SOLUSI UNIVERSITY

FACULTY OF BUSINESS ADMINISTRATION

DEPARTMENT OF ACCOUNTING

ACCT 482 – AUDIT AND ASSURANCE II (3CR)

COURSE SYLLABUS

 

Course Meting:           T / TH (0915 - 1115HRS)                  Room: FOB 5

Office:                        5 Beithall                                            Cell:    +263774009604

Pre-requisite: ACCT 281

COURSE DESCRIPTIONS

 

The course covers the core techniques, procedures and practices of audit and assurance auditing in relation the practical audit work involved and concluding the audit. It also gives insight on other engagements performed by auditors.

 

COURSE OBJECTIVES

 

The course is designed to enable students:

1. To design audit procedures relevant to audit scenarios.

2. To master the principles behind auditing specific balances in the Statement of Financial Position.

3. To understand the differences between the audit of non-specialised entities and other entities, such as specialised entities or not-for-profit entities.

4. To understand the concept of going concern and factual insolvency and be aware of procedures relating to these in drawing conclusions on audit maters.

5. To understand when an auditor may rely on the work of others as part of the audit.

6. To understand sundry topics and their relevance to audit

7. To understand the types of reports, contents of reports and know when the report should be modified after considering the effects of various factors.

8. To appreciate other engagements performed by auditors.

 

 

1.     COURSE PROCEDURES AND REQUIREMENTS

1. Each session to begin with a devotion and prayer.
2. All students are encouraged to participate during devotion, e.g by giving testimonies or short sermons that will encourage other students.
3. As stewards of time students are expected to be punctual in all classes and are expected to submit their assignments as they fall due. Late work will not be tolerated.
4. Attendance in all scheduled class appointments is mandatory. Students are expected to be in class all the time.
5. Each student is encouraged to participate in the class activities meaningfully.
6. Students are encouraged to work in small groups, but should refrain from duplicating or photocopying other student’s work. All assignments must reflect each student’s work and ingenuity.
7. Academic DISHONESTY will not be tolerated and may lead to lowering of a letter grade or dismissal from the class.

 

COURSE CONTENT

 

Introduction To Substantive Testing 1.1  Introduction 1.2  Designing substantive procedures 1.3  Nature of substantive Testing 1.4  Using CAATs in substantive procedures 1.5  Timing substantive testing Group Discussions

Audit Of Statement Of Financial Position & Other Balances 2.1  Audit of Receivables 2.2  Audit of Inventory 2.3  Audit of cash 2.4  Audit of Non-current assets 2.5  Audit of accruals and prepayments Test 1

Audit Of Different Types Of Entities 3.1  Non-specialised and specialised entities 3.2  Not-for-profit entities Assignment 1   Going Concern and Factual Insolvency 4.1  Going concern 4.2  Factual insolvency Group Discussions & Test 2   Reliance on Other Parties 5.1  Introduction 5.2  Special considerations-audits of group statements(including the work of component auditors) ISA 600 5.3  Using the work of internal auditors ISA 610 5.4  Using the work of an auditor’s expert ISA 620 Assignment 2   Sundry Topics 6.1  Initial audit engagements –opening balances ISA 510 6.2  Quality control ISA 220 & ISQC1 6.3  Consideration of laws and regulations in an audit ISA 510 6.4  Subsequent events ISA 560 6.5  Related parties ISA 550 6.6  Audit documentation ISA 230 & ISQC1 6.7  Specific Types of Audit Evidence 6.8  Audit considerations relating to an entity using a service organization ISA 402 Group Discussions & Mid Term Examination   The Audit Report 7.1  Introduction 7.2  Auditing statements relating to reporting 7.3  Structure and content of the unmodified audit report 7.4  Why the auditor might need to modify the audit report 7.5  Circumstances when a modification to the auditor’s opinion is required. 7.6  Material and material and Pervasive 7.7  Types of modified opinions 7.8  Compiling a report where the opinion is modified 7.9  Emphasis of matter paragraphs and other matter paragraphs-ISA 706 7.10         The effect of a reportable irregularity 7.11         Comparative information ISA 710 7.12         The auditor’s responsibility relating to other information in documents containing audited financial statements ISA 720 Assignment 3   Review Engagements And Related Service Engagements 8.1  Classification 8.2  Review engagements 8.3  Agreed upon procedure 8.4  Compilation engagements Mini Project, Test 3 & Final Examination   PRESCRIBED TEXT BOOK Albrecht, S; Conan, C.; Chad, O.; and Mark, F. (2011) Fraud Examination Crumbly, A CPA (2013) Forensic And Investigative Accounting Maire, L. CPA (2010) Auditing for Dummies  Russell, J. P. (2007) The Internal Auditing Pocket Guide: Preparing, Performing, Reporting And Follow-Up William. M. Jr. (2013) MP Auditing & Assurance Services: A Systematic Approach   EXAMINATION AND GRADING

1.   There will be a mid-semester and a comprehensive final examination.  In addition there will be test/quizzes and assignments from time to time. No make-ups for missed exams

 

2.    The final grade will be based on the following weights:

 

Assignments                                    5%

Quizzes and Tests                15%

Mid Semester exam             30%

Final examination                50%

             Total                       100%             

 

3.   The grading scale will be as follows:

 

Letter Grade	Percentage Grade	Grade Points
A	90 – 100	12.00
A-	80 – 89	11.01
B+	75 – 79	9.99
B	70 – 74	9.00
B-	65 – 69	8.01
C+	60 – 64	6.99
C	50 – 59	6.00
D	45 – 49	3.00
F	0   - 44	0.00

 

Course Assessment

The tests and examinations may be a mixture of multiple choice and essays. Some tests and assignments will be done and submitted online (moodle)

 

NB: Test dates, Mid Term Examination date and Assignments submission dates & times are prescribed on moodle platform.

 

Moodle Class Link: http://moodle.solusi.ac.zw/course/view.php?id=231