Study of environment, principle and practices of financial statement audit. Topics include Generally Accepted Auditing Standards (GAAS), Sarbanes-Oxley Act 2002 regulatory requirements, internal controls and audit risk; audit planning, procedures, evidence, documentation and reports.

Accounting 51A and 51B

Christopher Kwak, CPA, CFE*, CFF*:

Licensed CPA in the state of California with over 20 years of industry experience in major firms such as Hewlett Packard (HP), PriceWaterhouseCoopers, and Chevron USA, specializing in cost management, financial reporting, mergers & acquisitions, and forensic accounting. Chris Kwak has held many positions at HP including Senior Corporate Internal Auditor, Senior Financial Analyst, and Business Control Manager (Division Controller level). He also worked as a Senior Associate and a manager at PriceWaterhouseCoopers (formerly Coopers & Lybrand), one of the Big Four (Final Four for now) international accounting/consulting firms, specializing in Mergers & Acquisitions, Financial Reporting, Business Litigation and Investigation services, and Start-up and Emerging business advisory services.

Current academic postings & professional affiliations:

Full-time faculty member at De Anza College Business-CS Division.

Adjunct Professor of Accountancy at Santa Clara University Leavy School of Business, Graduate School MBA program

Adjunct Professor of Accountancy at S.F. Golden Gate University.

Adjunct Professor of Accountancy at Saint Mary's College of California.

A CPA member, American Institute of Certified Public Accountants (AICPA).

A CFF member, AICPA, Certified in Financial Forensic (CFF).

A CFE member, Association of Certified Fraud Examiner (ACFE).

*CFE, Certified Fraud Examiners, a license issued by ACFE (International Association of Certified Fraud Examiners, World Headquarters in Austin Texas) *CFF, Certified Financial Forensics, a license issued by AICPA (American Institute of Certified Public Accountants, national headquarters in New York City)

Chris Kwak wants to be one of your learning partners in your active learning process and would like to encourage you be a passionate, life-long learner.

Phone: 408-864-5727 (Voicemail)

Email: kwakchris@deanza.edu

Office Location: Forum 5B

Office Hours: Online/By appointment/Email instructor

The two primary objectives of this introductory course are:
1. To introduce students to the basic concepts underlying auditing and assurance services.
2. To demonstrate how to apply those concepts to audit and assurance services, with primary focus on understanding the Big Three Concepts - Risk, Materiality, and Evidential matter - that underlie the audit/assurance process.

Required:

Auditing and Assurance Services, 3e, Louwers, McGraw-Hill/Irwin, 2008

Access to the Internet is a must for up-to-date course learning materials and learning activities.

This is an online course. You will need reliable access to the Internet and an email account.

COURSE DESCRIPTION

Introductory level of Financial Audit encompasses many principles and procedures used to gather evidence to support the opinion expressed in the "Auditor's Report." This introductory course covers the basic concepts involved with various types of audits with emphasis on the application of auditing standards and techniques used in Statutory Audits, Procedural Audits and Operational (Internal) Auditing with references to special areas of auditing such as Information Systems, government auditing, etc.

Witnessing recent corporate malfeasances and financial reporting obfuscation events in our nation lately, we all know now that accounting is too important to managers, organizations, and societies to be left to accountants alone. Accounting information is often a basis for decisions. Accounting reports are often the basis on which the effectiveness of stewardship decisions and actions are evaluated.

Statement on Academic Integrity:
It goes without saying that academic integrity is expected from each student. As such, if there is a reasonable basis for concluding that a violation of academic integrity has taken place; all suspected parties would be awarded a course grade of F, with a letter to the Dean explaining why this grade was awarded. It will be up to the students involved to convince the instructor that the violation did not take place. (Refer to DeAnza College catalog and class schedule.)

Assessment of Student Achievement:

Chapter topic discussions (cases and questions): possible points: 120
Chapter assigned exercises/problems: points: 120
Online assessment quizzes: points: 120
Online Midterm Exam: points: 120
Online Final Exam: points: 120


Total 600



In a learning environment, everyone becomes a teacher and everyone becomes a student. Learning is your personal responsibility. The instructor is a mentor, facilitator, and coach in your active and unique learning process. (Sage on stage vs. Guide on the side)


Course Admission and Withdrawal:
Please register for this course through De Anza College. All students must register and pay all fees within the specified days by college Admission Office; otherwise student would be dropped from the course by the Admission Office automatically. Registering via PageOut only allows you to sign up to take quizzes, exams, and participate in discussions for the course. Registering only for a PageOut account does not make you a registered student in the course. You must register for this course through the college and then setup a PageOut account with your user name and own password in PageOut site.

It is your responsibility to withdraw from the course; otherwise the appropriate grade will be assigned at the end of the term. Please notify your instructor if you drop the course so that he can delete your PageOut account. Failure to notify the instructor could possibly result in receiving an F in the course.

A= 90%
B= 80%
C= 70%
D= 60%
F= Below 60%

Note:

End-of-chapter homework assignments and all case analyses will be posted by chapter at the "Course Content/Course Sessions" area in our instructional web site.

Thorough chapter reading should be completed prior to case analysis, assigned questions, papers, and homework attempts.

Instructor's lecture notes, chapter outlines, power point slides, mini-cases, relevant real-world examples, news articles, and other study aid materials will be available at the "Course Session" area by chapter and by topic.

Following schedule is subject to change and may be adjusted to reflect student learning and class progress.



Week 1:
Course Introduction and online discussions begin.
(All Students must complete the required online orientation through Distance Learning Center of De Anza.) Also, students must be registered at the PageOut instructional site-(go to the Student Registration tab) by the first day of the term.

Chapter 1: Introduction to Auditing and Assurance Services

Week 2:
Chapter 2: Professional Standards

Week 3:
Chapter 3: Management Fraud and Audit Risk

Week 4:
Chapter 4: Engagement Planning

Week 5:
Review Mini cases and Chapters 1 to 4

Week 6:
Midterm Exam (covering Ch.1-4) Date will be announced and posted at the course website well in advance of the exam date.

Week 7: Chapter 5: Internal Control Evaluation

Week 8: Chapter 6: Employee Fraud and the Audit of Cash

Week 9: Chapter 7: Revenue and Collection Cycle

Week 10: Chapter 11: Completing the Audit

Week 11: Review Mini cases and Chapters 5, 6, 7, and 11.

Week 12:
Final Exam (covering Ch. 5, 6, 7, 11) date will be announced and posted at the course website well in advance of the final exam date.


Important Note: Daily chapter reading, daily log-in to our instructional web site, and doing homework questions on a daily basis (at least Monday thru Friday) are essential and required in order for you to have adequate level of learning covering all 8 chapters in this intense 12-week course period structure. The average student workload is minimum 2 to 3 hours of work outside of class for every credit hour of coursework on a weekly basis (10 to 15 hours per week for a 5 credit unit course).


*Optional Course Meeting Schedule during the term:

Meetings for ACCT-058.-62Z with Christopher Kwak

1. 10/9/09; 5:00-7:00 PM; ADMIN-103; Lecture/tutorial
2. 10/30/09; 5:00-7:00 PM; ADMIN-103; Lecture/tutorial
3. 11/20/09; 5:00-7:00 PM; ADMIN-103; Lecture/tutorial

*Note about optional course meetings: The above three class sessions are intended to support and enhance understanding of study subject matter. Students are not required to attend the above three course meetings during the term. However, it is highly recommended.

Course site (PageOut site) Student Account Registration: http://kwakchris.pageout.net
1. Go to Student Registration, click on Create New Account. You will be asked for a username and student ID. (Do Not Use Your SSN; use your De Anza student ID).
2. Next login with your created username and password (hope you would remember it).
3. Please become familiar with course web site areas, especially course content area.
4. Bookmark this course site (PageOut site) so that you can go directly to the site throughout the quarter.

I hope you will greatly benefit from this course. If I can be of assistance during the term, please contact me. Have an enjoyable and successful term.

Professor Kwak.

Policy on Copying and Cheating:Students who submit the work of others as their own or cheat on exams or other assignments will receive a failing grade in the course and will be reported to college authorities.

Phone: 408-864-8455
http://books.fhda.edu/fhda/

De Anza College Library Services are available for all students and faculty, both on and off campus. Please consult the library website for a complete description of the library services and hours:

De Anza College Library: http://www.deanza.edu/library/

Services of particular interest to off campus students include:

• Access to the Library Catalog which includes books, DVDs, and course reserves. Here is a link to the library catalog:
  Library Catalog: http://library.deanza.edu/uhtbin/webcat
• Article Databases and Research Databases The library subscribes to several electronic databases which provide access to thousands of full-text journals, newspapers, and magazine articles. Research databases include: LEXIS NEXIS Academic, Encyclopedia Britannica Online and a Practice Test Database which contains Nursing Exams, TOEFL Preparation, College Entrance Exams, and many more.

To use the article or research databases from an off campus computer, log in with your 14 digit library number or eight digit student id number. These instructions are repeated on the first page of the library website along with descriptions of all the online resources provided.