College of Accounting Education

AUDIT 411 – Course Outline

COURSE INFORMATION
1. Course Number : AUDIT 411
2. Course Name : Assurance Principles, Professional Ethics and Good Governance
3. Course Description : This course is designed to expose students both to the demand for and
the supply of the profession’s flagship service - financial statement audits -
and to the nature of the value-added assurance services which decision
makers demand in the information age. Topics include: nature of the
accounting profession, auditing and assurance fundamentals: relationship
among assurance, attestation, and audit services; consulting vs. assurance
services; types of attestation services (agreed-upon procedures
engagement and review engagement); types of audits (internal, external or
financial statement audits, government audit, and special purpose audits);
relationship of accounting and auditing; other services (operational audits,
compliance audits, and non-attest services); professional standards:
assurance standards and attestation and auditing standards; public sector
regulation of accounting practice and legal liability; the framework of
financial statements auditing: risk-based approach as audit methodology;
audit evaluation and planning, including the concept of risk and materiality;
assessing internal controls, and tests of controls; performance of an audit:
evidence collection, analysis, and substantive tests; reporting: reports on
assurance services, attestation services, and financial statement audits; and
completing the audit including communications with board of directors and
management concerning internal control weaknesses. Also discussed in
detail are the basic professional values and the Code of Ethics for
Professional Accountants and SEC's Code of Corporate Governance.
4. Pre-requisite : Financial Accounting & Reporting, Part 3 (Acctg 6a)
Cost Accounting and Cost Management, Part 2 (Acctg 10a)
Accounting Information System (Comped 411)
5. Co-requisite : None
6. Credit : 6.0 units
7. Class schedule : 6 hours per week

8. Program Educational Objectives (PEO) of BSA:

Five years after graduation, the BSA graduates are expected to:
A. Engage in the field of accounting or entrepreneurial undertaking that provides employment in the
community;
B. Pursue graduate studies related in the field of business, or obtain international certification, or
advancement in technology; and
C. Demonstrate ethical responsibility in the practice of profession and in the community.

9. Student Outcomes (SO) of BSA and their links to PEO

PEO

Upon completion of the program, the BSA are expected to:

A B C

 SO a* Apply working knowledge in the areas of financial and managerial accounting, cost management,

finance, business law, recent tax laws and auditing.
 SO b Demonstrate understanding of societal issues and factors that influence trends in business process,
structure, functions and practices.

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Principles, Professional Ethics Oct. 10, 2017 2nd Semester 2017-2018
and Good Governance
 College of Accounting Education
AUDIT 411 – Course Outline

 SO c* Identify problems, analyze situations and develop solutions.



 SO d Communicate effectively in various context.



 SO e Use of technology commonly expected of an entry-level profession in accounting.

 SO f Demonstrate leadership and cultural sensitivity in the workplace.

Note: * SO being addressed in this course

10. Course Outcomes (CO) of AUDIT 411 and their links to SO

SO

Upon completion of the course, the BSA students are expected to:
a b c d e f

 CO 1 Show understanding on the principles, concepts, and processes involved

in auditing, other assurance and related services as required by the
I I
engagement standards and other regulatory, legal and ethical
pronouncements.

 CO 2 Solve problems commonly faced by professional accountant in the

E E
conduct of their services through case analysis.

 CO 3 Prepare appropriate audit report. E E E

Legend: I = Upon attainment of this CO, students will have been introduced to the SO.
E = Upon attainment of this CO, students will have enabled themselves to attain the SO.
D = Upon attainment of this CO, students will have demonstrated partly or fully the SO.

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 Program Educational Objectives (PEO)

Vision: By 2022, a globally recognized institution providing

quality, affordable and open education. 1. Engage in the field of accounting
or entrepreneurial undertaking that
Mission: To provide a dynamic and supportive academic provides employment in the
environment through the highest standards of instruction, community.
research and extension in a non-sectarian institution 2. Pursue graduate studies related
committed to democratizing access to education. in the field of business, or obtain
international certification or
Core Values: Excellence, Honesty and Integrity, Innovation advancement in technology.
and Teamwork. 3. Demonstrate ethical
responsibility in the practice of
Core Competency: “Quality affordable open education” profession and in the community.

Student Outcomes (SO)

Course Outcomes (CO)

a. Apply working knowledge in the areas of financial

and managerial accounting both in private and
government setting, cost and management, finance,
business laws, recent tax laws, and auditing.
b. Demonstrate understanding of societal issues and
factors that influence trends in business process,
structures, functions, and practices.
c. Identify problems, analyze situations and develop
solutions.
d. Communicate effectively in various context.
e. Use of technology commonly expected of an entry-
level profession in accounting.
f. Demonstrate leadership and cultural sensitivity in
the workplace.
1. Show understanding on the principles,
concepts, and processes involved in
auditing, other assurance and related
services as required by the engagement
standards and other regulatory, legal and
ethical pronouncements.
2. Solve problems commonly faced by
professional accountant in the conduct of
their services through case analysis.
3. Prepare appropriate audit report.

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CO and Assessment task alignment

Assessment Task
CO Theory-based Practice-based Assessment Schedule Coverage
1. Show understanding on the principles, Multiple Choice First Exam *Fundamentals of auditing and
concepts, and processes involved in auditing, Questions/Short assurance services
other assurance and related services as Answer *Introduction to Auditing
required by the engagement standards and *Legal and Professional
other regulatory, legal and ethical Responsibilities
pronouncements.
Second Exam *Audit Acceptance and
Continuance

Third Exam *Audit Planning Considerations

*Study and Evaluation of
Internal Control

Fourth Exam *Standards related to audit

planning

Fifth Exam *Gathering and evaluating

audit evidence

Sixth Exam *Completing the Audit/Post-

Audit Responsibilities

Seventh Exam *Audit Report

Eighth Exam *Other Assurance and Non-

Assurance Engagements

2. Solve problems commonly faced by Case Analysis First Exam *Legal and Professional
professional accountant in the conduct of Responsibilities
their services through case analysis.

Case Analysis Fourth Exam *Standards related to audit

planning

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 3. Prepare appropriate audit report. Case Analysis Eight Exam *Audit Report

*MCQ assessment is cumulative.

Assessment Task Details (Theory-based)

Assessment Coverage Assessment Task Details
Schedule
First Exam *Fundamentals of Multiple Choice You are expected to show understanding on the framework for assurance services,
auditing and assurance Questions/Short regulatory, legal and ethical requirements of the profession. This includes the research
services Answer articles required for you to read and theories related to the topics mentioned. You are
*Introduction to (70% of the exam) also expected to critically analyze the contribution of various topics in understanding the
Auditing
accountancy profession.
*Legal and Professional
Responsibilities
Related Standards:
 Philippine Framework for Assurance Engagement
 Preface to International Standards and Philippine Standards
 PSA 120 Framework of Philippine Standards on Auditing
 PSA 200 (Revised and Redrafted) - Overall Objectives of the Independent Auditor and
the Conduct of an Audit in Accordance with International Standards on Auditing
 RA 9298 – The Philippine Accountancy Act of 2004 Implementing Rules and
Regulations
 Code of Ethics for Professional Accountants

Second Exam *Audit Acceptance and Multiple Choice You are expected to show understanding on the standards used in deciding whether to
Continuance Questions/Short accept a new engagement or continue an existing engagement, the necessary control
Answer requirements of an audit firm, and the planning of an audit activity. Included are
(100% of the exam) research articles that you are required to read to critically analyze and appreciate the
importance of these standards in the decision-making process.

Related Standards:
 Code of Ethics for Professional Accountants
 Philippine Standard on Quality Control (PSQC) 1 (Redrafted) - Quality Controls for
Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance
and Related Services Engagements

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  PSA 210 (Redrafted) – Agreeing the Terms of Audit Engagements
 PSA 220 (Redrafted) – Quality Control for Audits of Historical Financial Statements
 PSA 300 (Redrafted) – Planning an Audit of Financial Statements

Third Exam *Audit Planning Multiple Choice You are expected to show understanding on the standards on risk assessment,
Considerations Questions/Short materiality, response to risk assessment and internal control. This task is designed to
*Study and Evaluation Answer assess the knowledge you have in audit planning. Included are research articles that you
of Internal Control
(100% of the exam) are required to read to critically analyze and appreciate the importance of these
standards in the decision-making process, particularly, audit planning.

Related Standards:
 PSA 315 (Redrafted) – Identifying and Assessing the Risks of Material Misstatement
through Understanding the Entity and Its Environment
 PSA 320 (Revised and Redrafted) – Materiality in Planning and Performing an Audit
 PSA 330 (Redrafted) – The Auditor's Responses to Assessed Risks
 PSA 260 (Revised and Redrafted) – Communication with Those Charged with
Governance
 PSA 265 (New) - Communicating Deficiencies in Internal Control to Those Charged
with Governance and Management

Fourth Exam *Standards related to Multiple Choice You are expected to show understanding on the standards related to audit planning,
audit planning Questions/Short responsibilities of the auditor to consider fraud, laws and regulation noncompliance,
Answer communicating fraud, analytical procedures, and help of internal auditors and experts.
(70% of the exam) Included are research articles that you are required to read to critically analyze and
appreciate the importance of these standards in the decision-making process,
particularly, audit planning.

Related Standards:
 PSA 240 (Redrafted) – The Auditor’s Responsibility to Consider Fraud in an Audit of
Financial Statements
 PSA 250 (Redrafted) – Consideration of Laws and Regulations in an Audit of Financial
Statements
 PSA 402 (Revised and Redrafted) – Audit Considerations Relating to Entities Using
Service Organizations
 PSA 600 (Revised and Redrafted) – Special Considerations-Audits of Group Financial

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 Statements (Including the Work of Component Auditors)
 PSA 610 (Redrafted) – Using the Work of Internal Auditors
 PSA 620 (Revised and Redrafted) – Using the Work of an Expert

Fifth Exam *Gathering and Multiple Choice You are expected show understanding on the standards related to evidence and
evaluating audit Questions/Short evidence gathering and auditing accounting estimates. Included are research articles
evidence Answer that you are required to read to critically analyze and appreciate the importance of these
(100% of the exam) standards.

Related Standards:
 PSA 230 (Redrafted) – Audit Documentation
 PSA 500 (Redrafted) – Audit Evidence
 PSA 501 (Redrafted) – Audit Evidence – Additional Considerations on Specific Items
 PSA 505 (Revised and Redrafted) – External Confirmations
 PSA 510 (Redrafted) – Initial Audit Engagements-Opening Balances
 PSA 520 (Redrafted) – Analytical Procedures
Sixth Exam *Completing the Multiple Choice You are expected to show understanding on the standards related to sampling and wrap-
Audit/Post-Audit Questions/Short up procedures. These standards are applicable in completing audit activities. Included
Responsibilities Answer are research articles that you are required to read to critically analyze and appreciate the
(100% of the exam) importance of these standards.

Related Standards:
 PSA 530 (Redrafted) – Audit Sampling
 PSA 540 (Revised and Redrafted) – Auditing Accounting Estimates, Including Fair
Value Accounting Estimates, and Related Disclosures
 PSA 550 (Revised and Redrafted) – Related Parties
 PSA 560 (Redrafted) – Subsequent Events
 PSA 570 (Redrafted) – Going Concern
 PSA 580 (Revised and Redrafted) – Written Representations

Seventh Exam *Audit Report Multiple Choice You are expected to show understanding on the standards related to audit reporting and
Questions/Short the skill in preparing the appropriate report. These standards are applicable in forming
Answer opinions as part of the audit report. Included are research articles that you are required
(100% of the exam) to read to critically analyze and appreciate the importance of these standards.

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and Good Governance
 Related Standards:
PSA 700 (Redrafted) – The Independent Auditor’s Report on a Complete Set of General
Purpose Financial Statements
PSA 705 (Revised and Redrafted) - Modifications to the Opinion in the Independent
Auditor's Report
PSA 706 (Revised and Redrafted) - Emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor's Report
PSA 710 (Redrafted)– Comparative Information-Corresponding Figures and Comparative
Financial Statements
PSA 720 (Redrafted) – The Auditor's Responsibilities Relating to Other Information in
Documents Containing Audited Financial Statements

Eighth Exam *Other Assurance and Multiple Choice This assessment task is designed for you to show understanding of the principles,
Non-Assurance Questions theories and key concepts in audit, assurance and non-assurance services.
Engagements (60%)
Related Standards:
PSA 800 (Revised and Redrafted) – Special Considerations-Audits of Financial Statements
Prepared in Accordance with Special Purpose Frameworks
PSA 805 (Revised and Redrafted) - Special Considerations-Audits of Single Financial
Statements and Specific Elements, Accounts or Items of a Financial Statement
PSA 810 (Revised and Redrafted) - Engagements to Report on Summary Financial
Statements

REVIEWS OF HISTORICAL FINANCIAL INFORMATION

2000–2699 INTERNATIONAL STANDARDS ON REVIEW ENGAGEMENTS (ISRES)

2400 Engagements to Review Financial Statements (Previously ISA 910)
2410 Review of Interim Financial Information Performed by the Independent Auditor of
the Entity
ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL
FINANCIAL INFORMATION
3000–3699 INTERNATIONAL STANDARDS ON ASSURANCE ENGAGEMENTS (ISAES)
3000–3399 APPLICABLE TO ALL ASSURANCE ENGAGEMENTS
3000 Assurance Engagements Other than Audits or Reviews of Historical Financial
Information
3400–3699 SUBJECT SPECIFIC STANDARDS

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 3400 The Examination of Prospective Financial Information (Previously ISA 810)
3402 Assurance Reports on Controls at a Service Organization
RELATED SERVICES
4000–4699 INTERNATIONAL STANDARDS ON RELATED SERVICES (ISRSS)
4400 Engagements to Perform Agreed-Upon Procedures Regarding Financial Information
(Previously ISA 920)
4410 Engagements to Compile Financial Statements (Previously ISA 930)
4000–4699 INTERNATIONAL STANDARDS ON RELATED SERVICES (ISRSS)
4410 (Revised), Compilation Engagements

Assessment Task Details (Practice/Performance-based)

Assessment Coverage Assessment Task Details
Schedule
First Exam *Legal and Professional Ethical  In this task, you are required to prepare a case analysis of Glora and Deloria (Case 3.39 from
Responsibilities Responsibilities of Principles of Auditing by Whittington/Pany).
CPAs Case Analysis  You will presume the role of peer reviewer on independence of the CPA firm.
(30% of the exam)  The target audience is firm’s Quality Control department.
 You need to analyze the situation, determine the root cause and provide recommendation.
 You are required to submit a case analysis pertaining to the case at hand.
 You are required to integrate research findings on your case study analysis. (Discussion and
Alternative Courses of Action)
 You are to submit the brief report in A4 size bond paper, font style Calibri 11, and 1 ½ spacing.
 You are to submit the brief report on Monday, following after the 1 st examination.
 You will be graded according to the criteria set in the rubric.

Fourth Exam *Standards related to Case Study Analysis  In this task, you are required to prepare a case analysis of Tower & Tower (Case 6-42 from
audit planning and Decision Principles of Auditing by Whittington/Pany).
(30% of the exam)  You will presume the role of peer reviewer of the CPA firm.
 The target audience are firm’s Quality Control department.
 You need to analyze the situation, determine the root cause and provide recommendation to
the audit team leader to the management of the company
 You are required to submit a case analysis pertaining to the case at hand.
 You are required to integrate research findings on your case study analysis. (Discussion and
Alternative Courses of Action)
 You are to submit the brief report in A4 size bond paper, font style Calibri 11, and 1 ½ spacing.
 You are to submit the brief report on Monday, following after the 4 th examination.

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and Good Governance
  You will be graded according to the criteria set in the rubric.

Eight Exam *Audit Report Case Study Analysis  In this task, you are required to prepare a case analysis given by your teacher.
and Decision  You will be graded according to the criteria set in the rubric.
(40% of the exam)

For each of the case analysis component areas (evaluation dimensions) identified below, use the evaluation rubric to assess the work by
specifying a score based on the performance ratings and descriptors delineated in the rubric form and supplying relevant comments in the space
provided.

Identification of Issues: This section should describe the managerial, financial, marketing, legal, ethical, economic, international, and social
responsibility/sustainability issues relevant to the case. The section should also include an executive summary that provides an overview of the
key issues and problems that are central to the case.

Connections to Theoretical and Empirical Research: This section should describe the ways in which theoretical and empirical research are
related and can be applied to the central issues and problems in the case.

Analysis and Evaluation: This section should present an analysis of the central issues and problems in the case. This analysis should be informed
by relevant theory and empirical data and should lead to a set of conclusions that are supported by appropriate evidence.

Alternative Courses of Action: This section should present actions for dealing with the central issues and problems in the case. These action
plans should flow from the previous analysis and evaluation and should be appropriately justified.

Evaluation of Consequences: This section should provide a description and analysis of the expected results from implementing the proposed
plans of action as previously specified.

Written Analysis of the Case Grading Rubric

Performance Rating
Evaluation
Score
Dimensions Beginning Competent Accomplished
1 2 3 4 5 6

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Principles, Professional Ethics Oct. 10, 2017 2nd Semester 2017-2018
and Good Governance
 Case-Study Component Areas - Grading Criteria
Does not recognize the problems or
issues of the case, or identifies
problems and issues that are not
based on facts of the case; displays
little understanding of the issues, key
Identification of problems, and the company’s present
Issues situation and strategic challenges;
executive summary does not present a
clear overview of the case issues; main
points are not outlined, or cannot be
understood
Makes little or no connection between
the issues and problems in the case
Connections to and relevant theoretical and empirical
Theoretical and research, or the connections identified
Empirical Research are weak or inaccurate in many
respects
Simply repeats facts identified in the
case and does not discuss the
relevance of these facts; fails to draw
conclusions, or conclusions are not
Analysis and
justified or supported; does not
Evaluation
present relevant research or data;
shows no critical examination of case
issues
Has difficulty identifying alternatives
and appropriate courses of action; few
if any alternatives are presented,
Alternative Courses infeasible actions are proposed, action
of Action plans are not supported, or actions do
not address the key issues and
problems in the case
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Principles, Professional Ethics Oct. 10, 2017
and Good Governance
With a few exceptions, identifies and
outlines the principal problems and issues
in the case; demonstrates an acceptable
understanding of the company’s issues,
current situation, and strategic challenges;
executive summary provides an adequate
overview of the case issues and problems;
summary is missing a few minor points,
but meets expectations
Identifies and outlines connections
between some of the issues and problems
in the case and relevant theoretical and
empirical research; the connections
identified are adequately elucidated
Provides an acceptable analysis of most of
the issues and problems in the case; in
most instances, analysis is adequately
supported by theory and empirical data;
appropriate conclusions are outlined and
summarized
Outlines and summarizes some alternative
courses of action to deal with most of the
issues and problems in the case; in most
instances, proposed action plans are
outlined, are feasible, and based on
relatively sound theory and evidence
Date Effective:
2nd Semester 2017-2018
Presents accurate and detailed
descriptions of the problems and issues
central to the case; provides a well-
focused diagnosis of strategic issues and
key problems that demonstrates an
excellent grasp of the company’s present
situation and strategic challenges;
descriptions are compelling and
insightful; provides a thorough and
effective executive summary
Makes appropriate, insightful, and
powerful connections between the
issues and problems in the case and
relevant theory and empirical data;
effectively integrates multiple sources of
knowledge with case information
Presents a balanced, in-depth, and
critical assessment of the facts of the
case in light of relevant empirical and
theoretical research; develops insightful
and well-supported conclusions using
reasoned, sound, and informed
judgments
Effectively weighs and assesses a variety
of alternative actions that address the
multiple issues central to the case;
proposes detailed plans of action; action
plans are realistic and contain thorough
and well-reasoned justifications
Page 11 of 18
 Displays limited awareness and/or
understanding of the consequences of
action plans; fails to identify
implications and consequences of
Evaluation of
proposed action plans; identified
Consequences
outcomes do not follow from
proposed action plans, or outcomes
are not related to issues in the case
Audtg 411 – Assurance Date Revised: Revision No. 04
Principles, Professional Ethics Oct. 10, 2017
and Good Governance
Demonstrates acceptable analysis of the
results of proposed action plans;
adequately outlines and summarizes the
implications and consequences resulting
from alternative courses of action; with a
few minor exceptions, identified
consequences of action plans are related
to key issues in the case
Date Effective:
2nd Semester 2017-2018
Objectively and critically reflects upon
alternative plans of action; effectively
identifies, thoroughly discusses, and
insightfully evaluates the implications
and consequences resulting from the
proposed action plans; identified
consequences are tied to the key issues
central to the case
Page 12 of 18
 11. COURSE OUTLINE AND TIME FRAME
12. TIME
TOPICS FOR FIRST EXAMINATION TLA Required Readings
FRAME
Week 1  Orientation on Classroom and University Lecture
to Policies as well as Grading System Research article
Week 3  Discussion of PEO, SO, and CO reading/discourse
Oral recitation
Focus on the learner
Concept Mapping
 Fundamentals of auditing and assurance Cooperative Learning
services * Rankin, L. J., & Sharp, F. C. (2000).
 Universe of CPA services Are CPA firms jumping on the new
 Framework of Assurance Engagements assurance services
 Elements of an Assurance Engagement bandwagon? Ohio CPA
Journal,  59(4), 15-19. Retrieved
 Introduction to Auditing
 The nature, purpose and scope of an from
audit http://search.proquest.com/docvie
 Types of Audit [Financial Statements w/214836477?accountid=31259
Audit, Operational Audit, Compliance
Audit]
 Types of Auditors
 General Types of Audit

 Legal and Professional Responsibilities

 Code of Ethics for Professional * Reinstein, A., & Weirich, T. R.
Accountants in the Philippines (2012). New ethics guidance for
 RA 9298 CPAs in public practice and
 Auditor’s Legal Liability business.  The CPA Journal, 82(3),
 SEC Code of Good Governance 59-64. Retrieved from
http://search.proquest.com/docvie
w/1010398484?accountid=31259

TIME
TOPICS FOR SECOND EXAMINATION
FRAME
Week 4 Focus on the learner
to  Legal and Professional Responsibilities
Week 5  Code of Ethics for Professional
Accountants in the Philippines
 Audit Acceptance and Continuance
 Philippine Standard on Quality Control
(PSQC) 1 (Redrafted) - Quality Controls
for Firms that Perform Audits and
Reviews of Financial Statements, and
Other Assurance and Related Services
Engagements
 Agreeing the Terms of Audit
Engagements (PSA 210)
 Quality Control for Audits of Historical
Financial Statements (PSA 220)
 Planning an Audit of Financial Statements
(PSA 300)
TLA Required Readings
 Group dynamics * Drira, M. (2013). AUDITOR'S
 Concept mapping CLIENT ACCEPTANCE AND
 Research article CONTINUANCE DECISIONS: A
reading/discourse RESEARCH NOTE. Paper presented
 Oral recitation at the , 8(1) 512-516. Retrieved
from
http://search.proquest.com/docvie
w/1353354061?accountid=31259
* Drira, M. (2013). DIFFERENCES
BETWEEN AUDITOR'S CLIENT
ACCEPTANCE AND CONTINUANCE
DECISIONS. Paper presented at
the , 8(2) 223. Retrieved from
http://search.proquest.com/docvie
w/1434203685?accountid=31259

TIME
TOPICS FOR THIRD EXAMINATION TLA Required Readings
FRAME
Week 6 Focus on learning  Group dynamics * Graham, L., & Messier,William
 Audit Planning Considerations  Concept mapping F.,,Jr. (2006). Audit risk and

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and Good Governance
 To  Identifying and Assessing the Risks of
Material Misstatement through
Week 7 Understanding the Entity and Its
Environment (PSA 315)
 Materiality in Planning and Performing an
Audit (PSA 320)
 The Auditor's Responses to Assessed
Risks (PSA 330)
 Study and Evaluation of Internal Control
 Basic Concepts and Elements of Internal
Control
 Consideration of Internal Control in a
Financial Statements Audit
 Communications with boards of directors
and management concerning internal
control weaknesses detected in audits
(PSA 265)
TIME ADDITIONAL TOPICS FOR FOURTH
FRAME EXAMINATION
Week 8 Focus on learning
 Standards related to audit planning
to  The Auditor’s Responsibility to Consider
Fraud in an Audit of Financial Statements
Week 9 (PSA 240)
 Consideration of Laws and Regulations in
an Audit of Financial Statements (PSA
250)
 Communication with Those Charged with
Governance (PSA 260)
 Communicating Deficiencies in Internal
Control to Those Charged with
Governance and Management (PSA 265)
 Audit Considerations Relating to Entities
Using Service Organizations (PSA 402)
 Special Considerations – Audits of Group
Financial Statements (including the work
of component auditors)
 Using the Work of Internal Auditors (PSA
610)
 Using the Work of an Expert (PSA 620)
Audtg 411 – Assurance Date Revised: Revision No. 04
Principles, Professional Ethics Oct. 10, 2017
and Good Governance
 Research article materiality in conducting an
reading/discourse audit. Journal of
 Oral recitation Accountancy,  201(5), 116-119,122-
125. Retrieved from
http://search.proquest.com/docvie
w/206786679?accountid=31259
* Griggs, L. L. (2004). Audits of
internal control over financial
reporting: What do they
mean?  Insights; the Corporate &
Securities Law Advisor,  18(4), 2-12.
Retrieved from
http://search.proquest.com/docvie
w/224842421?accountid=31259
TLA Required Readings
 Lecture * Salem, M. S. M. (2012). An
 Oral recitation overview of research on auditor's
 Concept Mapping responsibility to detect fraud on
 Cooperative Learning financial statements.  Journal of
Global Business Management,  8(2),
218-229. Retrieved from
http://search.proquest.com/docvie
w/1312737337?accountid=31259
* Yasin, F. M., & Nelson, S. P.
(2012). AUDIT COMMITTEE AND
INTERNAL AUDIT: IMPLICATIONS
ON AUDIT QUALITY.  International
Journal of Economics, Management
and Accounting, 20(2), 187-218.
Retrieved from
http://search.proquest.com/docvie
w/1444491377?accountid=31259
* Samaha, K., & Hegazy, M. (2010).
An empirical investigation of the
use of ISA 520 "analytical
procedures" among big 4 versus
non-big 4 audit firms in
egypt. Managerial Auditing
Journal,  25(9), 882-911.
doi:http://dx.doi.org/10.1108/0268
6901011080053
* Payne, E. A., & Ramsay, R. J.
(2008). Audit documentation
methods: A path model of cognitive
processing, memory, and
performance.  Auditing,  27(1), 151-
168. Retrieved from
http://search.proquest.com/docvie
w/216738300?accountid=31259
Date Effective: Page 14 of 18
2nd Semester 2017-2018
 TIME
ADDITIONAL TOPICS FOR FIFTH EXAMINATION
FRAME
Week 10 Focus on learning
 Gathering and evaluating audit evidence
to
 Audit Documentation (PSA 230)
Week 11  Audit Evidence (PSA 500)
 Audit Evidence – Additional
Considerations on Specific Items (PSA
501)
 External Confirmations (PSA 505)
 Initial Audit Engagements-Opening
Balances (PSA 510)
 Analytical Procedures (PSA 520)
 Auditing Accounting Estimates, Including
Fair Value Accounting Estimates, and
Related Disclosures (PSA 540)
 Audit Sampling (PSA 530)
 Basic Audit Sampling Concepts
 Audit Sampling for Tests of Controls
 Audit Sampling for Substantive Tests
TIME
FRAME ADDITIONAL TOPICS FOR SIXTH EXAMINATION
Week 12 Focus on learning
 Completing the Audit/Post-Audit
to
Responsibilities
Week 13  Auditing Accounting Estimates, Including
Fair Value Accounting Estimates, and
Related Disclosures (PSA 40)
 Related Parties (PSA 550)
 Subsequent Events (PSA 560)
 Going Concern (PSA 570)
 Written Representations (PSA 580)
Audtg 411 – Assurance Date Revised: Revision No. 04
Principles, Professional Ethics Oct. 10, 2017
and Good Governance
TLA
 Lecture
 Oral recitation
 Concept Mapping
 Cooperative Learning
TLA
 Lecture
 Oral recitation
 Concept Mapping
 Cooperative Learning
Date Effective:
2nd Semester 2017-2018
Required Readings
*Gillett, P. R., & Peytcheva, M.
(2011). Differential evaluation of
audit evidence from fixed versus
sequential sampling. Behavioral
Research in Accounting,23(1), 65-
85. Retrieved from
http://search.proquest.com/docvie
w/849618896?accountid=31259
*Audit evidence. (2006). Journal of
Accountancy,  201(5), 113-116.
Retrieved from
http://search.proquest.com/docvie
w/206781286?accountid=31259
*Baglia, D. S. (2000). The effects of
auditor type, auditor experience
level, and audit firm structure on
audit evidence decisions: An
empirical examination under cases
of both high and low fraud
risk  (Order No. 9989460). Available
from ProQuest Central.
(304644475). Retrieved from
http://search.proquest.com/docvie
w/304644475?accountid=31259
Required Readings
*Carmichael, D. R. (2015). Related
parties, then and now. The CPA
Journal,  85(2), 36-42. Retrieved
from
http://search.proquest.com/docvie
w/1666272240?accountid=31259
*Janvrin, D. J., & Jeffrey, C. G.
(2007). An investigation of auditor
perceptions about subsequent
events and factors that influence
this audit task.Accounting
Horizons, 21(3), 295-312. Retrieved
from
http://search.proquest.com/docvie
w/208920058?accountid=31259
*Knechel, W. R., & Vanstraelen, A.
(2007). The relationship between
auditor tenure and audit quality
implied by going concern
opinions. Auditing, 26(1), 113-131.
Retrieved from
http://search.proquest.com/docvie
Page 15 of 18

TIME ADDITIONAL TOPICS FOR SEVENTH
FRAME
EXAMINATION
Week 14 Focus on learning
 Audit Report
to
 The Independent Auditor’s Report on a
Week 15 Complete Set of General Purpose
Financial Statements (PSA 700)
 Modifications to the Opinion in the
Independent Auditor's Report (PSA 705)
 Emphasis of Matter Paragraphs and
Other Matter Paragraphs in the
Independent Auditor's Report (PSA 706)
 Comparative Information-Corresponding
Figures and Comparative Financial
Statements (PSA 710)
 The Auditor's Responsibilities Relating to
Other Information in Documents
Containing Audited Financial Statements
(PSA 720)
TIME
FRAME ADDITIONAL TOPICS FOR EIGTH EXAMINATION
Week 16 Focus on learning
 Other Assurance and Non-Assurance
to
Engagements
Week 17  Special Considerations-Audits of Financial
Statements Prepared in Accordance with
Special Purpose Frameworks (PSA 800)
 Special Considerations-Audits of Single
Financial Statements and Specific
Elements, Accounts or Items of a
Financial Statement (PSA 805)
 Engagements to Report on Summary
Financial Statements (PSA 810)
 Engagements to Review Financial
Information (PSRE)
 Assurance Engagements other than Audit
and Review (PSAE)
 Related Services Engagements (PSRS)
Audtg 411 – Assurance Date Revised: Revision No. 04
Principles, Professional Ethics Oct. 10, 2017
and Good Governance
TLA
 Lecture
 Oral recitation
 Concept Mapping
 Cooperative Learning
TLA
 Lecture
 Oral recitation
 Concept Mapping
 Cooperative Learning
Date Effective:
2nd Semester 2017-2018
w/216740895?accountid=31259
*Geiger, M. A., & Rama, D. V.
(2006). Audit firm size and going-
concern reporting
accuracy.  Accounting
Horizons, 20(1), 1-17. Retrieved
from
http://search.proquest.com/docvie
w/208894905?accountid=31259
Required Readings
*Jeffreys, D., & Kirkwood, J. (2003).
Beyond the audit report.  CA
Magazine,136(7), 35-36+. Retrieved
from
http://search.proquest.com/docvie
w/203930266?accountid=31259
Required Readings
*Compilation reports for valuation
engagements? (2012). Journal of
Accountancy,213(5), 52-53.
Retrieved from
http://search.proquest.com/docvie
w/1015033916?accountid=31259
*Grayston, C. (2011). Uncertainty
around agreed-upon
procedures.  Charter,82(10), 54-55.
Retrieved from
http://search.proquest.com/docvie
w/905164356?accountid=31259
*Szora, A. T., & Dobra, I. B. (2010).
CONSIDERATIONS ON AUDIT OF
GROUP FINANCIAL
STATEMENTS. Annales Universitatis
Apulensis : Series
Oeconomica, 12(1), 314-324.
Retrieved from
http://search.proquest.com/docvie
w/845883561?accountid=31259
Page 16 of 18
 13. TEXTBOOK :
a. Standards downloadable from http://www.aasc.org.ph/downloads/download-home.php
b. Code of Ethics for the Professional Accountants and RA 9298 downloadable from
http://picpa.com.ph/attachment/21720171215650.pdf

REFERENCES:
a. Arens, Alvin A. (2014). Auditing and Assurance Services: An Integrated Approach. 15th Edition. Upper Saddle
River, NJ: Printice Hall.
b. Dr. Mark Juber and Dr. John Peterson (2015). Accounting Ethics. New York: Delve Publishing
c. Stefano, Denise M. (2015). 500 auditing and attestation questions for the CPA exam. New York, NY :MCGraw-
Hill Education
d. Kemp, Stephanie (2013). Auditing, assurance and ethics handbook 2013: incorporating all the standards as at 1
December 2012. Milton, Qld: John Wiley & Sons
e. Cabrera, Ma. Elenita (2013). Public Accountancy Profession: Assurance Principles, Professional Ethics and Good
Governace. Manila: GIC Enterprises
f. Flood, Joanne (2015). Wiley Practitioner's Guide to GAAS 2013 Covering all SASs, SSAEs, SSARSs, and
Interpretations (10th Edition). Wiley. http://site.ebrary.com/lib/uniofmindanao/docDetail.action?
docID=10639284

14. COURSE EVALUATION

Assessment Methods
Weights
EXAMINATIONS
nd
*The final
A. examination
Exam 1 – 7 is a pre-board examination which is conducted every
30% end of the 2 term. This is a
comprehensive examination which overs four (4) clustered subjects in the CPA licensure examination – Theory
of Accounts
B. (TOA), Practical
Final Exam – MCQAccounting 1 (P1), Practical
* / Performance Task Accounting 2 (P2),30%
and Auditing Theory (AT). The final
examination grade is computed as follows: 60% - AT; 40% - average of TOA, P1, and P2.
CLASS PARTICIPATIONS

C. Quizzes 10%

D. Research 15%

15. E. guidelines
Policies and Oral recitation 10%
a. Attendance is counted from the first regular class meeting.
F. Assignments 5%
b. A validated student identification card must always by worn be all students while attending classes.
c. Cheating is strictly prohibited. Any form of dishonesty shall be dealt with100%
Total accordingly. Honesty is called for at
all times.
d. Valid examination permits are necessary in taking the examinations as scheduled. CELLULAR PHONES or any
ELECTRONIC GADGETS and PRESCRIBED PRC CALCULATORS are NOT allowed during EXAMINATIONS.
e. Base-15 grading policy should be observed. Students who obtained failing scores in major exams are
recommended to attend the tutorial class.

Prepared by: Reviewed by:

JADE SOLANA, CPA , MBA (CAR) LORD EDDIE I. AGUILAR, CPA, MBA
Program Chair
LORD EDDIE I. AGUILAR, CPA, MBA

References Reviewed by:

Audtg 411 – Assurance Date Revised: Revision No. 04 Date Effective: Page 17 of 18
Principles, Professional Ethics Oct. 10, 2017 2nd Semester 2017-2018
and Good Governance
 VIRGINIA I. CAINTIC
AVP – LIC

Noted by: Approved by:

ESTERLINA B. GEVERA, CPA, MBA RONNIE V. AMORADO, PhD

Dean, College of Accounting Education VP – Academic Planning and Services

Audtg 411 – Assurance Date Revised: Revision No. 04 Date Effective: Page 18 of 18
Principles, Professional Ethics Oct. 10, 2017 2nd Semester 2017-2018
and Good Governance