Outcomes-Based Teaching and Learning Plan for Assurance Principles, Professional Ethics and Good

Governance

Course Title Assurance Principles, Course Code

Professional Ethics and Good
Governance
Credit Units 3 Course Pre-requisites Financial Accounting and
Reporting III

Accounting Information System

Course Description This provides undergraduate Accountancy students with the conceptual knowledge and
understanding of the fundamental theory of auditing and assurance services and the
philosophy underlying audits with emphasis on the external auditing as performed by
independent Certified Public Accountant and the management of public accounting practice.
The course covers Philippine Standards on Auditing; the Philippine Accountancy Law, internal
controls, audit objectives, audit techniques, audit programs and procedures; audit reports.
Ethical standards affecting the accountancy profession are also taken up.

The course emphasizes the use of relevant knowledge, skills and professional judgment in
analyzing, evaluating, concluding and reporting on the assurance engagement other issues in
the context of the professional regulatory framework. It is intended to adequately prepare
students for analytical activities in subsequent major courses in the Accountancy Curriculum.
Course Intended After completing this course, STUDENTS SHOULD BE ABLE TO:
Learning Outcomes 1. Explain the purpose, nature, scope and ethical principles and rules governing the conduct
of auditing and assurance in the Philippines including the role, duties and responsibilities of the
auditor.
2. Apply audit concepts skills, test and techniques in obtaining audit evidence.
3. Develop and audit plans, implement audit procedures and prepare an appropriate audit
report based on the audit evidence obtained.
4. Apply auditing skills in non assurance services and on non financial informations.
5. Analyze typical and contemporary audit and assurance situations by applying conceptual
framework on auditing standards, corporate governance, professional ethics and financial
reporting.
6. Work productively as part of a team and in particular, communicate and present
information effectively in written and electronic formats in collaborative environment.
Midterm Period
Essential Learning
Wee Content Declarative Functional Intended Learning Suggested Assessment
 k Standards Knowledge Knowledge Outcomes (ILO) Teaching/Learni Tasks (ATs)
ng Activities
(TLAs)
1-2 Discuss the Nature, Know the Relate review of Assigned reading: Class recitation
Fundamentals of objectives, philosophy of current publications Chapter 1,2,3,4,5 Quiz (on
Auditing and framework an audit and materials from of textbook week#3)
Assurance and elements various media with Interactive Lecture
Services Understand the the general Class discussion
Types of concept and principles of audit
assurance objective of and assurance
engagements auditing engagements.

Assurance Appreciate why Argue from a range

services vis a independent of contesting
vis attestation auditing is theories relating to
services and necessary auditing
audit services
Explain what is Differentiate audit
Types of audit meant by from other types of
and auditors information risk engagement
and how such provided by a CPA
may be
reduced Compare and
contrast the different
Understand the types of audit and
different types auditor
of audit such
as financial
statements
audit,
operational
audit and
compliance
audit
3-4 Discuss the Public Appreciate the Research on the Assigned reading: Class recitation
Professional Accounting as role of the regulatory Chapter 6,7,8 of Graded
Practice of a profession professional environment within textbook seatwork
Public accountant in which external audits Interactive lecture Quiz (on week
Accounting Regulatory the economy take place. Seatwork #5)
government
agencies and Know the Resolve ethical
standard attributes of a dilemmas faced by
setting bodies profession accountants in
 that affect different sectors of
public Know who is a the accountancy
accounting professional profession.
accountant
Regulation of Enumerate the
the public scope of the
accounting practice of
practice accountancy

The CPAs Know the

professional requirements
responsibilitie to enter the
s accountancy
profession

Understand
the need for
the
professional
accountant
and develop
capabilities
and
competence
after
admission to
the profession

Know the
competency
requirements
for
professional
accountant in
(a) public
practice
(b)business

Understand
the increase
globalization
of accounting
and auditing
 Be familiar
with what a
CPA may
expect in the
future

Wee Content Declarative Functional Intended Learning Suggested Assessment

k Standards Knowledge Knowledge Outcomes (ILO) Teaching/Learni Tasks (ATs)
ng Activities
(TLAs)
5-6 Discuss the Overview of Understand Illustrate the Interactive lecture Class recitation
Financial Audit process the concept of diagram of audit Seatwork Graded
Statements risk-based process Chapter homework
Audit-Client Materiality and audit approach 9,10,11,12,13 Review for the
Acceptance, Audit Risk Analyze the Examination
Audit Planning, Know the relationship of the
Supervision and Pre- nature of risk components of audit
Monitoring engagement and the critical risk with auditors
procedures component of response to each
risk relevant to risk
Scope, purpose conducting an
and audit and their
requirements of interrelationshi
audit planning ps

Direction, Discuss the

supervision and activities in a
review risk-based
audit process

Enumerate the
activities in
the risk
Assessment
Phase

Understand
what and how
the auditor
performs the
 preliminary
engagement
activities in
relation to:
Client
selection
and
retention
Planning the
audit to
develop an
overall
audit
strategy
and audit
plan
Applying the
concept of
materiality
to audit
Preparing an
audit plan

Wee Content Declarative Functional Intended Learning

Suggested Assessment
k Standards Knowledge Knowledge Outcomes (ILO)
Teaching/Learni Tasks (ATs)
ng Activities
(TLAs)
7 MIDTERM EXAMINATION (Coverage: Topics from week #1 to week #6)

Final Period UNIT 2: Process Costing System

Essential Learning
Week Content Declarative Functional Intended Learning Suggested Assessment
Standards Knowledge Knowledge Outcomes (ILO) Teaching/Learni Tasks (ATs)
ng Activities
(TLAs)
8 Discuss and Industry, Describe an Link individual Assigned reading: Class
understanding regulatory, electronic experience of Chapter 26,27,28 discussion
the Entity and and other data understanding an of textbook Graded
its Environment external processing entity with the wider Interactive lecture seatwork
including its factors, system and structural elements Seatwork on week#9
 Internal Control including the unique relevant to
and Assessing applicable characterist understanding the
the Risk of financial ic of entity and
Material reporting specific environment of a
Misstatement framework EDP system client
affecting
entity Discuss the Apply the steps in
impact of audit planning to
Elements of computers real life situations
internal on and explain the
control and accounting rationale for doing
consideration systems so
of accounting
and internal Specify Assess the risk of
control system major types material
of misstatements in
Assessing the computer the financial
risk of fraud statements through
material analytical and
misstatements critical thinking
Explain in depth how
Communicatin auditors identify
g with those deficiencies in
charged with internal control
government systems and how
and those deficiencies
management limit the extent of
auditors reliance on
those systems
9 Discuss Audit Nature and Understand Illustrate the use f Assigned reading: Graded
objectives, significance the need to assertion in Chapter homework on
Procedures, evaluate obtaining audit 22,23,24,25 of week#10
evidence and Audit audit evidence and textbook
documentations evidence evidence discuss the Interactive
gathered to procedures for Lecture
Audit support the obtaining audit Seatwork
procedure and conclusion evidence
techniques for
including test auditors Document the
of control and report evidence gathered
substantive to form logical
procedures Know how working papers
to evaluate
 Audit working audit Design and perform
papers evidence test of control and
gathered to substantive
support the procedures
conclusion
for Recommend
auditors improvements on
report internal control by
preparing a
Know how management letter
to evaluate
audit
evidence
for
sufficiency
and
appropriate
ness

Explain
what
factors
should be
considered
in
evaluating
the
sufficiency
and
appropriate
ness of
audit
evidence
gathered
10 Discuss Audit Basic audit Understand Choose and apply Assigned reading: Graded
Sampling sampling the nature the appropriate Chapter 14-21 of seatwork on
concepts and statistical sampling textbook week #11
purpose of and other selective Interactive lecture
Factors audit test procedures Seatwork
affecting sampling
sample design
Know the
Factors rationale
 affecting for audit
sample size sampling

Sample Distinguish
selection between
methods sampling
and non
Evaluation of sampling
sample results risk

Know the
nature of
non
statistical
and
statistical
sampling

Distinguish
between
attribute
and
variables
sampling
techniques

Enumerate
and explain
the factors
affecting
sample
design

Understand
the most
commonly
used
sample
selection
methods

Know the
basic
concepts of
how sample
results are
evaluated

Specify the
test of
controls
should be
performed

Describe
the steps in
the
application
of sampling
in test
controls

Use
attributes
sampling or
statistical
sampling in
test
controls

Understand
the use of
non
statistical
sampling in
test of
controls

Describe
substantive
procedures
and related
risk in
applying
substantive
test
Understand
the
variables
sampling
plan
techniques

Describe
the steps in
variables
sampling
for
substantive
test

Use
variables
sampling
plan(particu
larly the
probability
proportiona
l to Size
sampling
for
substantive
test

Understand
the
application
of classical
variables
sampling
methods.

Describe
the use of
non
statistical
sampling
for
 substantive
test

Discuss the Scope, Summarize Apply the steps in Assigned reading:

11 Completing of purpose and and explain the wrap-up Chapter 22,23 of Graded
the Audit/ post requirements brieftly the process to real life textbook seatwork
Audit in completing various situation and Seatwork Quiz on
responsibilities the audits issues that explain the week#12
the auditor rationale for doing
Post Audit considers in so
responsibilitie completing
s of an auditor his audit Enumerate and
examination explain the
such as elements of an
- Related audit report
party
transactio
ns
-
Subseque
nt events
review
- Letters of
inquiry/
review of
contingen
t liabilities
- Manageme
nt
represent
ations
- Analytical
procedure
s
- Evaluating
findings,
formulatin
 g an
opinion
and
drafting
the audit
report

Describe the
process of
reviewing
audit
working
papers

Understand
the post-
audit
responsibiliti
es of the
auditor as far
as follow are
concerned:

-subsequent
discovery of
facts existing
at report
date
Consideratio
n of omitted
procedures
after the
report date

-considered
of omitted
procedures
after the
report date
12 Discuss Reports The unmodified Describe the Prepare an Assigned reading: Graded
on Audited auditors report independent appropriate audit Chapter 24,25 of seatwork
Financial and its element auditors report based on the textbook Graded
Statements report information Interactive lecture homework
The different provided. Compare Seatwork Quiz on
types of Know the and contrasts an week#13
modified requirements unmodified opinion
auditors report relative to with the different
forming an types of modified
opinion on opinion.
the financial
an opinion on Evaluate an audit
the financial situation that has
statements gone wrong and
apply a solution
Know how to
deal with
supplementa
ry
information
presented
with the
financial
statements

Know how to
deal with
supplementa
ry
information
presented
with the
financial
statements
Procedures and Explain the Differentiate the Assigned Graded
13 Discuss Reports Reports on circumstance different tyes of reading: seatwork
on Audited special purpose s that would special reports with Chapter 24,25 Final exam
Financial audit require the standard audits of textbook on week#14
Statements engagements modifications Interactive lecture
of auditors Identify examples of Seatwork
report and special purpose
Procedure and the effect on audit engagements
reports on non the auditors and non audit
audit opinion engagements
engagements
Understand Apply the steps in
Procedures and with the form performing non
reports on non and content assurance
assurance of the engagements
engagements auditors
report when Synthesize coherent
the opinion standards pertaining
modified to related services
provided by a CPA
Know when
the emphasis Reflect on the
of matter application of
and other auditing to day to
paragraphs day activities
in the
independent
auditors
report are
used

Understand
the auditors
responsibiliti
es regarding
the
correspondin
g figures and
comparative
financial
statements

Know the
auditors
responsibility
in the
relation to
other
information
in the
documents
containing
 audited
financial
statements

14 FINAL EXAMINATION (Coverage: topics from week #8 to Week #13)

Basic 1. Cabrera, Ma. Elinita Balatbat., Auditing Theory (2016 Edition)
Readings

Extended
Readings
Course GRADING MIDTERM FINAL GRADE
Assessment SYSTEM: GRADE Midterm Grade 40%
Class Standing 30% Class Standing 15%
Quizzes 30% Quizzes 15%
Midterm Exam 40% Final Exam 30%
-------- --------
100% 100%
Course
Policies
Committee Cluster Leader:
Members Members:
Consultation Consultation Days:
Schedule Time and Venue :

Course Title 1nd trimester Prepared by Reviewed by Approved by:

AY 2017-2018 Jenny C. Co
Assurance Principles, January 30, 2017 Lemuel Mark V. Salon Dr. Arturo C. Caras VP-Academic&Student
Professional Ethics and College Dean Affairs
Good Governance