Vanier College

INTRODUCTION TO AUDITING Winter 2008

Section : # 410-621-VA

Introduction to Auditing
Room #

N-201
Tues & Thurs. 12 Noon to 2 PM

Teacher : Gerry La Rocca, CA,CIA

Times:

Office: Information to be provided Email:

laroccag@fclass.vaniercollege.qc.ca

Course Description // Objectives

410-621-VA, Introduction to Auditing Prerequisite: Intermediate Accounting 410-421-VA, Accounting by Computers I or II 410-511-VA or 410-611-VA

410-621-VA, Introduction to Auditing Prerequisite: Intermediate Accounting 410-421-VA, Accounting by Computers I or II 410-511-VA or 410-611VA In Introduction to Auditing the student will be introduced to Auditing as an internal control function, used to safeguard a firms asset. In this course the student will learn how to document a system or procedure, with the objective of being able to analyze that system or procedure as it applies to audit procedures and then be in a position to be able to spot weaknesses in internal controls or risks to the business assets. The student will learn how to document an audit mandate and create audit procedures to ensure that the system is working as documented. Audit testing will be performed, the results of this testing will be documented and analyzed in order to be able to assess the risk attached to the assets involved as well as determine and document recommendations which will address the weaknesses/risks procured as a result of the audit work performed. Upon the completion of this course the student will appreciate and understand the internal control function in a company as well as be able to contribute to the internal audit and inspection of a company. Specific Learning Competencies
01HW To contribute to the internal audit and inspection of company operations, By the end of the course students will have an understanding of the duties of an external auditor and internal auditor, and how auditing is impacting business investor relations.

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Vanier College Methodology

INTRODUCTION TO AUDITING Winter 2008

Lectures, handouts, internet research, group presentations and real life cases with problem solving and power point presentations, will be used to enable students to master the course material. In addition, the course will include an Internet component which will provide the student with an individualized study resource, including tutorials.

Evaluation
Auditing is a cumulative subject. It is the student's best interest that every effort be made to attend classes. The class time will be devoted to both lecturing and case problem review. Since Auditing is a practical subject requiring problem solving, it is especially important to attempt all work assigned and subsequently reviewed in class. Class participation is encouraged and no marks will be allotted.

Note: Reading assignments and problem material will be announced at each class

Attendance at all tests is vital to obtaining a good grade, and the final is compulsory.

Student Evaluation
1 2 3 4 Attendance encouraged Class assignments 4 Group presentation Final exam % 0% 40% 25% 35% 100%

Text & Supplies

Title: Author: Publisher: ISBN: Auditing Cases an interactive Learning Approach ( Copies of Cases to be provided) Do not purchase this text Beasley,Buckless,Glover,Prawitt Pearson Prentice Hall 0-13-149491-0

Required Text: Publisher

Internal Auditing Assurance & Consulting Services The IIA Research Foundation

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Vanier College

INTRODUCTION TO AUDITING Winter 2008

College Policies
Students should familiarize themselves with the policies of the college that affect them. In particular, students' attention is directed to the Policy on Cheating and Plagiarism, and to the policy on Marks review. Any form of cheating or plagiarism will result in a grade of zero on the test or assignment, and a letter from the teacher will be placed in your file. A repeated offence may lead to even more serious consequence. Students are advised to consult the Student Hand book. The Vanier Student Writing Guide, and the Vanier College Catalogue. Any questions on these matters may be directed to the instructor, the Program Director or to an Academic Advisor.

Bibliography: Suggested additional readings

1 Auditing & Assurance Services a Systematic Approach, William F. Messier, Jr. 2. Internal Auditing Handbook, K.H. Spencer Pickett 3.Internal Auditing: Assurance & Consulting Services, Kurt F. Reding, Paul J. Sobel, publisher The IIA

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INTRODUCTION TO AUDITING Week-by-week coverage Week. 1 Vanier College Introduction INTRODUCTION TO AUDITING Winter 2008 Course outline and other matters Purpose and history of Auditing Definition of Internal Auditing Fin. Statements, Presentation (External Auditing) SOX (Sarbanes-Oxley) Bill 198 Canadas New Legislation Scandals, Tyco ,Enron Content of MD & A Full Disclosure Policy Chapter 1 Role of the Auditor Objectives of Internal Auditing Code of Ethics How to become a CA,CIA Professionalism Websites: theiia.org Enron Movie Case# 1 To be handed out Case 2.2 Dell Computer Corporation: Evaluation of Client Business Risk Assignment # 1 to be handed out Week. 3 Benchmarking Preparing for the Class Presentation Chapter 2 Governance and Risk Management COSO Framework Internal Controls, definition and setting up designing Internal Control System for a Sales Process . Case#1 Discussion Chapter 3

Get to know your classmates, student groups to be (Maximum 5 per group) Presentation and research skills to be developed.

Week. 2

Note: Team member names to be handed in to the lecturer Research Projects: Titles to be handed out in class

Week. 4

Introduction to Auditing

Business Processes and Business Risks Assertions Independence Ethics Page 4 of 4