Accounting 4420 External Financial Reporting II

Summer 2014
Professor: Dr. Diana R. Franz, CPA
Office: 3037 Stranahan Hall South
Telehone: !"#.$30.!%&!
e'(ail: Please use )lac*+oar, (essa-es
Course Objectives
Au,itin- is a s.ste(atic rocess of o+tainin-, e/aluatin- an, reortin- on econo(ic e/ents an, acti/ities. 0n this
class, 1e 1ill concets fro( a /ariet. of other accountin- classes 2financial, cost, an, infor(ation an, s.ste(s3. The
o/erall o+4ecti/e of the class is to hel reare stu,ents for a rofessional career that inclu,es an un,erstan,in- of ser/ice
as an au,itor an,5or as an au,itee.
Re!uire" 6ohnstone, 7ra(lin-, an, Ritten+er- Auditing: A Risk-Based Approach, #
th
e,ition.
An e+oo* is a/aila+le at htt:55111.cen-a-e+rain.co(5sho5search5#78""33#3#"$3.
"
9na, Contemporary Auditing Real Issues & Cases, #
th
e,ition.
An e+oo* is a/aila+le at htt:55111.cen-a-e+rain.co(5sho5is+n5#78""33"878##.
#rere!uisites There are t1o rere:uisites for re-istration in Accountin- !!%0 an, &!%0 are a -ra,e of C 2%.03 or +etter
in +oth Acct 3""0 ;<ternal Financial Reortin- 0 an, Acct 33"0 Accountin- 0nfor(ation S.ste(s.
$ra"ing: Total oints a/aila+le ,urin- the se(ester inclu,e:
Points
;<a( " "00
;<a( % "00
Final e<a( 2co(rehensi/e3 "$0
9na cases $0
Total oints a/aila+le !00
7ra,es 1ill +e ,eter(ine, +ase, on the follo1in- scale:
A #%'"00= > 3&8 ' !00 oints, C? 77'7#= > 308 ' 3"# oints,
A' #0'#"= > 3&0 ' 3&7 oints, C 7%'7&= > %88 ' 307 oints,
)? 87'8#= > 3!8 ' 3$# oints, C' 70'7"= > %80 ' %87 oints,
) 8%'8&= > 3%8 ' 3!7 oints, D &0'&#= > %!0 ' %7# oints,
)' 80'8"= > 3%0 ' 3%7 oints, F 0'$#= > 0 ' %3# oints.
Exams
T1o (i,ter( e<a(s an, a co(rehensi/e final e<a( are sche,ule,. The final e<a( 1ill +e hea/il. 1ei-hte, on
the t1o chaters 1hich 1ill not ha/e +een re/iousl. teste, 2chaters "& an, "73 an,, in a,,ition, 1ill inclu,e :uestions
o/er the re/iousl. teste, (aterial. All e<a(s 1ill +e ta*en online an, are oen +oo* an, oen note. All e<a(s are non'
,isclose, an, e<a( scores 1ill +e release, online after the e<a( a/aila+ilit. erio, has en,e,. @ou can onl. ta*e the
e<a(s once so 1hen .ou oen an e<a( .ou shoul, +e reare, to co(lete it.
%napp Cases
The 9na cases in/ol/e actual co(anies an, ut .ou in the osition of anal.zin- the 1or* of other au,itors.
;ach of the 9na cases is 1orth "0 oints. Onl. cases su+(itte, throu-h the AAssi-n(entsB ta+ in the )lac*+oar, 1e+
a-e 1ill +e accete, for cre,it. The ,ue ,ates are in,icate, there. @ou are encoura-e, to consult 1ith .our class(ates
an, to ,iscuss the issues an, concets, +ut the case 1rite u that is su+(itte, (ust +e in,i/i,ual 1or*. Please +e sure to
su+(it files that are rea,a+le an, in soft1are 2Cor,, ;<cel, or PDF3 that 0 can oen. Cases su+(itte, in files that 0
cannot oen 1ill +e assi-ne, a -ra,e of zero.
Aca"emic &is'onest(
As a stu,ent ta*in- a class or classes in the Colle-e of )usiness, .ou ha/e an o+li-ation to (aintain the hi-hest
stan,ar,s of ethical con,uct. This in/ol/es a/oi,in- acts of aca,e(ic ,ishonest.. The reason for re:uirin- the hi-hest
stan,ar,s of ethical con,uct is to ensure fairness, honest. an, inte-rit. in the e/aluation of stu,ent erfor(ance.
;/aluation of stu,ent erfor(ance shoul, not +e in/ali,ate, +. stu,ents inten,in- or atte(tin- to (isreresent the s*ill,
achie/e(ent or a+ilit. of the(sel/es or others.
To achie/e this urose, the Colle-e has enacte, a Co,e of Stu,ent Aca,e(ic Con,uct. This co,e sets forth secific
t.es of aca,e(ic (iscon,uct 1hich 1ill not +e tolerate,. 0f there is an. e/i,ence of an. t.e of these t.es of aca,e(ic
(iscon,uct in this course, char-es 1ill +e file, a-ainst the stu,ent or stu,ents in/ol/e,. Alon- 1ith the Co,e of Stu,ent
Aca,e(ic Con,uct, the Colle-e has also enacte, a Stu,ent Aca,e(ic 7rie/ance Proce,ure. The urose of this
-rie/ance roce,ure is to ro/i,e the e<clusi/e (etho, +. 1hich a stu,ent can file a -rie/ance if he5she +elie/es that the
char-es of aca,e(ic (iscon,uct is false or to -rie/e a final course -ra,e 1hich he5she +elie/es has +een unfairl. or
erroneousl. assi-ne,.
)oth the Co,e of Stu,ent Aca,e(ic Con,uct an, the Stu,ent Aca,e(ic 7rie/ance Proce,ure can +e re/ie1e, on the
Colle-eDs 1e+site.
3
Accounting 4420 Au"iting
)o"ule C'apter * +opic
En" o, C'apter )aterial to En'ance
(our -n"erstan"ing %napp Cases
1 +'e .asics
" Au,itin-: 0nte-ral to the ;cono(. 3", 3%, 3#, !7
% Frau, an, Cororate 7o/ernance %8, %#, 3!, 3&
3 0nternal Control o/er Financial Reortin- $0, $3, &#, 70 Trolle. Do,-ers
$ Professional Au,itin- Stan,ar,s $!, $$, &"
& Au,it ;/i,ence !8, $0, &8
7 Ris* !!, !#, $%, $3 6ust for Feet
Exam 1 open t'roug' 11/0 pm on Sun"a(1 2une 1st
2 Au"iting -sing +ransaction C(cles
# Au,itin- the Re/enue C.cle 3&, !&, $3, &8 7ol,en )ear
"0 Au,itin- Cash an, Ear*eta+le Securities
!#, $#, &0, &$, &8
"" Au,itin- the Ac:uisition an, Pa.(ent C.cle
!#, $!, &7, &#
"% Au,itin- Fon-'Fi/e, Assets
$", $%, $8
"3 Au,itin- De+t an, Stoc*hol,ersD ;:uit.
$#, &0, &", && 7eo Securities
Exam 2 open t'roug' 11/0 pm on Sun"a(1 2une 1/t'
3 4rapping -p 5 Reporting an" 6egal 6iabilit(
"$ Au,it Reorts !!, &"
! Professional Fia+ilit. !3, !!, !$ First Securities
Compre'ensive Final Exam open t'roug' 11/0 pm on Sun"a(1 2une 22n"