Faculty Teaching Guide ACCT 422 Auditing Theory and Practice

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Oct 31, 2013 ... Important Concepts about ACCT 422. Listed below are important concepts and highlights about the nature of this course and its students.
Faculty Teaching Guide ACCT 422 Auditing Theory and Practice

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Important Concepts about ACCT 422 Listed below are important concepts and highlights about the nature of this course and its students. ● ACCT 422 is a required course for the accounting major and is recommended or required for the CPA exam in most states. ● This course is a prerequisite for ACCT 427: Advanced Auditing. ● The course assessments and activities emphasize real-world applications of auditing concepts. ● ACCT 422 is a required course in the Advanced Accounting Certificate.

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Using this Guide This guide is designed to help faculty members teach the course effectively as well as to help the department maintain the appropriate alignment with the program curriculum. The guide and the course syllabus should be provided to faculty members teaching the course and should be regularly reviewed and updated. When you have suggestions and recommendations for the guide, please participate in the discussion at our Accounting Faculty Exchange Engage web site. How can you use this guide to help you teach your course? It's a long-term resource to consult as you progress, but here are some immediate ideas to: ● Plan the flow of your class—Look at the assignments and activities in the guide—they are extended descriptions of what you will find in the model syllabus, and will help you think about timing. ● Introduce and explain your course to students—Deliberately point to the course learning outcomes—you'll find them right after the course description. Also be sure to explain the level and place of the course and the kind of activities the students will experience. Students need to understand the focus and purpose of their learning. ● Choose topics for class discussions—Besides the outcomes, look at the "Learning Activities" section, which may give you ideas for discussions or techniques. The "Concepts, Skills, and Issues" section will also remind you of content you need to present to achieve the outcomes. ● Explain class assignments—Sample language is provided for major assignments, as well as assistance with grading weights and criteria. Feel free to cut and paste this language into your explanations. The assignments are designed to fit coherently with the course design. Make sure you specify the course outcomes for each assignment. This will show the student there is purpose in the assignment. ● Monitor student progress—The course design and guide are planned for a sequence to achieve the learning outcomes. Look at how assignments are split up or staged in the syllabus and the suggestions in the guide for evaluating student work. You may want to institute subprojects, such as deadlines for drafts or pieces of larger projects, to let you make sure students are ready for the big assignments. ● Make sure you are teaching at the right level—Besides the explanation of the place and level of the course at the beginning of the guide, review the Bloom's taxonomy chart at the end, which gives a quick picture of the cognitive level for this course. It can help you make sure you aren't teaching an introductory course at an advanced level beyond your students' abilities or, conversely, teaching an advanced course at too low a level. ● Make sure you assess the course outcomes at the appropriate level—Use the course outcomes and the Bloom's Taxonomy Map to be certain you are assessing the course outcomes in relation to the program outcomes.

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Course Number and Title ACCT 422: Auditing Theory and Practice

Course Description Prerequisite: ACCT 311. Recommended: ACCT 326. A study of the auditing profession, audit process, and other assurance and nonassurance services related to the CPA profession. The objective is to design an audit plan, apply audit procedures, evaluate audit findings, and assess the impact of standards and emerging issues. Topics include generally accepted auditing standards, tests of controls and substantive tests, statistical sampling, report forms, and opinions. Various techniques are used to study auditing concepts and practices; these may include the use of problem sets, case studies, computer applications, and other materials. Students may receive credit for only one of the following courses: ACCT 422 or BMGT 422.

Intended Course Outcomes After completing this course, students should be able to ● design an audit plan, apply audit procedures, and evaluate audit findings to detect material misstatements in financials ● assess the impact of regulatory, accounting, and audit standards, emerging issues, and the business environment on audits ● research and apply existing and emerging accounting and auditing standards to determine appropriate audit procedures ● apply professional standards when conducting professional services and resolving ethical dilemmas ● effectively communicate findings to the appropriate audience

Position of Course in Curriculum ●

Role in Program and Degree Requirements

As business has continued to globalize, accounting and auditing have become more diverse and complex. The need for standardization of accounting and auditing standards has increased, as has the demand for those who are skilled in the use of cross-border financial information. IFRS is part of our language. Auditing and assurance are the control functions. As professionals, we all network both in an interdisciplinary manner and across various organizations and entities. Additionally, our knowledge is based on continuous learning, research, and the ability to prepare deliverables and communicate. We seek a balance of gathering and sharing information while following ethical and professional practices and behavior. This course uses case studies, problems, and questions to assist students as they build a greater understanding of the environment that affects organizations, accounting, and auditing. Students will address emerging issues and analyze business processes and financial statements. They will examine strategies and accounting methods related to accounting and auditing as well as 10/31/2013 3:35 PM 4

consider organizational risk and the management of fraud, waste, and abuse. The course schedule in the syllabus provides weekly reading assignments and homework problems for discussion. Be sure to observe the required due dates for reading assignments, projects, homework, and deliverables. Effective writing is an important part of the UMUC curriculum. The written assignments for this course will help students develop effective writing skills. Students will be challenged to analyze basic accounting research information, apply it to a management topic, and present their findings. ACCT 422 builds on the accounting curriculum and interdisciplinary work. Critical thinking, analysis, problem solving, and communication are key tasks in ACCT 422. Students research and discuss real-life business activity to illustrate and consider accounting practices and procedures in the global environment. Current issues, including regulation both domestically and globally, are discussed. Technology use includes word processing, spreadsheets, ACL software, and research through the use of the Internet. Ethics and fraud are discussed both in terms of prevention, internal control, and detection. Students are encouraged to join professional organizations to expand their networks. ACCT 422 is the fifth required course in the sequence from Principles of Accounting I & II, Intermediate Accounting I & II, and prepares students for additional electives as well as for the capstone course, ACCT 495: Contemporary Issues in Accounting Practice. In preparing for ACCT 495, students should complete ACCT 323: Federal Income Tax I, ACCT 321: Cost Accounting, and BMGT 364: Management and Organization Theory, as well as FINC 330: Business Finance. ACCT 422 may serve those preparing for the CPA exam, as it builds on the interdisciplinary perspective required for accounting and auditing professionals in our ever-changing environment. Research, ethics, and investigation skills are emphasized. Electives for students include additional auditing courses as well as fraud-related courses. ● Program Outcomes to Which this Course Maps To which program-level outcomes does this course contribute? How does it contribute?

P1. Work effectively with interdisciplinary professionals and diverse stakeholders. P2. Communicate with financial and nonfinancial audiences in a clear and concise manner by making appropriate decisions about relevancy, reliability, and medium. P3. Research, prepare, analyze, and review financial and business data by applying accounting and business management principles and standards to produce financial and business reports. P4. Proficiently use current technology and analytical tools to perform business functions, work collaboratively, and facilitate decision-making. 10/31/2013 3:35 PM 5

P5. Employ analysis, critical thinking, and problem solving to identify, test, and validate processes, systems, and financial data to advise stakeholders. P6. Define, develop, and demonstrate ethical business practices and accountability by identifying and addressing current and emerging ethical and regulatory issues. P7. Develop professionally by collaborating, training, mentoring, negotiating, solving problems creatively, and participating in networking activities to demonstrate and develop leadership skills. ACCT 422 builds on the accounting curriculum and interdisciplinary work. Critical thinking, analysis, problem solving, and communication are key tasks in ACCT 422. Students research and discuss real-life business activity to illustrate and consider accounting practices and procedures in the global environment. Current issues including regulation both domestically and globally are discussed. Technology use includes word processing, spreadsheets, ACL software, and research through the use of the Internet. Ethics and fraud are discussed both in terms of prevention, internal control, and detection. Students are encouraged to join professional organizations to expand their networks. ●

Relation to Hallmark Competencies, if Appropriate

H1. Historical and Cultural Perspectives; H2. Written Communications; H3. Information Literacy; H4. Ethics; H5. Critical Thinking; H6. Technology Fluency; H7. Scientific Literacy; H8. Quantitative Literacy; H9. Content/Discipline ●

Level of Course (100, 200, 300, or 400)

ACCT 422 is a senior-level course requiring application, analysis, synthesis, judgment, and evaluation. Students must be able to recognize the complexity of audit issues, approaches, and viewpoints, and perform critical analysis of existing and emerging accounting and auditing standards. ●

Relation to or Sequencing with Other Courses

ACCT 422 is the fifth required course in the sequence from Principles of Accounting I & II, Intermediate Accounting I & II, and prepares students for additional electives as well as for the capstone course, ACCT 495: Contemporary Issues in Accounting Practice. In preparing for ACCT 495, students should complete ACCT 323: Federal Income Tax I, ACCT 321: Cost Accounting, and BMGT 364: Management and Organization Theory, as well as FINC 330: Business Finance. ACCT 422 may serve those preparing for the CPA exam, as it builds on the interdisciplinary perspective required for accounting and auditing professionals in our ever-changing environment. Research, ethics, and investigation skills are emphasized. ●

Importance of the Course to Other Majors and/or Disciplines 10/31/2013 3:35 PM 6

Students seeking to prepare for the CPA exam may have an interest in this course. Non-majors are not likely to have an interest in ACCT 422.

Approach to Course ●

Required Concepts, Skills, and Issues to Be Covered

Concepts: ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

accounting audiences audit findings audit procedures audit risk audits, audit standards business environment communication ethical standards ethics and professionalism financials internal controls professional services regulations report timing

Skills: ● ● ● ● ● ● ●

analytical skills communication critical thinking identify ethical dilemmas presentations report writing research

Issues: ● ● ●

emerging issues and problems ethical dilemmas IFRS

Assessment and Learning Activities ●

● ●

Assessments, Projects, and Assignments

Conferences (T5, O1-5) Comprehensive exam (T6, O1-5) 10/31/2013 3:35 PM 7

● ●

Research project (one to two pages) (T2, O2) Case study paper and PowerPoint presentation (T1, O1, 3, 5)

Project Descriptions ACL Problem: Please complete the ACL problem from your textbook. Additional ACL problems may appear in the homework each week. (Note to Instructor: We recommend the ACL problem from chapter 7; however, you do have the option of selecting an ACL problem from another chapter. Be sure to delete this note before the syllabus is published.) Research Project: Research accounting and auditing standards and current emerging issues. Write a one- to two-page paper that discusses the impact that regulations, accounting and auditing standards, emerging issues, and the business environment have on audits. The research paper relates current events to textbook topics. Assignment: ethics and professionalism: Research ethics and professionalism in accounting and auditing and current emerging issues. Write a one- to two-page paper that discusses the impact that regulations, accounting and auditing standards, emerging issues, and the business environment have on ethics. The research paper relates current events to textbook topics. Case Study Accounting: Instructor assists students in selection of a topic and in the selection of a company for use in the case study. The case study requires the student to describe issues in the audit and relate to the risk the selected company faces. Examples of applications will be discussed in class, using the textbook. The deliverable is to be five to seven pages, single-spaced, with APA format for citations and references. The selected company must be approved in advance by the professor. Most students will select a publicly traded organization and use the most recent SEC 10-K report. A not-for-profit organization may be selected if approved by the professor. Case Study Presentation: Student prepares a PowerPoint presentation based on the case study paper. The PowerPoint presentation is posted in the conference for discussion. Each student must comment on the presentation of at least one student who does not have any comments, so that all students have at least one comment posting. The PowerPoint presentation should have a minimal number of slides and focus on section headings and topics. Do not present the entire paper. The PowerPoint presentation is a continuation of the tasks using technology, critical thinking, analysis, and communication skills.

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Learning Activities



Learning activities require the student to read, research, analyze, and understand accounting and auditing issues, decisions, and process. Students create and communicate relevant information, in order to participate in business decision-making and reporting. Students will be required to access Internet sites for research. Rubric for grading Your deliverable will be evaluated on the components. Please ask your professor if any questions arise...

Component

Below expectations

Meets expectations

Exceeds expectations

Assignment management Followed Instructions Format of Deliverable Grammar, Spelling APA Citation style Works Cited List Content related to topics Overall Assessment



Cognitive Level and Assessing Course Outcomes Course Outcomes Mapped to Bloom's Taxonomy

Cognitive Demand Level– Based on Bloom's Taxonomy Course Outcome design an audit plan, apply audit procedures, and evaluate audit findings to detect material misstatements in financials

Knowledge (Lowest)

Comprehension

Application

Analysis

Synthesis

Evaluation (Highest)

x

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assess the impact of regulatory, accounting, and audit standards, emerging issues, and the business environment on audits

x

research and apply existing and emerging accounting and auditing standards to determine appropriate audit procedures apply professional standards when conducting professional services and resolving ethical dilemmas

x

x

effectively communicate findings to the appropriate audience

x

Bloom's Taxonomy Terms Source: Wyatt, A. T. (2001). Bloom's taxonomy. Retrieved September 11, 2006, from http://cs1.mcm.edu/~awyatt/csc3315/ bloom.htm

Level

Type of Activity or Question

Verbs Used for Outcomes

Lowest level

Knowledge

define, memorize, repeat, match, record, list, recall, name, relate, collect, label, specify, cite, enumerate, recite, tell, recount

Comprehension

restate, summarize, differentiate, discuss, describe, recognize, explain, express, identify, locate, report, retell, review, translate, paraphrase

Application

exhibit, solve, manipulate, interview, simulate, apply, employ, use, demonstrate, dramatize, practice, illustrate, operate, calculate, show, experiment

Analysis

interpret, classify, analyze, arrange, differentiate, group, compare, organize, contrast, examine, scrutinize, survey, categorize, dissect, probe, create an inventory, investigate, question, discover, inquire, distinguish, detect, diagram, chart, inspect

Synthesis

compose, set up, plan, prepare, propose, imagine, produce, hypothesize, invent, incorporate, develop, generalize, design, originate, formulate, predict, arrange, assemble, construct, create

Evaluation

judge, assess, decide, measure, appraise, estimate, evaluate, rate, deduce, compare, score, value, predict, revise, choose, conclude, recommend, determine, criticize, test

Higher levels

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