Cordillera Career Development College

Buyagan, Poblacion, La Trinidad, Benguet

Tel. No.: (074) 422-2221/Email: [email protected]
COLLEGE OF ACCOUNTANCY

COURSE GUIDE FOR AUDITING 1 (Audit 1)

CoA Form No.: 01 Version No.: 01 Approval Date: August 17,2020 Effective date: August 17, 2020

CCDC VISION CCDC MISSION (COLLEGE)PROGRAM OBJECTIVES (as revised)

Deliver quality education through holistic, accessible and inclusive learning ( HAIL ) A graduate of BS in Accountancy should be able to:
The center of global 21st experiences to build socially and environmentally responsible global citizens and
century education for all. leader. 1. Resolve business issues and problems, with a global and
strategic perspective using knowledge and technical
GOALS proficiency in the areas of financial accounting and
Leverage our key strengths (programs, people, partnerships, products, policies and reporting, cost accounting and management, accounting and
physical plant) for effective delivery of quality education. control, taxation, and accounting information systems;
2. Conduct accountancy research through independent studies
VALUES of relevant literature and appropriate use of accounting
Competence, Commitment, Global Citizenship and Synergy. theory and methodologies;
CCDC advocates competence relevant to the 21st century world, steadfast 3. Employ technology as a business tool in capturing financial
commitment to our shared goals and to our families and immediate communities, and non-financial information, generating reports and
while advancing global citizenship and exhibiting synergy in daily activities. making decisions;
4. Apply knowledge and skills to successfully respond to various
types of assessments; and (including professional licensure
and certifications); and
5. Confidently maintain a commitment to good corporate
citizenship corporate citizenship, social responsibility and
ethical practice in performing functions as an accountant.

COURSE CONTENT AND LEARNING PLAN

COURSE CODE: Audit 1 Units: 3 units Prerequisite(s): Acctg 153a,153b and 153 c
COURSE TITLE: Auditing 1
COURSE DESCRIPTION: Auditing 1
COURSE LEARNING Upon completion of the course, the students will be able to:
OUTCOMES (CLOs):
 A. Cognitive
1. Identify and describe the objectives, nature, elements and types of assurance engagements.
2. Identify and describe the nature, philosophy, and objectives of audit and differentiate types of audit and auditors.
3. Identify and Explain the procedures of Pre-engagement
4. Identify and explain the procedures that comprises Audit Planning.
5. Identify and describe the basic concepts and elements of internal control, assess and evaluate control risks.
6. Describe the different audit procedures and techniques in gathering evidential matters and explain the nature and significance of audit
evidence.
7. Identify and Explain the factors affecting sample design and sample size
8. Enumerate and describe the sample selection methods and evaluate the sample results
9. Explain the various review and evaluation procedures in preparing the final audit report.
10. Enumerate and explain the post-audit responsibilities.
11. Identify and describe the elements of an audit report resulting to an audit opinion
12. Differentiate between the unqualified and modified auditor’s
report.
13. Identify matters that influence the auditor’s opinion in a modified auditor’s report
14. Describe the procedures and reports on special purpose audit engagements.
15. Describe Non-audit engagements: procedures and reports and explain Non-assurance engagements
16. Explain audit of transaction cycles
B. Psychomotor
1. Acquire an adept knowledge of the Philippine Standards on Auditing (PSA) and other regulatory laws and regulations.
2. Adapt Auditing Standards in Audit works
3. Integrate standards with auditing practice
C. Affective
1. Comply with auditing standards in the auditing process
2. Support the work of the Auditing and Assurance Standards Council (AASC) in the development of auditing standards and relevant
implementation guidance

Learning Outcome Content Teaching and Learning Activity Reference Material Learning Assessment Method
Schedule
Adopt awareness of  Orientation Watch video about CCDC  USB Digital Aug. 17- Posting a reflection in the facebook group chart
course; vision, mission,  Getting to Know Resource: 18,2020 or learning management system or google
and guiding values of the  Folder: About classroom.
school; and context of CCDC Video
the learning

A.1 Assurance Concepts and August 19-20 Students to answer exercises as contained in
 the Framework for Read literature in the printed Printed module their respective modules
Assurance Engagements: module
Introduction to Quiz on the topic thru online by use of the group
Assurance Engagements chat/ messenger/applicable LMS
Perform exercises provided in the
Framework for Assurance module Task sheets/ exercises Class participation in virtual discussions
Engagements Indicated in the module
Major Examinations such as Prelims; Midterms
Elements of Assurance Read Portable Document Format USB containing power and Final Exams
Engagements (PDF) point presentations
Submission of portfolio as may be applicable.
Overview of Auditing: Participate in class virtual Other cited references.
A.2 Nature, Philosophy, & discussion August 21-24
Objectives of Audit Laptop, PC ,cellular
Financial Statement Read/research the topics in other phone with internet
Audit reference materials in hard copy connection
Operational Audit or online from credible sources
Internal Audit
Compliance Audit Additional materials/exercises
Government Auditing may be uploaded in the class
Pre-engagement group chat as the need arises.

Audit Planning:
Overview
The Overall Audit Plan Note: Same activities are Same resources will be Same assessment modes will be followed
The Audit Program followed throughout the course. used throughout the throughout the course.
A.3 Audit Materiality class. August 25
Internal Control:
Overview
A.4 August 26-27
Accounting and Internal
Control Assessment

A.5
August 28-
September 1
 Audit Evidence and
Documentation:
Overview
September
Procedures for Obtaining 2-4
Evidence (Preparation
for midterm
Audit Documentation Exam)

Audit Sampling:
Overview
A.6 September
Selecting All Items 7-8

Selecting Specific Items

Audit Sampling

Completing the Audit:

A.7-8 Related Party
Transactions September
9-10
Events after the Balance
Sheet Date

Inquiries od Client’s Legal

Council

Management
A.9-10 Representation Letter
September
Evaluation of Going 11
Concern Status

The Auditor’s Report:

Independent Auditor’s
Report
 Matters that affect the
Auditor’s Opinion

Subsequent Events

Using the works of

A.11-13 Another Auditor September
14
Comparatives

Special Purpose Audit

Engagements

Other Assurance & Related

Services:
Engagement to Review
Financial Statements

Agreed-upon Procedures

Engagement to Complete
Financial Information

Prospective Financial
Information
A.14-15 September
15
Transaction Cycles
Revenue/Receipt Cycle

Expenditure/Disbursement
Cycle

Payroll/Personnel Cycle
 Conversion Cycle

Financing Cycle

A.16 September
16-25
L.O.s B & C are expected to
be demonstrated by the
learner after finishing the
course Audit 1

B.1 September
B.2 26- Final
B.3 Exam

C.1
C.2

COURSE REQUIREMENTS AND DEADLINES:

A. Assignments & Exercises : Exercises & assignments included in the printed module; virtual class discussions; Reading of literature in the printed module and other credible sources such as
text books and online sources.
B. Participation in E-Discussion Forum: Students are encouraged to actively participate in schedule virtual class discussions via Google Meet of Zoom
C. Quiz: Quizzes will be uploaded in the class group chat after every topic. Quizzes will be announced to the class earlier.
D. Written Examination: There will be two major examinations, Midterm exams on September 5, 2020 and Final Exams on September 26, 2020.
EVALUATION AND GRADING SYSTEM : The subjects per batch will be composed of two major exams, midterm exam will be on the last day of the 3rd week and the final exams
will be on the last day of the 6th week. Midterm grade will be computed as: all graded activities (quizzes, major exams and other activities) will be transmuted using the
transmutation table with 60% cut-off. Then for finals, total of all c.s. and exam, 60% cut-off grade = tentative final grade. Final grade =tentative final grade x 2 + midterm
grade/3.

COURSE POLICIES : Students are expected to actively participate in all the activities; students must exercise academic integrity at all times by respecting the intellectual
property rights, data privacy act, the provisions on plagiarism and the like; students bear responsibility for all work to be submitted on time; comply requirements on attendance

CONSULTATION WITH COURSE INSTRUCTOR/FACILITATOR: Anytime through the course group chat

REFERENCES IN LEARNING PACKS : Printed course module; USB Digital Resource

SUGGESTED READINGS NOT INCLUDED IN LEARNING PACKAGES:

1.A guide in Understanding PSA by Jekell Salosagcol
2. Principles of Auditing and Assurance Services (2020 Ed) by Ma. Elenita Cabrerra, et al.
3. Auditing and Assurance Principles (2020 Ed.) by Mark Francis Ng
ABOUT THE COURSE INSTRUCTOR/FACILITATOR:

Graduated BS Accountancy in this institution in May 2019 and passed the CPALE in October of the same year.

Started teaching last semester January 2020.

For questions and queries kindly contact me through the following:

Contact number: 09460113114

Email account: [email protected]

Messenger: Josephine Balbines Galamay

Prepared and submitted by

Course Instructor/Facilitator: Josephine B. Galamay

Approved: Domingo B. Bay-an

Dean, College of Accountancy