Outcomes-Based Teaching and Learning Plan for Assurance Principles, Professional Ethics and Good Governance Course Title
Credit Units
Course !escription
Course "ntended Learning Outcomes
Assurance Principles, Professional Professional Ethics and Good Governance 3
Course Code
Course Pre-reuisites
Financial Accounting and Reporting III
Accounting Information System This provides undergraduate undergraduate Accountancy Accountancy students students ith the conceptual conceptual !noledge and and understanding of the fundamental theory of auditing and assurance services and the philosophy underlying audits ith emphasis on the e"ternal auditing as performed #y independent $erti%ed Pu#lic Accountant and the management of pu#lic accounting practice& The course covers Philippine Standards on on Auditing' the Philippine Accountancy Accountancy (a, (a, internal controls, audit o#)ectives, audit techni*ues, audit programs and procedures' audit reports& Ethical standards a+ecting the accountancy accountancy profession are also ta!en up& The course emphasies emphasies the use of relevant relevant !noledge, s!ills and and professional )udgment )udgment in analying, evaluating, concluding and reporting on the assurance engagement other issues in the conte"t of the professional regulatory frameor!& It is intended to ade*uately prepare students for analytical activities in su#se*uent ma)or courses in the Accountancy $urriculum& After completing this course, #TU!E$T# #%OUL! BE ABLE TO& -& E"plain the purpose, purpose, nature, scope scope and ethical principles and rules governing governing the conduct of auditing and assurance in the Philippines including the role, duties and responsi#ilities of the auditor& .& Apply audit concepts concepts s!ills, test and techni*ues in o#taining audit audit evidence& 3& /evelop and audit plans, plans, implement audit procedures procedures and prepare an an appropriate appropriate audit report #ased on the audit evidence o#tained& 0& Apply auditing s!ills in non assurance assurance services and and on non %nancial informations& informations& 1& Analye typical and and contemporary contemporary audit and assurance situations situations #y applying applying conceptual frameor! on auditing standards, corporate governance, governance, professional ethics and %nancial reporting& 2& or! productively productively as part of of a team and in particular, particular, communicate and and present information e+ectively in ritten and electronic formats in colla#orative environment&
4idterm Period
'ee
Content
Essential Learning !eclarative (unctional
"ntended Learning
#uggested
Assessment
)
#tandards
-5.
/iscuss the Fundamentals of Auditing and Assurance Services
*no+ledge
6ature, o#)ectives, frameor! and elements Types of assurance engagements Assurance services vis a vis attestation services and audit services Types of audit and auditors
350
/iscuss the Professional Practice of Pu#lic Accounting
Pu#lic Accounting as a profession Regulatory government agencies and standard setting #odies
*no+ledge
Outcomes "LO
7no the philosophy of an audit
Relate revie of current pu#lications and materials from various media ith 8nderstand the the general concept and principles of audit o#)ective of and assurance auditing engagements& Appreciate hy independent auditing is necessary
Argue from a range of contesting theories relating to auditing
E"plain hat is meant #y information ris! and ho such may #e reduced
/i+erentiate audit from other types of engagement provided #y a $PA
$ompare and contrast the di+erent 8nderstand the types of audit and di+erent types auditor of audit such as %nancial statements audit, operational audit and compliance audit Appreciate the Research on the role of the regulatory professional environment ithin accountant in hich e"ternal audits the economy ta!e place& 7no the attri#utes of a profession
Resolve ethical dilemmas faced #y accountants in
Teaching.Learni ng Activities TLAs Assigned reading9 $hapter -,.,3,0,1 of te"t#oo! Interactive (ecture $lass discussion
Assigned reading9 $hapter 2,>,? of te"t#oo! Interactive lecture Seator!
Tas)s ATs
$lass recitation :ui ;on ee!<3=
$lass recitation Graded seator! :ui ;on ee! <1=
that a+ect pu#lic accounting Regulation of the pu#lic accounting practice The $PA@s professional responsi#ilitie s
7no ho is a professional accountant Enumerate the scope of the practice of accountancy 7no the re*uirements to enter the accountancy profession 8nderstand the need for the professional accountant and develop capa#ilities and competence after admission to the profession 7no the competency re*uirements for professional accountant in ;a= pu#lic practice ;#=#usiness 8nderstand the increase glo#aliation of accounting and auditing
di+erent sectors of the accountancy profession&
e familiar ith hat a $PA may e"pect in the future
'ee )
Content #tandards
152
/iscuss the Financial Statements Audit5$lient Acceptance, Audit Planning, Supervision and 4onitoring
!eclarative *no+ledge
Bvervie of Audit process 4ateriality and Audit Ris! Pre5 engagement procedures Scope, purpose and re*uirements of audit planning /irection, supervision and revie
(unctional *no+ledge
"ntended Learning Outcomes "LO
8nderstand the concept of ris!5#ased audit approach
Illustrate the diagram of audit process
7no the nature of ris! and the critical component of ris! relevant to conducting an audit and their interrelationshi ps /iscuss the activities in a ris!5#ased audit process Enumerate the activities in the ris! Assessment Phase 8nderstand hat and ho the auditor performs the
Analye the relationship of the components of audit ris! ith auditor@s response to each ris!
#uggested Teaching.Learni ng Activities TLAs Interactive lecture Seator! $hapter C,-D,--,-.,-3
Assessment Tas)s ATs
$lass recitation Graded homeor! Revie for the E"amination
preliminary engagement activities in relation to9 $lient selection and retention Planning the audit to develop an overall audit strategy and audit plan Applying the concept of materiality to audit Preparing an audit plan •
•
•
•
'ee )
Content #tandards
>
Final Period
'ee)
Content #tandards
?
/iscuss and understanding the Entity and its Environment including its
!eclarative *no+ledge
(unctional *no+ledge
"ntended Learning Outcomes "LO
#uggested Teaching.Learni ng Activities TLAs /"!TE0/ E1A/"$AT"O$ Coverage& Topics from +ee) 23 to +ee) 24
U$"T 5& Process Costing #6stem Essential Learning !eclarative (unctional "ntended Learning *no+ledge *no+ledge Outcomes "LO
Industry, regulatory, and other e"ternal factors,
/escri#e an electronic data processing system and
(in! individual e"perience of understanding an entity ith the ider structural elements
#uggested Teaching.Learni ng Activities TLAs Assigned reading9 $hapter .2,.>,.? of te"t#oo! Interactive lecture Seator!
Assessment Tas)s ATs
Assessment Tas)s ATs
$lass discussion Graded seator! on ee!
Internal $ontrol and Assessing the Ris! of 4aterial 4isstatement
including the applica#le %nancial reporting frameor! a+ecting entity Elements of internal control and consideration of accounting and internal control system Assessing the ris! of material misstatements
uni*ue characterist ic of speci%c E/P system
relevant to understanding the entity and environment of a client
/iscuss the impact of computers on accounting systems
Apply the steps in audit planning to real life situations and e"plain the rationale for doing so
Specify ma)or types of computer fraud
Assess the ris! of material misstatements in the %nancial statements through analytical and critical thin!ing E"plain in depth ho auditors identify de%ciencies in internal control systems and ho those de%ciencies limit the e"tent of auditor@s reliance on those systems Illustrate the use f assertion in o#taining audit evidence and discuss the procedures for o#taining audit evidence
$ommunicatin g ith those charged ith government and management
C
/iscuss Audit o#)ectives, Procedures, evidence and documentations
6ature and signi%cance Audit evidence Audit procedure and techni*ues including test of control and su#stantive procedures
8nderstand the need to evaluate audit evidence gathered to support the conclusion for auditor@s report 7no ho to evaluate
/ocument the evidence gathered to form logical or!ing papers
Assigned reading9 $hapter ..,.3,.0,.1 of te"t#oo! Interactive (ecture Seator!
Graded homeor! on ee!<-D
Audit or!ing papers
audit evidence gathered to support the conclusion for auditor@s report 7no ho to evaluate audit evidence for suciency and appropriate ness
-D
/iscuss Audit Sampling
asic audit sampling concepts Factors a+ecting sample design Factors
E"plain hat factors should #e considered in evaluating the suciency and appropriate ness of audit evidence gathered 8nderstand the nature and purpose of audit sampling 7no the rationale
/esign and perform test of control and su#stantive procedures Recommend improvements on internal control #y preparing a management letter
$hoose and apply the appropriate statistical sampling and other selective test procedures
Assigned reading9 $hapter -05.- of te"t#oo! Interactive lecture Seator!
Graded seator! on ee! <--
a+ecting sample sie
for audit sampling
Sample selection methods
/istinguish #eteen sampling and non sampling ris!
Evaluation of sample results
7no the nature of non statistical and statistical sampling /istinguish #eteen attri#ute and varia#les sampling techni*ues Enumerate and e"plain the factors a+ecting sample design 8nderstand the most commonly used sample selection methods 7no #asic
the
concepts of ho sample results are evaluated Specify the test of controls should #e performed /escri#e the steps in the application of sampling in test controls 8se attri#utes sampling or statistical sampling in test controls 8nderstand the use of non statistical sampling in test of controls /escri#e su#stantive procedures and related ris! in applying su#stantive test
8nderstand the varia#les sampling plan techni*ues /escri#e the steps in varia#les sampling for su#stantive test 8se varia#les sampling plan;particu larly the pro#a#ility proportiona l to Sie sampling for su#stantive test 8nderstand the application of classical varia#les sampling methods& /escri#e the use of non statistical sampling for
su#stantive test
--
/iscuss the $ompleting of the Audit post Audit responsi#ilities
Scope, purpose and re*uirements in completing the audits Post Audit responsi#ilitie s of an auditor
Summarie and e"plain #rieftly the various issues that the auditor considers in completing his audit e"amination such as 5 Related party transactio ns 5 Su#se*ue nt events revie 5 (etters of in*uiry revie of contingen t lia#ilities 5 4anageme nt represent ations 5 Analytical procedure s 5 Evaluating %ndings, formulatin
Apply the steps in the rap5up process to real life situation and e"plain the rationale for doing so Enumerate and e"plain the elements of an audit report
Assigned reading9 $hapter ..,.3 of te"t#oo! Seator!
Graded seator! :ui on ee!<-.
g an opinion and drafting the audit report /escri#e the process of revieing audit or!ing papers 8nderstand the post5 audit responsi#iliti es of the auditor as far as follo are concerned9 5su#se*uent discovery of facts e"isting at report date $onsideratio n of omitted procedures after the report date 5considered of omitted procedures after the report date
-.
/iscuss Reports on Audited Financial Statements
The unmodi%ed auditor@s report and its element The di+erent types of modi%ed auditor@s report
/escri#e the independent auditor@s report 7no the re*uirements relative to forming an opinion on the %nancial an opinion on the %nancial statements
Prepare an appropriate audit report #ased on the information provided& $ompare and contrasts an unmodi%ed opinion ith the di+erent types of modi%ed opinion&
Assigned reading9 $hapter .0,.1 of te"t#oo! Interactive lecture Seator!
Graded seator! Graded homeor! :ui on ee!<-3
Assigned reading9 $hapter .0,.1 of te"t#oo! Interactive lecture Seator!
Graded seator! Final e"am on ee!<-0
Evaluate an audit situation that has gone rong and apply a solution
7no ho to deal ith supplementa ry information presented ith the %nancial statements
-3
/iscuss Reports on Audited Financial Statements
Procedures and Reports on special purpose audit engagements
Procedure and reports on non
7no ho to deal ith supplementa ry information presented ith the %nancial statements E"plain the circumstance s that ould re*uire modi%cations of auditor@s report and the e+ect on the auditor@s
/i+erentiate the di+erent tyes of special reports ith the standard audits Identify e"amples of special purpose audit engagements and non audit
audit engagements Procedures and reports on non assurance engagements
opinion
engagements
8nderstand ith the form and content of the auditor@s report hen the opinion modi%ed
Apply the steps in performing non assurance engagements
7no hen the emphasis of matter and other paragraphs in the independent auditor@s report are used 8nderstand the auditor@s responsi#iliti es regarding the correspondin g %gures and comparative %nancial statements 7no the auditor@s responsi#ility in the relation to other information in the documents containing
Synthesie coherent standards pertaining to related services provided #y a $PA Reect on the application of auditing to day to day activities
audited %nancial statements -0 Basic 0eadings
("$AL E1A/"$AT"O$ Coverage& topics from +ee) 27 to 'ee) 238 -& $a#rera, 4a& Elinita alat#at&, Auditing Theory (2016 Edition)
E9tended 0eadings Course Assessment
Course Policies Committee /em;ers Consultation #chedule
G0A!"$G #:#TE/&
/"!TE0/ G0A!E $lass Standing :uies 4idterm E"am
3DH 3DH 0DH 55555555 -DDH
("$AL G0A!E 4idterm Grade $lass Standing :uies Final E"am
0DH -1H -1H 3DH 55555555 -DDH
$luster (eader9 4em#ers9 $onsultation /ays9 Time and enue 9
Course Title Assurance Principles, Professional Ethics and Good Governance
3nd trimester A: 5<3=-5<37 January 3D, .D->
Prepared ;6
0evie+ed ;6
(emuel 4ar! & Salon
/r& Arturo $& $aras $ollege /ean
Approved ;6& Jenny $& $o P5AcademicKStudent A+airs
