Course Contract* (syllabus) Intro to Financial Auditing-Accounting 58 pptx

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Course Contract* (syllabus)
Intro to Financial Auditing-Accounting 58

Fall 2011


Professor Christopher Kwak, CPA, CFE, CFF.
Office Hour: Online and /or By Appointment.
Phone: 408-864-5727 (Voice Mail).
Email:


• Course Instructional Website Address:
• Course HW/paper submission Email account:
(Note
: This email account is set up for receiving class HW and paper submission
purposes only, for other email communication with instructor, please use the
above-mentioned email account:
.)

Advisory Prerequisite: Financial, Managerial, and all Intermediate Accounting course series.


COURSE DESCRIPTION

Introductory level of Financial Audit encompasses many principles and procedures used to
gather evidence to support the opinion expressed in the “Auditor’s Report”. This introductory
course covers the basic concepts involved with various types of audits with emphasis on the
application of auditing standards and techniques used in Statutory Audits, Procedural Audits and
Operational (Internal) Auditing with references to special areas of auditing such as Information

Systems, government auditing, etc.

Witnessing recent corporate malfeasance and financial reporting obfuscation events in our nation
lately, we all know now that accounting is too important to managers, organizations, and societies
to be left to accountants alone. Accounting information is often a basis for decisions.
Accounting reports are often the basis on which the effectiveness of stewardship decisions and
actions are evaluated.

COURSE OBJECTIVES

The two primary objectives
of this introductory course are;

1. To introduce students to the basic Interlinked and Intertwined underlying auditing
and attestation concepts.
2. To demonstrate how to apply those concepts to audit and assurance services,

With primary focus on understanding the Big Three Concepts- Risk, Materiality, and
Evidential matter- that underlie the audit/assurance process.





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COURSE MATERIALS

• Required Textbook: Auditing and Assurance Services, 4e, Louwers, McGraw-

Hill/Irwin, 2011
• Access to Internet is must in order for up-to-date course learning materials and learning
activities.


Assessment of Student Achievement:


Grading Points Grade Distribution
Case discussions (online postings) 120 A= 90%
Chapter assigned exercises/questions 120 B= 80%
Online assessment quizzes 120 C= 70%
Online Midterm Exam 120 D= 60%
Online Final Exam 120 F= Below 60%
Total
600


In a learning environment, everyone becomes a teacher and everyone becomes a student.
Learning is your personal responsibility. The instructor is a mentor, facilitator, and coach in
your active and unique learning process. (“Sage on stage” vs. “Guide on the side”)


Weekly Course Calendar

Note:
• End-of-chapter homework assignments (multiple choice questions) and chapter reading
review checkpoints question assignments will be posted by chapter at the “Course
Content/ Course Sessions” area in our instructional web site.
• Thorough chapter reading should be completed prior to case analysis, assigned

questions, papers, and homework attempts.
• Instructor’s lecture notes, chapter outlines, power point slides, mini-cases, relevant
real-world examples, news articles, and other study aid materials will be available at
the “Course Session” area by chapter and by topic.
• Following schedule is subject to change and may be adjusted to reflect student learning
and class progress.


Week 1:
Course Introduction and online discussions begin (All students must be registered at
the “PageOut” instructional site-(go to the “Student Registration” tab) by the first day of
a term.

Chapter 1:
Introduction to Auditing & Assurance Services

Week 2:
Chapter 2:
Professional Standards

Week 3:
Chapter 3:
Management Fraud and Audit Risk


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Week 4:
Chapter 4:

Engagement Planning

Week 5:
Review chapters 1-4.


Week 6:
Midterm Exam (covering Ch.1-4) date will be announced and posted at the course
website well in advance of the exam date.

Week 7:
Chapter 5:
Internal Control Evaluation

Week 8:
Chapter 6:
Employee Fraud and the Audit of Cash

Week 9:
Chapter 7:
Revenue and Collection Cycle

Week 10:
Chapter 11:
Completing the Audit (limited coverage only; many of ch.11 topics
are already learned in previous chapters, they are all interconnected and intertwined
altogether with all other chapter topics as in ONE whole audit process
)

Week 11:

Chapter 12:
Audit Report (limited coverage only; many of ch.12 topics are already
learned in previous chapters, they are all interconnected and intertwined altogether
with all other chapter topics as in ONE whole audit process
)

Review assigned questions/ cases and chapters 5, 6, 7, 11, & 12 (limited).


Week 12:
Final Exam (covering Ch.5, 6, 7, 11, 12) date will be announced and posted at the course
website well in advance of the exam date.


Important Note:
Daily chapter reading, daily log-in to our instructional web site, and doing
homework questions on a daily basis (at least Monday thru Friday) are essential and
required in order for you to have adequate level of learning covering all 8 chapters in this
intense 12-week course period structure. The average student workload is minimum 2 to 3
hours of work outside of class for every credit hour of coursework on a weekly basis (10 to 15
hours per week for a 5 credit unit course).


Statement on Academic Integrity:
It goes without saying that academic integrity is expected from each student. As such, if
there is a reasonable basis for concluding that a violation of academic integrity has taken
place; all suspected parties would be awarded a course grade of “F”, with a letter to the
Dean explaining why this grade was awarded. It will be up to the students involved to
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convince the instructor that the violation did not take place. (Refer to DeAnza College
catalog and class schedule.)

Course site (PageOut site) Student Account Registration at

1. Go to create “Student Registration”, click on “Create New Account”. You will be asked
for a username and student ID. (Do Not Use Your SSN).
2. Next login with your created username and password (hope you would remember it).
3. Please get familiar yourself with course web site areas, especially course content area.
4. Please bookmark this course site (PageOut site) so that you can go directly to the site
throughout the quarter.


Course Admission and Withdrawal:


Please register for this course through De Anza College. All students must register and
pay all fees within the specified days by college Admission Office; otherwise, student
would be dropped from the course by the Admission Office automatically. Registering
via PageOut only allows you to sign up to take quizzes, exams, and participate in
discussions for the course. Registering only for a PageOut account does not make you a
registered student in the course. You must register for this course through the college and
then setup a PageOut account with your user name and own password in PageOut site.

It is your responsibility to withdraw from the course; otherwise, the appropriate grade
will be assigned at the end of the term. Please notify your instructor if you drop the
course so that he can delete your PageOut account. Failure to notify the instructor could
possibly result in receiving an F in the course.

About the Instructor, Christopher Kwak, CPA, CFE*, CFF*:


Licensed CPA in the state of California with over 20 years of industry experience in major firms
such as Hewlett Packard (HP), PriceWaterhouseCoopers, and Chevron USA, specializing in cost
management, financial reporting, mergers & acquisitions, and forensic accounting. Chris Kwak
has held many positions at HP including Senior Corporate Internal Auditor, Senior Financial
Analyst, and Business Control Manager (Division Controller level). He also worked as a Senior
Associate and a manager at PriceWaterhouseCoopers (formerly Coopers & Lybrand), one of the
Big Four (“Final Four for now”) international accounting/consulting firms, specializing in
Mergers & Acquisitions, Financial Reporting, Business Litigation and Investigation services, and
Start-up and Emerging business advisory services.

Current academic postings & professional affiliations
:
• Full-time faculty member at De Anza College Business-CS Division.
• Adjunct Professor of Accountancy at Santa Clara University MBA program-Leavey
School of Business
• Adjunct Professor of Accountancy at S.F. Golden Gate University.
• Adjunct Professor of Accountancy at Saint Mary‘s College of California.
• A member of American Institute of Certified Public Accountants and California Society
of Certified Public Accountants.
• A CFF member, AICPA, Certified in Financial Forensic (CFF).
• A CFE member, Association of Certified Fraud Examiner (ACFE).
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Chris Kwak wants to be one of your learning partner in your active learning process and
would like to encourage you be a passionate, life-long learner.

*CFE, Certified Fraud Examiners, a license issued by ACFE (International Association of Certified Fraud
Examiners, World Headquarters in Austin Texas)

*CFF, Certified Financial Forensics, a license issued by AICPA (American Institute of Certified Public
Accountants, national headquarters in New York City)



Tell me, I’ll forget
Show me, I may remember
Involve me, I’ll understand

-Confucius


I hope you will greatly benefit from this course. If I can be of assistance during the term,
please contact me. Have an enjoyable and successful term.

Professor Kwak.



*NOTE: This Course Contract (Syllabus) represents a contractual agreement. Enrolled Students are
responsible for reading this entire Syllabus and abiding by all provisions identified in this official
document. Student registration in this course signifies acceptance of all requirements, terms, and
conditions.

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