ACCG32007D
Fundamental Auditing		 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: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2020
Prerequisites: ACCG32004D
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: 45 credits including ACCG32004D

Program(s): Bach Bus Admin Market Manage, Bach Business Admin Accounting, Bach Business Admin Finance, Bach Human Resources, BachBus Admin Spply Chain Mgmt
Program Coordinator(s): Sean O'Flynn, Carol Bureau, Francis Fasanu, Maryam Hafezi, Mark Weaver
Course Leader or Contact: Ernie Kerst
Version: 20200519_00
Status: Approved (APPR)

Section I Notes: This course will be delivered in a face-to-face or hybrid format.
 
 
Section II: Course Details

Detailed Description
Students develop a solid understanding of the principles and procedures of external auditing. Students examine key topics within auditing, including 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. The students explore 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. Instructional strategies include; interactive lectures, class discussion, projects, case analysis, and practice-based assignments.

Program Context

 
Bach Bus Admin Market Manage Program Coordinator(s): Carol Bureau
Fundamental Auditing is a required course in the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It is designed to contribute to the development of the students understanding of objectives and procedures necessary for the audit of financial statements. The course is designed to meet the requirements of the professional accounting program of study.

Bach Business Admin Accounting Program Coordinator(s): Francis Fasanu
Fundamental Auditing is a required course in the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It is designed to contribute to the development of the students understanding of objectives and procedures necessary for the audit of financial statements. The course is designed to meet the requirements of the professional accounting program of study.

Bach Business Admin Finance Program Coordinator(s): Mark Weaver
Fundamental Auditing is a required course in the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It is designed to contribute to the development of the students understanding of objectives and procedures necessary for the audit of financial statements. The course is designed to meet the requirements of the professional accounting program of study.

Bach Human Resources Program Coordinator(s): Sean O'Flynn
Fundamental Auditing is a required course in the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It is designed to contribute to the development of the students understanding of objectives and procedures necessary for the audit of financial statements. The course is designed to meet the requirements of the professional accounting program of study.

BachBus Admin Spply Chain Mgmt Program Coordinator(s): Maryam Hafezi
Fundamental Auditing is a required course in the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It is designed to contribute to the development of the students understanding of objectives and procedures necessary for the audit of financial statements. The course is designed to meet the requirements of the professional accounting program of study.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to identify the various components and associated risks of an assurance audit.
 
Learning Outcomes:

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

  1. Discuss the degree, designation, and experience requirements and qualifications of auditors.
  2. Differentiate between the various types of audits, auditors, and reasons for each audit.
  3. Explain the rules of professional ethics and legal liability for the accounting/auditing profession.
  4. Apply the generally accepted auditing standards to the planning of an audit.
  5. Evaluate a client's internal control system to assess risk.
  6. Prepare a basic audit program outlining the tests for a company's system of internal controls.
  7. Describe the transactions, documents, confirmations, controls and accounts included in the sales, acquisitions and disbursements cycles.
  8. Explain the procedures for inventory counts, inventory observation, and cutoff tests.
  9. Describe the audit tests, transactions, documents, accounts and controls of the production cycle, payroll cycle, finance and investment cycle.
  10. Prepare analytical and detailed audit tests for overall revenue and expense accounts.
  11. Demonstrate professional behaviour including a. meet due dates b. produce professional quality assignments c. use reference materials responsibly

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS & ONLINE INSTRUCTION
 Mid-term Test30.0%
 Cumulative Final Exam40.0%
 Audit Case Study Assignment15.0%
 Pre-class Case Study Assignments (12 x .625%)7.5%
 Post-class Quizzes (12 x .625%)7.5%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
In addition to achieving a minimum 50% overall grade, a student must have a combined average of at least 50% on the non-group components of the evaluation plan in order to receive credit for this course.



Evaluation Plan: IN-CLASS
 Mid-term Test30.0%
 Cumulative Final Exam40.0%
 Audit Case Study Assignment15.0%
 Pre-class Case Study Assignments (12 x.625%)7.5%
 Post-class Quizzes (12 x .625%)7.5%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
In addition to achieving a minimum 50% overall grade, a student must have a combined average of at least 50% on the non-group components of the evaluation plan in order to receive credit for this course.

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)
In-Class Multiple Professors Bachelor of Business Administration
In-class & Online Instruction Multiple Professors Bachelor of Business Administration

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.
[ Printable Version ]

Copyright © Sheridan College. All rights reserved.