Applied Auditing

Phinma - University of Iloilo Syllabus

ACC 018

PEN Code: PEN Subject Title:

!

Credit :

Applied Auditing

6 units

Prerequisite: ACC 014 (Assurance Principles)

Subject "escri#tion:

This course deals with the application of audit procedures in the external audit of financial stateents! "t co#ers detailed approaches to pro$le situations norall% encountered in the independent exaination of cash& recei#a$les& in#entories& prepa%ents& propert%& plant and e'uipent& intangi$les& lia$ilities& e'uit%& incoe and expenses!

$!

(!

%bjectives: &students should be able to :'

a!

ecall ecall certain certain auditing auditing principl principles es as the% appl% appl% to audit of differe different nt accounts accounts and transact transactions ions!!

 $!

nderstand the audit planning process and iportance iportance of internal control consideration in the audit process!

c!

Audit transacti transactions ons co#ere co#ered d in different different transacti transaction on c%cles c%cles!!

d!

nderstand nderstand the the process process of cople copleting ting the the audit audit and the the preparat preparation ion of audit audit report! report!

Subject %utline and Time )llotment )llotment Cha#ter

To#ics

Audit Planning and "nternal

•

Application of anal%tical procedures in audit planning

Control Consideration

•

nderstanding of the internal control and tests of control

•

e#enue and receipt c%cle

•

*xpenditure and dis$urseent c%cle

•

Production c%cle

•

"n#esting and financing c%cle

Audit of e#enue and eceipt

•

Audit of sales and re#enue transactions

C%cle

•

Audit of recei#a$le $alances

•

Audit of cash receipt transactions - cash $alance

Audit of expenditure and

•

Audit of ac'uisitions and purchases

dis$urseent c%cle

•

Audit of pa%roll transactions

•

Audit of cash dis$urseent transac tions - cash $alance

•

Audit of in#entor% $alances

•

Audit of trade pa%a$le $alances

•

Audit of prepaid expenses and accrued lia$ilities

2irst Periodical *xa Audit of Production C%cle

Audit of the 2inancing C%cle

Schedule

+ee, 1

+ee, ./

+ee, 4/

+ee 6 •

Audit of con#ersion acti#ities

•

Audit of in#entor% $alances: wor,/in/process and finished goods

•

Audit of cost of goods sold $alance Audit of financing c%cle transactions

+ee, 3/8

+ee, /11

Audit of non/trade lia$ilit% $alances Audit of interest expense and finance cost $alances Audit of e'uit% accounts 5econd Periodical *xa Audit of in#esting c%cle

+ee, 1. Audit of in#esting transactions

1 This s%lla$us is standardi7ed and the re'uired s%lla$us for the CA 9epartent!

+ee, 1/14

Audit of in#estent account $alances Audit of propert%& plant and e'uipent account $alances Audit of intangi$le account $alances Audit of Cash

Audit of cash

Copleting the Audit and Audit

*#aluation of related part% transactions& going concern& and contingencies

eport

+ee 1/16 +ee, 13

*#aluation of e#ents after the $alance sheet date 9rafting the audited financial stateents Application of anal%tical procedures in the o#erall re#iew 9rafting the audit report

Third Periodical *xa

+ee, 18

2inal *xa

+ee, 1

*!

+oo,s and eferences: Applied Auditing& .014 edition or later& $% Ca$rera& a! *lenita !

.!

Course equirements/Com#onents: ;ui77es-*xercises (40<)= Periodical *xas (40<)= >ther Coponents (.0<)

0!

1radin2 System: Formula: 2? @ (0!13 x 2P?)  (0!13 x 5P?)  (0!16 x TP?)  (0! x 2*)

+here: 2P? is first periodical grade= 5P? is second periodical grad= TP? is third periodical grade= and 2* is final exas

3!

Contact Information:

Professor: BBBBBBBBBBBBBBBBBBBBBBBBBB  o$ile o!: BBBBBBBBBBBBBBBBBBBBBBBB  */ai Address: BBBBBBBBBBBBBBBBBBBBBB 

. This s%lla$us is standardi7ed and the re'uired s%lla$us for the CA 9epartent!