COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

AUDITING AND ASSURANCE: CONCEPTS AND

Course Title: Course Code: ACC5117
APPLICATIONS II

ACC5111
Course
Fourth Year, First Term Pre-requisite: ,
Placement:
ACC5112

Credit Units: 3

Course Description:

Financial statements are the representation of the reporting entity’s management. To lend credibility to
the entity’s prepared financial statements, they have to be examined by an independent certified public
accountant, who expresses an opinion as to the fairness by which such financial statements are
presented.

This course covers detailed approaches to problems and situations normally encountered in the
independent examination of financial statement line items, applying the transaction cycle audit. Audit
objectives are identified, and internal control is evaluated so that the auditor could formulate and apply
audit procedures to each of the major accounts in the financial statements affected by the investing and
financing cycles.

Learners must be able to identify the audit procedures, prepare audit adjustments and complete
working papers relating to investing and financing cycles to serve as bases for the preparation of audit
reports.

Course Intended Learning Outcomes:

After completing this course, learners should be able to:

1. Apply key auditing principles (e.g., professional judgment, professional skepticism) in relation to
the audit of transactions in the investing and financing cycles.
2. Perform substantive audit procedures for assertions related to the non-current asset account
3. Perform substantive audit procedures for assertions related to the liabilities account
4. Perform substantive audit procedures for assertions related to the shareholder’s equity account,
5. Perform substantive audit procedures for assertions related to misstatements.
6. Prepare the related audit adjusting entries
7. Document the results of the substantive audit procedures

Program Intended Learning Outcomes:

PILO NO. 2: Apply good corporate citizenship, social responsibility and ethical principles in
performing the functions of an accounting professional.
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

PILO NO. 3: Conduct accounting, assurance, and other related engagements individually and as a
team.

PILO NO. 4: Present financial and other reports, results, analyses and recommend decisions with the
use of communication and information technology.

PILO NO. 5: Recommend solutions to social and business issues and problems using knowledge and
technical proficiency in accounting, financial reporting, taxation, and information technology.

PILO NO. 6: Apply and, if applicable, formulate accounting and tax policies in accordance with
financial reporting standards and regulatory frameworks.

Alignment of Learning Outcomes

Course-Level Program-Level Thomasian Graduate Attribute
CILO 1 PILOs 2 and 6 Servant Leader
Analytical and Creative Thinker
CILO 2 PILO 3 Effective Communicator and
Collaborator
CILO 3 PILO 3 Effective Communicator and
Collaborator
CILO 4 PILO 3 Effective Communicator and
Collaborator
CILO 5 PILO 3 Effective Communicator and
Collaborator
CILO 6 PILO 5 Analytical and Creative Thinker
CILO 7 PILO 4 Effective Communicator and
Collaborator

Week Unit Learning Topics Teaching Learning Assessment

Outcome Activities Tasks
1 to 5 Apply key auditing AUDIT OF THE INVESTING Synchronous Discussion
principles related CYCLE: NON-CURRENT lectures: board
to the investing OPERATING ASSETS - Discussion of
cycle involving concepts Quiz 1
property, plant and Acquisition transactions of - Application (Summative
equipment, property, plant and of concepts Assessment)
intangible assets equipment, intangible assets through - Concepts
and investment and investment property illustrative and
property problems Problems
Depreciation and - Recitation
amortization transactions
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

Perform including changes in - Question and

substantive audit accounting estimates answer
procedures related
to the existence Subsequent expenditures of Asynchronous
assertion of property, plant and lectures:
property, plant and equipment, intangible assets - Discussion of
equipment, and investment property concepts
intangible assets - Application
and investment Subsequent measurement of concepts
property transactions involving of through
property, plant and illustrative
Perform equipment, intangible assets problems
substantive audit and investment property
procedures related Guided practice
to the set
completeness
assertion of
property, plant and
equipment,
intangible assets
and investment
property

Perform
substantive audit
procedures related
to the rights
assertion of
property, plant and
equipment,
intangible assets
and investment
property

Perform
substantive audit
procedures related
to the valuation
assertion of
property, plant and
equipment,
intangible assets
and investment
property
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

Prepare adjusting
entries related to
property, plant and
equipment,
intangible assets
and investment
property

Document the
results of the
substantive audit
procedures related
to property, plant
and equipment,
intangible assets
and investment
property
6 -9 Apply key auditing AUDIT OF THE FINANCING Synchronous Discussion
principles related CYCLE: LIABILITIES lectures: board
to the financing - Discussion of
cycle involving Initial and subsequent concepts Quiz 2
financial liabilities, measurement of financial - Application (Summative
non-financial liabilities of concepts Assessment) -
liabilities, income through Concepts and
taxes, leases and Recognition and illustrative Problems
employee benefits measurement of non-financial problems
liabilities - Recitation
Perform - Question and
substantive audit Recognition of income taxes answer
procedures related
to the existence Recognition and Asynchronous
assertion of measurement of leases lectures:
financial liabilities, - Discussion of
non-financial Recognition and concepts
liabilities, income measurement of employee - Application
taxes, leases and benefits of concepts
employee benefits through
illustrative
Perform problems
substantive audit
procedures related Guided practice
to the set
completeness
assertion of
financial liabilities,
non-financial
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

liabilities, income
taxes, leases and
employee benefits

Perform
substantive audit
procedures related
to the rights
assertion of
financial liabilities,
non-financial
liabilities, income
taxes, leases and
employee benefits

Perform
substantive audit
procedures related
to the valuation
assertion of
financial liabilities,
non-financial
liabilities, income
taxes, leases and
employee benefits

Prepare adjusting
entries related to
financial liabilities,
non-financial
liabilities, income
taxes, leases and
employee benefits

Document the
results of the
substantive audit
procedures related
to financial
liabilities, non-
financial liabilities,
income taxes,
leases and
employee benefits
10 Prelim Exams
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

11 – Apply key auditing AUDIT OF THE FINANCING Synchronous Discussion

15 principles related CYCLE: SHAREHOLDER’S lectures: board
to the financing EQUITY - Discussion of
cycle involving concepts Quiz 3
shareholder’s Share capital transactions - Application (Summative
equity of concepts Assessment) -
Treasury share transactions through Concepts and
Perform illustrative Problems
substantive audit Dividends transactions and problems
procedures related share rights transactions - Recitation
to the existence - Question and
assertion of answer
shareholder’s Transactions affecting
equity retained earnings account Asynchronous
lectures:
Perform Share-based payment - Discussion of
substantive audit transactions concepts
procedures related - Application
to the of concepts
completeness through
assertion of illustrative
shareholder’s problems
equity
Guided practice
Perform set
substantive audit
procedures related
to the rights
assertion of
shareholder’s
equity

Perform
substantive audit
procedures related
to the valuation
assertion of
shareholder’s
equity

Prepare adjusting
entries related to
shareholder’s
equity
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

Document the
results of the
substantive audit
procedures related
to shareholder’s
equity
16-18 Apply key auditing AUDIT OF MISSTATEMENTS: Synchronous Discussion
principles related CORRECTION OF ERRORS lectures: board
to misstatements - Discussion of
in the financial Misstatements involving concepts Quiz 4
statements counterbalancing errors - Application (Summative
of concepts Assessment) -
Perform Misstatements involving through Concepts and
substantive audit non-counterbalancing illustrative Problems
procedures related errors problems
to the existence - Recitation
assertion of the Preparation of adjusting - Question and
elements of entries and working papers answer
statement of
financial position Asynchronous
and statement of lectures:
comprehensive - Discussion of
income concepts
- Application
Perform of concepts
substantive audit through
procedures related illustrative
to the problems
completeness
assertion of Guided practice
elements of set
statement of
financial position
and statement of
comprehensive
income

Perform
substantive audit
procedures related
to the rights
assertion of
elements of
statement of
financial position
and statement of
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

comprehensive
income

Perform
substantive audit
procedures related
to the valuation
assertion of
elements of
statement of
financial position
and statement of
comprehensive
income

Prepare adjusting
entries related to
the elements of
statement of
financial position
and statement of
comprehensive
income

Document the
results of the
substantive audit
procedures related
to the elements of
statement of
financial position
and statement of
comprehensive
income

19 Final Exams

References:

Empleo, P. (2022). Practical Auditing. GIC Enterprises.

Course Policies:

Academic Dishonesty
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

All learners are expected to be academically honest. Cheating, lying and other forms of immoral and
unethical behavior will not be tolerated. Any learner found guilty of cheating in examinations or plagiarism
in submitted course requirements will (at a minimum) receive a failing grade in the course requirement
or in the course. Plagiarism and cheating refer to the use of unauthorized books, notes or otherwise
securing help in a test; copying tests, assignments, reports or term papers; representing the work of
another person as one’s own; collaborating without authority, with another learner during an examination
or in preparing academic work; signing another learner’s name on an attendance sheet; or otherwise
practicing scholastic dishonesty.

Policy on Absences
Learners are expected to attend classes and observe punctuality. Learners who will incur absences beyond
the maximum allowable hours of twenty (10) hours will be given a grade of “Failure Due to Absences”.

Excused Absences include:

• Attendance in Official University and College-Wide Activities;
• Representation as official delegate in local and international conferences, seminars, symposia,
competitions.
Excused absences do not exempt the learner from compliance with course requirements.

For the full text of the policy on attendance and absences please refer to the UST-AMV College of
Accountancy Student Handbook.

Course Expectation and Calendar

Date Activity / Expectation

9 Aug. 2022
15 - 17 Sep. 2021
28 - 30 Sep. 2021
6 - 8 Oct. 2021
13 - 14 Oct. 2021
4 -6 Nov. 2021
9 -11 Dec. 2021
14 - 16 Dec. 2021
Start of Classes
First Quiz; refer to the posted TOS on the course site.
Second Quiz, refer to the posted TOS on the course site
Preliminary Examination. refer to the posted TOS on the course
site
Academic Break
Third Quiz, refer to the posted TOS on the course site
Fourth Quiz, refer to the posted TOS on the course site
Final Examination, refer to the posted TOS on the course site

Grading System:

COMPONENTS WEIGHT
Quiz 1 Average x 40%
Quiz 2
Prelim Exam (Comprehensive from Q1) 40%
Class Participation 20%
PRELIMINARY PERIOD GRADE (PPG) 100%
Quiz 3 Average x 40%
COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

Quiz 4
Final Exam (Comprehensive from Q1) 40%
Class Participation 20%
FINAL PERIOD GRADE (FPG) 100%

FINAL GRADE = (PPG x 40%) + (FPG x 60%)

Passing Grade: 75% with Equivalent Grade of 3.0

FINAL
RAW GRADE REMARK
GRADE
75 – 78 3.00 Passed
79 – 81 2.75 Fair
82 – 83 2.50 Fair
84 – 86 2.25 Good
87 – 88 2.00 Good
89 – 91 1.75 Good
92 – 93 1.50 Very Good
94 – 95 1.25 Very Good
96 – 100 1.00 Excellent
 COURSE PLAN DURING THE COVID-19 PANDEMIC ACC5117

Prepared by:

Mr. Alan Jeffrey T. Santos, MSPA

Endorsed by:

Mr. Fermin Antonio D.R. Yabut, MSPA Mr. Albert D. Cruz, MSPA
Pedagogical Lead Chair, BS Accountancy

Asst. Prof. Dennis C. Ligan, Ph.D.

Library Coordinator

Recommended for Approval: Approved by:

Mr. Francisco M. Caliwan, MSPA Prof. Patricia M. Empleo, Ph.D.

Assistant Dean Dean