Professional Documents
Culture Documents
COURSE DESCRIPTION:
This course is part of the Auditing and Assurance module. It is simultaneously being taken up with ACYASR4. It is
designed to provide the students with the conceptual knowledge and understanding of the professional practice of
Accountancy. It covers the Philippine Accountancy Law, the Code of Ethics for Professional Accountants, and some of
the phases of the financial statement audit process for manufacturing, trading, service, and specialized industries. It gears
towards the preparation of audit working papers related to substantive tests.
To know more about the GOs, please refer on the link below:
https://drive.google.com/file/d/1tgG89zx0wRVsQMEs0YPLhD1xT2wJYCWM/view?usp=sharing
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FINAL COURSE OUTPUT:
As evidence of attaining the above learning outcomes, the student is required to do and submit the following during the
indicated dates of the term:
LEARNING OUTCOMES (LO): REQUIRED OUTPUTS DUE DATE
LO1: Prepare independent auditor’s report on the Comprehensive audit program for a specific March 2, 2024
client’s financial statements based on audit client company
relevant auditing standards and principles
LO2: Prepare other reports based on relevant Preparation of engagement letter, planning March 2, 2024
review, assurance, and related services memorandum, and risk assessment
standards and principles. memorandum
LO3: Present case analysis applying fundamental Short cases applying fundamental auditing, March 2, 2024
auditing, assurance, and related services assurance, and related services standards and
standards and principles. principles
LO4: Write reflection paper identifying One research article on contemporary issues February 24, 2024
interesting and relevant auditing and affecting the public practice
assurance issue and providing valid,
sensible, and logical introspection by
applying fundamental auditing, assurance,
and related services standards and
principles
ANIMOSPACE (Canvas):
It is the learning management system (LMS) to be used in the conduct of the online classes. To Learn more about it,
please click the following links:
Passport to Canvas (public Canvas course) https://www.canvas.net/browse/cn-pd/courses/passport-to-canvas (Links
to an external site.)
Animo Space 101: https://dlsu.instructure.com/courses/13772
GRADING SYSTEM:
USE OF TECHNOLOGY
The students are encouraged to use Google Workspace (Docs, Sheets, and Slides) and Microsoft Office (Word, Excel, and
PowerPoint) in preparing the formative assessments and the OBE Output.
Students are also advised on the ETHICAL and FAIR USE of artificial intelligence in the preparation and presentation
of course requirements.
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RUBRIC FOR ASSESSMENT:
The rubrics that follow are intended for students to self-assess their outputs and deliverables before submission. The
same will be used by the instructor to mark these submissions.
SUMMATIVE ASSESSMENTS
FORMATIVE ASSESSMENTS
OBE OUTPUT
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CRITERIA EXCELLENT SATISFACTORY DEVELOPING BEGINNING RATING
(97-100) (80-96) (75-79) (70-74)
proofs, and these to the
relating these business world.
solutions to the
business world.
Completeness The group The group The group The group
(30%) accomplished all accomplished accomplished some accomplished a
the contents of the majority of the of the contents of very minimal
audit program. contents of the audit the audit program. portion of the
program. contents of the
audit program.
RATING
PEER EVALUATION
LEARNING PLAN:
DATE
WEEK TOPIC LEARNING ACTIVITIES MINUTES
IN-PERSON ONLINE
1 and 2 MODULE 1 January 8, 2024 SYNCH Read The Philippine 30 hours
THE (Monday) January 11, 2024 Accountancy Act
REGULATORY (Thursday) of 2004, including
FRAMEWORK OF its Implementing
THE Rules and
ACCOUNTANCY Regulations (IRR)
PROFESSION IFAC SMOs 1 to 7
RA 10912:
Continuing
MODULE 2 January 15, SYNCH Professional
THE ETHICAL 2024 January 18, 2024 Development Act
FRAMEWORK OF (Monday) (Thursday) of 2016
THE PRC Resolution
ACCOUNTANCY 1146 Series of
PROFESSION 2019
The Code of
Ethics for
Professional
Accountants in
the Philippines
BOA Resolution
126 Series of
2008
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DATE
WEEK TOPIC LEARNING ACTIVITIES MINUTES
IN-PERSON ONLINE
PSA Glossary of
Terms
Visit Websites of
professional
organizations
(IFAC, PICPA,
ACPAPP,
ACPACI,
GACPA,
nACPAE)
Website of
Professional
Regulation
Commission
(PRC)
Write Collaborative
course notes
(Google docs)
Student-led
group activities Oral recitation
Participate:
Am I ready to be
a CPA?
What is my take
on the
professional
practice of
Accountancy?
Reflect:
What is the
practice sector
that is for me?
3 MODULE 3 January 22, SYNCH Read PSA 210 (Revised 6.5 hours
PRE- 2024 January 25, 2024 and Redrafted):
ENGAGEMENT (Monday) (Thursday) Agreeing the
ACTIVITIES Terms of
Engagement
PSA Glossary of
Terms
Write Collaborative
course notes
(Google docs)
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DATE
WEEK TOPIC LEARNING ACTIVITIES MINUTES
IN-PERSON ONLINE
Student-led Oral recitation
group activities
Discussion Participate
Why is an
engagement letter
important?
Should successor
auditor make
specific inquiries
to the predecessor
auditor?
What are the
circumstances that
may necessitate a
modification in an
engagement
letter?
3 and 4 MODULE 4 January 29, Read PSA 230: Audit 14 hours
RISK SYNCH Documentation
2024
ASSESSMENT January 25, 2024 PSA 315 (Revised
(Monday)
PROCEDURES (Thursday) 2019): Identifying
and Assessing the
Risks of Material
Misstatement
Through
Understanding the
Entity and its
Environment
PSA 240: The
Auditor’s
Responsibilities
Relating to Fraud
in an Audit of
Financial
Statements
PSA 250
(Revised):
Consideration of
Laws and
Regulations in an
Audit of Financial
Statements
PSA 520:
Analytical
Procedures
PSA Glossary of
Terms
Write Collaborative
course notes
(Google docs)
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DATE
WEEK TOPIC LEARNING ACTIVITIES MINUTES
IN-PERSON ONLINE
Discussion Participate
Why do auditors
need to assess the
risk material
misstatement?
What are the
components of
COSO’s internal
control
framework?
Discuss
Differences
among error,
fraud, and non-
compliance
3 January 27, SUMMATIVE Multiple Choice – 60 2 hours
2024 ASSESSMENT points
(Saturday) #1 Essay – 10 points
(Modules 1 to
3)
4 to 5 MODULE 5 February 5, Read PSA 230: Audit 14 hours
RESPONSES TO 2024 Documentation
ASSESSED (Monday) PSA 330
RISKS: (Redrafted): The
SUBSTANTIVE Auditor’s
TESTING SYNCH Responses to
February 1, 2024 Assessed Risks
(Thursday) PSA 450:
Evaluation of
Misstatements
Identified During
the Audit
PSA 500
(Redrafted): Audit
Evidence
PSA 501: Audit
Evidence –
Specific
Considerations for
Selected Items
PSA 510: Initial
Audit
Engagements –
Opening Balances
PSA 505 (Revised
and Redrafted):
External
Confirmations
PSA 520
(Redrafted):
Analytical
Procedures
PSA 540
(Revised):
Auditing
Accounting
Estimates and
Related
Disclosures
PSA Glossary of
Terms
Write Collaborative
course notes
(Google docs)
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DATE
WEEK TOPIC LEARNING ACTIVITIES MINUTES
IN-PERSON ONLINE
Instructor-led A. Detection risk and
individual substantive tests
activities B. FS assertions
C. Audit evidence
D. Nature, timing, and
extent
E. Substantive
analytical procedures
F. Tests of details
G. Audit
documentation
Student-led
group activities Oral recitation
Discussion Participate
What is the
relationship
between detection
risk and audit
evidence?
Why do auditors
need to
distinguish FS
assertions based
on transactions,
balances, and
presentation and
disclosures?
Reflect
How do I apply
the principle of
persuasiveness of
evidence in my
life as a BSA
student?
5 to 6 5. COMPLETING February 12, SYNCH Read PSA 230: Audit 21.5 hours
THE AUDIT 2024 February 8, 2024 Documentation
(Monday) (Thursday) PSA 560:
Subsequent
Events
PSA 570: Going
Concern
PSA 520:
Analytical
Procedures
PSA 550: Related
Parties
PSA 580: Written
Representations
PSA Glossary of
Terms
Write Collaborative
course notes
(Google docs)
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DATE
WEEK TOPIC LEARNING ACTIVITIES MINUTES
IN-PERSON ONLINE
E. Communication
with the audit
committee and
management
F. Other completion
procedures
Discussion Participate
Why are audit
completion
procedures
necessary in an
FS audit
engagement?
How different are
the analytical
procedures in the
audit completion
phase from those
in the risk
assessment phase?
Reflect
How will the
review of client’s
assessment of the
use of the going
concern
assumption be
affected by the
pandemic?
6 February 17, Summative Multiple Choice – 60 2 hours
2024 Assessment #2 points
(Saturday) (Units 4 and 5) Essay – 10 points
REFERENCES:
1. Arens, Alvin A., Elder, Randal J., Beasley, M S., & Hogan, Chris E. Auditing & assurance services. 16th
Edition (Global Edition), Pearson Education Limited.
2. Louwers, Timothy J., Ramsay, Robert J., Sinason, David H., Strawser, Jerry R., & Thibodeau, Jay C. Auditing
& assurance services. 4th Edition, McGraw-Hill/Irwin.
3. Whittington, O.R. et. al. (latest edition). Principles of Auditing & Other Assurance Services.
4. Eilifsen, A. et. al (latest edition). Auditing & Assurance Services.
5. Rittenberg, L. et. al. (latest edition). Auditing, Concepts for a Changing Environment
6. Ricchiute, D.N. (latest edition). Auditing and Assurance Services.
7. Cabrera, M.E.B (latest edition). Principles of Auditing and Other Assurance Services.
8. Philippine Standards on Quality Control (PSQC), Philippine Standards on Auditing (PSAs), Philippine Auditing
Practice Statements (PAPSs), Philippine Standards on Review Engagements (PSREs), Philippine Standards on
Assurance Engagements (PSAEs), and Philippine Standards on Related Services (PSRSs) issued by AASC
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9. International Standards on Quality Control (ISQC), International Standards on Auditing (ISAs), International
Auditing Practice Statements (IAPSs), International Standards on Review Engagements (ISREs), International
Standards on Assurance Engagements (ISAEs), and International Standards on Related Services (ISRSs) issued
by IAASB
ONLINE RESOURCES:
1. http://www.sec.gov.ph/
2. http://www.coa.gov.ph/
3. http://www.aasc.org.ph/
4. https://www.ifac.org/
5. https://www.picpa.com.ph/
DEPARTMENT POLICIES:
If there are conflicts in the final examination schedule, follow the University policies on order of priority.
Please observe the virtual consultation hours/schedule of the faculty member.
For all other inquiries, please email the Course Coordinator at florenz.tugas@dlsu.edu.ph
NETIQUETTE
When posting on the discussion boards and chat rooms, it is important to understand how to interact with one another
online through netiquette. Your AnimoSpace Manual, which can be found in your AnimoSpace account, included
the netiquettes reiterated below:
Treating other users with respect. Remember that you are talking with human beings behind the screen.
Always using your professors’ proper title. Unless specifically invited, do not refer to them by first name.
Reading all messages in a discussion thread before replying so as not to repeat someone else’s post without adding
something of your own to it
Using clear and concise language with correct spelling and grammar
Keeping discussion posts brief but thorough, on topic and within the scope of the course material
Reviewing your posts before sending to ensure you are avoiding slang terms, texting abbreviations and caps lock
Being open minded of other’s opinions even when they differ from your own
Muting your microphone in a conference if it is not your time to talk in order to minimize background sound
Sending private messages to individuals instead of flooding the public chat
TECHNOLOGY SUPPORT
If you need technical assistance at any time or to report a problem you can contact the Information Technology Service
Office at https://www.dlsu.edu.ph/offices/its/, ITS Help Desk @ the Manila Campus Room 305, Gokongwei Hall,
De La Salle University, 2401 Taft Avenue, 1004 Manila, Philippines. E-mail at itservices@dlsu.edu.ph
Adapted from:
The Global Business Oath (http://theoathproject.org/?page_id=47 )
Vocation of the Business Leader (http://www.stthomas.edu/cathstudies/cst/VocationBusinessLead/)
*Adapted from:
Philippine Business Group's Covenant of Shared Prosperity (November 5, 2020)
Mr. Kenneth Michael A. De Castro Dr. Arnel Onesimo O. Uy Dr. Emilina R. Sarreal
Faculty, Department of Accountancy Chair, Department of Accountancy Dean, RVR College of Business
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