Instructor: David R. Hancox, CIA, CGFM
Time: Monday 6:00pm – 8:50pm – Siena Hall
Office Hours: By Appointment – call 518-229-0869 during the day. Also, before each class if pre-arranged.
Contacting David R. Hancox:
Office Phone: 229-0869
This course will provide students with an in-depth understanding of the concepts associated with audits that go beyond the traditional financial audit. These audits have been described by various names such as: operational audits, program audits, management audits, and performance audits.
The initial focus will be on the theory of performance auditing, followed by an approach to auditing management activities. This will include audit planning, selecting audit targets, preparing audit programs, implementing the audit and communicating audit results.
The secondary focus will concentrate on the audit process of various management activities. The exact areas to be studied will depend on skills and professional interests of the students. Case studies will be used.
The course will cover the common body of knowledge needed by professional auditors. Typical areas include: accounting, finance, communications, computer systems, statistical and quantitative methods, the management process, ethics, field work, and report writing.
Specific, Assessable Learning Outcomes:
At the end of the course, students will be able to:
- Understand the theory of the performance audit process and its practical application.
- Understand internal control concepts as discussed in the Sarbanes-Oxley legislation.
- Prepare an audit plan and be able to implement it with audit programs.
- Effectively communicate audit findings verbally and in writing.
- Effectively work in teams.
Statement of Expectations:
Students are expected to take an active role in their learning experience and will be expected to have read the assigned material prior to class and to have prepared any written assignments.
Students should attend and actively participate in all classes. The amount they learn and the level of skill they develop will be depend on the amount of effort the student puts into the class.
Much of the learning will take place in the classroom. In addition, students should understand much learning takes place when they are working on the material outside of class, when they are reading, thinking critically, analyzing, and applying concepts and techniques to business world examples.
The concepts learned in this class will be useful to any students who expect to move into a management position in the business world.
|Session||Topic||Chapter Text||Class Notes|
|1||An Overview of Auditing||Chapter 1 - Introduction to Performance Auditing.|
Chapter 2 - Evolution of Performance Auditing
The Auditing Function
|Overview of Auditing|
|2||Communication Techniques||Chapter 6 - Reporting on the Audit||Communication: Tips On Writing & Oral Communication.|
|3||Audit Standards & Ethics||Government Audit Standards and The Standards for the Professional Practice of Internal Auditing and The IIA Code of Ethics||Auditing Standards and Ethics|
|4||Internal Controls||Chapter 3 - Internal Control Concepts ||Internal Control|
|5||Internal Controls (cont'd)||Chapter 4 - The Components of Internal Control ||Internal Control|
|6||The Audit Process - Developing an Audit Finding||Chapter 5 - The Audit Process - Performance Audit Techniques|
Internal Auditing Processes
|Developing Audit Findings|
|7||Performance Audit Techniques - Plans & Programs||Performance Audit Techniques - Plans & Programs|
|8||Performance Audit Techniques - Evidence & Workpapers ||Performance Audit Techniques - Evidence & Workpapers|
|9||Performance Audit Issue||Chapter 11 - Regulatory Inspection Program||Regulatory Inspection Programs - Case Study|
|10||Principles of Management & Dealing with People|
|11||Current Issues in Auditing||The Wall Street Journal|
|12||Case Study||Instructor||State Police Case Study|
|13||Case Study||Instructor||State Police Case Study|
|14||Case Study & Final Review||Instructor||State Police Case Study|
The course will consist of lectures by the instructor, analysis and discussion of case studies by the students, in-class presentations by students, and guest speakers in areas of current audit interest. In addition, the Internet will be integrated into the classroom activities.
- are expected to attend all classes,
- will not pass this class if more than three classes are missed,
- must come to class ready to participate in discussions of the assigned topics,
- should be ready to ask at least one question during each class period, and
will be asked to prepare presentations on audit-related topics and present it to the class.
- Periodic quizzes will be given. There will be no make-up quizzes. A final exam is required to pass the course.
This class meets one night a week for three hours. Much of the class is based on the knowledge and experience of the instructor. Missing more than three (3) classes will result in a failing grade (F).
Assignments and Grading:
Grades will be based on the following three items:
|ITEM||% of Grade|
The scale for final grades is:
A, B+, B, B-, C+, C, C-, D+, D, D-, F
90 and above A
87 to 89.9 = B+
83 to 86.9 = B
80 to 82.9 = B-
77 to 79.9 = C+
73 to 76.9 = C
70 to 72.9 = C-
67 to 69.9 = D+
63 to 66.9 = D
60 to 62.9 = D-
Below 60 = F
(Or in accordance with the latest college policy.)
- David R. Hancox & Martin Ives, Government Performance Audit in Action (Ives and Hancox), 2008 – Available 2. Electronically from the Authors – firstname.lastname@example.org
- Government Auditing Standards (U.S. General Accounting Office – 2007)
- Wall Street Journal – Student subscription available from the professor.
Other Reference Sources:
- Morgan and Raaum, Performance Auditing: A Measurement Approach, (The Institute of Internal Auditors – 2001)
- O’Reilly, Hirsch, Defliese, Jaenicke, Montgomery’s Auditing – 11th Edition (John Wiley & Sons – 1990)
- Ratliff, Wallace, et. al., Internal Auditing: Principles and Techniques (The Institute of Internal Auditors), 1996
- Mortimer Dittenhofer, Applying Government Auditing Standards (Matthew Bender & Company – 1990)
- Leo Herbert, Auditing the Performance of Management (Wadsworth, Inc. – 1979)
- Daniel G. Brathwaite, Comprehensive Auditing: A New Approach for Internal Auditors (D and J Publishing – 1988)
- Atkisson, Brink, Witt, Modern Internal Auditing – CPE Edition (John Wiley & Sons – 1986)
- Lawrence B. Sawyer, Sawyer’s Internal Auditing (The Institute of Internal Auditors – 1988)
- Ricketts, Sorkin, Quantitative Techniques For Internal Auditing (The Institute of Internal Auditors – 1983)
- Brink and Dittenhofer, Cases Studies in Internal Auditing (The Institute of Internal Auditors – 1986)
The concept of academic integrity lies at the very heart of any college. This is particularly true of Siena with its strong Franciscan tradition and its dedication to fostering sound moral growth. In such an environment, academic dishonesty cannot be tolerated. Students who commit such acts expose themselves to punishments as severe as dishonorable dismissal from the College.
Academic dishonesty can take different forms. These include-but are not limited to-cheating (dishonesty in a test situation), plagiarism (dishonesty in the presentation of materials in a paper or report), and computer abuse. In any situation in which a student is unsure of what constitutes academic dishonesty, it is the student’s responsibility to raise the question with his or her instructor. It is also the student’s responsibility to be familiar with the student guidelines on academic honesty, “Academic Integrity and the Siena Student.”
The Siena Committee on Academic Integrity hears cases of alleged academic dishonesty. This student/faculty committee reviews evidence for and against the accused. If the student is found guilty, the committee will determine the appropriate sanction(s), which may include failure of the course, suspension from the College, or permanent dismissal. A statement of the reasons for such sanctions will be placed in the student’s file.
Taken from the Siena Catalog
In other words – No cheating!
Intermediate Accounting II or permission of the Instructor
Institutional Mechanism for Providing Feedback for Continuous Quality Improvement
The professor will annually review the student assessment results and make appropriate changes to improve students’ mastery of the learning objectives. In addition, the professor will remain current through continuing education to assure the course concepts are current with the latest thinking of the accounting and auditing profession.
SIENA COLLEGE SCHOOL OF BUSINESS
The mission of the School of Business is to offer values oriented, intellectually stimulating educational programs that prepare students for business careers and continuing intellectual and professional development. The School of Business places paramount importance on teaching and learning in an atmosphere enriched by business collaboration, professional activity, and scholarship. This is accomplished by integrating the College’s liberal arts and Franciscan traditions with current business theory, skills, and practices.
The School of Business provides intellectually challenging educational programs in Accounting, Economics, Finance, Marketing and Management. Students are exposed to teaching strategies and modes of evaluation designed to emphasize active learning, collaborative activities, and critical and creative intellectual inquiry.
In support of the College’s liberal arts and Franciscan mission, the School of Business strives to empower its students to address the challenges of an ever-changing world and a diverse society. Study in the liberal arts serves to inculcate and nurture the importance of life-long learning in our students. The Franciscan values imparted to our students provide a moral compass for future behavior.
The School of Business requires students to master the fundamental knowledge and perspectives common to all business disciplines. Students are expected to develop the ability to define and synthesize, to form independent, well-reasoned judgments, and to understand and apply common business research methods and practice. Students will attain discipline specific knowledge through studies in their major field.
Teaching and learning are of paramount importance. The faculty should:
- offer students the opportunity to be known as individuals;
- use a wide variety of teaching and learning techniques and the diversity of skills necessary for critical and creative intellectual inquiry;
- challenge students to attain their best performance levels;
- utilize the curriculum to help students identify the ethical dimensions embedded in business decisions;
- provide opportunities throughout the curriculum for students to enhance written and oral communication skills;
- immerse students in a learning environment which blends current business theory and practice.
Student learning is enriched by faculty and student interaction with business, non-profit, and government enterprises through means such as international and domestic student internships, faculty externships, and business speaker series.
The School of Business is composed of a dedicated faculty of teachers who are accomplished classroom instructors, who provide a blend of theoretical and practical aspects of their discipline and who primarily engage in pedagogical and applied business activities and profession/community service on a regular basis.
School of Business faculty members believe teaching and scholarly activities are interrelated. Scholarly activity increases faculty effectiveness in the classroom by enabling faculty members to incorporate the latest business theories and practices in their teaching. In this light, the business faculty conducts research to enhance teaching, improve management practices, and contribute to the body of knowledge in various management disciplines.