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Suggestions for integrating Real Audit™ in your syllabus:
| CLASS CHAPTER SUBJECT (Real Audit™ class activities in red) | ASSIGNMENTS (Real Audit™ assignments in red) |
|---|---|
| W 1/17 1 The Importance of Auditing | Read Ch 1, Do Q1, 12,14 and the Profession |
| M 1/22 1 | Prep questions (Q) for class discussion (CD) Q2-5,8-19,20-21,24-30,32,40 Prep prob 47,57 |
| W 1/24 2 Governance, Oversight, and Professional Standards | Read Ch 2 and prep Q for CD Q1-6,7-14,15-26,27-32,33-34 Prep prob 57 |
| M 1/29 2 Real Audit™ - ask your students what they would expect to see in an audit program for planning. You can then verify what they said, by starting up the simulation and showing them how to log in using one's account and password. Then, skip through the introduction, close out of the game tutorial, introduce yourself to the receptionist and get to your virtual desk (or Esc to skip the receptionist). From there you can open the audit program and review the planning steps with them. (You can also click the checkboxes and show them how the audit program work | Q35-38 Prep probs 58,59 |
| W 1/31 3 Ethics: for the Profession | Read Ch 3 and prep Q 1-20 for CD Prep probs 38,40,32,39 |
| M 2/5 4 Business Risk (ERM), Engagement Risk (SOFT), and Audit Risk (AR) | Read Ch 4 and prep Q for CD Q1-10 Prep probs 52.53 |
| W 2/7 4 Real Audit™ - When they come back to class, ask them: who is the client?, what do they do? where are they? are they large or small? private or publc? Are there any enterprise risks they need to be aware of? economc? technological? competitive? etc. | Q11-20 Prep prob 56 Q21-29 Prep prob 57Real Audit™ - ask your students to log in with their accounts and then get to know the client by inspecting the permanent file. To do that, they need to get the initial instructions from the audit manager, do the game tutorial, and find their virtual desk (with some help from the receptionist). |
| M 2/12 4 Risk & Analytical Procedures Real Audit - ask students to explain their assessment of engagement risk and whether they should accept/continue with the client | Q30-38 Do probs 41 Real Audit™ - Do planning steps 1.a-c. check off audit program & save game Should you accept/continue this client? |
| W 2/14 Exam #1 on Ch 1, 2, 3, and 4 | |
| M 2/19 5 Internal Control over Financial Reporting | Read Ch 5 and prep Q for CD Q1-10,13,18, 21-25 Prep probs 52,57,66,56 |
| W 2/21 5 | Prep probs 59,58,68 Real Audit™ - Planning steps 3 CE and 4 - strategy |
| M 2/26 5 | Real Audit™ - Evaluate internal control design and implementation |
| W 2/28 7 Audit Evidence: Direct Testing and Audit Programs | Read Ch 7 and prep Q for CD Q1-25 Prep prob 38 Real Audit™ - Planning step 5 Turn in planning memo and findings print-out (from your account only) |
| W 3/7 Spring Vacation - no classes | |
| M 3/12 7 | Prep probs 37,45,38,46 |
| W 3/14 8 Auditing for Fraud | Read Ch 8 and prep Q for CD Q1-28, 33, 34 Prep probs 46,51 |
| M 3/19 10 Auditing Revenue and Related Accounts | Read ch 10 and prep Q for CD Q ? Prep probs 73 imp,70,79 Real Audit™ - AR program step 1 (consult your group, if necessary) |
| W 3/21 10 | Do prob 60, 63(1,2 only) Substantive Testing of AR Real Audit™ - AR prog steps 2, 3, & 4 - finish AR w/ Controller |
| M 3/26 Exam #2 on Ch 5, 7, 8, 10 | |
| W 3/28 9 Audit Sampling | Read Ch 9 to pg. 354 Do Q1-11, 12-13 Prep prob 33 |
| M 4/2 9 Review Exam 2 | Prep probs 34,35,37,39 |
| W 4/4 13 Auditing Fixed Assets | Read Ch 13 and Prep Q Q1-4,6,7,8,10-14,17-21 Prep prob 36 Real Audit™ - begin fixed assets |
| M 4/8 Easter Weekend: Thursday 4/5 - Monday 4/9 | |
| W 4/11 13 | Prep prob 13-32 Real Audit™ - finish fixed assets and team report to audit committee |
| M 4/16 16 Communicating Results: Audits, Compilations and Reviews | Read Ch 16 and prep Q for CD Q1-14,18,20 Prep prob 50 |
| W 4/18 16 | Prep prob 41, 42(1,3,4,6), 47 |
| M 4/23 Roleplay Real Audit™ meeting
with Audit Committee (Your responsibilities, findings, and other important matters 12 min./ related Q&A 5 min.) |
Each group should bring diskettes or flash drives w/ .ppt slides (3-5 max) and one printout of slides for group. Everyone turn in your individual findings and FA wp's explaining each finding before any groups present (LPA) |
| W 4/25 17 Professional Liability and Responsibilities | Read Ch 17 and prep Q for CD Q 2,3,5-11,14,15 Prep probs 45,52,46 |
| M 4/30 15 Completing the Audit | Read ch 15 and prep Q for CD Q1-19 Prep probs 40,42 |
| W 5/2 15 | Prep prob 36, 39 |
| M 5/9 Final Exam on all material |
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