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Course Outline M Aap

This 3-credit course provides an overview of auditing and assurance principles. It covers the demand and supply of financial statement audits, professional standards, the auditor's responsibility, the audit process including planning, internal controls, and substantive tests. Topics are discussed over 8 weeks and assessed through exams, performance tasks, discussions, and online engagement. References include an auditing theory guidebook and international quality standards handbook.

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60 views1 page

Course Outline M Aap

This 3-credit course provides an overview of auditing and assurance principles. It covers the demand and supply of financial statement audits, professional standards, the auditor's responsibility, the audit process including planning, internal controls, and substantive tests. Topics are discussed over 8 weeks and assessed through exams, performance tasks, discussions, and online engagement. References include an auditing theory guidebook and international quality standards handbook.

Uploaded by

jeff herrada
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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COLLEGE OF BUSINESS Course Code: M-AAP Document Code:

MANAGEMENT AND Prerequisite: IA1 Revision No:


ACCOUNTANCY
Issue No: 01 Issue No: 01
ISO 9001:2015
Course Outline
Lecture Unit: 3 Issued Date: January 20, 2021
Course Title: Auditing & Assurance Principles Laboratory Unit: 0 Effectivity Date: January 25,
2021

Course Description:

This course is designed to expose students both to the demand for and the supply of the profession’s flagship service –
financial statement audits - and to the nature of the value added assurance services which decision makers’ demand in
the information age. Topics include: types of audits (internal, external or financial statement audits, government audit,
and special purpose audits); relationship of accounting and auditing; other services (operational audits, compliance
audits, and non-attest services);professional standards: assurance standards and attestation and auditing standards;
public sector regulation of accounting practice and legal liability; the framework of financial statements auditing: risk -
based approach as audit methodology; audit evaluation and planning, including the concept of risk and materiality;
assessing internal controls, and tests of controls including internal controls in computer-based business systems;
performance of an audit: evidence collection, analysis, and substantive tests; reporting: reports on assurance services,
attestation services, and financial statement audits; and completing the audit including communications with board of
directors and management concerning internal control weaknesses.

Week Topics
1 Audit-an Overview
2 The Professional Standards
3 The Auditor’s Responsibility
4 The Audit Process- Accepting an Engagement

MIDTERM EXAM
5 Audit Planning
6 Consideration of Internal Control
7 Performing Substantive Tests
8 Audit Sampling

FINAL EXAM

Grading System:

30% - Major exams (Midterm/Finals)


40% - Performance-Based Assessment
20% - Discussion Fora
10% - Online Engagement
100%

References:
Salosagcol et al. (2019). Auditing Theory: A guide in understanding PSA. GIC Enterprises & Co., Inc.

Other Suggested Readings and References


Handbook of International Quality Control, Review, Auditing, Other Assurance, and Related Services
Pronouncements, 2016-2017, IAASB (Handbook IAASB)

Prepared by: Reviewed by: Recommending Approval: Approved by:

Jaypee D. Bigno, CPA


Jaypee D. Bigno, CPA Program Head- Lotis D. Cubin, DBA Dr. Marilou E. Albano
Accountancy CBMA Dean Vice-President
Date submitted: for Academic Affairs
Date approved: Date approved: Date approved:
This is a controlled document. Revision of this document should undergo the standard procedure. The Page
original copy of this document is located at the office of the College Dean. The user should secure the Number
latest revision of this document from the Dean’s office.

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