POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

COLLEGE OF ACCOUNTANCY AND FINANCE

ACCOUNTANCY DEPARTMENT

COURSE TITLE AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1

COURSE CODE ACCO 30053
CREDIT UNITS 3 UNITS
COURSE PREREQUISITE ACCO 20053, ACCO 20063, ACCO 20093, and ACCO 20103 (Conceptual Framework, Accounting Standards and Intermediate Accounting Parts 1,2 and 3)
This course covers the understanding and application of auditing principles, standards and concepts which will be used to described and perform test of controls and substantive analytical procedures
COURSE DESCRIPTION related to the following transaction cycles: Understanding Misstatement due to fraud or error and planning the audit of Financial Statement; Order to Cash (O2C); Purchase to Pay (P2P); Plan to Inventory
(P2I), and Acquire to Retire (A2R). Mainly the procedures will include both test of control and substantive procedures related to audit of cash; receivables; inventories; property, plant and equipment;
investment property; intangible assets and related accounts and proposal of adjusting journal entries to any misstatement in the accounts.

Institutional Learning Outcomes Program Outcomes Course Outcomes

1. Creative and Critical Thinking
Graduates use their imaginative as well as a rational thinking ability to life
situations in order push boundaries, realize possibilities, and deepen their
interdisciplinary and general understanding of the world.
2. Effective Communication
Graduates are proficient in the four macro skills in communication (reading,
writing, listening, and speaking) and are able to use these skills in solving
problems, making decisions, and articulating thoughts when engaging with
people in various circumstances.
3. Strong Service Orientation
Graduates exemplify the potentialities of an efficient, well-rounded and
responsible professional deeply committed to service excellence.
4. Community Engagement
Graduates take an active role in the promotion and fulfillment of various
advocacies (educational, social and environmental) for the advancement of
community welfare.
5. Adeptness in the Responsible Use of Technology
Graduates demonstrate optimized use of digital learning abilities, including
technical and numerical skills.
6. Passion to Lifelong Learning
Graduates are enabled to perform and function in the society by taking
responsibility in their quest to know more about the world through lifelong
learning.
7. High Level of Leadership and Organizational Skills
Graduates are developed to become the best professionals in their respective
disciplines by manifesting the appropriate skills and leaderships qualities.
8. Sense of Personal and Professional Ethics
Graduates show desirable attitudes and behavior either in their personal and
professional circumstances.
9. Sense of National and Global Responsiveness
Graduates’ deep sense of national compliments the need to live in a global
village where one’s culture and other people culture are respected.
BSA graduates must demonstrate the ability to review, interpret, evaluate Upon completion of the course, the students will be able to:
financial data and systems in compliance with established policies, a. Have sound knowledge of the auditing standards applicable to the
procedures, guidelines, agreements and/or legislation. They must be able to audit procedure related to Understanding Misstatement due to fraud or
link data, knowledge and insight together with different sources and error and planning the audit of Financial Statement; Order to Cash
disciplines to make informed decisions. (O2C); Purchase to Pay (P2P); Plan to Inventory (P2I), and Acquire to
Retire (A2R) and perform audit procedures related to accounts and
BSA graduates should possess analytical skills and the ability to communicate significant classes of transactions.
effectively one’s point of view, both orally and in writing, at all organizational b. Apply the analytical skills in systematic problem solving.
levels; be able to explain verbally and/or writing financial, statistical, c. Present computations and prepare the working paper in good form.
administrative matters/policies/procedures/regulatory matters/audit d. Appreciate the importance of appropriate auditing procedures for
results at a level appropriate to the audience and must be able to negotiate various users of accounting information.
effectively. e. Realize the contributions of auditing to the development of a more
socially responsible and morally upright professional accountant.
BSA graduates should develop an ability to work in groups, possess skills to
participate as member of a team or/and contribute to group effort; be able to
teach others new skills; be able to work to the satisfaction of the clients;
negotiate and work with diversity or work well with men and women from
diverse backgrounds.
BSA graduates must work with the highest standards of professionalism, to
attain higher level of performance and generally to meet the public interest, he
must conform to the ethical standards of the profession that include: Integrity,
objectivity and independence, professional competence and due care,
confidentiality, professional behavior and moral values.
BSA graduates should possess general knowledge in gaining and
understanding of the different cultures in the world and developing an
international objective thus, he must possess competency in English language,
adaptability to foreign business practices, level of trainability and good
capabilities in dealing with foreign partners.
BSA graduates should not only be conversant with IT concepts for business
systems but sound knowledge on internal control in computer-based systems,
development standards and practices for business systems, management of
the adoption, implementation and use of IT, evaluation of computer business
systems, and managing the security information.

BSA graduates should possess broad base of knowledge concerning macro-

environmental, economic and industry issues, business process structures,
functions and practices. It includes knowledge in areas such as economics,
quantitative models and business statistics, organizational behavior,
international business, ethics and corporate governance.
INSTRUCTIONAL METHOD:
This will be a COMBINATION of both SYNCHRONOUS and ASYNCHRONOUS learning to be delivered using an ONLINE platform. This will include the use of MICROSFT TEAMS or other Learning Management System (LMS). Video
conferencing and Quiz will be used to handle synchronous learning that will be monitored by the instructor. The course will also include uploading of Files in the form of Summarized Notes and Discussions, PowerPoint materials with narrations
and voice overs and Audio Files or combination of any of the uploaded files to cover the asynchronous learning. Assignments will have their Quizzer files uploaded to assess students’ comprehension of the standards and serve as formative
assessments. Answers to these quizzers will be submitted through the LMS. Discussions and Chats will be done to validate students’ responses. There will also be Long Quizzes, Audit Case Analysis (Individual and Group), Online Departmental
Exam (Midterm and Finals) as summative assessments as defined in the Learning Plan. This will pull together the skills and information gained throughout the course.

The course is not self-paced and you will need to ensure you keep up with the pace of the learning plan. It is laid out in the course plan and references to help with the organization of the information and assignments as you move through the
course. It will require you to engage with the instructor and other students as you progress throughout the term.

STUDENT EXPECTATIONS:
This is an ONLINE class. All of the class interactions will take place within the online LMS and any of the external software utilized or linked within the course (e.g. Google Meet, Zoom, etc.). You will be expected to log into the course on a
regular basis and keep up with Assignments and collaborate with the other students in the course as is not a self-paced course. As the University instructed, six meetings through -out the course will be done through these flatforms excluding the
conduct of quizzes and major examinations.

If you have any problems logging into the course, be sure to contact IT Administrator and alert the instructor by regular email or chat.

FINAL COURSE OUTPUT AND COURSE PLAN:

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.

Course Plan
Week Topic Learning Outcomes Methodology Modes of learning Resources Assessment
1 Orientation of the course • Make the students at ease and eager to learn. • Presentation of the grading
including the syllabus; grading • Relate ACCO 20053 to ACCO 20043; relate of ACCO 20053 system; class management policies Synchronous
system; class management to other accounting and auditing subjects such as and the rest of the syllabus. Learning
policies; and suggested textbook Intermediate Accounting and Assurance Principles • Clarification of expectations
and other references. Session 1

1 Audit Planning, Risk The learners will be able to understand and prepare: • Online lecture and discussion Synchronous
Assessment and Consideration 1.1 Audit Planning • Presentation by both teacher and Synchronous Auditing and Assurance: • Conferencing
of Misstatements in Financial 1.2 Risk Assessment students of audit procedures Learning Concepts and Applications discussion
Statement Audit. 1.3 Misstatements cause by fraud or errors or both related to cash and cash Part 1 by J. Binaluyo (2023 • Online recitation
1.4 Proposed adjusting journal entries equivalents. Session 1 Edition)
• Virtual presentation by
• Problem solving (Week 1)
students of their
• Students to draft a working
answers to assigned
paper and proposed an adjusting Related PFRSs, PASs, and
exercises and problems
entry, if any. PSAs
• Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
2-3 Revenue and Collection Cycle: The learners will be able to understand and prepare: • Online lecture and discussion Synchronous
Audit of Cash, Cash Equivalents 1.1 Specific audit objectives, audit procedures, and internal • Presentation by both teacher and Synchronous Auditing and Assurance: • Conferencing
and related accounts control for cash on hand and in banks students of audit procedures Learning Concepts and Applications discussion
1.2 Analysis and classification of cash balances related to cash and cash Part 1 by J. Binaluyo (2023 • Online recitation
1.3 Cash counts equivalents. Session 2 Edition)
• Virtual presentation by
1.4 Bank reconciliations • Problem solving (Week 3)
students of their
1.5 Bank confirmation request • Students to draft a working Related PFRSs, PASs, and
answers to assigned
1.6 Proof of cash paper and proposed an adjusting PSAs
exercises and problems
1.7 Cut-off examination entry, if any.
1.8 Audit working paper • Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
 3-5 Revenue and Collection Cycle: The learners will be able to understand and prepare: • Online lecture and discussion Synchronous
Audit of Receivables and related 2.1 Specific audit objectives, audit procedures and internal • Presentation by both teacher and Synchronous Auditing and Assurance: • Conferencing
accounts control for receivables students of audit procedures Learning Concepts and Applications discussion
2.2 Analysis of current receivables related to cash and cash Part 1 by J. Binaluyo (2023 • Online recitation
2.3 Analysis of non-current receivables equivalents. Session 3 Edition)
• Virtual presentation by
2.4 Impairment of receivables • Problem solving (Week 4)
students of their
2.5 Audit working papers • Students to draft a working Related PFRSs, PASs, and
answers to assigned
paper and proposed an adjusting PSAs
exercises and problems
entry, if any.
• Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
6-9 Purchases and Disbursements The learners will be able to understand and prepare: • Online lecture and discussion Synchronous
Cycle: 3.1 Specific audit objectives, audit procedures and internal • Presentation by both teacher and Synchronous Auditing and Assurance: • Conferencing
Audit of Inventories and related control measures for inventories students of audit procedures Learning Concepts and Applications discussion
accounts 3.2 Test of existence and ownership related to cash and cash Part 1 by J. Binaluyo (2023 • Online recitation
3.3 Test of accuracy and proper valuation equivalents. Session 4 Edition)
• Virtual presentation by
3.4 Ratio analysis and gross profit analysis • Problem solving (Week 6)
students of their
Conversion and Production Cycle: 3.5 Audit working papers • Students to draft a working Related PFRSs, PASs, and
answers to assigned
Audit of Inventories and related paper and proposed an adjusting PSAs
exercises and problems
accounts entry, if any.
• Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
10 MIDTERM EXAMINATION (SYNCHROUNOUS)
11-14 Acquisition and Disposal Cycle: The learners will be able to understand and prepare: • Online lecture and discussion Synchronous
Audit of Property, plant and 4.1 Specific audit objectives, audit procedures, and internal • Presentation by both teacher and Synchronous Auditing and Assurance: • Conferencing
equipment and related accounts control for property, plant, and equipment and related students of audit procedures Learning Concepts and Applications discussion
valuation accounts related to cash and cash Part 1 by J. Binaluyo (2023 • Online recitation
4.2 Test of existence and ownership equivalents. Session 5 Edition)
• Virtual presentation by
4.3 Test of accuracy and proper valuation (construction, • Problem solving (Week 11)
students of their
acquisition, depreciation, revaluation, and impairment) • Students to draft a working Related PFRSs, PASs, and
answers to assigned
4.4 Audit working papers paper and proposed an adjusting PSAs
exercises and problems
entry, if any.
• Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
15-16 Acquisition Cycle: The learners will be able to understand and prepare: • Online lecture and discussion Synchronous Auditing and Assurance: Synchronous
Audit of Investment Property and 5.1 Specific audit objectives, audit procedures, and internal • Presentation by both teacher and Learning Concepts and Applications • Conferencing
related accounts control for investment property and related valuation students of audit procedures Part 1 by J. Binaluyo (2023 discussion
accounts related to cash and cash Session 6 Edition) • Online recitation
5.2 Test of existence and ownership equivalents. (Week 15)
• Virtual presentation by
5.3 Test of accuracy and proper valuation (acquisition, • Problem solving Related PFRSs, PASs, and
students of their
amortization, revaluation, and impairment) • Students to draft a working PSAs
answers to assigned
5.4 Audit working papers paper and proposed an adjusting
exercises and problems
entry, if any.
• Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
17 Acquisition and Disposal Cycle: The learners will be able to understand and prepare: • Online lecture and discussion Synchronous
Audit of Intangible Assets and 6.1 Specific audit objectives, audit procedures, and internal • Presentation by both teacher and Asynchronous Auditing and Assurance: • Conferencing
related accounts control for intangible assets and related valuation accounts students of audit procedures Learning Concepts and Applications discussion
6.2 Test of existence and ownership related to cash and cash Part 1 by J. Binaluyo (2023 • Online recitation
6.3 Test of accuracy and proper valuation (acquisition, equivalents. Edition)
• Virtual presentation by
amortization, revaluation, and impairment) • Problem solving
students of their
6.4 Audit working papers • Students to draft a working Related PFRSs, PASs, and
answers to assigned
paper and proposed an adjusting PSAs
exercises and problems
entry, if any.
• Online quiz regarding
the topic

Asynchronous
• Assignment
• Case Analysis
18 FINAL EXAMINATION

Suggested Readings, References, and Websites:

Reference book:
[1.] Binaluyo, J. P. Auditing and Assurance: Concepts and Application Part 1. 2023 Edition. BCV Bookstore

Other 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. 18th Edition, Thomson.
[4.] Kieso, Donald; Weygandt, Jerry; Warfield, Terry. (2018). Intermediate Accounting (IFRS 2nd Edition) Volumes 1 and 2. John Wiley and Sons, Inc. (TEXTBOOK)
[5.] Millan, Zeus Vernon B. (2018). Intermediate Financial Reporting Volumes 1, 2 and 3. Bandolin Enterprise. Philippine Standards on Auditing (PSA)
[6.] Philippine Accounting Standards (PAS)
[7.] Philippine Financial Reporting Standards (PFRS)
[8.] Philippine CPA Board Examinations
[9.] Financial and Reporting Accounting Textbooks (latest edition – 2021 and up)
[10.] Auditing and Assurance Services Textbooks (latest edition – 2021 and up)

Websites:
[1.] http://www.iasplus.com
[2.] http://www.ifrs.org
[3.] http://iasb.org
[4.] http://www.wileyplus.com
Course Grading System
Average quizzes* 50%
Class standing:
Assignments, recitation (thread discussions) 10%
Seatwork, files, notebook (notes) 5%
Attendance, right conduct, netiquette 5%
Departmental examination 30%
Total 100%
Final Grade = (1st Grading Period + 2nd Grading Period)
2

*There will be four (4) departmental quizzes for the entire

semester.
Average quizzes are computed as: Average = (Total scores for all quizzes / Total maximum scores for all quizzes) x 100; e.g., Average = (180/200) x 100 = 90%
Classroom Policy
The allowed number of absences for students enrolled in ACCO 30053 with once-a-week meeting is four (4) of the required synchronous meetings. Request for excused absences or waiver of
absences must be presented upon reporting back to class. Special examinations will be allowed only in special cases, such as prolonged illness. It is the responsibility of the student to monitor
 his/her own tardy incidents and absences that might accumulate leading to a grade of “FA,” (Failed due to Absences). It is also his/her responsibility to consult with the teacher, chair or dean
should his/her case be of special nature.

All BSA students are expected to be academically honest. Cheating, lying and other forms of immoral and unethical behavior will not be tolerated. Any student found guilty of cheating in
examinations will (at a minimum) receive a grade of 5.0 (zero score) in the said quiz or examination.
Consultation Time
Subject to the availability of the subject teacher, student may approach the subject teacher for queries about his/her grade as well as other academic requirements for the subject.

Prepared by: Enhanced by: Reviewed by:

Lyra Victoria V. Lascano, CPA, MBA Dr. Jonathan P. Binaluyo, CPA Noel A. Bergonia, CPA, MBA
Faculty Member Course Specialist Chairperson

Recommending Approval:

Dr. Julieta G. Fonte, CPA

Dean

Approved by:

Dr. Emanuel C. De Guzman

Vice President for Academic Affairs

Revised October 2022