson. 2. It is the student responsibility to inform the instructor/professor of his inevitable skipping of classes and a formal notice in advance of excuse in classes should be made. Students following these procedures will be permitted to make up both assignments and examinations in consultation with faculty. Unexcused absences and unexcused skipping or non-appearance in virtual session may affect student’s grade. 3. When, in the judgement of the instructor, a student has been absent to such a degree as to impair his/her status relative to credit for the course, the faculty can drop the student from the class with a grade of 5.0 before the course-drop deadline. 4. In the classroom and in all other academic activities, students are expected to uphold the highest standard of academic integrity and any form of scholastic dishonesty is not allowed. 5. Active participation of everybody is enjoined during the online presentation of the topic. 6. Student is responsible for meeting all requirements and observing every deadline.

Prepared by:

Reviewed by:

Margie V. Oficial, CPA, MBA, CESE Faculty

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Approved:

Wilfredo V. Dangue, CPA, MBA Program Coordinator

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Marcial M. Bandoy, Ed. D. Dean/Associate Dean

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