POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
COLLEGE OF ACCOUNTANCY AND FINANCE
COURSE TITLE AUDITING AND ASSURANCE: SPECIALIZED INDUSTRIES
COURSE CODE ACCO 30073
CREDIT UNITS 3 UNITS
COURSE PREREQUISITE ACCO 30053 – Auditing and Assurance: Concepts and Application Part 1
COURSE DESCRIPTION This professional course aims to provide some insight into the matters that the auditors need to consider when engaged to provide external audit services to a client operating in specialized industries.
This course aims to cover the stages of risk-based audit process and the application of audit procedures to clients in specialized industries such as banking and other financial institution, construction
and real estate, not for profit entities and hospitals, BPOs, power, water and telecommunications, mining, logistics and transportation and academe.
Institutional Learning Outcomes
1. Creative and Critical Thinking
Graduates use their imaginative as well as a rational thinking ability to life
situations in order push boundaries, realize possibilities, and deepen their
interdisciplinary and general understanding of the world.
2. Effective Communication
Graduates are proficient in the four macro skills in communication (reading,
writing, listening, and speaking) and are able to use these skills in solving
problems, making decisions, and articulating thoughts when engaging with
people in various circumstances.
3. Strong Service Orientation
Graduates exemplify the potentialities of an efficient, well-rounded and
responsible professional deeply committed to service excellence.
4. Community Engagement
Graduates take an active role in the promotion and fulfillment of various
advocacies (educational, social and environmental) for the advancement of
community welfare.
5. Adeptness in the Responsible Use of Technology
Graduates demonstrate optimized use of digital learning abilities, including
technical and numerical skills.
6. Passion to Lifelong Learning
Graduates are enabled to perform and function in the society by taking
responsibility in their quest to know more about the world through lifelong
learning.
7. High Level of Leadership and Organizational Skills
Graduates are developed to become the best professionals in their respective
disciplines by manifesting the appropriate skills and leaderships qualities.
8. Sense of Personal and Professional Ethics
Graduates show desirable attitudes and behavior either in their personal and
professional circumstances.
9. Sense of National and Global Responsiveness
Graduates’ deep sense of national compliments the need to live in a global
village where one’s culture and other people culture are respected.
DEPARTMENT OF ACCOUNTANCY
Program Outcomes Course Outcomes
BSA graduates must demonstrate the ability to review, interpret, evaluate financial data Upon completion of the course, the students will be able to:
and systems in compliance with established policies, procedures, guidelines, agreements
a. Identify and explain the peculiarities of auditing in specialized
and/or legislation. They must be able to link data, knowledge and insight together with
industries.
different sources and disciplines to make informed decisions.
b. Perform risk-based audit process in specialized industries.
BSA graduates should possess analytical skills and the ability to effectively communicate
c. Perform risk assessment procedures applicable to each client
one’s point of view, both orally and in writing, at all organizational levels; be able to
explain verbally and/or writing financial, statistical, administrative operating under specialized industries.
matters/policies/procedures/regulatory matters/audit results at a level appropriate to the d. Apply the analytical skills in systematic problem solving.
audience and must be able to negotiate effectively. e. Present computations and prepare the working paper in good
form.
BSA graduates should develop an ability to work in groups, possess skills to participate
f. Appreciate the importance of appropriate auditing procedures
as member of a team or/and contribute to group effort; be able to teach others new skills;
be able to work to the satisfaction of the clients; negotiate and work with diversity or work for various users of accounting information.
well with men and women from diverse backgrounds.
BSA graduates must work with the highest standards of professionalism, to attain higher
level of performance and generally to meet the public interest, he must conform to the
ethical standards of the profession that include: Integrity, objectivity and independence,
professional competence and due care, confidentiality, professional behavior and moral
values.
BSA graduates should possess general knowledge in gaining and understanding of the
different cultures in the world and developing an international objective thus, he must
possess competency in English language, adaptability to foreign business practices, level
of trainability and good capabilities in dealing with foreign partners.
BSA graduates should not only be conversant with IT concepts for business systems but
sound knowledge on internal control in computer-based systems, development standards
and practices for business systems, management of the adoption, implementation and use
of IT, evaluation of computer business systems, and managing the security information.
BSA graduates should possess broad base of knowledge concerning macro-
environmental, economic and industry issues, business process structures, functions and
practices. It includes knowledge in areas such as economics, quantitative models and
business statistics, organizational behavior, international business, ethics and corporate
governance.
Course Plan
Week Topic
1 Introductions, Course
Orientation, and Discussion of
Expectations and Class
Policies
1 Introduction to Auditing and
Assurance: Specialized
Industry
• Nature of specialized
industry
• Examples of specialized
industries
• Audit considerations in
audit engagement
involving a specialized
industry
2-3 Banking and Other Financial
Institutions (Including
Insurance)
• Understanding the
banking and other
financial institutions
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
4 Business Process Outsourcing
• Understanding the BPO
industry
• Key audit considerations
• Risk-based audit process
Learning Outcomes Methodology Resources Assessment
After the class orientation, the students are expected to: Synchronous discussions thru MS Teams Course syllabus
• Assign class officers/ monitors
• Understand and agree on class policies and course
requirements
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor slides
able to: • PowerPoint presentation
• Define and explain the nature of specialized • Ungraded recitation
industries;
• Enumerate examples of specialized industries;
• Determine audit considerations in engagements with
clients involving a specialized industry
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides Discussion questions/
able to: • PowerPoint presentation assignments/ case studies
• Understand the industry of banking and other • Ungraded recitation
financial institutions;
• Discuss the key players in the industry; Asynchronous discussions thru MS Teams
• Identify and explain the peculiarities of auditing the • Discussion boards
industry of banking and other financial institutions; • Sharing of useful videos/resources
• Apply auditing standards, techniques and
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides • Discussion
able to: • PowerPoint presentation questions/
• Understand the BPO industry; • Ungraded recitation assignments/ case
• Discuss the key players in the industry; studies
 • Risk assessment
procedures
5 Assessment- Quiz # 1
6 Mining
• Understanding the
mining industry
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
7 Construction and real estate
• Understanding the
construction and real
estate industry
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
• Identify and explain the peculiarities of auditing the Asynchronous discussions thru MS Teams
BPO industry; • Discussion boards
• Apply auditing standards, techniques and • Sharing of useful videos/resources
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides Discussion questions/
able to: • PowerPoint presentation assignments/ case studies
• Understand the mining industry; • Ungraded recitation
• Discuss the key players in the industry;
• Identify and explain the peculiarities of auditing the Asynchronous discussions thru MS Teams
mining industry; • Discussion boards
• Apply auditing standards, techniques and • Sharing of useful videos/resources
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides Discussion questions/
able to: • PowerPoint presentation assignments/ case studies
• Understand the construction and real estate industry; • Ungraded recitation
• Discuss the key players in the industry;
• Identify and explain the peculiarities of auditing the Asynchronous discussions thru MS Teams
construction and real estate industry; • Discussion boards
• Apply auditing standards, techniques and • Sharing of useful videos/resources
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process

8 Logistics and transportation
(including e-commerce)
• Understanding the
logistics and
transportation industry
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
9 Assessment- Quiz # 2
10
11-12 Power, water and
telecommunications
• Understanding the power,
water and
telecommunications
industry
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
13 Not for profit entities and
hospitals
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams • Discussion
able to: • PowerPoint presentation questions/
• Understand the logistics and transportation industry; • Ungraded recitation Instructor’s slides assignments/ case
• Discuss the key players in the industry; studies
• Identify and explain the peculiarities of auditing the Asynchronous discussions thru MS Teams
logistics and transportation industry; • Discussion boards
• Apply auditing standards, techniques and • Sharing of useful videos/resources
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
MIDTERM DEPARTMENTAL EXAMINATION
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides Discussion questions/
able to: • PowerPoint presentation assignments/ case studies
• Understand the power, water and • Ungraded recitation
telecommunications industry;
• Discuss the key players in the industry; Asynchronous discussions thru MS Teams
• Identify and explain the peculiarities of auditing the • Discussion boards
power, water and telecommunications industry; • Sharing of useful videos/resources
• Apply auditing standards, techniques and
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides Discussion questions/
able to: • PowerPoint presentation assignments/ case studies
• Understand not for profit entities and hospitals; • Ungraded recitation
 • Understanding not for
profit entities and
hospitals
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
14
15 Academe
• Understanding the
academe industry
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
E-commerce
• Understanding the e-
commerce industry
• Key audit considerations
• Risk-based audit process
• Risk assessment
procedures
• Discuss the key players in the industry; Asynchronous discussions thru MS Teams
• Identify and explain the peculiarities of auditing not • Discussion boards
for profit entities and hospitals; • Sharing of useful videos/resources
• Apply auditing standards, techniques and
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
Assessment- Quiz # 3
After thorough discussion of the topics, the learner will be Synchronous discussions thru MS Teams Instructor’s slides Discussion questions/
able to: • PowerPoint presentation assignments/ case studies
• Understand the academe industry; • Ungraded recitation
• Discuss the key players in the industry;
• Identify and explain the peculiarities of auditing the Asynchronous discussions thru MS Teams
academe industry; • Discussion boards
• Apply auditing standards, techniques and • Sharing of useful videos/resources
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
• Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.
After thorough discussion of the topics, the learner will be
able to:
• Understand the e-commerce industry;
• Discuss the key players in the industry;
• Identify and explain the peculiarities of auditing the e-
commerce industry;
• Apply auditing standards, techniques and
procedures, and evaluate internal control;
• Prepare audit working paper with computer
application, and the prepare audit adjustments
pertaining to specialized industries.
 • Apply audit standards techniques and procedures in
the risk-based audit process
• Determine planning consideration and other factors
that may affect external or internal financial
examinations.

16 Assessment- Quiz # 4
17 Research Break
18 FINAL DEPARTMENTAL EXAMINATION

Suggested Readings, References, and Websites:

Course Grading System

ONLINE MODE OF LEARNING
Class Standing 70%
Quizzes 50%
Assignments and other activities 20%
Departmental examination 30%
Total 100%

Final Grade = (1st Grading Period + 2nd Grading Period)

2

CORRESPONDENCE MODE OF LEARNING

Result from Online Final Departmental Examination 60%
Result from the activities in the modules 40%
Total 100%
Classroom Policy
The allowed number of absences for students enrolled in ACCO 30073 with once-a-week meeting is four (4) of the required synchronous meetings. Request for excused absences or waiver of absences must be presented
upon reporting back to class. Special examinations will be allowed only in special cases, such as prolonged illness. It is the responsibility of the student to monitor his/her own tardy incidents and absences that might
accumulate leading to a grade of “FA,” (Failed due to Absences). It is also his/her responsibility to consult with the teacher, chair or dean should his/her case be of special nature.

All BSA students are expected to be academically honest. Cheating, lying and other forms of immoral and unethical behavior will not be tolerated. Any student found guilty of cheating in examinations will (at a
minimum) receive a grade of 5.0 in the said test.
Consultation Time
Subject to the availability of the subject teacher, student may approach the subject teacher for queries about his/her grade as well as other academic requirements for the subject.

Prepared by: Enhanced by: Reviewed by:

(sgd.) (sgd.) (sgd.)

Lyra Victoria V. Lascano, CPA, MBA Dr. Jonathan P. Binaluyo, CPA Lilian M. Litonjua, CPA, MBA
Faculty Member Faculty Member Chairperson
 Recommending Approval:

(sgd.)
Dr. Julieta G. Fonte, CPA
Dean, College of Accountancy and Finance

Approved by:

(sgd.)
Dr. Emanuel C. De Guzman
Vice President for Academic Affairs
Revised March 2021