132INTRO_std

132INTRO_std - WELCOME TO ECON 132 AUDIT COURSE INTRO...

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1 Bob Anderson, UCSB INTRO & CHAPTER 1-1 COURSE INTRO & CHAPTER 1 WELCOME TO ECON 132- AUDIT Bob Anderson, UCSB Intro & Chapter 1-2 WHO AM I? BOB ANDERSON ± UCSB Graduate of 1992 ± Senior Manager, KPMG, LLP- 1993-2004 ± RAFS, Inc. ± Interests Bob Anderson, UCSB Intro & Chapter 1-3 Why are we here? Learn foundation in AUDITING- which is useful for? ± Doing your JOB! ± CPA Exam ± Unfortunately lots of theory! Bob Anderson, UCSB Intro & Chapter 1-4 OVERVIEW OF THE COURSE ± What is auditing and other services offered by CPA’s ± The current environment ± Regulation and rules governing audit ± Sarbanes-Oxley Act ± Audit Evidence ± Planning an Audit (7 P’s) ± Internal control ± A/R and Revenue ± Operations and completing the audit ± Auditor’s reports
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2 Bob Anderson, UCSB Intro & Chapter 1-5 Course Approach ± Mutually well prepared; ± Lectures to be an expansion of what is in the book ± Real World ± Interesting and Layman’s terms Bob Anderson, UCSB Intro & Chapter 1-6 Administrative Matters NOTE: All of the following is in syllabus ± Web-Page address is econ.ucsb.edu/~anderson ± Student preparation for classes ± Class presentations on the web for review/ printing before class ± Quizzes and Homework will combine for 10% of your course grade ± One drop allowed ± Grade Posting. You must provide me a release form and I will periodically post to the web ± My office: NH 3039. Hours Posted on Syllabus Bob Anderson, UCSB Intro & Chapter 1-7 PROTECTED CONTENT USERNAME: anderson PASSWORD: xxxxxx Bob Anderson, UCSB Intro & Chapter 1-8 POINTS EXAMS MAKE UP 83% OF YOUR COURSE GRADE ± Combination of multiple choice, short answer and problem solving; ± Grade allocation (1,000 points): ± Exam #1 25.5% ± Exam #2 25.5% ± Final Exam (25% cumulative) 32.0% ± Homework &Quiz 12.0% ± Simulations 5.0%
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3 Bob Anderson, UCSB Intro & Chapter 1-9 LANDSCAPE/ HISTORY ENRON, GLOBAL CROSSING, ETC…= PRESSURE ON: ± Financial reporters (management)- certifications ± Auditors- SOX 404, fraud responsibilities ± SEC, FASB. Rushing to release. Sarbanes-Oxley Act of 2002 Created new rules for public company’s and their auditors. The Public Company Accounting Oversight Board (PCAOB) is under the SEC and oversees all firms registered to audit public companies. Bob Anderson, UCSB Intro & Chapter 1-10 KEY NOTES ± 90% OF TRANSACTIONS ARE “ROUTINE” AND CAN BE ACCURATELY REPORTED BY A STRONG “SYSTEM” ± Internal controls ± The other 10% is what you read about in the papers. ± That 10% Does, did and always will require applying JUDGMENT. ± Accounting is NOT the stereotypical “bean counter”. Bob Anderson, UCSB Intro & Chapter 1-11 Financial statements People work very hard for their money. They need to feel “assured” that information that they are looking at in making decisions about what to do with that hard earned money is reasonably accurate.
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This note was uploaded on 08/06/2008 for the course ECON 132A taught by Professor Anderson during the Spring '08 term at UCSB.

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132INTRO_std - WELCOME TO ECON 132 AUDIT COURSE INTRO...

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