BUS 169A S2019 Draft PDF

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BUS 169A Auditing [Draft syllabus] Instructor: Theodore Mock Office: Anderson Hall 209 Phone: (951) 827-2333 [Messages only] Course Website: http://ilearn.ucr.edu/

Quarter: Spring 2019 Lecture time: Tues – Thurs 11:10 – 12:30AM Classroom: Mat Sci & Eng 103 E-mail: [email protected]

Office Hours: Tues 9:30 – 11:00 [209 Anderson Hall] Thurs 9:30 – 11:00 [209 Anderson Hall] Tues & Thurs 7:00 – 8:00 and 12:30 – 1:30 [by appointment]

School of Business Mission Statement The School of Business has developed a mission statement and learning goals which are detailed later in this syllabus. The overall objective of this course is to contribute to this mission by providing students the opportunity to learn some of the basics of audit and assurance. Course description BUS 169A. Auditing (4) Lecture, 3 hours; individual study, 3 hours. Covers the auditing environment, the auditor’s legal liability, audit responsibilities and objectives, audit evidence, audit planning and documentation, the auditor’s report, and management letters.

Introduction to BUS 169A The provision of information assurance services (including financial statement auditing) is a process that involves research, investigation, evidence gathering, risk assessment and evidential reasoning. Its objective is providing effective and economical assurance concerning financial information or other types of information of interest to business, government, or society in general. Types of information that may be audited include financial statements, environmental reports, carbon footprint reports, sustainability reports, health quality reports and product quality reports. Because the term auditing often is used with respect to the auditing of financial statements, the more general term of assurance services is used to include the broad array of audit, attestation, and assurance services that are being provided world-wide. This course is an introduction to basic concepts and techniques that are used in the provision of assurance services. It focuses on one type of assurance service, the auditing of financial statements. The financial statement auditor’s role is to provide independent, cost effective audits of financial or other information to insure that the information meets accepted standards such as being reliable and being a complete representation of the financial position and performance of an economic entity.

BUS 169A is designed to provide an introductory framework for understanding how auditors assess risks and plan and conduct an audit. In completing an audit, the audit team decides what to do, how much risk is appropriate and when to conclude the research, investigation, and evidence gathering processes. Auditing and general assurance services are essential for efficient capital markets and to the success of many enterprises – manufacturing, service, government, and not-for-profit organizations. The course objectives are embedded in the context of two learning themes: 1. Learn ‘Audlish’, that is the Vocabulary of the Auditing and Assurance Services Profession: Students will learn the basic terms, definitions, and concepts in the discipline of Auditing and Assurance Services. Auditing has its own language – audit risk, substantive audit procedures, forensic procedures, accounting controls, financial statement fraud, materiality and many others. You will learn what these and other terms mean from an auditing and assurance services perspective and why some terms have a variety of meanings. 2. Develop Your Investigative, Evidential Reasoning, and Risk Assessment Skills. These skills will be used within the audit team in assessing auditing risks, designing audit programs (obtaining appropriate audit evidence), analyzing obtained evidence and in preparing audit documentation of all important audit judgment. The documented audit findings will become the basis for preparing audit opinions (Audit Reports) and in communicating other audit findings to interested parties. Students will have multiple opportunities for practice in developing these skills and obtaining feedback concerning these activities. This syllabus is an invitation to you as a student to engage in an interactive study based significantly on using McGraw Hill Connect to learn the core concepts of auditing and assurance services. It is my intention to provide a collaborative and supportive learning environment where students will learn both in and out of the classroom. To that end, modifications to this syllabus might be warranted as I assess and update the learning needs of this particular class. Course Format and Learning Strategy BUS 169A is a one quarter, four-credit course. Your regular class meetings will involve a variety of activities including lecture; in-class quizzes, and discussion of assignments and quizzes. Typical assignments and activities for each class session include: Background reading. Each LearnSmart textbook chapter contains learning objectives, a list of relevant US and International audit standards, discussion of basic auditing concepts and issues, including examples from the business and financial press illustrating these concepts and issues in real companies, chapter takeaways and many review questions, multiple choice questions from CPA examinations, real-world auditing problems and internet assignments. To earn credit, assigned LearnSmart Chapter Readings must be completed by the due date on the schedule.

Prerequisite BUS 165B

Course Materials Auditing and Assurance Services: A Systematic Approach, Tenth Edition. Authors: William F. Messier, Steven M. Glover, and Douglas F. Prawitt, Publisher: McGraw-Hill Irwin [2012]. ISBN 978-0-07-773250-9. You must register on McGraw Hill CONNECT [Instructions are posted in ‘Course Materials’ Blackboard. Registering on CONNECT for this course will provide access to all of the materials in the textbook and all CONNECT based assignment . I believe there are three options to gaining access to CONNECT: Print Copy [New (approx. $331.65), eBook (buy at approx $228) or eBook (rent approx. $178.25). A Purchasing a print copy or eBook copy of the textbook or loose-leaf copies of important chapters may be useful for many students, particularly if you are thinking of becoming an auditor. The note from McGraw Hill concerning Connect is “to use the 10th edition book and Connect course, all students will need to purchase an access card for the 10th edition. Access cards are specifically manufactured to match whatever edition the Connect course was created with. Students who decide to purchase access directly through Connect will not have any issues.” To register to the BUS 169A Connect course, go to the first assignment and you will be directed to the "registration process". Having trouble registering? Get help here: http://bit.ly/StudentRegistration Having technical problems? Call the Tech Support number (800) 331-5094.

Grading policy Your performance in BUS 169A will be evaluated based on frequent in-class Quizzes, graded assignments; and two examinations as shown below: Student Performance Assessment

Completion of SmartBook Study Chapters

50 points

Assignments and In Class, Blackboard and Attendance Quizzes

150 points

Exam 1

200 points

Final Exam

200 points

Total available

600 points

After each graded item is returned or a score posted, you will have one week to challenge your grade in writing. After this time, grades become final. Letter grades for the course are determined based on a curve with an average G.P.A. consistent with the School of Business Administration grading guidelines. Final letter grades will be determined based on individual student performance. Completion of SmartBook Study Chapters [ 50 points]. McGraw Hill Connect facilitates an interactive,

feedback oriented way of studying text chapters. As you read the 10 assigned chapters and answer ‘flash card’ questions, you will build up to 50 chapter points [ 5 points per chapter]. Chapters completed after the due date will not earn any credit. Assignments and In Class, Blackboard and Attendance Quizzes [150 points]. Some classes will require assignments to be submitted before class. Many classes will include one or more ‘attendance’ and ‘other quizzes’ that will be based on current readings, assignments, class discussions, etc. Participation is primarily evaluated based on “attendance quizzes”. Exam I (Midterm) [200 points]. The content of this exam is primarily from the course text, assignments, lectures and class discussion. Final Examination [200 points]. The content of this comprehensive exam is also primarily from the course text, assignments, lectures and class discussion. Should you have any questions about your final exam grades, request an appointment to review your final exam in the first month of the following quarter. Make-up Final Exam Policy. It is to your advantage to take all quizzes and the final exam at their scheduled times. Only in the case of a well-documented, true emergency should the final exam be missed. All students must take the final exam as scheduled unless an incomplete contract has previously been approved according to School of Business Administration regulations. A conflict with your travel plans is not sufficient reason for an incomplete or a request to take an exam at another time. Statement on Technology Use During Class Except as indicated below, communication devices such as cell phones, Blackberries, etc. capable of sending and or receiving electronic communication and all entertainment devices such as iPods are to be turned off and kept off throughout the class session. Receiving or sending communication or entertainment during class disrupts the learning environment and is rude to those around you. However, laptops and other communication devices can be used for the purpose of taking notes or to accomplish in-class assignments and activities such as reviewing posted power point notes.

Students with Disabilities The mission of the UCR Services for Students with Disabilities is to assist in creating an accessible University environment where students with disabilities have equal access to educational programs and opportunity to participate fully in all aspects of campus life. Please contact http://specialservices.ucr.edu/Students+with+Disabilities/Prospective.htm for additional information.

School of Business Mission Statement Our mission is to develop diverse leaders, propel research-based innovation and promote the sustainable growth of Inland Southern California within the global economy. We harness the powerful resources of UC and our location at the nexus of commerce to create a laboratory for education, research, and productive partnerships across economic enterprises. The strategic activities that propel our mission include: • • • •

Conducting basic and applied research in management that explores and informs the creation, development and management of growth; Providing degree programs that prepare our students to be effective managers and responsible community leaders with a deep understanding of the dynamics of growth in both a regional and global context; Partnering with business and community leaders through a shared commitment to exemplary growth; and Delivering educational programs to executives and the public at large that respond to the needs of our local, state, national, and international communities.

Learning Goals Professional Integrity / Ethical Reasoning Skills Students will be able to recognize ethical issues, demonstrate familiarity with alternative frameworks for ethical reasoning, and discern trade-offs and implications of employing different ethical frames of reference when making business decisions. Problem Solving Skills Students will be able to use a variety of theoretical perspectives to identify and critically evaluate implications of business decisions for organizational stakeholders (e.g., customers, colleagues, employees, stockholders, suppliers, foreign governments, communities, cultures, regulatory agencies) and the natural environment. Global Context Skills Students will be conversant with major economic, social, political, and technological trends and conditions influencing foreign investment and development of the global economy and demonstrate an understanding of the cultural, interpersonal and analytical competencies required for engaging in global business activities. Written Communication

Students will demonstrate proficiency in written communications by creating written document that are clearly written, with appropriate content and conclusions. Technology Skills Students will be able to integrate and apply the tools and techniques of business, drawing on a broadbased knowledge of the major functions (accounting, economics, finance, information systems, marketing, operations management, and strategy) to solve complex business problems and make sound business decisions. Academic and Professional Integrity Ethics and values are very important in auditing, accounting, business in general and in education. We will consider ethical issues in auditing throughout this course. As an instructor, I will assume, unless there is evidence to the contrary, that you are an ethical student. To help you fulfill your ethical responsibilities as a student, the ethical standards for BUS 169A are listed below. Final examination: The final exam must be the exclusive work of the individual student and no outside materials may be utilized without the prior approval of the instructor. No student may share the exam contents or possible solutions with another student during the exam. If you know that another student is violating these standards: Allowing another student to obtain course points by deceit contributes to a general lowering of the ethical standards of the University and contributes to deception of potential employers and other academic institutions. Thus, you have an obligation to take some action when you know another student is violating the course’s academic integrity standards. This is a difficult personal trial to face, but it is an important part of your ethical obligation as a student. If you know that another student is violating the standards, it is your responsibility to inform the student’s instructor. In this course, academic integrity violations generally will be penalized with a grade of F for the course.

Integrity statement: At the University of California, Riverside (UCR) honesty and integrity are fundamental values that guide and inform us as individuals and as a community. The academic culture requires that each student take responsibility for learning and for producing work that reflect their intellectual potential, curiosity, and capability. Students must represent themselves truthfully, claim only work that is their own, acknowledge their use of others’ words, research results, and ideas, using the methods accepted by the appropriate academic disciplines and engage honestly in all academic assignments. Misunderstanding of the appropriate academic conduct will not be accepted as an excuse for academic misconduct. If a student is in doubt about appropriate academic conduct in a particular situation, he or she should consult with the instructor in the course to avoid the serious charge of academic misconduct.

To ensure the highest standard of academic integrity, all students should be familiar with the guidelines posted at: http://conduct.ucr.edu/SiteCollectionDocuments/DocumentsFromStudentConduct/AcademicIntegrity BrochureStudent.pdf

BUS 169A Course Assignment Schedule [Draft] Spring Quarter 2019 Date 1.1 APR 2 2019

1.2 APR 4

Topic

Assignment Review Course Syllabus Register on McGraw Hill Connect

Introduction to 169A

Introduction to Assurance & Financial Statement Auditing

LearnSmart Intro: https://youtu.be/wGF1ChKce1k Complete Ch. 1 Learn Smart guided reading module [5 points max credit, no late submission credit] Ch 1 Assignment Complete Ch. 2 Learn Smart guided reading module [5 points credit, no late submission credit]

2.1 APR 9

Financial Statement Auditing Environment

2.2 APR 11

Financial Statement Auditing Environment

Ch 2 Assignment

3.1 APR 16

Audit Planning, Types of Audit Testing, and Materiality

Complete Ch. 3 Learn Smart guided reading module [5 points credit, no late submission credit]

3.2 APR 18

4.1 APR 23

4.2 APR 25

Audit Planning, Types of Audit Testing, and Materiality

Audit Risk Assessment

Audit Risk Assessment

Ch 3 Assignment Complete Ch. 4 Learn Smart guided reading module [5 points]

Ch 4 Assignment

5.1 APR 30

Audit Evidence and Documentation

Complete Ch.5 Learn Smart guided reading [5 points]

5.2 MAY 2

Audit Evidence and Documentation

Ch 5 Assignment

6.1 MAY 7

Internal Control in a Financial Statement Audit

Complete Ch. 6 Learn Smart guided reading [ 5 points] Ch 6 Assignment Exam I Covers Chapters 1-6 and class discussions and assignments

6.2 MAY 9

First Exam [ 200 points ]

7.1 MAY 14

Auditing Internal Controls over Financial Reporting

Complete Ch. 7 Learn Smart guided reading [ 5 points]

7.2 MAY 16

Auditing Internal Controls over Financial Reporting

Ch 7 Assignment

8.1 MAY 21

Auditing the Revenue Process

8.2 MAY 23

Auditing the Revenue Process

9.1 MAY 28

Completing the Audit Engagement

9.2 MAY 30

Completing the Audit Engagement

10.1 JUNE 4 10.2 JUNE 6

Reports on Audited Financial Statements

SELF STUDY PERIOD

Monday June 10 8:00 – 11:00 a.m.

Complete Ch. 10 Learn Smart guided reading [5 points] Ch 10 Assignment

Complete Ch. 17 Learn Smart guided reading [5 points ] Ch 17 Assignment Complete Ch. 18 Learn Smart guided reading [5 points credit]

BLACKBOARD PREVIEW QUIZ

Comprehensive Final Exam [200 points] Covers chapters 17, 10, 17 and 18 and other topics covered in class...