BM2008

Course Syllabus
STI VISION: STI INSTITUTIONAL OUTCOMES:
To be the leader in innovative and relevant education that nurtures
individuals to become competent and responsible members of Character (IO1): An STIer is a person of character. An STIer takes responsibility for his/her actions, treats people with
society respect, and lives with integrity.

STI MISSION: Critical thinker (IO2): An STIer is a critical thinker. An STIer challenges and analyses all information through sound
We are an institution committed to provide knowledge through the questioning and is unafraid to push for creative ideas.
development and delivery of superior learning systems.
Communicator (IO3): An STIer communicates to understand and be understood. An STIer discerns the value of
We strive to provide optimum value to all our stakeholders - our information read or heard and effectively expresses his/her own emotions when sharing information, may it be
students, our faculty members, our employees, our partners, our spoken or written.
shareholders, and our community.
Change-adept (IO4): An STIer is change-adept. An STIer can adjust, adapt, and reinvent continuously to changing
We will pursue this mission with utmost integrity, dedication, circumstances. An STIer believes in letting go of the old and embracing the new to achieve his/her fullest potential.
transparency, and creativity.
SERIAL NUMBER: BM2008 COURSE TITLE: AUDITING AND ASSURANCE: CONCEPTS AND CREDIT: 3 units (3 hours lecture per week)
APPLICATIONS I
COURSE DESCRIPTION: This course covers the detailed approaches on problems and situations ordinarily encountered in the independent examination of cash,
receivables, inventories, biological assets and agricultural produce, investments (including hedging instruments), and property, plant, and
equipment. It deals specifically with the application of auditing standards, techniques and procedures, the evaluation of internal control, the
preparation of audit working papers, and the preparation of audit adjustments.
PREREQUISITE: ACCT1011 – Auditing and Assurance Principles
COURSE OUTCOMES: After successful completion of this course, the student should be able to:
CO1. Solve practical cases related to the audit of various asset accounts and transactions. (BAPO1-PI1; BAPO4-PI16)
CO2. Apply primary substantive audit procedures applicable for each specific asset accounts and transactions. (BAPO1-PI1; BAPO1PI3; BAPO4-
PI16; BAPO5-PI17)
CO3. Recommend required audit documentations on procedures, evidences and conclusions gathered during the audit. (BAPO1-PI7; BAPO4-
PI16; BAPO5-PI17; BAPO5-PI18)
MANDATED BOOK: None
REFERENCES: 1. Cabrera, E. (2020). Principles of Auditing and Assurance Services. EESM Bookstore.
2. Cabrera, E. (2020). Auditing and Assurance Concepts and Application. Litera Trading, Inc.
3. Solita, F. (2020). Textbook in Auditing Theory (Auditing and Assurance Principles). Litera Trading, Inc.
4. Salosagcol, J. G. (2021). Auditing theory: A guide in understanding PSA. EESM Bookstore.
5. Roque, G. (2018). Auditing Theory CPA Reviewer. Litera Trading, Inc.Philippine Standards on Auditing (PSA)
6. Philippine Financial Reporting Standards (PFRS), including PFRS for SMEs
COURSE REQUIREMENTS: • Class participation (Recitation, Seatwork, Quizzes, etc.)
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• Performance Task (eLMS Activities, Assignments, Case Analysis, Projects, etc.)
• Major examinations
GRADING SYSTEM: The following percentage distribution shall be followed:
Prelims 20%
Midterms 20%
Pre-finals 20%
Finals 40%
100%

The following are the recommended periodical grade components for this course:

Class Participation (Recitation, Quiz, etc.) 20%

Performance Task 50%
Major Examination 30%
100%
We’d be glad to hear from you. For questions or feedback on this course, feel free to email us through [email protected]
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Course Outline
LEC
Learning Objectives (LO) Week TOPICS Teaching and Learning Activities Assessment Tasks
Hours
1 Discuss the underlying 1 3 Overview of Auditing and the Audit Process Discussion Recitation
general principles and Definition and Objective of Audit Class Participation Activities Quiz
objectives of auditing General Principles of Auditing eLMS Activity
(CO1) Audit Process
2 Explain the general audit
end-to-end process
(CO1)
3 Discuss the principles of 2-3 6 Internal Control Consideration and Business Discussion Recitation
internal control Transaction Cycles Class Participation Activities Homework
consideration as part of Internal Control Consideration eLMS Activity
audit process (CO1) Accounting and Internal Control Systems
4 Explain the primary test Entity's Internal Control
of internal control Responses to Assessed Risks
procedures and its Test of Controls
impact to the audit Substantive Procedures Performed in
procedures to be Consideration of Internal Controls
performed (CO2)
5 Discuss each general Business Transaction Cycles
business transaction Nature of Transaction Cycles
cycles and its nature as Types of Transactions and Financial
part of the audit scope Statement Accounts Related
(CO1) Types of Documents and Accounting Records
6 Explain the primary Business Functions
control objectives and Control Objectives and Fraud Risks
control/fraud risks Control Risk Assessment
arising from the general
business transaction
cycles (CO2)
7 Evaluate practical cases 4 3 Task Performance Performance Task: Case
related to auditing Case analysis/problems on the following Analysis/Problem
specifically on the test of topics:
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LEC
Learning Objectives (LO) Week TOPICS Teaching and Learning Activities Assessment Tasks
Hours
internal controls and Overview of Auditing and the Audit
general business Process
transaction cycles (CO1; Internal Control Consideration
CO2; CO3) Business Transaction Cycles
5 1 PRELIMINARY EXAMINATION Pen-and-paper Test
8 Apply the primary 6-7 4.5 Audit of Cash Discussion Activities
substantive audit Nature of Cash Class Participation Activities
procedures applicable Management Assertions on Stated Cash eLMS Activity
for cash (CO1; CO2) Auditor's Objectives in the Audit of Cash
Audit Procedures for Cash
Other Audit Considerations for Cash
9 Apply the primary 7-8 4.5 Audit of Receivables Discussion Activities
substantive audit Nature of Receivables Class Participation Activities Digital Learning
procedures applicable Management Assertions on Stated eLMS Activity
for receivables (CO1; Receivables
CO2) Auditor's Objectives in the Audit of
Receivables
Audit Procedures for Receivables
Other Audit Considerations for Receivables
10 Solve practical cases 9 3 Task Performance Performance Task: Case
related to the audit of Case analysis/problems on the following Analysis/Problem
cash and receivables topics:
(CO1; CO2; CO3) Audit of Cash
Audit of Receivables
10 1 MIDTERM EXAMINATION Performance Task
11 Apply the primary 11 3 Audit of Inventories Discussion Activities
substantive audit Introduction to Audit of Inventories Class Participation Activities
procedures applicable Management Assertions on Stated eLMS Activity
for inventories (CO1; Inventories
CO2) Auditor's Objectives in the Audit of
Inventories
Audit Procedures for Inventories
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LEC
Learning Objectives (LO) Week TOPICS Teaching and Learning Activities Assessment Tasks
Hours
12 Apply the primary 12 3 Audit of Investments Discussion Activities
substantive audit Nature of Investments Class Participation Activities Digital Learning Activity
procedures applicable Management Assertions on Stated eLMS Activity
for investments (CO1; Investments
CO2) Auditor's Objectives in the Audit of
Investments
Audit Procedures for Investments
13 Solve practical cases 13 3 Task Performance Performance Task: Case
related to the audit of Case analysis/problems on the following Analysis/Problem
inventories, and topics:
investments. (CO1; CO2; Audit of Inventories
CO3) Audit of Investments
14 1 PRE-FINAL EXAMINATION Performance Task
14 Apply the primary 15-16 6 Audit of Property, Plant and Equipment Discussion Activities
substantive audit Nature of Property, Plant and Equipment Class Participation Activities Digital Learning Activity
procedures applicable (PPE) eLMS Activity
for investments (CO1; Management Assertions on Stated PPE
CO2) Auditor's Objectives in the Audit of PPE
Audit Procedures for PPE
16 Solve practical cases 17 3 Task Performance Performance Task: Case
related to the audit of Case analysis/problems on audit of property, Analysis/Problem
investments, property, plant and equipment (PPE)
plant and equipment.
(CO1; CO2; CO3)
18 1 FINAL EXAMINATION Performance Task

PREPARED BY: VERIFIED BY: REVIEWED BY: APPROVED BY:

Rushelle Cacho, CPA Alyanna R. Tobias, Ed.M., LPT Kristine E. Lu, M.Ed. EL, LPT Fernando T. Dantes III, MIT