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De La Salle University

COLLEGE
COURSE CODE
FACULTY
CLASS DAYS
AND CLASS TIME

: RVR COB
: MODAUD1
:
:

DEPARTMENT
CREDIT
TYPE OF COURSE
ROOM

: Accountancy
: Three (3) units
: Major Subject
:

COURSE DESCRIPTION:
This course (MODAUD1 or Auditing Practice I) 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
(INCLUDING BORROWING COSTS AND IMPAIRMENT). It deals specifically with the
application of auditing standards, techniques and procedures, the evaluation of internal control,
the preparation of audit working papers with computer application, and the preparation of audit
adjustments pertaining to a manufacturing, trading, and service concern.
LEARNING OUTCOMES:
UNIVERSITY EXPECTED
LASALLIAN GRADUATE
ATTRIBUTES (ELGA)

LEARNING OUTCOMES
On completion of the course, the student is
expected to be able to do the following:

A.

Critical and creative thinker

LO1: Apply the knowledge of auditing standards,


techniques, procedures and internal controls in the
conduct of audit of account balances affected.

B.

Effective communicator

LO2: Prepare audit working papers by applying


auditing standards and principles learned.

C.

Reflective lifelong learner

LO3: Recognize the importance of laws and


regulations, corporate governance, and ethical
considerations in the context of auditing and
assurance in a dynamic domestic and international
business environment.

FINAL COURSE OUTPUT:


As of evidence of attaining the above learning outcomes, the student is required to do and
submit the following during the indicated dates of the term.
LEARNING OUTCOMES
A.

B.

LO1: Apply the knowledge of


auditing
standards,
techniques, procedures and
internal controls in the conduct
of audit of account balances
affected.
LO2: Prepare audit working
papers by applying auditing

REQUIRED OUTPUTS
Complete
proposed
solutions
problems and cases every meeting.

DUE DATE
to

Day 1 to 9

At least one (1) oral report discussing the


solutions to the problems and cases

Day 1 to 9

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LEARNING OUTCOMES
standards
learned.
C.

and

REQUIRED OUTPUTS

DUE DATE

principles during the term.

LO3:
Recognize
the
importance of laws and
regulations,
corporate
governance,
and
ethical
considerations in the context of
auditing and assurance in a
dynamic
domestic
and
international
business
environment.

One (1) reflection paper discussing the


issues encountered and insights realized
about the unit assigned, or one (1) group
written case analysis applying the laws
and regulations, corporate governance,
and ethical considerations learned during
the term.

Day 11

RUBRIC FOR ASSESSMENT:


Proposed Solutions to Problems and Cases
CRITERIA
Solution
content
(50%)

Completeness
of solutions
(50%)

EXEMPLARY
96-100
The student
provides
correct
solutions to
problems and
cases.

SATISFACTORY
91-95
The student
provides
substantially
correct solutions
to problems and
cases.

The student
prepared
solutions to
all problems
and cases
before
reporting to
class.

The student
prepared
solutions to most
problems and
cases before
reporting to
class.

EXEMPLARY
96-100
The studentpresenter
communicates
and explains
clearly the
solutions to
the problems
or cases, and
generates
interest and
establishes
rapport
among the
audience.

SATISFACTORY
91-95
The studentpresenter
communicates
and explains
clearly the
solutions to the
problems or
cases, and
generates some
interest among
the audience.

DEVELOPING
86-90
The student
provides partly
correct and
partly incorrect
solutions to
problems and
cases.
The student
prepared
solutions to
some
problems and
cases before
reporting to
class.

BEGINNING RATING
81-85
The student
provides
mostly
incorrect
solutions to
problems
and cases.
The student
did not
prepare
substantially
solutions to
problems
and cases
before
reporting to
class.
RATING

DEVELOPING
86-90
The studentpresenter
communicates
and explains
somewhat
clearly the
solutions to
the problems
or cases, and
generates little
interest
among the
audience.

BEGINNING RATING
81-85
The studentpresenter
communicates
and explains
vaguely the
solutions to
the problems
or cases, and
does not
generate
interest
among the
audience.

Oral Report
CRITERIA
Delivery (40%)

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CRITERIA

EXEMPLARY
96-100
Presentation
The studentcontent/solution presenter
(30%)
presents
correct
solutions to
the problems
or cases by
showing all
relevant
supporting
calculations or
proofs, and
relating these
solutions to
the business
world.
Question and
The studentanswer (30%)
presenter
provides
correct or
valid answers
to the
questions,
explains these
clearly, and
presents
valid/sensible
arguments to
support/justify
the answers
to the
questions
raised.

SATISFACTORY
91-95
The studentpresenter
presents correct
solutions to the
problems or
cases by
showing certain
supporting
calculations or
proofs, and
somewhat
relating these to
the business
world.

DEVELOPING
86-90
The studentpresenter
presents partly
or entirely
correct
solutions to
the problems
or cases by
showing
supporting
calculations or
proofs.

BEGINNING
81-85
The studentpresenter
presents
incorrect
solutions to
the problems
or cases but
corrects the
solutions to
these
problems or
cases.

RATING

The studentpresenter
provides correct
or valid answers,
explains these
somewhat
clearly, and
presents some
valid/sensible
arguments to
support/justify
the answers to
the questions
raised.

The studentpresenter
provides partly
or entirely
correct or
valid/sensible
answers,
explains these
somewhat
clearly.

The studentpresenter
provides
incorrect or
non-sensible
answers to
the questions
raised but
somehow
provides
partly or
entirely
correct or
valid/sensible
answers
through
follow-up
questions.
RATING

EXEMPLARY
96-100
The student
identifies
interesting
and relevant
AIS reliability
issues.

SATISFACTORY
91-95
The student
identifies
somewhat
interesting and
relevant AIS
reliability issues.

The student
provides
valid,
sensible and
logical
reflection of
issues
identified, and
provides
valid,
sensible, and
logical
arguments or

The student
provides
somewhat valid,
sensible and
logical reflection
of issues
identified, and
provides some
valid, sensible
and logical
arguments or
supports.

DEVELOPING
86-90
The student
identifies less
interesting but
somewhat
relevant AIS
reliability
issues.
The student
provides
somewhat
valid, sensible
and logical
reflection of
issues
identified but
these are not
properly
supported by
valid, sensible
and logical

BEGINNING RATING
81-85
The student
identifies not
interesting
and not
relevant AIS
reliability
issues.
The student
provides
nonsensible
reflection of
issues
identified.

Reflection Paper
CRITERIA
Quality of
issues
identified (40%)

Depth and
quality (60%)

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CRITERIA

EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING


96-100
91-95
86-90
81-85
supports.
arguments or
supports.
RATING

Written Case Analysis


CRITERIA
Analysis of
case (80%)

Teamwork
(20%)

EXEMPLARY
96-100
The group
provides valid,
sensible and
logical case
analysis,
presents
feasible
alternatives
and solutions
to the case
problem, and
provides valid,
sensible and
logical
arguments or
supports.

SATISFACTORY
91-95
The group
provides
somewhat valid,
sensible and
logical case
analysis, presents
feasible
alternatives and
solutions to the
case problem,
and provides
some valid,
sensible and
logical arguments
or supports.

The group is
organized and
shows strong
teamwork and
camaraderie
as evidenced
in the written
case analysis.

The group is
organized and
shows teamwork
as evidenced in
the written case
analysis.

DEVELOPING
86-90
The group
provides
somewhat
valid, sensible
and logical
case analysis,
presents
somewhat
feasible
alternatives
and solutions
to the case
problem but
these are not
properly
supported by
valid, sensible
and logical
arguments or
supports.
The group is
somewhat
organized and
shows a hint of
teamwork as
evidenced in
the written
case analysis.

BEGINNING
81-85
The group
provides
non-sensible
case
analysis,
presents
alternatives
and solutions
to the case
problem
which may
not be
feasible or
logical.

RATING

The group is
disorganized
and shows
lack of
teamwork as
evidenced in
the written
case
analysis.
TOTAL

OTHER REQUIREMENTS AND ASSESSMENTS:


Aside from the final output, the student will be assessed at other times during the term by the
following:
Quizzes
Comprehensive exam
Recitation/Class participation
Attendance/Class citizenship
Columnar notebook

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GRADING SYSTEM:
GRADE POINT
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.0

DESCRIPTION

PERCENTAGE

Excellent
Superior
Very Good
Good
Satisfactory
Fair
Pass
Fail

97-100
94-96
91-93
87-90
83-86
77-82
70-76
Below 70

The percentage equivalent shall be arrived at as follows:


BASIS
Quiz 1
Quiz 2
Quiz 3
Comprehensive Examination
Class Standing (Assignments, oral report,
columnar notebook, reflection paper/case
analysis, recitation/class participation,
attendance/class citizenship)
Total

FINAL
GRADE
20%
20%
20%
20%
20%
100%

Course grade requirement is at least 83%.


LEARNING PLAN:
LEARNING
OUTCOMES

UNIT

LO1, LO2,
LO3

LO1, LO2,
LO3

TOPICS
Orientation
ANALYSIS AND CORRECTION
OF ERRORS
1.1 Prior period errors
1.2 Counterbalancing and noncounterbalancing errors
1.3 Working paper for correction
of errors
AUDIT OF CASH AND CASH
TRANSACTIONS
2.1 Specific audit objectives, audit
procedures, and internal
control for cash on hand and
in banks
2.2 Analysis and classification of
cash balances
2.3 Cash counts
2.4 Bank reconciliations
2.5 Bank confirmation request
2.6 Proof of cash
2.7 Cut-off examination
2.8 Audit working papers
QUIZ 1

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WEEK
NO.

NO. OF
HOURS

REF

LEARNING
ACTIVITIES

0.5

2.5

Handouts
(PAS 8)

Lecture,
Reporting,
Discussion,
and Exercises

6.0

(Ch6)
Louwers
Handouts
(PAS 32/39,
PFRS 7)

Lecture,
Reporting,
Discussion,
and Exercises

2.0

LEARNING
OUTCOMES
LO1, LO2,
LO3

UNIT

TOPICS

AUDIT OF RECEIVABLES,
RELATED REVENUES AND
CREDIT LOSSES
3.1 Specific audit objectives, audit
procedures and internal
control for receivables
3.2 Analysis of current
receivables
3.3 Analysis of non-current
receivables
3.4 Impairment of receivables
3.5 Audit working papers

LO1, LO2,
LO3

LO1, LO2,
LO3

LO1, LO2,
LO3

AUDIT OF INVENTORIES
4.1 Specific audit objectives, audit
procedures and internal
control measures for
inventories
4.2 Test of existence and
ownership
4.3 Test of accuracy and proper
valuation
4.4 Ratio analysis and gross profit
test
4.5 Audit working papers
QUIZ 2
AUDIT OF BIOLOGICAL ASSETS
AND AGRICULTURAL PRODUCE
5.1 Specific audit objectives, audit
procedures and internal
control measures for
biological assets and
agricultural produce
5.2 Test of existence and
ownership
5.3 Test of accuracy and proper
valuation
5.4 Analysis of changes in fair
value
5.5 Audit working papers
AUDIT OF INVESTMENTS,
HEDGING INSTRUMENTS AND
RELATED REVENUES
6.1 Specific audit objectives, audit
procedures, and internal
control for investments,
hedging instruments, and
related revenues
6.2 Test of existence and
ownership
6.3 Test of proper valuation
6.4 Analysis of investments and
hedging instruments
6.5 Audit working papers
QUIZ 3

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WEEK
NO.

NO. OF
HOURS

REF

LEARNING
ACTIVITIES

6.0

(Ch7)
Louwers
Handouts
(PAS 32/39,
PFRS 7)

Lecture,
Reporting,
Discussion,
and Exercises

4.5

(Chs 8, 9)
Louwers
Handouts
(PAS 2)

Lecture,
Reporting,
Discussion,
and Exercises

2.0

3.0

PAS 41
Handouts

Lecture,
Reporting,
Discussion,
and Exercises

6.0

(Ch10)
Louwers
Handouts
(PAS 28,
PAS 32/39,
PFRS 7)

Lecture,
Reporting,
Discussion,
and Exercises

2.0

LEARNING
OUTCOMES
LO1, LO2,
LO3

UNIT

TOPICS

AUDIT OF PROPERTY, PLANT


AND EQUIPMENT AND RELATED
VALUATION ACCOUNTS
7.1 Specific audit objectives, audit
procedures, and internal
control for property, plant, and
equipment and related
valuation accounts
7.2 Test of existence and
ownership
7.3 Test of accuracy and proper
valuation (construction,
acquisition, depreciation,
revaluation, and impairment)
7.4 Audit working papers
COMPREHENSIVE EXAM
TOTAL HOURS

WEEK
NO.

NO. OF
HOURS

REF

LEARNING
ACTIVITIES

4.5

(Ch8)
Louwers
Handouts
(PAS 16,
PAS 36,
PAS 23)

Lecture,
Reporting,
Discussion,
and Exercises

3.0
42.0

REQUIRED TEXT AND REFERENCE MATERIALS:


Required textbook
Louwers, Timothy J.; Ramsay, Robert J.; Sinason, David H.; and Strawser, Jerry R (2011).
Auditing & Assurance Services. 4th Edition, McGraw-Hill/Irwin.
References
1. Whittington, O. Ray; Pany, Kurt. Principles of Auditing & Other Assurance Services. 16th
Edition, McGraw-Hill/Irwin.
2. Applied Auditing by Ma. Elenita B. Cabrera (latest edition).
3. Skousen K.F. et al. Intermediate Accounting. 16th Edition, Thomson.
4. Philippine CPA Examinations in Auditing Problems
5. Philippine Standards on Auditing (PSA)
6. Philippine Auditing Practice Statements (PAPS)
7. Philippine Accounting Standards (PAS)
8. Philippine Financial Reporting Standards (PFRS)
9. Philippine Interpretations IFRIC
10. Philippine Interpretations IFRIC
Websites
1. www.mhhe.com/louwers4e
2. http://www.aasc.org.ph/

Auditing and Assurance Committee


May 2014

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