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UNIVERSITY OF SAN CARLOS College of Commerce Department of Accountancy Course No ! AC "# Course T$tle ! Au%$t$ng II Cre%$t ! S$& '() un$ts *re+re,u$s$te Courses ! AC "- . Au%$t$ng I AC "" . Spec$al / Contemporary Top$cs In Account$ng II Class Sc0e%ule ! 130 – 330 AM MWF Venue ! RM 352 – 460 - 462 Instructor ! RICHARD SY TIU Consultat$on 1ours an% Locat$on ! 1230 AM – 130 PM Accountancy Faculty Room O2er2$e3 of t0e Course This course is the secon !art o" auitin#$ o" %hich A& 21 is the 'rst !art( )n A& 21$ you stuie the auitin# conce!ts$ !roceures an !ractices$ incluin# the Phili!!ines *tanars in Auitin#( )n A& 23$ you %ill learn ho% to a!!ly A& 21 +no%le#e in an auit( ,!on the com!letion o" these t%o courses$ you shoul +no% ho% to conuct an auit$ !re!are auit %or+in# !a!ers$ !re!are auite 'nancial statements an ultimately$ the auit re!ort( Course Descr$pt$on This is a continuation o" Assurance Princi!les$ Pro"essional -thics an .oo .o/ernance$ "ocusin# on 'nancial statements auit( )t co/ers etaile a!!roaches to !ro0lems an situations normally encountere in the ine!enent e1amination o" cash$ recei/a0les$ in/entories$ in/estments$ !re!ai e1!enses$ e"erre char#es$ !ro!erty$ !lant an e2ui!ment$ intan#i0les$ lia0ilities$ o%ners3 e2uity$ an re/enues an e1!enses( )t eals s!eci'cally %ith the a!!lication o" auitin# stanars$ techni2ues an !roceures4 internal control e/aluation4 !re!aration o" auit %or+in# !a!ers4 auit a5ustments4 an auit re!orts !ertainin# to a meium-si6e manu"acturin# or train# concern( The etermination o" auit o05ecti/es an auit !ro#rams$ e/aluation o" internal control$ an etermination o" su0stanti/e !roceures as a!!lie to /arious accounts are 0etter a!!reciate as the transaction cycle a!!roach is em!loye in the course( Auit %or+in# !a!ers an auite 'nancial statements are the natural out!uts o" this course leain# to the !re!aration o" auit re!orts( Course O45ect$2es 1 7urin# the semester$ the stuents are e1!ecte to8 1( +no% ho% !lan an !er"orm an auit$ 2( analy6e ata "or !ossi0le errors an irre#ularities$ 3( "ormulate a5ustin# entries$ 4( resol/e auit issues$ 5( !re!are auit %or+in# !a!ers an 6( com!lete the auit$ incluin# the !re!aration o" a( 'nancial statements that con"orms to the Phili!!ine Financial Re!ortin# *tanars$ an 0( auit re!ort that con"orms to the Phili!!ine *tanars in Auitin#( Classroom 6anagement 1( Attenance is a M,*T( There are 54 sessions "or the semester in this course( The stuent may incur 9:;< T-: =10> a0sences( )" incurre$ a stuent %ill automatically 0e ro!!e "rom the class( ?e %ill then recei/e a #rae o" either :& =:o &reit> or a "ailin# #rae o" 5(0( 2( Per"ect attenance since the start o" the class until the en o" the semester %ill mean an aition o" 0(1 to the 'nal #rae( -1em!tions %ill 0e #i/en to stuents ue to the "ollo%in# reasons8 a( 7eath o" immeiate "amily mem0ers( R-@,)R-78 *u0mit a !hotoco!y o" the eath certi'cate( 0( ?os!itali6ation( R-@,)R-78 *u0mit the ori#inal 9Acial Recei!t %herein heB she is con'ne( c( Re!resentati/e o" our school to any contest on the ate o" a0sence( R-@,)R-78 *u0mit a certi'cation "rom the 7e!artment &hair( 3( *tuents incurrin# three =3> a0sences %ill 0e as+e to secure a re- amission sli! "rom the 7e!artment &hair( 4( 7o not 0e late in comin# to class( )n case you are late$ su0mit C sheet o" !a!er$ sho%in# your name$ ate$ time-in$ an the reason %hy you are late( :on-su0mission o" this re2uirement urin# that ay %ill automatically mean that the stuent is a0sent( 5( Merits – 7emerits *ystem8 a( 2 tariness – 1-!oint-emerit 0( 1 hour a0sent – 1-!oint emerit c( 2 hours a0sent – 2-!oint-emerit 6( *tuents must remain in their assi#ne seats( Attenance %ill 0e 0ase on the seat !lan$ thus a /acant seat is !resume that the stuent- occu!ant is a0sent( D( *tuents shoul o0ser/e orerliness an cleanliness o" the classrooms( .raAti-%ritin# is strictly !rohi0ite( Any stuent "oun /iolatin# this rule %ill 0e !unishe %ith the a!!ro!riate sanction( Ee"ore lea/in# the classroom$ the )nstructor$ %ith the hel! o" the stuents$ shoul erase the 0oar( F( 7o not use mo0ile !hones urin# the entire class session( )t must either 0e s%itche oG or on a silent moe( The )nstructor %ill #i/e a 3-!oint emerit$ in case the stuents %ill use their mo0ile !hones either thru te1t$ call or 5ust reain# the messa#e( 3-!oint emerit %ill also 0e #i/en in case their !hone rin#s( ;i+e%ise$ in case the mo0ile !hone o" the )nstructor %ill 2 rin#$ all stuents %ill 0e entitle to a 3-!oint merit( H( Foo an rin+s are not allo%e insie the classroom an in the corriors( 10(Tal+in# an other unnecessary 0eha/ior urin# lecture is not allo%e( The )nstructor reser/es the ri#ht to eman that a stuent lea/e the classroom$ %hen his 0eha/ior isru!ts the class( 11(*tuents are not allo%e to #o out urin# class hours$ e1ce!t "or emer#ency cases or the 5 – 10 minute 0rea+( 12(Tell your "riens not to istur0 you urin# class hours( 9ther%ise$ 1-!oint emerit %ill 0e #i/en( 13(There %ill 0e no s!ecial or remo/al e1aminations( )n case you miss an e1am$ #et the a/era#e o" the e1ams you too+( Then$ euct 10 Points( Iuly 12 – 13 Thurs J Friay *re+6$%term E&am$nat$ons Au#( 6 Monay &e0u Pro/ince &harter 7ay Au#( D – 11 Tues to *aturay 6$%+term E&am$nat$ons Au# 1H – 25 *un to *aturay ,*& Founation Wee+ Au#( 21 Tuesay :inoy A2uino 7ay =classes as usual> Au#( 26 *unay :ational ?eroes 7ay *e!t( F *aturay *K7 Founation 7ay =classes as usual> *e!t( H *unay 9smeLa 7ay *e!t( 13 – 14 Thurs J Friay *re+F$nal E&am$nat$ons 9ct( H – 13 Tues to *aturay F$nal E&am$nat$ons 9ct 13 *aturay &ommencement Rites 9ct 13 *aturay &lasses -n Course Sc0e%ule ;ee< - = 0ours =Iune13 to 15> 9rientation 1( ,*& Mission *tatement 2( &olle#e o" &ommerce an 7e!artment o" Accountancy o05ecti/es 3( &hec+in# o" amission sli!s 4( *ettin# o" seat !lan 5( .rou!in# o" stuents 6( &lassroom isci!line D( &ourse sylla0us as to sco!e$ se2uencin# o" su05ect matter$ course re2uirements an e/aluation B #rain# system( ;ee< "> # an% = -? 0ours =Iune 1F to Iuly 6> ,nit )( O2erall 2$e3 of t0e Account$ng an% Au%$t process ,nit ))( Au%$t of t0e Re2enue an% Rece$pt Cycle 1. A!!lication o" analytical !roceures in auit !lannin# 2. ,nerstanin# o" the internal control an tests o" controls 3. Accumulation an e/aluation o" auit e/ience – su0stanti/e tests o" transactions an 0alances a( Auit o" sales an re/enue transactions 0( Auit o" recei/a0le 0alances c( Auit o" cash recei!t transactions B cash 0alance 4 ;ee< @ an% ( -" 0ours =Iuly Hto Iuly 20> Au%$t of E&pen%$ture an% D$s4ursement Cycle 1( A!!lication o" analytical !roceures in auit !lannin# 2( ,nerstanin# o" the internal control an tests o" controls 3( Accumulation an e/aluation o" auit e/ience - *u0stanti/e tests o" transactions an 0alances a( Auit o" ac2uisitions an !urchases 0( Auit o" !ayroll transactions c( Auit o" cash is0ursement transactions B cash 0alance ( Auit o" in/entory 0alances e( Auit o" trae !aya0le 0alances "( Auit o" !re!ai e1!enses an accrue lia0ilities *RE+6IDTER6 EAA6INATIONS =Iuly 13> ;ee< : an% ? -" 0ours =Iuly 23to Au#ust 3 Au%$t of *ro%uct$on Cycle 1( A!!lication o" analytical !roceures in auit !lannin# 2( ,nerstanin# o" the internal control an tests o" controls 3( Accumulation an e/aluation o" e/ience – su0stanti/e tests o" transactions an 0alances a( Auit o" con/ersion acti/ities 0( Auit o" in/entory 0alances8 %or+-in-!rocess an 'nishe #oos c( Auit o" cost o" #oos sol 0alance ;ee< B 6ID+TER6 EAA6INATIONS =Au#( D to 11> – As+ 7e!artment &hair "or the e1act ate( ;ee< -9 an% -- -" 0ours =Au#ust 13 to 1D$ an Au#ust 2D to Au#ust 31> Au%$t of F$nanc$ng Cycle 1( A!!lication o" analytical !roceures in auit !lannin# 2( ,nerstanin# o" the internal control an tests o" controls 3( Accumulation an e/aluation o" e/ience – su0stanti/e tests o" transactions an 0alances a( Auit o" 'nancin# cycle transactions 0( Auit o" non-trae lia0ility 0alances c( Auit o" interest e1!ense an 'nance cost 0alances ( Auit o" e2uity accounts 5 ;ee< -" an% -# -" 0ours =*e!t( 3 to 14> Au%$t of In2est$ng Cycle 1( A!!lication o" analytical !roceures in auit !lannin# 2( ,nerstanin# o" the internal control an tests o" controls 3( Accumulation an e/aluation o" e/ience – su0stanti/e tests o" transactions an 0alances a( Auit o" in/estin# transactions 0( Auit o" in/estment account 0alances c( Auit o" !ro!erty$ !lant an e2ui!ment account 0alances ( Auit o" intan#i0le account 0alances *RE+FINAL EAA6INATIONS =*e!t( 14> ;ee< -= an% -@ -" 0ours =*e!t( 1D to 2F> Au%$t of Cas0 Calances ;ee< -( an% -: -" 0ours =9ct 1 to 5> – lac+s 1 %ee+ co6 o" ,*& Founation Wee+ Complet$ng t0e Au%$t 1( -/aluation o" relate !arty transactions$ #oin# concern$ an contin#encies 2( -/aluation o" e/ents a"ter the 0alance sheet ate 3( 7ra"tin# the auite 'nancial statements 4( A!!lication o" analytical !roceures in the o/erall re/ie% 5( 7ra"tin# the auit re!ort ;ee< -? FINAL EAA6INATIONS =9ct( H to 13 > – As+ 7e!artment &hair "or the e1act ate C$4l$ograp0y Textbook: Cabrera, Ma.Elenita Balatbat, Applied Auditing, c2006 657.45 Knrat!, "arr# $., Auditing % A &i'( Anal#'i' Apprac!, 5 t! ed. K)3 c2002 6 TIU references: *ali+ and ,eralta, $inancial Accunting % *lu-e 1, c2006 *ali+ and ,eralta, $inancial Accunting % *lu-e 2, c2007 Cabrera, Ma.Elenita Balatbat, $inancial Accunting and &eprting, .!er# and ,ractice % *lu-e1, c2005 Cabrera, Ma. Elenita Balatbat, $inancial Accunting and &eprting, .!er# and ,ractice % *lu-e 2, c 2006 Cabrera, Ma. Elenita Balatbat, ,rinciple' / Auditing and 0t!er A''urance 1er2ice' % *lu-e 1, c2006 SISIW SECTION for examination: *ali+, ,ractical Accunting 1 &e2ie3er, c2006 &4ue, 5erard 1., Auditing ,rble-' &e2ie3er, c2006 Cabrera, Ma. Elenita, Auditing ,rble-' &e2ie3er, c2006 0.6E&1: 657.45 7a2id 8. &icc!iute, Auditing and A''urance 1er2ice', c2006 &35 1ut!3e'tern .!-'n "earning 1angcal, 9enaida 1., ,ractical Auditing, c2004, Mutual B(' 7atu:E2angeli'ta, & and &a'alan:&aca;a, C., Auditing .!er# /r 1tudent' < ,ractice 5uide /r Auditr' *lu-e =, >5=C Enterpri'e' < C., =nc.? c2004 Aren', A. A., Elder, &.@. and Bea'le#, M.1. Auditing and A''urance 1er2ice' An =ntegrated Apprac!, A t! editin, B1A >,ear'n Educatin =nternatinal?, c2003 7e l' &e#e', 7elia @., ,ractical Auditing, 3 rd editin, c2001 C. &bert Knec!el, Auditing: A''urance and &i'(, 2 nd editin, c2001 657.02)5574 6all, @a-e' A. Accunting =n/r-atin 1#'te-', 3rd editin, 614 >1ut! Ce'tern Cllege ,ubli'!ing?, c2001 657.2)5 Cil(in'n, @.C. and Cerull M.@. Accunting =n/r-atin C65 1#'te-, Cncept' and Applicatin', 3 rd editin, >@!n Cile# and 1n', =nc?, c1AA7 ,r/e''inal @urnal' @urnal / Accuntanc#, Accunting &e'earc!, @urnal / Accunting &e'earc!, =nternal Auditr, 6ar2ard: Bu'ine'' &e2ie3 7 Websites =nternatinal $ederatin / Accuntant' n t!e line: !ttp:DD333.i/ac.rg &i'( Manage-ent: !ttp:DD333.itaudit.rg &i'( Manage-ent ,rce'': !ttp:DD333.ad-.-na'!.edu.au 7elitte and .uc!e: Audit C--ittee !ttp:DD33.u'.delitte.c- 1ut!3e'tern 0n:line: !ttp:DD333.'3cllege.c- .!-'n "earning: !ttp:DD333.t!-'nlearning.c- A=C,A, 1pecial C--ittee n A''urance 1er2ice' >t!e Ellit C--ittee?: !ttp:DD333.aicpa.rgDa''uranceDpreDinde+.!t- A''urance and Atte'tatin 1er2ice', &icc!iute: !ttp:DDricc!uite.'3cllege.c- A=C,A Ceb .ru't 6-e ,age: !ttp:DD333.aicpa.rg Ean(el2ic! ,artner', FElectrnic C--erce A''urance: Attitude' .3ard C,A Cebtru'tG:!ttp:DD333.aicpa.rgD3ebtru'tD#an(el.!t- !ttp:DD333.u'.delitte.c- !ttp:DD333.itaudit.rg Up%ate% as of Dune "99:'RSYTIU) )