Audit and Information Technology

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May 4, 2011 ... Rittenberg, Johnstone, Gramling ©2010. Text website: http://www.cengage.com/ accounting/rittenberg. (choose the 7th edition). Please note the ...

Syllabus: Audit and Information Technology

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Southwestern University of Finance and Economics

Audit and Information Technology Summer 2011 Course Syllabus Instructor:

J. Christopher Westland, PhD CPA

Text.

Auditing: A Business Risk Approach, 7th Edition (+ ACL CD-ROM) Rittenberg, Johnstone, Gramling ©2010 Text website: http://www.cengage.com/accounting/rittenberg (choose the 7th edition) Please note the varied options for purchasing and renting this text

Course Description & Objective The role of information technology (IT) control and audit has become a critical mechanism for ensuring the integrity of information systems and the reporting of organizational finances to avoid and hopefully prevent the abuses that led to passage of landmark legislation in the USA such as the Foreign Corrupt Practices Act, and the Sarbanes-Oxley Act. Information and communications technology lie at the core of commerce today, and are integrated in business processes around the world. The need for information technology control and audit has never been greater, or more complex. This course is designed to meet the increasing need of audit professionals to understand information technology and the controls required to manage it. It provides a broad survey of IT audit, and develops the foundations for preparation for the Certified Information Systems Auditor (CISA) examination. Course emphasis will center on developments in the US and in International Standards on Auditing (ISA)

Evaluation The course material builds your skills cumulatively, and in consequence, it will be important for students to keep up with the material. Class participation is graded based on student participation in practicum and profile exercises. Students are expected to be prepared to discuss (i.e., to have read prior to class) all of the assigned material for that particular class. Each of these sets of material will have the following impact on final grade Examination

40%

Final Project

40%

Class Participation

20%

Good luck! I hope you find the course enlightening and enjoyable. Class Schedule Each class session will cover a particular topic in information technology control and audit. Approximately 50% of class time will be allocated to presentation of concepts and key points; the other 50% will be spent on practical analyses to get you to think about the process of information technology control and audit.

Syllabus: Audit and Information Technology

CHAPTER

1, 2

16

ACL Appendix

4

5

6

7, 8

10, 11, 12

9 Handout Handout Handout

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TOPICS & ASSIGNMENTS Introduction to IT Auditing: Course organization, motivation and pedagogy Topic: The Job of the Auditor Optional review/Multiple Choice Questions: Ch1 – 1-47. Review: Sections 101-104 of the Sarbanes-Oxley Act. Group assignments for Ford/Toyota group activity (read material prior to class and be prepared to interact with your group in class). Topic: Financial Reporting; Completing the Audit; Auditors’ Reports (pp. 774-795 only) Review: 36, 41, 41, 42. Review: To Do Items: Ford and Toyota group activity (read material prior to class and be prepared to interact with your group in class) Optional review/Multiple Choice Questions: 1-37 (only complete those applicable to the pages assigned for reading). Topic: Role and Uses of Computers in Accounting and Auditing Review: Read ACL Appendix in text To Do: Install ACL on your computer, and load and Optional review one or more of the practice datasets from the text website http://www.cengage.com/accounting/rittenberg (choose the 7th edition) Topic: Audit Decisions – Risk and Audit Planning Optional review/Multiple Choice Questions: 1-42. Review: 50, 51, 54. To Do Items: Ford and Toyota group Topic: Audit Decisions – Internal Control Optional review/Multiple Choice Questions: 1-38. Review: 39, 52, 62; And read and summarize in one single spaced page of text (max) sections 302 and 404 of the Sarbanes-Oxley Act. To Do Items: Ford and Toyota group activity Topic: Audit Decisions – Substantive Tests and the Integrated Audit Optional review/Multiple Choice Questions: 1-33. Review: Read and summarize in two single spaced pages of text (max) Auditing Standard No. 5 of the PCAOB (integrated audit of internal control). See www.pcaobus.org to download. To Do Items: Ford and Toyota group activity Topic: Audit Decisions – Evidence; Tools to Gather Audit Evidence Optional review/Multiple Choice Questions: 1-34. Review: 36, 40, 42, 42, 44; And read and summarize in two single spaced pages of text (max) Auditing Standard No. 3 of the PCAOB (audit documentation). See www.pcaobus.org to download Topic: Audit Software and Accounting Cycles Topic: Auditing Revenue and Related Accounts Optional review/Multiple Choice Questions: 1-53, 57, 63, 55, 66, 68, 70, and be prepared to discuss the questions in the Professional Judgment Case on pp. 467-468. MIDTERM EXAMINATION Topic: Computer Forensics ACL Workout #1 (handout) Topic: Audit Statistics, Sampling and Decisions ACL Workout #2 (handout) Topic: Audit Software and Applications ACL Workout #3 (handout) Topic: Reporting the results of computer auditing Group Presentations