ACAF70047
Audit and Assurance
Sheridan
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 

Land Acknowledgement

Sheridan College resides on land that has been, and still is, the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, and the Mississaugas of the Credit First Nation. We recognize this territory is covered by the Dish with One Spoon treaty and the Two Row Wampum treaty, which emphasize the importance of joint stewardship, peace, and respectful relationships.

As an institution of higher learning Sheridan embraces the critical role that education must play in facilitating real transformational change. We continue our collective efforts to recognize Canada's colonial history and to take steps to meaningful Truth and Reconciliation.


Section I: Administrative Information
  Total hours: 63.0
Credit Value: 4.5
Credit Value Notes: N/A
Effective: Winter 2020
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Adv Cert Accounting & Finance
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20200106_00
Status: Approved (APPR)

Section I Notes: Students are expected to have completed ACAF70043 or equivalent before registering for this course. This course is offered in two formats - online (OntarioLearn) and blended (on-campus and Slate). For the blended section, there will be an on-campus session each week along with online sessions. The online portion of the blended course is offered through Sheridan's Learning and Teaching Environment (SLATE). Online learning often involves assigned weekly readings, research, assignments, quizzes, journal writing and discussion boards. Some courses may include live online class sessions that allow students and the instructor to engage and share resources as a group. A laptop computer is required for this course. Students will need reliable access to the internet. A Texas Instruments BAII Plus (Business Analyst) or equivalent calculator is required for this course. To be considered for the Advanced Certificate in Accounting and Finance (ACAF) National Examination eligibility, students must earn a minimum grade of 60% in the Audit and Assurance course and meet the additional standards of achievement as required by CPA Ontario's National Examination Policies.

 
 
Section II: Course Details

Detailed Description
Students develop the skills and requirements of audit and assurance. Students explore reporting, professional standards and ethics, legal liability, audit objectives, evidence and documentation planning and analysis, materiality and risk, internal control, audit sampling, and computer auditing. Students examine the functions and procedures related to the revenue and collection cycle, acquisition and expenditure cycle, inventory and capital asset balances, production and payroll cycle, finance and investment cycle, and completion of the audit, including evaluation and communication of findings through a combination of strategies including interactive lectures, class discussion, research projects and case study analysis.

Program Context

 
Adv Cert Accounting & Finance Program Coordinator(s): N/A
This course is part of the ACAF cluster of course offerings.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to report the results of an assurance audit for different organization types, identifying various components and associated risks.
 
Learning Outcomes:

To achieve the critical performance, students will have demonstrated the ability to:

  1. Differentiate between the various types of audits, auditors, and reasons for each audit.
  2. Explain the rules of professional ethics and legal liability for the accounting/auditing profession.
  3. Apply generally accepted auditing standards to the planning of an audit.
  4. Analyze materiality to determine the amounts and types of errors that would constitute a substantial error when reporting financial results.
  5. Analyze the internal controls of a company.
  6. Test the feasibility of financial statement balances through financial statement analysis.
  7. Prepare an audit program to test a company¿s system of internal controls and balances.
  8. Describe the transactions, documents, confirmations, controls and accounts included in the sales, acquisitions and disbursements, production, payroll, finance and investment cycles.
  9. Select accounts for substantive testing and evidence collection.
  10. Evaluate the sufficiency and appropriateness of audit evidence.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS & ONLINE INSTRUCTION
 Research Report10.0%
 Case Study Responses (10 x 2%)20.0%
 Online Quizzes (10 x 1%)10.0%
 Midterm25.0%
 Final Exam Comprehensive35.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
TEST AND ASSIGNMENT PROTOCOL The following protocol applies to every course offered by Continuing and Professional Studies. 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the instructor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding Sundays and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. An extension or make-up opportunity may be approved by the instructor at his or her discretion.



Evaluation Plan: ONLINE
 Research Report10.0%
 Case Study Reponses (10 x 2%)20.0%
 Online Quizzes (10 x 1%)10.0%
 Midterm25.0%
 Final Exam Comprehensive35.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
TEST AND ASSIGNMENT PROTOCOL The following protocol applies to every course offered by Continuing and Professional Studies. 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the instructor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding Sundays and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. An extension or make-up opportunity may be approved by the instructor at his or her discretion.

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:


 

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

  • Not Eligible for PLAR

 
 
Section III: Topical Outline
Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Print Instruction Mode Professor Applicable Student Group(s)
Online N/A Online CAPS Students
In-class & Online Instruction N/A In-class & Online Continuing and Professional Studies Students

Sheridan Policies

It is recommended that students read the following policies in relation to course outlines:

  • Academic Integrity
  • Copyright
  • Intellectual Property
  • Respectful Behaviour
  • Accessible Learning
All Sheridan policies can be viewed on the Sheridan policy website.

Appropriate use of generative Artificial Intelligence tools: In alignment with Sheridan's Academic Integrity Policy, students should consult with their professors and/or refer to evaluation instructions regarding the appropriate use, or prohibition, of generative Artificial Intelligence (AI) tools for coursework. Turnitin AI detection software may be used by faculty members to screen assignment submissions or exams for unauthorized use of artificial intelligence.

Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.


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