De La Salle University

COLLEGE : RVR COB DEPARTMENT : Accountancy

COURSE CODE : MODAUD1 CREDIT : Three (3) units
FACULTY : Alger C. Tang, TYPE OF COURSE : Major Subject
Jerwin B. Tubay
CLASS DAYS MTWHFS ROOM :
AND CLASS TIME : 0730-1200 L309; L310
1300-1730 L310

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 LEARNING OUTCOMES (LO)

LASALLIAN GRADUATE On completion of the course, the student is
ATTRIBUTES (ELGA) 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.

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 REQUIRED OUTPUTS DUE DATE

A. LO1: Apply the knowledge of Complete proposed solutions to Day 1 to 9

auditing standards, problems and cases every meeting
techniques, procedures and (columnar notebook).
internal controls in the conduct
of audit of account balances
affected.

B. LO2: Prepare audit working Complete proposed solutions to Day 1 to 9

papers by applying auditing problems and cases every meeting
standards and principles (columnar notebook).
learned.

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RUBRIC FOR ASSESSMENT:

Columnar Notebook
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
96-100 91-95 86-90 81-85
Solution The student The student The student The student
content provides provides provides partly provides
(50%) correct substantially correct and mostly
solutions to correct solutions partly incorrect incorrect
problems and to problems and solutions to solutions to
cases. cases. problems and problems
cases. and cases.
Completeness The student The student The student The student
of solutions prepared prepared prepared did not
(50%) solutions to solutions to most solutions to prepare
all problems problems and some substantially
and cases cases before problems and solutions to
before reporting to cases before problems
reporting to class. reporting to and cases
class. class. before
reporting to
class.
RATING

OTHER REQUIREMENTS AND ASSESSMENTS:

Aside from the final outputs, the student will be assessed at other times during the term by the
following:
Quizzes
Comprehensive examination
Attendance
Class participation

GRADING SYSTEM:
GRADE POINT DESCRIPTION PERCENTAGE

4.0 Excellent 97-100

3.5 Superior 94-96
3.0 Very Good 91-93
2.5 Good 87-90
2.0 Satisfactory 83-86
1.5 Fair 77-82
1.0 Pass 70-76
0.0 Fail Below 70

The percentage equivalent shall be arrived at as follows:

BASIS FINAL
GRADE
Quiz 1 20%
Quiz 2 20%
Quiz 3 20%
Comprehensive Examination 20%
Class Standing
Columnar notebook 10%
Attendance 5%
Class participation 5%
Total 100%

Course grade requirement is at least 83%.

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 LEARNING PLAN:

LEARNING UNIT TOPICS WEEK NO. OF REF LEARNING

OUTCOMES NO. HOURS ACTIVITIES

Orientation 1 0.5
LO1, LO2, 1 ANALYSIS AND CORRECTION OF
ERRORS
1.1 Prior period errors 1 2.5 Handouts Lecture,
1.2 Counterbalancing and non- (PAS 8) Discussion,
counterbalancing errors and
1.3 Working paper for correction Exercises
of errors

LO1, LO2 2 AUDIT OF CASH AND CASH

TRANSACTIONS
2.1 Specific audit objectives, audit 1 6.0 (Ch6) Lecture,
procedures, and internal Louwers Discussion,
control for cash on hand and Handouts and
in banks (PAS 7; PSA Exercises
2.2 Analysis and classification of 230, 240,
cash balances 505; PAPS
2.3 Cash counts 1000)
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 1 2.0
LO1, LO2 3 AUDIT OF RECEIVABLES,
RELATED REVENUES AND
CREDIT LOSSES
3.1 Specific audit objectives, audit 1 6.0 (Ch7) Lecture,
procedures and internal Louwers Discussion,
control for receivables Handouts and
3.2 Analysis of current receivables (PAS 32, 39; Exercises
3.3 Analysis of non-current PFRS 7, 9;
receivables PSA 230,
3.4 Impairment of receivables 240, 505,
3.5 Audit working papers 550)

LO1, LO2 4 AUDIT OF INVENTORIES

4.1 Specific audit objectives, audit 1/2 4.5 (Chs 8, 9) Lecture,
procedures and internal Louwers Discussion,
control measures for Handouts and
inventories (PAS 2; PSA Exercises
4.2 Test of existence and 230, 240)
ownership
4.3 Test of accuracy and proper
valuation
4.4 Ratio analysis and gross profit
test
4.5 Audit working papers

QUIZ 2 2 2.0
LO1, LO2 5 AUDIT OF BIOLOGICAL ASSETS
AND AGRICULTURAL PRODUCE
5.1 Specific audit objectives, audit 2 3.0 Handouts Lecture,
procedures and internal PAS 41, 16, Discussion,
control measures for biological 2; PSA 230) and
assets and agricultural Exercises

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LEARNING UNIT TOPICS WEEK NO. OF REF LEARNING
OUTCOMES NO. HOURS ACTIVITIES
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

LO1, LO2 6 AUDIT OF INVESTMENTS,

HEDGING INSTRUMENTS AND
RELATED REVENUES
6.1 Specific audit objectives, audit 2 6.0 (Ch10) Lecture,
procedures, and internal Louwers Discussion,
control for investments, Handouts and
hedging instruments, and (PAS 28, 32, Exercises
related revenues 39, PFRS 7,
6.2 Test of existence and 9; PSA 230,
ownership 240, 505,
6.3 Test of proper valuation 550; PAPS
6.4 Analysis of investments and 1012)
hedging instruments
6.5 Audit working papers

QUIZ 3 2 2.0
LO1, LO2 7 AUDIT OF PROPERTY, PLANT
AND EQUIPMENT AND RELATED
VALUATION ACCOUNTS
7.1 Specific audit objectives, audit 2 4.5 (Ch8) Lecture,
procedures, and internal Louwers Discussion,
control for property, plant, and Handouts and
equipment and related (PAS 16, 36, Exercises
valuation accounts 23, 20;
7.2 Test of existence and PIC Q&A
ownership 2012-02;
7.3 Test of accuracy and proper PSA 230,
valuation (construction, 240)
acquisition, depreciation,
revaluation, and impairment)
7.4 Audit working papers

COMPREHENSIVE EXAM 2 3.0

TOTAL HOURS 42.0

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REQUIRED TEXT AND REFERENCE MATERIALS:

Required textbook

Louwers, Timothy J.; Ramsay, Robert J.; Sinason, David H.; Strawser, Jerry R. and
Thibodeau, Jay C. (2015). Auditing & Assurance Services. 6th Edition, McGraw-Hill

References

1. Whittington, O. Ray; Pany, Kurt. Principles of Auditing & Other Assurance Services. 20th
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 Financial Reporting Standards (PFRS)
8. Philippine Accounting Standards (PAS)
9. Interpretations (IFRIC, SIC, IC, PIC)

Websites

1. www.mhhe.com/louwers6e
2. http://www.aasc.org.ph
3. www.ifrs.org
4. www.iaasb.org

Auditing and Assurance Committee

May 2017

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