JOSE RIZAL UNIVERSITY

College of Business Administration and Accountancy

Accountancy Department

VISION
JRU will be a market leader in the use of technology for innovation in teaching and learning to produce graduates of social importance.

MISSION
The University aims to develop its students to become useful and responsible citizens through the effective transfer of relevant knowledge and
desirable values.

INSTITUTIONAL OUTCOME
A JRU graduate has the competencies and values in the disciplinal area completed such that he/she is a useful and responsible citizen of the country.

COURSE SYLLABUS
Course Title: Applied Auditing
Course Code: ACC C606
Credit Units: 6 units
Course Description: This is a continuation of Assurance Principles, Professional Ethics and Good Governance, focusing on financial
statements audit. It covers detailed approaches to problems and situations normally encountered in the independent
examination of cash, receivables, inventories, investments, prepaid expenses, deferred charges, property, plant and
equipment, intangibles, liabilities, owners’ equity, and revenue and expenses. It deals specifically with the application of
auditing standards, techniques, and procedures; internal control evaluation; preparation of audit working papers;
introduction of computer application in auditing audit adjustments; and audit reports pertaining to a medium-sized
manufacturing or trading concern. The determination of audit objectives and audit programs, evaluation of internal
control, and determination of substantive procedures as applied to various accounts are better appreciated as the
transaction cycle approach is employed in the course. Audit working papers and audited financial statements are the
natural outputs of this course leading to the preparation of audit reports.

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

Pre-Requisite: ACC C607

Placement: Third Year, 2nd Semester

Program Educational Objectives (PEO):

Three to five years after completing the Bachelor of Science in Accountancy (BSA) program, the graduate will:
1. excel in their profession/career utilizing the knowledge acquired in the BS Accountancy program;
2. become effective collaborators and innovators in solving accounting issues, applying professional/technical skills and competencies to make a
positive impact on society; and
3. be engaged in life-long learning and professional development through self-study, continuing education, or graduate and professional studies.

Student Outcomes (SO):

After the completion of the program, the graduates of the Bachelor of Science in Accountancy (BSA) program shall be able to:
a. take the Certified Public Accountant (CPA) examination by showing excellence in financial accounting and reporting, auditing, advanced
financial accounting and reporting, management advisory services, regulatory framework for business transactions and taxation;
b. exhibit accounting and auditing skills for employment in private establishments and government agencies; and
c. express oneself clearly and effectively with stakeholders in oral or written form using information and communication technology (ICT) skills; and
d. demonstrate social responsibility with high personal, moral and ethical standard.

Course Learning Outcomes (CLO):

:
At the end of this course, the students shall be able to:
CLO1: identify tests of controls and substantive audit procedures that appropriately apply to revenues and collection; purchase and disbursements;
payroll; conversion/production; investing; financing and completing the audit cycles.

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

CLO2: perform audit procedures required to Conclude Reasonable Assurance in examining the revenues and collection; purchase and
disbursements; payroll; conversion/production; investing; financing and completing the audit cycles that may result to an appropriate proposal
of adjusting journal entries, proper presentation and disclosures affecting the related accounts as part of the different types of Management
assertions.
CLO3: develop an attitude of diligence, due care and competence in the design, preparation and development an audit report in compliance with
Presentation and Auditing Standards.

CLO Grid: Each CLO vis-à-vis SO and PEO:

CLO SO PEO
CLO1 a 1
CLO2 a, b 1, 2
CLO3 a, b, c 1, 2

Course Outline:

Course Teaching
Time Frame Topic/Content Learning Learning Assessment Evaluation
Outcomes Activities
Week1-2 1. Re-orientation of students on JRU vision, mission, Asynchronous
core values, PEO, SO, course outcomes, grading CLO 1 Asynchronous: assignments -
12 hours system and course policies. CLO 2 (page html file): CANVAS 50% of the
2. Auditing the revenue/receipt cycle: CLO 3 module 1 (PT1) students got a
2.1 Considering Internal Control rating of ≥ 2.5 on a
1.1.1 Overview of the revenue/receipt cycle Synchronous: 150 Synchronous 5-point scale.
1.1.2 Description of cycle functions and minutes webinar activity (WW1) -
activities CANVAS

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

1.1.3 Considering internal control in the

revenue/receipt cycle
1.2 Performing substantive Audit Tests
1.2.1 Nature and types of substantive audit
tests
1.2.2 Designing and performing substantive
audit tests
Week 3-4 1. Considering Internal Control
1.1 Overview of the Purchasing and Disbursements CLO 1 Asynchronous:
18 hours cycle CLO 2 (page html file): Synchronous 50% of the
1.2 Description of cycle functions and activities CLO 3 module 1 activity (WW2) - students got a
2. Auditing the Purchasing and Disbursements Cycle CANVAS rating of ≥ 2.5 on a
1.1. Performing substantive Audit Tests Synchronous: 150 5-point scale.
1.2. Audit of cash balances minutes webinar
1.3. Computation of cash shortage
1.4. Audit of prepayments
1.5. Selected working papers
Week 5 1 Auditing the Payroll Cycle
1.1 Considering the internal control and performing CLO 1 Asynchronous:
substantive audit tests
6 hours CLO 2 (page html file): Asynchronous 50% of the
2 The payroll cycle
CLO 3 module 1 assignments - students got a
2.1 Narrative activities in the payroll cycle
2.2 Payroll substantive tests CANVAS rating of ≥ 2.5 on a
2.3 Considering internal control Synchronous: 150 (P1) 5-point scale.
minutes webinar
Week 6 Day 1: Review of RRC/PDC/RC CLO 1 Synchronous: 60 50% of the
CLO 2 minutes webinar students got a
Day 2: Preliminary exam CLO 3 Synchronous Synchronous rating of ≥ 2.5 on a

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

Preliminary exam activity 5-point scale.

Week 7-8 1. Auditing the production Cycle Asynchronous: Asynchronous 50% of the
12 hours 1.1. Raw materials CLO 1 (page html file): assignments - students got a
1.2. Conversion cycle CLO 2 module 5 CANVAS rating of ≥ 2.5 on a
2. Review of PAS and PFRS that relates to investment CLO 3 5-point scale.
property, funds and other investments Synchronous: 150 Synchronous
3. Auditing the investing cycle minutes webinar activity (WW3) -
3.1. Considering internal control CANVAS
3.2. Substantive tests of investment property, funds
and other investments including its related
income
Week 9-10 1. Review PAS and PFRS that relates to investment Asynchronous: Asynchronous 50% of the
12 hours securities CLO 1 (page html file): assignments – students got a
2. Auditing the investing cycle CLO 2 module 5 CANVAS: P2 rating of ≥ 2.5 on a
2.1. Considering internal control CLO 3 5-point scale.
2.2. Substantive tests of investments and related Synchronous: 150 Synchronous
income minutes webinar activity (WW4) -
3. Equity securities CANVAS
3.1. Dividend
3.2. Stock rights, options and derivative
3.3. Debt securities
4. Interest

Week 11 1. Review of PAS and PFRS that relates to intangible Asynchronous: Asynchronous 50% of the
6 hours and other assets CLO 1 (page html file): assignments - students got a
2. Auditing the investing cycle CLO 2 module 5 CANVAS rating of ≥ 2.5 on a
2.1. Considering internal control CLO 3 5-point scale.

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

2.2. Substantive tests of intangibles and other assets Synchronous: 150 Synchronous
2.3. Audit of deferred costs minutes webinar activity (PT2) -
CANVAS
Week 12 Day 1: Review of Production and Investing Cycle CLO 1 Synchronous: 60 50% of the
CLO 2 minutes webinar Synchronous students got a
Day 2: MIDTERM CLO 3 Synchronous activity rating of ≥ 2.5 on a
Midterm exam 5-point scale.
Week 13 1. Review of PAS and PFRS that relates to long-term Asynchronous: Asynchronous 50% of the
6 hours liabilities CLO 1 (page html file): assignments - students got a
2. Auditing the financing cycle—Bonds CLO 2 module 5 CANVAS rating of ≥ 2.5 on a
2.1. Considering internal control CLO 3 5-point scale.
2.2. Substantive tests of long-term liabilities—bonds Synchronous: 150 Synchronous
2.3. Audit of notes payable minutes webinar activity (WW5) -
CANVAS
Week 14 1 Review of PAS and PFRS that relates to Asynchronous: Asynchronous 50% of the
stockholders’ equity CLO 1 (page html file): assignments - students got a
2 Auditing the stockholders’ equity CLO 2 module 5 CANVAS rating of ≥ 2.5 on a
2.1 Considering internal control CLO 3 5-point scale.
2.2 Substantive tests of stockholders’ equity Synchronous: 150 Synchronous
2.2.1 Share Capital minutes webinar activity (WW6) -
2.2.2 Share Premium CANVAS
2.2.3 Treasury stock
2.2.4 Dividends
Week 15 1 Review of PAS and PFRS that relates to retained Asynchronous: Asynchronous 50% of the
6 hours earnings CLO 1 (page html file): assignments – students got a
2 Auditing the stockholders’ equity CLO 2 module 5 CANVAS: PT3 rating of ≥ 2.5 on a
2.1 Considering internal control CLO 3 5-point scale.

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

2.2 Substantive tests of retained earnings Synchronous: 150

2.2.1 Dividends minutes webinar
2.2.2 Net income
2.2.3 Correction of errors
2.2.4 Change in accounting policy/standards
2.2.5 Change in accounting estimates
Week 16 1 Review PAS and PFRS that relates to operating Asynchronous: Asynchronous 50% of the
6 hours expenses and other revenue and expenses for CLO 1 (page html file): assignments – students got a
recognition and measurement CLO 2 module 5 CANVAS: PT4 rating of ≥ 2.5 on a
1.1 Auditing operating expenses CLO 3 5-point scale.
1.2 Considering internal control Synchronous: 150
minutes webinar
Week 17 1. Completing the audit Asynchronous: Asynchronous 50% of the
6 hours 1.1 Cut off tests CLO 1 (page html file): assignments – students got a
1.2 Search for unrecorded liabilities CLO 2 module 5 CANVAS: P3 rating of ≥ 2.5 on a
1.3 Audit of loss contingencies CLO 3 5-point scale.
1.4 Review of subsequent events Synchronous: 150
1.5 Overall analytical review minutes webinar
1.6 Obtaining a client’s representation letter
2 Wrap-up procedures
2.1 Evaluation of audit results
2.2 Review of audit working papers
2.3 Writing management letter
3 Post-issuance discovery of facts existing at the audit
report date.
Week 18 Day 1: Review of financing Cycle, Revenue & Expense CLO 1 Synchronous: 60 50% of the
and Completing the audit cycle. CLO 2 minutes webinar Synchronous students got a

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

CLO 3 Synchronous Final activity rating of ≥ 2.5 on a

Day 2: FINAL exam exam 5-point scale.

Course Requirements: Summative tests, Written Case analysis, Major Exams

Grading System:
First Prelim Grade 30%
Class Standing 70%
Prelim Exam 30%
Second Prelim Grade 30%
Class Standing 70%
Midterm Exam 30%
Final Term Grade 40%
Class Standing 70%
Final Exam 30%
______
Final Grade 100%
Class Standing Includes:
Written Works 40%
Performance Tasks 20%
Product 10%

Textbook Adopted: Abel, Antonio S.and Dela Cruz, Daisy A. Customized Module in Auditing and Assurance c2018

References: 1. Asuncion, Darrell Joe O., Applied Auditing: with Comprehensive review of Philippine Financial Reporting Standards (PFRSs),
Real Excellence Publishing, c2015 Call#657.45.As861 2015 Prt.2

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 JOSE RIZAL UNIVERSITY
College of Business Administration and Accountancy
Accountancy Department

2. Asuncion, Darrell Joe O., Applied Auditing: with Comprehensive review of Philippine Financial Reporting Standards (PFRSs),
Real Excellence Publishing, c2015 Call#657.45.As861 2015 Prt.1
3. Cabrera, Ma. Elenita, Public Accountancy Profession: GIC Enterprises & Co., Inc. c2013 Call#657.45.C117 2013
4. Cabrera, Ma. Elenita B., Applied Auditing, GIC Enterprises & Co., Inc., c2014 Call#657.45.C117 2014
5. Louwers/Ramsay/Sinson, Auditing & Assurance Services, McGraw-Hill c2013 Call#657.45.L895 2013

6. Cabrera, Ma. Elenita, CPA examination reviewer in auditing problems, c2018 Call#657.45076.C117
7. Tabag, Enrico D. Fundamentals of internal auditing, Pixelplate Publishing, c2013 Call#657.458.T112
8. Whittington, O. Ray, Wiley CPA Excel Exam Review Study Guide 2014, John Wiley & Sons Inc. c2014 Call#657.W626 2014
9. Cabrera, Ma.Elenita, Applied Auditing:based on PSQC, framework, PSAs, PAPSs, PSREs, PSAEs, PSRSs: with illustrative
audit working papers, GIC Enterprises & Co, c2014 Call#657.45.C117 2014
10. Ireneo, Jose M., Ireneo, Sherley C., James, George R., Audit & assurance principle, La Limariza Printing Corp. c2017
Call#657.45.Ir66

Prepared by: Recommending Approval: Approved by: Date of Effectivity:

ANTONIO S. ABEL DAISY A. DELA CRUZ DR. LEODIGARIO M. DAVID JUNE 2018
FERDINAND T. GUTIERREZ Department Chair Dean
Faculty Members

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