1 Course Contract* (syllabus) Intro to Financial Auditing-Accounting 58 Fall 2011 Professor Christopher Kwak, CPA, CFE, CFF. Office Hour: Online and /or By Appointment. Phone: 408-864-5727 (Voice Mail). Email: kwakchris@deanza.edu • Course Instructional Website Address: http://kwakchris.pageout.net • Course HW/paper submission Email account: deanza.accounting@gmail.com (Note : This email account is set up for receiving class HW and paper submission purposes only, for other email communication with instructor, please use the above-mentioned email account: kwakchris@deanza.edu .) Advisory Prerequisite: Financial, Managerial, and all Intermediate Accounting course series. COURSE DESCRIPTION Introductory level of Financial Audit encompasses many principles and procedures used to gather evidence to support the opinion expressed in the “Auditor’s Report”. This introductory course covers the basic concepts involved with various types of audits with emphasis on the application of auditing standards and techniques used in Statutory Audits, Procedural Audits and Operational (Internal) Auditing with references to special areas of auditing such as Information Systems, government auditing, etc. Witnessing recent corporate malfeasance and financial reporting obfuscation events in our nation lately, we all know now that accounting is too important to managers, organizations, and societies to be left to accountants alone. Accounting information is often a basis for decisions. Accounting reports are often the basis on which the effectiveness of stewardship decisions and actions are evaluated. COURSE OBJECTIVES The two primary objectives of this introductory course are; 1. To introduce students to the basic Interlinked and Intertwined underlying auditing and attestation concepts. 2. To demonstrate how to apply those concepts to audit and assurance services, With primary focus on understanding the Big Three Concepts- Risk, Materiality, and Evidential matter- that underlie the audit/assurance process. This is trial version www.adultpdf.com 2 COURSE MATERIALS • Required Textbook: Auditing and Assurance Services, 4e, Louwers, McGraw- Hill/Irwin, 2011 • Access to Internet is must in order for up-to-date course learning materials and learning activities. Assessment of Student Achievement: Grading Points Grade Distribution Case discussions (online postings) 120 A= 90% Chapter assigned exercises/questions 120 B= 80% Online assessment quizzes 120 C= 70% Online Midterm Exam 120 D= 60% Online Final Exam 120 F= Below 60% Total 600 In a learning environment, everyone becomes a teacher and everyone becomes a student. Learning is your personal responsibility. The instructor is a mentor, facilitator, and coach in your active and unique learning process. (“Sage on stage” vs. “Guide on the side”) Weekly Course Calendar Note: • End-of-chapter homework assignments (multiple choice questions) and chapter reading review checkpoints question assignments will be posted by chapter at the “Course Content/ Course Sessions” area in our instructional web site. • Thorough chapter reading should be completed prior to case analysis, assigned questions, papers, and homework attempts. • Instructor’s lecture notes, chapter outlines, power point slides, mini-cases, relevant real-world examples, news articles, and other study aid materials will be available at the “Course Session” area by chapter and by topic. • Following schedule is subject to change and may be adjusted to reflect student learning and class progress. Week 1: Course Introduction and online discussions begin (All students must be registered at the “PageOut” instructional site-(go to the “Student Registration” tab) by the first day of a term. Chapter 1: Introduction to Auditing & Assurance Services Week 2: Chapter 2: Professional Standards Week 3: Chapter 3: Management Fraud and Audit Risk This is trial version www.adultpdf.com 3 Week 4: Chapter 4: Engagement Planning Week 5: Review chapters 1-4. Week 6: Midterm Exam (covering Ch.1-4) date will be announced and posted at the course website well in advance of the exam date. Week 7: Chapter 5: Internal Control Evaluation Week 8: Chapter 6: Employee Fraud and the Audit of Cash Week 9: Chapter 7: Revenue and Collection Cycle Week 10: Chapter 11: Completing the Audit (limited coverage only; many of ch.11 topics are already learned in previous chapters, they are all interconnected and intertwined altogether with all other chapter topics as in ONE whole audit process ) Week 11: Chapter 12: Audit Report (limited coverage only; many of ch.12 topics are already learned in previous chapters, they are all interconnected and intertwined altogether with all other chapter topics as in ONE whole audit process ) Review assigned questions/ cases and chapters 5, 6, 7, 11, & 12 (limited). Week 12: Final Exam (covering Ch.5, 6, 7, 11, 12) date will be announced and posted at the course website well in advance of the exam date. Important Note: Daily chapter reading, daily log-in to our instructional web site, and doing homework questions on a daily basis (at least Monday thru Friday) are essential and required in order for you to have adequate level of learning covering all 8 chapters in this intense 12-week course period structure. The average student workload is minimum 2 to 3 hours of work outside of class for every credit hour of coursework on a weekly basis (10 to 15 hours per week for a 5 credit unit course). Statement on Academic Integrity: It goes without saying that academic integrity is expected from each student. As such, if there is a reasonable basis for concluding that a violation of academic integrity has taken place; all suspected parties would be awarded a course grade of “F”, with a letter to the Dean explaining why this grade was awarded. It will be up to the students involved to This is trial version www.adultpdf.com 4 convince the instructor that the violation did not take place. (Refer to DeAnza College catalog and class schedule.) Course site (PageOut site) Student Account Registration at http://kwakchris.pageout.net 1. Go to create “Student Registration”, click on “Create New Account”. You will be asked for a username and student ID. (Do Not Use Your SSN). 2. Next login with your created username and password (hope you would remember it). 3. Please get familiar yourself with course web site areas, especially course content area. 4. Please bookmark this course site (PageOut site) so that you can go directly to the site throughout the quarter. Course Admission and Withdrawal: Please register for this course through De Anza College. All students must register and pay all fees within the specified days by college Admission Office; otherwise, student would be dropped from the course by the Admission Office automatically. Registering via PageOut only allows you to sign up to take quizzes, exams, and participate in discussions for the course. Registering only for a PageOut account does not make you a registered student in the course. You must register for this course through the college and then setup a PageOut account with your user name and own password in PageOut site. It is your responsibility to withdraw from the course; otherwise, the appropriate grade will be assigned at the end of the term. Please notify your instructor if you drop the course so that he can delete your PageOut account. Failure to notify the instructor could possibly result in receiving an F in the course. About the Instructor, Christopher Kwak, CPA, CFE*, CFF*: Licensed CPA in the state of California with over 20 years of industry experience in major firms such as Hewlett Packard (HP), PriceWaterhouseCoopers, and Chevron USA, specializing in cost management, financial reporting, mergers & acquisitions, and forensic accounting. Chris Kwak has held many positions at HP including Senior Corporate Internal Auditor, Senior Financial Analyst, and Business Control Manager (Division Controller level). He also worked as a Senior Associate and a manager at PriceWaterhouseCoopers (formerly Coopers & Lybrand), one of the Big Four (“Final Four for now”) international accounting/consulting firms, specializing in Mergers & Acquisitions, Financial Reporting, Business Litigation and Investigation services, and Start-up and Emerging business advisory services. Current academic postings & professional affiliations : • Full-time faculty member at De Anza College Business-CS Division. • Adjunct Professor of Accountancy at Santa Clara University MBA program-Leavey School of Business • Adjunct Professor of Accountancy at S.F. Golden Gate University. • Adjunct Professor of Accountancy at Saint Mary‘s College of California. • A member of American Institute of Certified Public Accountants and California Society of Certified Public Accountants. • A CFF member, AICPA, Certified in Financial Forensic (CFF). • A CFE member, Association of Certified Fraud Examiner (ACFE). This is trial version www.adultpdf.com 5 Chris Kwak wants to be one of your learning partner in your active learning process and would like to encourage you be a passionate, life-long learner. *CFE, Certified Fraud Examiners, a license issued by ACFE (International Association of Certified Fraud Examiners, World Headquarters in Austin Texas) *CFF, Certified Financial Forensics, a license issued by AICPA (American Institute of Certified Public Accountants, national headquarters in New York City) Tell me, I’ll forget Show me, I may remember Involve me, I’ll understand -Confucius I hope you will greatly benefit from this course. If I can be of assistance during the term, please contact me. Have an enjoyable and successful term. Professor Kwak. *NOTE: This Course Contract (Syllabus) represents a contractual agreement. Enrolled Students are responsible for reading this entire Syllabus and abiding by all provisions identified in this official document. Student registration in this course signifies acceptance of all requirements, terms, and conditions. This is trial version www.adultpdf.com . 1 Course Contract* (syllabus) Intro to Financial Auditing-Accounting 58 Fall 2011 Professor Christopher Kwak, CPA, CFE, CFF. Office Hour: Online. Introductory level of Financial Audit encompasses many principles and procedures used to gather evidence to support the opinion expressed in the “Auditor’s Report”. This introductory course. decisions and actions are evaluated. COURSE OBJECTIVES The two primary objectives of this introductory course are; 1. To introduce students to the basic Interlinked and Intertwined