NEGROS ORIENTAL STATE UNIVERSITY

Instructor: Frederick Celestial Roda, CPA

Course Code:
ACCY 301

Course Title
Auditing and Assurance Principles

Course Description:
This course deals with the basic concepts and methodology of auditing with emphasis on financial audits
by independent CPAs. The topics covered are the responsibilities of professional accountants; the audit
process; audit objectives, evidence, procedures, auditing standards, and the elements of the independent
auditor’s report. All areas included shall apply the Philippine Standards on Auditing (PSA) and other
regulatory laws and regulations. Also discussed are basic approaches to audit of computerized records,
internal auditing and government auditing.

At the end of the course, the learners are to: State, explain and discuss the nature of auditing and
its societal role, the characteristics of accounting as a profession, the significant provision of
RA9298, and the operations of a public accounting firm. Explain and discuss the nature,
objectives, uses, scope and limitations of an independent audit and its underlying theoretical
foundations. Have a conceptual view of the audit process and be able to explain and discuss the
nature and significance of each step in the process. Explain, discuss and apply with reasonable
level of competence the concept and principles of internal control and techniques used to review
and evaluate an internal control system. Explain, discuss, and demonstrate the concepts and
methodology of statistical audit samplings, the basic approach to auditing computerized records.
Appreciate the need for high standards of professional competence, integrity, and objectivity, and
be able to explain, discuss and apply the ethical and technical standards of the accountancy
profession. Identify the different types of audit reports and give the appropriate situations when
these reports should be rendered

State, explain and discuss the

nature of auditing and its societal
role, the characteristics of
accounting
as a profession, the significant
provision of RA9298, and the
operations of a public accounting
firm.
2. Explain and discuss the nature,
objectives, uses, scope and
limitations of an independent audit
and its
underlying theoretical foundations
3. Have a conceptual view of the
audit process and be able to
explain and discuss the nature and
significance of each step in the
process.
4. Explain, discuss and apply with
reasonable level of competence the
concept and principles of internal
control and techniques used to
review and evaluate an internal
control system.
5. Explain, discuss, and
demonstrate the concepts and
methodology of statistical audit
samplings, the
basic approach to auditing
computerized records.
6. Appreciate the need for high
standards of professional
competence, integrity, and
objectivity, and be
able to explain, discuss and apply
the ethical and technical standards
of the accountancy profession.
7. Identify the different types of
audit reports and give the
appropriate situations when these
reports
should be rendered
All these are achieved through excellent instruction, relevant and responsive research and/or
extension services, and quality-assured production of a true NOrSUnian with the core values of
SAPPHIRE needed to become dynamic, competitive and globally responsive.
Required Readings:
Auditing and Assurance Principles 2020, Cabrera

Topics Covered/ Weekly Lecture Schedule:

Week 1: NOrSU Pre-liminaries

Week 2: Audit –An Overview

Week 3: The Professional Standards

Week 4: Auditor’s Responsibility

Week 5: The Audit Process- Accepting Engagement

Week 6: Auditing Planning

Week 7: Consideration of Internal Control

Week 8: Auditing in a Computerized Environment

Week 9: MIDTERM EXAMINATION

Week 10: Performing Substantive Tests

Week 11: Audit Sampling

Week 12-13: Completing the Audit

Week 14: Audit Reports on Financial Statements

Week 15-16: Assurance and Related Services

Week 17: The Code of Ethics and Republic Act 9298

Week 18: Finals

Prepared by: FREDERICK C. RODA, CPA