X UNIVERSITY College of Accountancy Bachelor of Science in Accountancy Course Syllabus in Auditing Theory Review 2nd Trime ter!

S"Y" 2#$$%2#$2 I. II. Course Code: Acctg&#

Course Description: The cour e i a three%unit u'(ect intended to )ro*ide the tudent +ith conce)t underlying the )u'lic accounting )ractice and the auditor a a )rofe ional" Thi u'(ect te t the candidate , conce)tual -no+ledge and under tanding of a urance and related er*ice )erformed 'y )rofe ional accountant " Candidate hould -no+ and under tand the nature of a urance and related er*ice )articularly inde)endent audit of financial tatement ! the re )on i'ilitie of )rofe ional accountant . the audit )roce . audit o'(ecti*e ! e*idence! )rocedure ! auditing tandard ! and the element of the inde)endent auditor , re)ort" In all the area included! the candidate hall a))ly the /hili))ine Standard on Auditing 0/SA1 and other regulatory la+ and regulation in effect at the time of e2amination" Credit Unit Contact 4our /rere7ui ite 3 & unit 3 5# hour ! $ meeting )er +ee-! 6 hour )er meeting 3 Accounting 2#82$

III.

Course Outcomes: CO $ Description State! e2)lain and di cu the nature of auditing! the ty)e of audit! the characteri tic if accounting! a a )rofe ion! the ignificant )ro*i ion of the Re*i ed Accountancy 9a+! and the o)eration of )u'lic accounting firm " E2)lain and di cu the nature of audit o'(ecti*e ! e*idence ! )rocedure and techni7ue and a))ly the conce)t and )rinci)le of internal control and techni7ue u ed to re*ie+ and e*aluate internal control " !O" & !O# $ !O$ 2 !O% $ !O& $ !O' $ !O( &

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:emon trate the conce)t and methodology of tati tic audit am)ling and )re)are audit re)ort under *arying circum tance "

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I).

Course Contents:
Ob*ectives Topics ;undamental of Auditing and A urance Ser*ice A" Introduction to a urance engagement $" Nature! o'(ecti*e and element 2" Ty)e of a urance engagement &" A urance er*ice *i %<%*i atte tation er*ice B" Introduction to auditing $" Nature! )hilo o)hy! and o'(ecti*e 2" Ty)e of audit The /rofe ional /ractice of Accounting A" /ractice of accounting )rofe ion $" Accounting a a )rofe ion 2" @rgani>ation that affect )u'lic accounting a" Regulatory go*ernment agencie '" Standard% etting 'odie &" Regulation of the )u'lic accounting )ractice a" RA A2AB '" SRC Rule ?B B" The C/A, )rofe ional re )on i'ilitie $" /hili))ine Standard on Auditing 2" Code of Ethic &" =uality control 6" /SA 26# C ;raud! Error! and o+ meetings ,rading !eriod Teaching -earning Activities 9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e Assessment Tools A ignment Seat+or=ui>>e Recitation

$" :i cu the e ence of auditing and a urance er*ice in 'u ine " 2" Identify the element of a urance engagement and cite actual e2am)le of a urance engagement &" :i cu the 'a ic )rinci)le of auditing 6" :i cu the cla ification of audit and auditor

/relim

$" :i cu the attri'ute of a )rofe ion 2" :i cu the en*ironment of the accounting )rofe ion &" Identify and di cu the im)act of regulatory agencie to the e2erci e of accountancy 6" :i cu the different tandard etting 'odie that affect the )ractice of accountancy 5" :i cu the regulation et forth under the Code of /rofe ional Ethic ?" :i cu re7uirement of the /hili))ine Accountancy Act of 2##6

& meeting

/relim

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

Noncom)liance $" :i cu the o*er*ie+ of the audit )roce " 2" Rationali>e and di cu the im)ortance of ri a e ment )rocedure in the )re% engagement tage of the audit" &" :i cu the element of audit )lanning and it co)e" 6" :i cu the im)ortance of u)er*i ion /RE9ID EXADINATI@N @CT@BER 2$%22! 2#$$ The ;inancial Statement Audit CClient $ meeting Didterm Acce)tance! Audit /lanning! Su)er*i ion and Donitoring A" The Eenerally Acce)ted Auditing Standard 0EAAS1 B" @*er*ie+ of the audit )roce C" /re%engagement )rocedure :" Audit /lanning Re7uirement $" /lanning re7uirement a" Fno+ledge of the 'u ine '" /reliminary analytical )rocedure c" Dateriality d" A e ing and managing audit ri e" @*erall audit )lan and audit )rogram f" Con ideration of the +or- of other 0e2)ert ! internal auditor! other inde)endent auditor 1 2" :irection! u)er*i ion and re*ie+ /SA &$5 and /SA &&# C Under tanding the Entity and it En*ironment Including it Internal Control and A e ing the Ri - of Daterial Di tatement A" Indu try! regulatory and other e2ternal factor ! including the a))lica'le financial re)orting frame+orB" Internal control a" Under tanding and documentation '" A e ment of control ri a1 Te t of control '1 :ocumentation C" A e ing the ri - of material mi tatement $" 9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e A ignment Seat+or=ui>>e Recitation

$" :i cu the )rocedure u ed to o'tain under tanding of an entity and it en*ironment" 2" :i cu the re7uired under tanding of the entity, internal control" &" :i cu a e ing the ri - of material mi tatement at the financial tatement le*el and at the a ertion le*el" 6" :i cu de*elo)ment of re )on e to a e ed le*el of ri - at the financial tatement le*el and a ertion le*el"

$ meeting

Didterm

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

:" Communicating +ith tho e charged +ith go*ernance and management $" :efine and contra t audit o'(ecti*e ! )rocedure ! e*idence and documentation 2" :i cu relia'ility of audit e*idence &" :i cu audit )rocedure and +or-ing )a)er documentation $" :i cu the nature and ty)e of am)ling a))roache 2" :i tingui h tati tical and non% tati tical am)ling &" :i cu the a))lication of audit am)ling for te t of control 6" :i cu the a))lication of audit am)ling for u' tanti*e te t 5" :i cu )ro(ection and e timation of error in a gi*en )o)ulation ?" :i cu e*aluation of am)ling re ult Audit @'(ecti*e ! /rocedure ! E*idence and :ocumentation A" Nature and ignificance B" E*idential matter C" Audit )rocedure 8 techni7ue :" Audit +or-ing )a)er Audit Sam)ling A" Ba ic audit am)ling conce)t $" Nature and )ur)o e 2" Non% tati tical and tati tical am)ling &" Attri'ute and *aria'le am)ling techni7ue 6" Sam)ling and non% am)ling ri 5" Te ting )rocedure +hich do not in*ol*e am)ling B" ;actor affecting am)le de ign C" ;actor affecting am)le i>e :" Sam)le election method E" E*aluation of am)le re ult

$"5 meeting

Didterm

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

$"5 meeting

Didterm

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

$" :i cu and identify engagement +ra)%u) )rocedure 2" :i cu the auditor, )o t audit re )on i'ilitie

DI:TERD EXADINATI@N N@VEDBER 2& C 26! 2#$$ Com)leting the Audit 8 /o t%Audit $ meeting ;inal Re )on i'ilitie A" Com)leting the audit and audit re)ort )re)aration B" /o t%audit re )on i'ilitie $" Su' e7uent di co*ery of fact 2" Su' e7uent di co*ery of omitted )rocedure

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

$" :i cu the )re)aration of audit re)ort 2" :i cu the rule of modification of the audit re)ort &" :i tingui h i ue that do not lead to modification of the o)inion and tho e that do not 6" :i cu re)orting on com)arati*e

Re)ort on Audited ;inancial Statement A. The un7ualified auditor, re)ort B. Ba ic element of the un7ualified auditor, re)ort C. Dodified auditor, re)ort $" Datter that do not affect the auditor, o)inion 2" Datter that do affect the auditor, o)inion D. Re)ort on com)arati*e @ther A urance and Non%a urance Ser*ice A" /rocedure and re)ort on )ecial )ur)o e audit engagement $" Audit of financial tatement )re)ared in accordance +ith a com)rehen i*e 'a i of accounting other than EAA/ in the /hili))ine 2" Audit of a com)onent of financial tatement &" Re)ort on com)liance +ith contractual agreement 6" Re)ort on ummari>ed financial tatement B" @ther a urance engagement 3 )rocedure and re)ort $" E2amination of )ro )ecti*e financial information 2" Engagement to re*ie+ financial tatement C" Non%a urance engagement $" Agreed%u)on )rocedure regarding financial information 2" Com)ilation of financial information

$ meeting

;inal

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

$" Identify and di cu other a urance and non% a urance engagement that are )ro*ided 'y )rofe ional accountant in )ractice 2" :i cu )rofe ional re7uirement im)o ed 'y a))lica'le tandard for each line of er*ice

$ meeting

;inal

9ecture8 //T /re entation /ro'lem% ol*ing Board E2erci e

A ignment Seat+or=ui>>e Recitation

;INA9 EXADINATI@N

:ECEDBER $6 %$G! 2#$$

). Teaching.-earning Activities /T-A0 T-A Description $ 9ecture )re entation 2 /ro'lem% ol*ing & Board e2erci e )I. Assessment Tools /AT0 AT $ 2 & Description A ignment and eat+orE2amination Recitation and 7ui>>e

CO" ?#H &#H $#H

CO# ?#H &#H $#H

CO$ G#H 2#H $#H

CO" $#H 5#H 6#H

CO# $#H 5#H 6#H

CO$ $#H 5#H 6#H

)II. Computation o+ Scores: /relim 3 /relim Erade I $#HSJ8A K 6#H =UIL K 5#H EXAD Didterm 3 Ra+ Didterm Erade I $#H SJ8A K 6#H =UIL K 5#H EXAD Didterm Erade I 5#H /relim Erade K 5#H Didterm Ra+ Score ;inal 3 Ra+ ;inal Erade I $#H SJ8A K 6#H =UIL K 5#H EXAD ;inal Erade I 5#H Didterm grade K 5#H Ra+ ;inal Erade )III. Re+erences: A" Te2t'oo-3 Acl ?5G"65#2$B5AA /5&B 2##B /IC/A%DDR Committee on C/E 02##B1! /hili))ine Standard on Auditing! Acl ?5G"65 R&5B 2#$# Ricchiute! :a*id N" Auditing and A urance Ser*ice Gth Edition! South Je tern College /u'li hing! Cincinnati! @hio 2#$# Ireneo! Mo e D"! Ireneo! Shirley C"! and Mame ! Eeorge R" 02#$$1! Auditing and A urance /rinci)le Salo agcol! Me-ell! Tiu! Dicheal and 4ermo illa! Roel! Auditing Theory and Conce)t ! EIC Enter)ri e N Co"! Inc" 2##B

B" Boo- 3 Acl ?5G"65#G? B?& 2##B Acl ?5G"65#G? C$$2 2##B Acl ?5G"65#G? J?$B 2##B Bo'adilla! A)olinario :" and @cam)o! Reynaldo R" 02##B Edition1! Re*ie+er in Auditing Theory! 9are Boo- tore! Danila Ca'rera! Da" Elenita Balat'at! Com)rehen i*e C/A Re*ie+er in Auditing Theory! EIC Enter)ri e N Co" Inc! Danila 2##B Jhittington! @" Ray and :elaney! /atric- R" 02##B Edition1! Jiley C/A E2am Re*ie+er C Auditing and Atte tation! Mohn Jiley N Son ! Inc"! 4o'o-en! Ne+ Mer ey Code of Ethic for /rofe ional Accountant in the /hili))ine 0Effecti*e Mune &#! 2##B1 /hili))ine Standard on Auditing 0/SA 1! Auditing and A urance Standard Council /hili))ine Standard on A urance Engagement 0/SAE 1! Auditing and A urance Standard Council /hili))ine Standard on Related Ser*ice 0/SRS 1! Auditing and A urance Standard Council /hili))ine Standard on Re*ie+ Engagement 0/SRE 1! Auditing and A urance Standard Council /hili))ine Standard on =uality Control 0/S=C 1! Auditing and A urance Standard Council /ractice Statement ! Auditing and A urance Standard Council R"A" A2AB C /hili))ine Accountancy Act of 2##6 0Effecti*e Day $&! 2##61 Rule and Regulation for the Accreditation of Accounting Teacher 0Effecti*e Mune 2#! 2##B1 C" @nline Reference 3 +++")r'oa"com +++"aa c"org")h +++")ic)a"com")h

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