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NOTRE DAME OF MIDSAYAP COLLEGE

Midsayap, Cotabato

COLLEGE OF BUSINESS AND ACCOUNTANCY

Course Number: BSA 304

Course Title: Auditing and Assurance: Concepts and Applications I

Course Description:

This course is designed to orient the students in the application of the audit standards techniques
and procedures in the risk-based audit process. The course will cover the stages of the risk-
based audit process, namely risk assessment (preliminary engagement activities, planning the
audit and performance of the risk assessment procedures) and risk response (designing and test
of controls and substantive test of transactions in the revenue and collection cycle, expenditure
cycle and financing and investing cycle. The application of audit procedures in performing
substantive test of transactions and account balances of cash, receivables and sales shall also
be included.

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, AND INVESTMENTS (INCLUDING HEDGING
INSTRUMENTS. 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 pertaining to a manufacturing, trading, and service concerns.

Course Outline:

WEEK TOPIC
1 Orientation
Basic Concepts of Financial Statement Audit
Transaction Cycles
2 Correction of Errors
3 Substantive Tests of Cash
4 Audit of Cash and Cash Equivalents – Part 1
5 Audit of Cash and Cash Equivalents – Part 2
TRINAL EXAM
MENTAL HEALTH BREAK
6 Substantive Tests of Receivables
7 Audit of Receivables
8 Substantive Tests of Inventories
9 Audit of Inventories
10 Audit of Biological Assets and Agricultural Produce
MIDTERM EXAM
11 Substantive Tests of Investments
Financial Assets and Hedging Instruments
12 Audit of Investment in Equity
13 Audit of Investment in Debt Securities
14 Audit of Investment in Associate
FINAL EXAM