S2011 syllabus - Accounting 603-Attest Function Spring 2011...

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Accounting 603--Attest Function Spring 2011 Robert J. Ramsay, CPA, Ph.D. Office Phone: 257-3702 355M Gatton College Home Phone 268-7718 Office Hours: By appointment e-mail: [email protected] A critical examination of contemporary professional attestation theory and practice. The purpose of the class is to prepare students to enter the auditing profession, and to assist them in preparation for the CPA examination. The class will focus on applications of auditing standards in the present auditing environment. Prerequisite--ACC 403 . Class meeting times are 3:00-4:30 PM MTWTh. Text: Required: Auditing & Assurance Services by Louwers, Ramsay, Sinason, and Strawser. McGraw Hill/Irwin 3 rd Ed. Grading: Exam 1 100 points Scale: Grade Exam 2 100 points 540-600 A Trademark, Inc Case 100 points 480-539 B Industry project 200 points Other Homework 100 points 420-479 C Total 600 points Below 420 E Homework will consist of memos and cases as indicated below. To prepare for case discussions you should consult the appropriate accounting and auditing professional guidance available on- line at: http://www.aicpa.org/Research/Standards/Pages/default.aspx and http://pcaobus.org/Standards/Pages/default.aspx (SASs are listed as "interim standards" on the PCAOB site). You should read cases and articles thoroughly and be prepared to discuss them in class. You will also be required to consult the FASB codification database. You may log in at http://aaahq.org/ascLogin.cfm using the following: User ID AAA51690 Password Sdb7i2i Term Paper/Project Early in the semester, I will form 3 or 4 person teams. Each team will identify a specific industry (not company) and submit its choice of industry to me for approval. The deadline for approval is January 24. Then the team will study annual reports of companies in the industry, industry audit guides, analysts’ comments, library resources (e.g., Dun and Bradstreet, Standard and Poor’s, Factiva, and Value Line), and talk to auditors or executives working in the industry to identify areas of audit risk and audit procedures peculiar to the industry. Each group should
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(1) identify and discuss the major business and audit-related risks associated with the industry, (2) identify controls to mitigate the risks, and (3) prepare a basic substantive audit plan addressing audit tests for the financial statement assertions most affected by these risks. You might want to use individual companies’ annual report data as examples. Term papers should be about 12-15 pages in length, double-spaced in 12-point font. The paper should have the following major sections. I expect you to use subheadings within some of these major sections: 1. Cover page with title, team-members’ names, and one paragraph executive summary. 2. Overview of industry. i. Product and customers ii. Major suppliers iii. Competitors iv. Governmental and environmental influences.
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  • Spring '10
  • RobertJ.Ramsay
  • Accounting, Financial audit, al Module, Problems TBA Louwers, G Louwers, http://www.aicpa.org/Research/Standards/AuditAttest/Dow loadableDocuments/AU-00318.pdf Louwers

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