Auditing and Other Assurance Services

AP/ADMS 4551.03
Section A, B and K/ Summer 2020

Section A, B and C/ Fall 2020-21

Course instructors, Contact Information, Webinar Times

Section Day and Time Course Director E-Mail

of Live
Webinar*
A Thurs. 7-10
Michael Yarmolinsky [email protected]
pm
B Tues 4-7 pm Akolisa Ufodike [email protected]
C Tues. 11:30- [email protected]
Akolisa Ufodike
2:30pm

Delivery Method and Remote Classroom:

Please note that this is a course that depends on remote teaching and learning. There
will be no in-person interactions or activities on campus. Classes will be conducted
using the Zoom platform and will be delivered synchronously during class scheduled
times. Throughout the entire each Zoom lecture, students will be required to have their
camera turned on and need to be visible (no black screens). Audio must also be
available. During the class time, students will be engaged in various activities which will
require speaking to the entire class, completing assigned tasks and submitting them to
Moodle. Links to the Zoom meetings will be posted each week on the course website.

Course webpage: Moodle

Technical Requirements for the Remote Classroom:

In addition to being able to access resources on the course moodle site (including
documents, recorded lecture videos and quizzes) students are encouraged to attend the
weekly live webinars (through Zoom) and to participate with a stable, higher-speed
internet connection through the use of a webcam and microphone

Equipment requirements: This course will be delivered remotely through scheduled

classes over the Zoom platform.  You will need the following equipment to successfully
partake in the course:
- laptop/desktop computer;
- webcam and microphone; 
- reliable internet connection.

Please note, using a tablet device is not permissible as it will not provide you with the
necessary functionality to conduct required in-class activities.

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Internet speed: Zoom recommends 800kbps/1.0Mbps (up/down) bandwidth for group
calls.  You can test their Internet speed through tests, such as Speedtest, or typing into
Google ‘what is my Internet speed?’

Please review the following link for full details of Zoom system requirements.  Minimum
computer requirements are 2GHz dual core processor and 4Gb of RAM.
 
Quiet space: All classes will require video to be turned on and as such you will need to
have access to a quiet space for the duration of your class times.   

Zoom user name: For participation tracking purposes, please also ensure your zoom
user name contains your legal name.  If you go by a different name please include both
names with your legal name in brackets.    
 
Zoom help guides: In order to prepare for your zoom classes you may wish to partake in
various training videos offered by zoom - Zoom Help and Guides.

The following links provide details of zoom best practices and an additional YorkU user
guide:
- Zoom@YorkU Best Practices 
- Zoom@YorkU User Reference Guide

Virtual office hours:

Virtual office hours will vary by course director and will be announced in the 1 st weekly
webinar as well as posted on each section’s Moodle site.

Expanded course description:

This course provides an introduction to auditing and other assurance services for
students who have not had significant exposure to auditing concepts or significant
auditing experience.

The primary emphasis of the course is on the auditor’s decision-making process and the
nature and amount of audit evidence needed to render an opinion on the fairness of an
organization’s financial statements. Topics include professional standards, rules of
conduct, ethical considerations, legal liability, audit and review objectives, the audit risk
model, audit evidence, development and execution of compliance and substantive audit
strategies, sampling methods and audit reports.

Course Objectives and Learning Outcomes:

Course Objectives
Upon completion of this course, you will be able to:
1. Present a general overview of the role of auditing and assurance in society

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 2. Explain how the preparation or use of accounting information is influenced by
different stakeholder needs, and related ethical considerations.
3. Explain the roles and responsibilities of professional accountants to protect the public
interest in regards to financial information, including the applicable generally accepted
auditing standards, professional ethics codes of conduct, and auditors’ legal liability.
4. Explain the reasonable assurance, audit risk and materiality concepts
5. Describe what an independent assurance engagement involves and the conditions
required for a public accountant to accept and perform one
6. Apply auditing concepts and techniques to develop an appropriate plan for a financial
statement audit
7. Explain how the auditor’s understanding of business information systems and internal
control concepts and techniques is used in audit risk assessment and planning
8. Relate weaknesses in internal control to risks of material misstatements in financial
statements
9. Explain how to execute a financial statement audit plan that gathers sufficient
appropriate audit evidence to reduce the risk of not detecting material misstatement to
an appropriately low level, and how to document the audit work.
10. Determine how to evaluate financial statement audit findings and communicate
these to stakeholders
11.apply the foundation knowledge required for advanced study in auditing.

Learning Outcomes:
Upon the successful completion of this course, students will be able to:
 Explain the roles and responsibilities of professional accountants to protect the
public interest in regards to financial information
 Summarize the ethical, examination and reporting standards that make up
generally accepted auditing standards as set out in the CPA Canada Handbook-
Assurance   
 Describe the various rules of professional conduct as established by CPA
Ontario to be adhered to by public accounting firms
 Explain management’s responsibilities for the financial statements versus the
auditor’s responsibilities for the same document
 Describe the types of audit procedures for gathering audit evidence
 Explain the relevance of materiality in an audit and how materiality is determined
 Discuss the various risks that impact a financial statement audit and explain the
auditor’s response to those risks
 Relate weaknesses in internal control to risks of material misstatements in the
financial statements
 Explain the role of professional judgment in audit sampling decisions
 Identify the key audit procedures to be undertaken when auditing revenues,
accounts receivable, inventory, expenses and accounts payable
 Describe the various audit reports
 Distinguish between an audit and a review engagement 

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Organization of the course
The entire course, including the submission of assignments, participation/discussion
and test-taking, will take place on the course’s Moodle. Each section is scheduled to
meet at a particular time and day each week, and attendance will be taken.

This course is divided into 12 weekly sessions that sequentially introduce the topic of
auditing to students as well highlights some the requirements under generally accepted
auditing standards and various Rules of Professional Conduct (Modules 1-2). Next we
will discuss the planning of an audit (Sessions 3-5) which will be followed by the
execution of an audit (Sessions 6, 8, 9, 10 and 11) concluding with the reporting phase
of a financial statement audit as well identifying other assurance engagements that can
be performed (Session 12).

For each session there is a series of assigned readings from the Text that must be
completed. You are encouraged to start each module by completing the readings. You
will be provided with detailed slides. To help you make sense of the assigned readings,
and the slides a number of pre-recorded video lectures will be provided on the key
topics for that module.

There will be assigned discussion/practice questions from the course textbook and
other questions posted on Moodle that should then be attempted before the start of the
live weekly webinar. The questions assigned are to help you assess whether you
understanding the material and to help you prepare for the quizzes, assignment and
exams.

During the weekly live webinars the instructor will briefly summarize the main topics for
the module and answer any questions students have. Although attendance will be taken
at the weekly live webinars the webinars will be recorded and students can listen to
them at their convenience. The vast majority of the weekly webinars will be spent
having students work on answering questions either from the Text or posted on moodle
in break out rooms. These questions will be taken up in the webinar. You are
encouraged to actively participate during the weekly webinar especially during the
discussion of the responses to the questions from the text and the questions posted on
moodle that are taken up in the webinar.

Course readings

1. Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan and Joanne C.
Jones, (2018), Auditing: The Art and Science of Assurance Engagements, Canadian
Fourteenth Edition, Pearson.
2. CPA Canada Accounting and Assurance Handbooks [Part I and Part II] - Available
on-line through York Library e-resources. Students must have a Passport York account
to access the Handbook remotely.
Any additional required reading materials will be posted on the course web site.

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Warning: Photocopying more than 10% of a textbook is illegal, and may involve
penalties. Do not duplicate textbooks or obtain these photocopies. Students are
reminded of York University's policy regarding academic dishonesty as outlined in the
York student calendars.

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Evaluation

Course Work Due Date Weight

Attendance and Participation All modules 10%
(See below for details)

Quizzes (best 4 our 5) Quiz 1- (Section A- Sep 24, 12%

Sections B&C Sept 29), Quiz 2
(Section A- Oct 1, Sections B&C
Oct 6) Quiz 3 (Section A- Oct 8,
Sections B&C Oct 20) Quiz 4
(Section A- Nov 12, Sections
B&C Nov 17) Quiz 5 Section A-
Nov 26, Sections B&C Dec 1)

Midterm Exam (covers Sessions 1 All sections – Sunday October 25 20%

- 5) 7:00pm – 9:00 pm

Audit Analytics Group Assignment Part 1 – Due Oct 8 (Section A) 5%

Oct 13 (Sections B&C)

Part 2 – Due Nov 12 ( Section A) 13%

Nov 17 ( Sections B&C)

Individual Assignment Due Dec 3 ( Section A) Dec 8 10%

( Sections B & C)

Final Exam (covers Sessions 1 – TBA - during regular final exam 30%
12) period December 9- 23
Total 100%

Class Individual Participation and Attendance

This course is designed to encourage active participation. In each live webinar, we will
be taking up questions from the text as well as an in class exercise in some sessions (to
be posted to the course the weekly webinars). Students will work on their answers to
questions in break out rooms during the weekly webinars. Participation marks of 8% will
be assigned for participation in the take up of the questions from the text and the in
class exercises as well as any other participation during the webinars. Attendance will
be taken each week and is worth 2% in total.

Quizzes
There will be 5 quizzes during the term. The quizzes will cover mainly the previous
week’s material. The quiz will be available on Moodle at the start of the class and will be
20-30 minutes each. You will be required to upload/submit your answers through

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Turnitin before the time ends. The best 4 out of 5 grades count for 12% of your overall
grade.

Details about Group Audit Analytics Assignment and Individual Assignment will be
posted to Course Website

NOTE: Students must submit their assignments to Turnitin.com using Moodle-

instructions will be given at the first session.

Course policies

PREREQUISITES/CO-REQUISITES:

Prerequisites: 1) For students in an Honours program, 78 credits including AP/ADMS

2511 3.00, AP/ADMS 3585 3.00, AP/ADMS 3595 3.00, AP/ECON 1000 3.00, or 2) for
other students, these above-listed courses and an average grade of C+ or better in
AP/ADMS 3585 3.00 and AP/ADMS 3595 3.00. AP/ADMS 4535 3.00 is not required,
but strongly recommended. Course credit exclusions: None.

Students are personally responsible to ensure that they have the required prerequisites
as stated in the course outline or in the course calendar.

NOTE: Students who do not have the prerequisites will be contacted the first two
weeks of the course and are at risk of being dropped from the course at any time
during the course. The department will not be responsible for refunds resulting
from students being dropped from a course due to a lack of the appropriate
prerequisites

Students must complete the Group Assignment and Individual Assignment by the
deadlines. Failure to do will result in a zero grade.

Reallocation of Marks if a Midterm Examination is missed for a Valid Reason

If a midterm examination is missed due to a valid reason such as illness or other reason
approved by the Course Director, the midterm mark allocation of 20% will be added to
the final examination percentage.

The documentation required to support this reallocation are as follows:

1. For illness, a completed medical form (physician's statement) provided by the
Registrar’s Office, http://www.yorku.ca/laps/council/students/documents/APS.pdf OR for
another valid reason, the documentation requested by the Course Director, AND
2. A signed statement stating that you are aware that your final examination will be
worth 50%. This signed statement is to be attached to the documentation provided in (1)
above.

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NOTE: Physician statements need to be from the same day as the midterm or the
day immediately after. Physician statements older than one day after the date of
the midterm exam will not be accepted.

Academic honesty and integrity

In this course, we strive to maintain academic integrity to the highest extent possible. Please
familiarize yourself with the meaning of academic integrity by completing SPARK’s Academic
Integrity module at the beginning of the course. Breaches of academic integrity range from
cheating to plagiarism (i.e., the improper crediting of another’s work, the representation of
another’s ideas as your own, etc.). All instances of academic dishonesty in this course will be
reported to the appropriate university authorities, and can be punishable according to the
Senate Policy on Academic Honesty.

Turnitin
To promote academic integrity in this course, students will be normally required to submit their
written assignments to Turnitin (via the course Moodle) for a review of textual similarity and the
detection of possible plagiarism. In so doing, students will allow their material to be included as
source documents in the Turnitin.com reference database, where they will be used only for the
purpose of detecting plagiarism. The terms that apply to the University’s use of the Turnitin
service are described on the Turnitin.com website.

Course information
All students are expected to familiarize themselves with the following information:
 Student Rights & Responsibilities
 Academic Accommodation for Students with Disabilities

Refer to pages 16 -18 of this course outline for relevant regulations regarding exam
deferrals, academic honesty, graded feedback, examinations, and student
accommodation policies

Schedule of readings and activities

Sessions Description Assignments and

Readings – May be
Updated from Time to
Time
Session 1 Introduction, Audit and Assurance Required reading
Services. Chapter 1 – The Demand
Weekly The Public Accounting Profession For Audit And Other
Webinars and Audit Quality Assurance Services
Sect Date Learning Objectives: Chapter 2 - The Public
A Sept Accounting Profession and
1. Describe the components of an
B&C 10 Audit Quality
audit and explain why there is a
Sept demand for audits
15 Discussion/practice
2. Explain the concept of assurance.

8
 Compare and contrast questions to be done before
reasonable and moderate/limited weekly webinar
assurance and explain how these Textbook: 1-20, 1-28, 2-24,
types of engagements differ from 2-25,
the perspective of the auditor and
the user of the report. Discussion/practice
3. Identify major types of audits and questions to be done in the
auditors weekly webinar:
4. Describe assurance services Textbook: 1-19, 2-26
provided by public accountants
and distinguish the audit of Recommended reading
financial statements from other CPA Handbook: CSQC 1,
assurance services. CAS 200, 220
5. Distinguish between accounting
and auditing
6. Summarize the objective of a
financial statement audit
7. Describe the drivers of audit
quality, and indicate the
competing pressures auditors
face that threaten audit quality
8. Summarize quality control
standards and practices that help
achieve audit quality.
Session 2 Legal Liability, Professional Required reading
Judgement and Ethics Chapter 3 - Professional
Weekly Management and Auditor’s Ethics and Legal Liability –
Webinars Responsibilities Audit Responsibilities and
Sect Date Learning Objectives: Objectives
A Sept Chapter 4 - Audit
1. Distinguish between
B&C 17 Responsibilities and
management’s responsibility for
Sept Objectives (Pages 84-98)
the financial statements and
22 internal control from the auditor’s
Discussion/practice
responsibility for verifying the
questions to be done before
financial statements
weekly webinar
2. Explain the auditor’s
responsibility for discovering
Textbook: 3-20, 3-23, 3-28,
material misstatements due to
3-31, 3-35, 4-23
fraud or error
3. Demonstrate how the
expectations gap creates
Discussion/practice
litigation risk
questions to be done in the
4. Describe how auditors can
weekly webinar:
reduce litigation risk
Moodle Website (questions
5. Explain the auditors ethical
posted): Lance Popper and
reasoning framework and apply it

9
 to resolve an ethical dilemma Rules of Professional
6. Explain the impact of Conduct cases and 3-27
rationalizations and ethical blind
spots on auditors’ ethical
reasoning
7. Apply the conceptual framework
of the Code of Ethics to case
facts to conclude if in compliance
with fundamental principles and
make recommendations
regarding appropriate actions.
8. Describe the potential threats to
independence.
9. Apply the threats and safeguards
approach to identify and resolve
independence threats.
Session 3 The Cycle Approach to Auditing,
Assertions, Audit Evidence and Quiz #1
Weekly Audit Analytics
Webinars Learning Objectives: Required reading
Sect Date Chapter 4 –Audit
1. Classify classes of transactions
A Sept Responsibilities and
and account balances into
B&C 24 Objectives (pages 99 – 115)
financial statement cycles and
Sept Chapter 5 Audit Evidence
identify the benefits of a cycle
29 approach to segmenting the audit
Discussion/practice
2. Distinguish among transaction
questions to be done before
and balance-related and
weekly webinar
assertions
Textbook: 4-27, 5-34, 5-36
3. Describe and discuss the seven
phases of the audit process
4. Understand the purpose and type
Discussion/practice
of audit evidence used
questions to be done in the
throughout the audit process.
weekly webinar:
5. Apply criteria to evaluate the
Moodle Website questions
relevance and reliability of
Comparing sources of
information to be used as audit
evidence, 4-26, 4-30, 5-25
evidence.
6. Understand the purpose of
Recommended reading
analytical procedures for the
CPA Handbook: CAS 200,
various phases of the audit
210, 240, 250, 300, 315,
process.
520, 610, 620
7. Explain how automated tools and
techniques, such as audit data
analytics, can enhance the
evaluation of evidence and aid
the auditor to aggregate and

10
 consider information from multiple
sources.
8. Explain the role of professional
skepticism in identifying
anomalies and misstatements
9. Explain judgment tendencies and
their impact on professional
judgment and evidence decisions
10. Describe the purposes of audit
documentation.
11. Apply professional skepticism to
evidence and documentation
decisions
Session 4 Client Acceptance, Preliminary
Planning and Materiality and Quiz #2
Assessing Risk of Material
Weekly Misstatement Required Reading
Webinars Learning Objectives: Chapter 6 –Client
Sect Date Acceptance, Planning and
1. Apply professional judgment to
A Oct Materiality (including
perform initial audit planning and
B&C 1 Auditing in Action 6-1)
make client acceptance decisions
Oct Chapter 7 – Assessing the
2. Analyze the entity and
6 Risk of Material
environment in order to identity
Misstatement
and assess risk of material
misstatement
3. Perform preliminary analytical
Discussion/practice
procedures and synthesize
questions to be done before
findings to develop a an
weekly webinar
appropriate risk response
Textbook: 6-30, 6-31, 6-40,
4. Define the fraud triangle and
6-44,
explain its relevance to audit
planning
Discussion/practice
5. Perform a preliminary fraud risk
questions to be done in the
assessment and synthesize
weekly webinar
findings to develop an
Moodle Website:
appropriate risk response
RXbar – parts a, b, c, f
6. Apply the concept of materiality to
Superior Dynamics 7-25
planning the audit
7. Use professional judgment to
Recommended Reading
determine overall (or planning),
CPA Handbook: CAS 315 ,
performance, and specific
320 , 450, 500
materiality
8. Understand the audit risk model,
its components, and its relevance
to audit planning.

11
Session 5 Internal Control and Assessing Quiz #3
Control Risk
Learning Objectives:
Required Reading
Weekly 1. Describe the four primary
Chapter 8 – Internal Control
Webinars objectives of effective internal
and COSO Framework
Sect Date controls
Chapter 9- Assessing
A Oct 2. Contrast management’s
Control Risk and Designing
B&C 8 responsibilities for maintaining
Tests of Controls
Oct controls with the auditors’
20 responsibilities for evaluating and
reporting on internal control
Discussion/practice
3. Explain the COSO internal control
questions to be done before
framework, including its five
weekly webinar
components and 17 principles of
Textbook: 8-27, 8-30, 8-31,
effective internal control
8-32, 8-35, 9-23, 9-32
4. Assess overall control risk using
the COSO framework
Discussion/practice
5. Assess control risk at the cycle
questions to be done in the
level by linking key controls and
weekly webinar
control deficiencies to assertions.
Moodle Website:
6. Describe how the complexity of
RxBar – parts d, e and g (in
the IT environment impacts
Session 4) 9-24, 9-25
control risk assessment and
testing
Recommended reading
7. Understand and assess controls
CPA Handbook: CAS 230,
of outsourced systems.
265, 315, 330, 402, 500,
520, CSAE 3416, Section
5925

Sections No classes on October 13, and

October 15 - Reading Week
A/B/C
Midterm Exam ALL SECTIONS - Midterm Exam
(Covers Sessions 1 to 5)
(Considered
Sunday October 25 7-9 pm)
Session 6)
Session 7 Developing an Audit Strategy and Audit Analytics
Designing an Audit Program Assignment (Part 1) Due
Weekly
Learning Objectives: prior to class
Webinars
Sect Date 1. Distinguish between a combined Required reading
A Oct approach versus a substantive Chapter10 – Developing
B&C 29 approach Risk Response: Audit

12
 Nov 2. Develop an overall audit strategy Strategy and Audit Program
2 based upon assessed risks.
3. Explain the purpose of the five Discussion/practice
types of audit tests. questions to be done before
4. Explain how data analytic tools weekly webinar
can be used in the five types of Textbook: 10-22,,10-30, 10-
audit tests. 32
5. Develop an appropriate evidence
mix based upon audit strategy.
6. Design an audit program.
Discussion/practice
questions to be done in the
weekly webinar
10-21,10-27,10-28

Recommended reading
CPA Handbook: CAS 240,
265, 300, 330, 520

Sampling Required reading

Learning Objectives Chapter 11 – Audit
Weekly
1. Explain the concept of Sampling Concepts
Webinars
representative sampling and the
Session 8
risks of sampling in the audit. Discussion/practice
Dat 2. Compare and contrast statistical questions to be done before
Sec e versus non-statistical sampling weekly webinar
t and determine when the different Textbook: 11-35,
A Nov approaches are appropriate. Moodle Website:
B& 5 3. Explain how audit innovations Cora Hardware
C Nov and data analytics can reduce Recommended reading
10 sampling risk. CPA Handbook: CAS 265,
4. Develop an appropriate sampling 530
strategy for tests of controls
5. Develop an appropriate sampling
strategy for substantive tests of Discussion/practice
details. questions to be done in the
6. Use analytical skills and audit weekly webinar
tools to research and identify Moodle Website:
anomalies and risk factors in Packet 11-29, 11-33, 11-40
underlying data.
7. Apply professional judgment to
evaluate control tests and
conclude on effectiveness of
internal controls and determine if
additional substantive testing is
required.

13
 8. Apply professional judgment to
evaluate substantive tests and
conclude on account balances.

Developing a Risk Response for

Weekly the Revenue Cycle Quiz #4
Webinars Learning Objectives: Required reading
Session 9 1. Identify the accounts and the Chapter 12 -- Audit of the
classes of transactions in the Revenue Cycle
Sect Date revenue cycle.
A Nov 2. Assess inherent risk and fraud Discussion/practice
B&C 12 risk for the revenue cycle of questions to be done before
Nov different types of organizatons. weekly webinar
17 3. Understand key controls for the Textbook: 12-32, 12-36,
revenue cycle and design and 12-40, 12-46, 12-47
perform tests of controls
4. Design and perform substantive Discussion/practice
analytical procedures for the questions to be done in the
accounts in the revenue cycle. weekly webinar
5. Design and perform substantive 12-41, 12-42
tests for revenue accounts and
assertions. Recommended reading
6. Design and perform substantive CPA Handbook: CAS 240,
tests of details for accounts 505, 540, 620, ASPE 3400,
receivable. IFRS 15
7. Use critical thinking to select and
evaluate the results of accounts
receivable confirmations.
8. Use professional judgment to
develop a risk-based audit
strategy for revenue
Developing a Risk Response for
Weekly Acquisition and Payment and Part 2 – Group Audit
Webinars Inventory and Distribution Cycles Analytics Assignment
Session 10 Learning Objectives: Due
1. Identify the accounts and the
Sect Date
classes of transactions in the
A Nov Required reading
acquisition and payment cycle.
B&C 21 Chapter 13 -- - Audit of the
2. Assess inherent risk and fraud
Nov Acquisition and Payment
risk for the acquisition and
19 Cycle
payment cycle of different types
Chapter 14 –Audit of the
of organizations.
Inventory and Distribution
3. Understand key controls and

14
 develop tests of controls for the Cycle
acquisition and payment cycle.
4. Design substantive tests for Discussion/practice
accounts payable. questions to be done before
5. Identify the accounts and the weekly webinar
classes of transactions in the Moodle Website: Inventory
inventory cycle. Evidence worksheet and
6. Assess inherent risk and fraud Inventory Cases Posted to
risk for the inventory cycle of Course Website
different types of organizations. Textbook: 13-26, 13-31, 13-
7. Understand key controls for the 35, 14-18, 14-20,
inventory cycle and design and
perform tests of controls. Discussion/practice
8. Apply analytical procedures to the questions to be done in the
accounts in the inventory cycle. weekly webinar
9. Design and perform physical 13-32, 14-19, 14-23
observation audit tests for the
inventory cycle. Recommended reading
10. Design and perform pricing and CPA Handbook : CAS 240,
compilation audit tests for the 501, 620, IAS 2, 16, 37,
inventory cycle. Section 3061
11. Use professional judgment to
develop a risk-based audit
strategy for inventory.

Completing the Audit

Weekly Learning Objectives: Quiz #5
Webinars
1. Review and assess contingent
Session 11 Chapter 18 – Completing
liabilities, commitments, and
the Audit
contingent assets.
Sec Date
2. Review and assess confirmations
t
from the client’s law firms (legal
A Nov Discussion/practice
letters).
B&C 26 questions to be done before
3. Conduct a post-balance sheet
Dec 1 weekly webinar
review for subsequent events.
Moodle: Subsequent event
4. Design and perform final
activity, other questions
analytical procedures.
Textbook: 18-30, 18-32, 18-
5. Integrate audit evidence and
34
evaluate overall audit results
6. Summarize misstatements and
apply materiality to evaluate and
Discussion/practice
resolve misstatements.
questions to be done in the
7. Evaluate appropriateness of the
weekly webinar 18-20, 18-
going concern assumption.
22, 18-26
8. Explain the purpose of and
describe management’s

15
 representation letter.
9. Perform engagement quality
control review.
10. Analyze and summarize audit
findings and report to audit Recommended reading
committee and management. CPA Handbook: CAS 220,
240, 250, 260, 450, 501,
520, 550, 560, 570, 580,
720, CSQC 1, Section
1540, 3290, IAS 7, 37

Audit Reporting Decisions Individual Assignment

Weekly /Reviews and Compilations Due
Webinars Learning Objectives:
Session 12 Chapter 19 – Audit Reports
1. Explain the auditor’s reporting
on Financial Statements
responsibilities.
Sec Date Chapter 20 - Other
2. Specify the conditions required to
t Assurance and Non
issue the standard unqualified
A Dec 3 Assurance Services Pages
audit report.
B&C Dec 8 631-642
3. Explain the auditor’s reporting
responsibilities in relation to
Discussion/practice
going concern.
questions to be done before
4. Identify key audit matters that are
weekly webinar Moodle:
required to be disclosed in an
Audit Report
audit report.
Exam Review Questions
5. Understand the relevance of the
audit report date and when dual
Textbook:19-32, 19-33, 20-
dating is appropriate.
24
6. Assess the circumstances of the
audit, apply relevant criteria, and
determine if conditions exist that
Discussion/practice
require one of the following
questions to be done in the
modifications to the audit report:
weekly webinar19-26, 19-
 Provide additional
27,
information.
 Issue a qualified audit opinion
(and explain the required Recommended reading
modifications). CPA Handbook: CSOA
 I ssue an adverse opinion 5000, CSRE 2400, OSC
(and explain the required 9200, CAS 560, 570, 600,
modifications). 620, 700, 701, 705, 706,
 A disclaimer of opinion. 710, 720, ISA 570, 700,
7. Understand the requirements for 701,
review engagements and how if
differs from an audit

16
 8. Understand the requirements for
compilations engagements and
discuss relevant standards

Session 13 Final Examination

TBA
During regularly scheduled final examination period,
December 9-December 23

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 RELEVANT UNIVERSITY REGULATIONS

 Deferred Exams: Deferred standing may be granted to students who are unable to
write their final examination at the scheduled time or to submit their outstanding course
work on the last day of classes. Details can be found at
http://myacademicrecord.students.yorku.ca/deferred-standing
Any request for deferred standing on medical grounds must include an Attending
Physician's Statement form; a “Doctor’s Note” will not be accepted.
DSA Form: http://www.registrar.yorkuca/pdf/deferred_standing_agreement.pdf
Attending Physician's Statement form: http://registrar.yorku.ca/pdf/attending-physicians-
statement.pdf
 In order to apply for deferred standing, students must register at
http://apps.eso.yorku.ca/apps/adms/deferredexams.nsf  
Followed by handing in a completed DSA form and supporting documentation directly to
the main office of the School of Administrative Studies (282 Atkinson) and add your
ticket number to the DSA form.  The DSA and supporting documentation must be
submitted no later than five (5) business days from the date of the exam.  These
requests will be considered on their merit and decisions will be made available by
logging into the above mentioned link. No individualized communication will be sent by
the School to the students (no letter or e-mails).
 Students with approved DSA will be able to write their deferred examination during the
School's deferred examination period. No further extensions of deferred exams shall be
granted. The format and covered content of the deferred examination may be different
from that of the originally scheduled examination. The deferred exam may be closed
book, cumulative and comprehensive and may include all subjects/topics of the
textbook whether they have been covered in class or not.  Any request for deferred
standing on medical grounds must include an Attending Physician's Statement form; a
“Doctor’s Note” will not be accepted.
 Academic Honesty: The Faculty of Liberal Arts and Professional Studies considers
breaches of the Senate Policy on Academic Honesty to be serious matters. The Senate
Policy on Academic Honesty is an affirmation and clarification for members of the
University of the general obligation to maintain the highest standards of academic
honesty. As a clear sense of academic honesty and responsibility is fundamental to
good scholarship, the policy recognizes the general responsibility of all faculty members
to foster acceptable standards of academic conduct and of the student to be mindful of
and abide by such standards. Suspected breaches of academic honesty will be
investigated and charges shall be laid if reasonable and probable grounds exist.
Students should review the York Academic Honesty policy for themselves at:
http://www.yorkuca/secretariat/policies/document.php?document=69
Students might also wish to review the interactive on-line Tutorial for students on
academic integrity, at:
https://spark.library.yorku.ca/academic-integrity-what-is-academic-integrity/
Grading Scheme and Feedback Policy: The grading scheme (i.e. kinds and weights
of assignments, essays, exams, etc.) shall be announced, and be available in writing,
within the first two weeks of class, and, under normal circumstances, graded feedback
worth at least 15% of the final grade for Fall, Winter or Summer Term, and 30% for ‘full

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year’ courses offered in the Fall/Winter Term be received by students in all courses prior
to the final withdrawal date from a course without receiving a grade, with the following
exceptions:
NOTE
Last date to add a course without permission of instructor: September 22, 2020

Last date to add a course with permission of instructor: October 6, 2020

Last date to drop a course without receiving a grade: November 6, 2020

If you withdraw between November 7 and the end of classes (December 8, 2020), the
course remains on your transcript without a grade and is notated as “W”.
Note: Under unusual and/or unforeseeable circumstances which disrupt the academic
norm, instructors are expected to provide grading schemes and academic feedback in
the spirit of these regulations, as soon as possible. For more information on the Grading
Scheme and Feedback Policy, please visit:
http://www.yorku.ca/univsec/policies/document.php?document=86
 In-Class Tests and Exams - the 20% Rule: For all Undergraduate courses, except
those which regularly meet on Friday evening or on a weekend, tests or exams worth
more than 20% will not be held in the two weeks prior to the beginning of the official
examination period. For further information on the 20% Rule, please visit:
http://secretariat-policies.info.yorku.ca/policies/limits-on-the-worth-of-examinations-in-
the-final-classes-of-a-term-policy/
 Reappraisals: Students may, with sufficient academic grounds, request that a final
grade in a course be reappraised (which may mean the review of specific pieces of
tangible work). Non-academic grounds are not relevant for grade reappraisals; in such
cases, students are advised to petition to their home Faculty. Students are normally
expected to first contact the course director to discuss the grade received and to
request that their tangible work be reviewed. Tangible work may include written,
graphic, digitized, modeled, video recording or audio recording formats, but not oral
work.  Students need to be aware that a request for a grade reappraisal may result in
the original grade being raised, lowered or confirmed. For reappraisal procedures and
information, please visit the Office of the Registrar site at:
http://myacademicrecord.students.yorku.ca/grade-reappraisal-policy
Accommodation Procedures: LA&PS students who have experienced a misfortune or
who are too ill to attend the final examination in an ADMS course should not attempt to
do so; they must pursue deferred standing. Other students should contact their home
Faculty for information. For further information, please visit:
http://ds.info.yorku.ca/academic-support-accomodations/
Religious Accommodation: York University is committed to respecting the religious
beliefs and practices of all members of the community, and making accommodations for
observances of special significance to adherents. For more information on religious
accommodation, please visit:
https://w2prod.sis.yorku.ca/Apps/WebObjects/cdm.woa/wa/regobs
Academic Accommodation for Students with Disabilities (Senate Policy) The
nature and extent of accommodations shall be consistent with and supportive of the
integrity of the curriculum and of the academic standards of programs or courses.

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Provided that students have given sufficient notice about their accommodation needs,
instructors shall take reasonable steps to accommodate these needs in a manner
consistent with the guidelines established hereunder. For more information, please visit
the Counselling and Disability Services website at http://www.yorku.ca/dshub/
York’s disabilities offices and the Registrar’s Office work in partnership to support
alternate exam and test accommodation services for students with disabilities at the
Keele campus. For more information on alternate exams and tests please visit
http://www.yorku.ca/altexams/
Please alert the Course Director as soon as possible should you require special
accommodations.

Effective date: September 2020

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