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Enterprise Hall 4400 University Drive, MS 1B1
Fairfax, Virginia 22030
Phone: (703) 993-1880
Fax: (703) 993-1867
Assurance and Audit Services – ACCT 461
(This Syllabus is tentative and subject to change.)
Instructor:
George Mason Email:
Course Website:
Class Meeting Times & Location:
Recitation Meeting Times:
Office Hours:
Office Location:
Required Text: Louwers, Blay, Sinason, Strawser, and Thibodeau, Auditing and Assurance Services (McGraw-Hill). * McGraw-Hill Connect is a requirement in this course
Website: https://info.canvas.gmu.edu/ (Canvas)
Course Description
This course examines the foundations of audit and assurance services. The material in the course covers most topics of the auditing section of the CPA exam.
Course Objectives
After completing this course, students should be able to:
- Explain the nature of auditing and other assurance services provided by CPAs.
- Differentiate between various types of audit reports/opinions and select proper ones to be issued for specific circumstances.
- Describe regulatory environment, ethical requirements and legal liabilities related to assurance services.
- Explain the various stages of an audit process, beginning with accepting clients and ending in issuance of audit reports.
- Associate assessment of various risks with further audit procedures.
- Explain the different types of procedures and evidence used in engagements and their relationship to various management assertions.
- Use data analytics skills to evaluate the conformity of financial statements with appropriate accounting/auditing standards.
Teaching Philosophy
In this course students will have the opportunity to develop skills that will benefit them during their career, whether students enter public accounting or not. Learning the principles and concepts of the course is far superior to memorizing material for an exam. I draw extensively on my accounting and auditing experiences to illuminate material from the text. Class lectures and assignments will help students learn the concepts, but students are ultimately responsible for their grade in this class. Students will need to work hard to master (not just understand) the key concepts in this course so they can enjoy the benefits well after graduation.
Technology Requirements
Costello Undergraduate Laptop Requirements
Activities and assignments in this course will regularly use the Canvas learning system. Windows 11 is required. Windows 10 may be used to connect to the George Mason network only until its end-of-life date, October 2025. Mac users are required to install a virtual machine (VM) to run Windows applications that are not available in the Patriot Virtual Computing & Lab (PVCL). Mac users must install and configure a Windows virtual machine (VM) to run required software for business courses. Some Windows-only applications are not available through the Patriot Virtual Computing & Lab (PVCL). Running a VM may impact laptop performance. More details here.
LockDown Browser and Video Proctoring
This course also requires the use of a lockdown Browser and a webcam, in addition to a computer, for online quizzes and exams. The webcam can be built into students’ computer (internal webcam) or can be the type of webcam that plugs in with a USB cable (external webcam).
1. For Weekly Quizzes: Proctorio on Connect
All quizzes in this course must be administered on Connect with the Proctorio lockdown browser and a webcam activated. Students will need to use Google Chrome browser to take the quiz, after adding a small extension to Chrome.
To install Chrome on a computer, go here: https://www.google.com/intl/en/chrome/browser/
To install Proctorio Chrome Extension, go here: https://getproctorio.com/
2. For Midterm and Final Exams: Respondus on Blackboard
Watch this short video to get a basic understanding of Respondus LockDown Browser and Monitor feature. Students will be required to complete an exercise using the LockDown Browser before the midterm exam.
Accounting Knowledge
The process of auditing involves identifying errors. In order to identify an error, students must know the correcting accounting for a given situation. I will assume students know basic financial and managerial accounting, and exams will consist of journal entries and problems from these areas.
Writing Intensive in the Major
This course fulfills the Writing Intensive requirement in the accounting major. Students will write a minimum of 3,500 words in this class. The writing grader and I will provide detailed feedback on each writing assignment a student submitted. One of the assignments will undergo a draft/feedback/revision process. A writing grader and I will provide feedback on the first submission of a completed writing project, and students will revise their writing project before submitting the final version.
Course Evaluation
Grades for ACCT 461 will be assigned according to the following weights:
(As this is a 3-credit online course, you should expect to work 7-10 hours per week for this course)
| Exams | 40% |
| Midterm Exam (100 pts) | 20% |
| Final Exam (100 pts) | 20% |
| Quizzes (10 in total) (100 pts) | 20% |
| Homework Assignment (100 pts) | 20% |
| Writing Assignment (2 in total) (75 pts) | 15% |
| Connect 'SmartBook' Self-Study (15 pts) | 3% |
| Professionalism (10 pts) | 2% |
| Total (500 pts) | 100% |
Grading
Letter grades and grade points will be given on the standard grading scale: A (90 – 100%), B+ (87 – 89%), B (80 – 86%), C+ (77 – 79%), C (70 – 76%), D (60 – 69%), and F (Below 60%). Students need to earn a grade of “C” or higher in the course in order to pass.
I do NOT offer extra credit opportunities to individual students. All students are given access to the same graded assignments during the course of the semester. Further, I will not respond to requests for extra credit work after the semester ends and final grades have been assigned.
Exams
Exams will cover information discussed in class and content in the books and will be challenging. Exams will be delivered online, but must be taken at the time scheduled in advance. Due to increase in honor code violations, this course will not allow students to backtrack the questions (This is also similar to how the CPA exam is administered).
Students must achieve a weighted average of 50% on the exams to receive a grade of “C” or higher. I will calculate the weighted average as provided below and will post each students weighted average on Blackboard at the end of the semester:
(Midterm Exam + Final Exam) / 2 = Weighted exam average
Students will be permitted to make up examinations missed because of illness, mandatory religious obligations, or other unavoidable circumstances, on the condition that students provide the instructor proper documentation (e.g. doctor’s note). The makeup exam should be scheduled to be within 3 days before or after the originally-scheduled exam date.
If a student misses the midterm exam and cannot even take a make-up midterm exam for any reason, their final exam will decide 40%, instead of 20%, of the total grade. This is a rule for the missed midterm exam only.
Quizzes (via Connect):
Expect a 12-minute quiz on McGraw-Hill Connect most weekends (Saturday-Sunday) of the weeks in which we do not have holidays or exams. Quizzes can cover any material from assigned readings or class notes for the week. The goal of these quizzes is to test students’ understanding of the materials we discuss in class so that they can better prepare for the future exams. There are no make-up quizzes, but two quizzes with the lowest scores will be dropped at the end of the semester.
Writing Assignments
Students will receive a detailed instruction of each writing assignment three to four weeks prior to the due dates. To ensure every student does original work, these assignments must be submitted online through Canvas using SafeAssign.
Homework Assignments
Weekly assignments that students will be required to submit include:
- 1-2 page write-ups or class discussion on the topics relevant to concepts covered in class.
- Exercise problems
- Data analysis software exercises.
- Substantive procedures exercises.
- Cases related to textbook materials (done individually or in groups2 ).
Late submissions of deliverables carry a penalty of 10% for each day of delay. I reserve the right to grant or deny exceptions and/or extensions and may require acceptable documentation.
Group assignment: To assess the nature and extent of work contributed by each member of a group, every student will complete a peer evaluation form to grade their group members’ participation in each group assignment. This result could influence the assignment grade for each group member.
SmartBook Self-Study (via Connect):
SmartBook offers self-study tools (annotations on textbook materials, practice questions, etc.) that will help students prepare for upcoming quizzes and exams. Students will obtain 1 point on each chapter for ‘50% or higher’ completion of SmartBook in the week the chapter is covered.
Professionalism
The (virtual) classroom should be an environment of mutual respect. Different points-of-view and opinions should be addressed in a respectful manner in class discussions. Students are expected to always communicate with the instructor and university personnel in a respectful and professional manner (e.g., no overly casual or dismissive tone in e-mail communications). You will lose a portion of your final grade, at the instructor’s discretion, if you engage in behaviors that are deemed unprofessional.
Costello College of Business Standards of Behavior
The mission of the Costello College of Business at George Mason University is to create and deliver 5 high-quality educational programs and research. Students, faculty, staff, and alumni who participate in these educational programs contribute to the well-being of society. High-quality educational programs require an environment of trust and mutual respect, free expression and inquiry, and a commitment to truth, excellence, and lifelong learning. Students, program participants, faculty, staff, and alumni accept these principles when they join the Costello College of Business community. In doing so, they agree to abide by the following standards of behavior:
- Respect for the rights, differences, and dignity of others
- Honesty and integrity in dealing with all members of the community
- Accountability for personal behavior
Integrity is an essential ingredient of a successful learning community. Ethical standards of behavior help promote a safe and productive community environment, and ensure every member the opportunity to pursue excellence. The Costello College of Business can and should be a living model of these behavioral standards. To this end, community members have a personal responsibility to integrate these standards into every aspect of their experience at the Costello College of Business. Through our personal commitment to these Community Standards of Behavior, we can create an environment in which all can achieve their full potential.
Academic Dishonesty
The accounting profession is based on the foundation of sound honest and ethical principles. Cheating of any sort will not be tolerated. Even small acts of dishonesty will be fully punished. Students caught cheating will be reported to the Office of Academic Integrity. Please refer to supplementary ‘Academic Integrity and Student Expectations’ form provided for this course. This form must be properly initialed and signed before students are allowed to submit homework or take exams.
The Costello College of Business faculty has established agreed upon sanctions for various academic integrity violations. I plan to strictly follow these recommendations.
Copyright
Any audio or visual recording of lectures, reuse or remix of course materials, or further dissemination of course content is not permitted without prior written consent from me and George Mason University unless the recording is part of an approved accommodation plan.
Disclaimer
Any changes to assignments or course schedule will be announced on Blackboard and/or via e-mail. Inability to access the course webpage or failure to read e-mails cannot be an excuse for late submissions or non-completion of assignments.
Student Accommodations and Diversity
Students with Disabilities
Students with disabilities who require special accommodation should contact the Student Disability Resource Center (http://www.gmu.edu/student/drc/ or (703) 993-2474) and should inform me of their needs so it can be taken into consideration. All academic accommodations must be arranged through the DRC. Please take care of this during the first week of the module. Mason offers counseling and psychological services that can provide assistance if students find themselves overwhelmed by life and/or want training in academic or life skills.
Diversity
George Mason University promotes a living and learning environment for outstanding growth and productivity among its students, faculty and staff. Through its curriculum, programs, policies, procedures, services and resources, Mason strives to maintain a quality environment for work, study and personal growth. These goals apply to online learning at George Mason University equally as it does to classroom learning.
An emphasis upon diversity and inclusion throughout the campus community is essential to achieve these goals. Diversity is broadly defined to include such characteristics as, but not limited to, race, ethnicity, gender, religion, age, disability, and sexual orientation. Diversity also entails different viewpoints, philosophies, and perspectives. Attention to these aspects of diversity will help promote a culture of inclusion and belonging, and an environment where diverse opinions, backgrounds and practices have the opportunity to be voiced, heard and respected.
Gender identity and Pronouns Use
If you wish, please share your name and gender pronouns with me and how best to address you in class and via email. I use she/her/hers for myself.
Sexual Harassment and Misconduct (Title IX)
As a faculty member, I am designated as a “Responsible Employee,” and must report all disclosures of sexual assault, interpersonal violence, and stalking to Mason’s Title IX Coordinator per University Policy 1202. If you wish to speak with someone confidentially, please contact the Student Support and Advocacy Center ((703) 380- 1434) or Counseling and Psychological Services ((703) 993-2380). You may also seek assistance from George Mason’s Title IX Coordinator ((703) 993-8730; titleix@gmu.edu).
Privacy
Mason Student privacy is governed by the Family Educational Rights and Privacy Act (FERPA) and is an essential aspect of this course. Students must use their MasonLive email account to receive important University information, including communications related to this class. I will not respond to messages sent from or send messages to a non-Mason email address.
Privacy Related to Video Recordings
All course materials posted to Canvas or other course site are private to this class; by federal law, any materials that identify specific students (via their name, voice, or image) must not be shared with anyone not enrolled in this class.
- Videorecordings — whether made by instructors or students — of class meetings that include audio, visual, or textual information from other students are private and must not be shared outside the class
- Live video conference meetings (e.g. Collaborate or Zoom) that include audio, textual, or visual information from other students must be viewed privately and not shared with others in your household or recorded and shared outside the class
ACCT 461 – Frequently Asked Questions
What do students need to do to pass this course?
Success in the business world is based on outcomes, and this class is designed to help students succeed in the “real world.” This class is difficult, and there are no shortcuts to earning a passing grade. Studying for this course outside of the classroom is a necessary (but not sufficient) condition to earn a “C” grade or higher. Remember that final grades are assigned based on competency and not effort.
What information will be on the exams?
Exams will cover material from class lectures, the textbook, and homework assignments. Please be aware that many exam questions will be conceptual in nature. Students must apply their knowledge of concepts discussed in class to various types of exam questions. Students who master the concepts do very well on the exams, but students who simply memorize definitions usually struggle.
What is the penalty for cheating in this course?
Cheating penalties range from failing the course up to permanent expulsion from George Mason.
If I’m not happy with the grade that I’ve earned at the end of the course, will I be able to complete additional extra credit assignments to improve my grade?
No. I do NOT offer individual students extra credit that is not indicated in the syllabus. Your grade will be assigned based on your performance on assignments available to the entire class
If a student has a family emergency, can they make up the quiz?
No. I do NOT provide the opportunity to make-up missed quizzes; they are only available during the allotted time. Several quizzes may be dropped at the end of the semester, so students who miss only one quiz due to an illness or family emergency need not worry.
How do students and the professor communicate in this course?
Please e-mail the professor with administrative questions, but do NOT send class-wide e-mails via Canvas. Remember to maintain a professional tone in all communications.
| (Example) Course Schedule | |||
|---|---|---|---|
| Weeks | Lessons | To-Do | Note |
| Week 1 | Lesson 1: Introduction to Auditing and Assurance Services |
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| Week 2 | Lesson 2: Professional Standards |
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| Week 3 | Lesson 3: Professional Ethics |
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| Week 4 | Lesson 4: Legal Liability |
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| Week 5 | Lesson 5: Engagement Planning |
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| Week 6 | Lesson 6: Management Fraud and Audit Risk |
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| Week 7 | Lesson 7: Risk Assessment: Internal Control Evaluation |
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| Week 8 | Lesson 8: Midterm Exam |
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As Week 9-12 have group assignments, you will get assigned to a group this week. Get acquainted with group members and start making plans. |
| Week 9 | Lesson 9: Employee Fraud and the Audit of Cash |
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| Week 10 | Lesson 10: Revenue and Collection Cycle |
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| Week 11 | Lesson 11: Acquisition and Expenditure Cycle |
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| Week 12 | Lesson 12: Production Cycle |
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| Week 13 | Lesson 13: Auditing Accounting Estimates & Completing the Audit |
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| Week 14 | Lesson 14: Reports on Audited Financial Statements |
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| Final Exam |
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- Acronyms: LGR – Let’s Get Real; GHD – Get Your Hands Dirty; IDEA – Interactive Data Extraction and Analysis – data analytics software, Deep Dive (DD)
- Detailed instructions for the assignments will be posted to Blackboard in the beginning of each week.
- The instructor reserves the right to make changes to this schedule and syllabus with appropriate announcements in class and on Blackboard.
Assignments
- Students may discuss the writing assignments with classmates. Feel free to bounce ideas off each other and brainstorm possible solutions. Brainstorming and collaboration become cheating when students execute individual assignments together.
- Students must submit their own original work.
- Plagiarism is defined as using another individual’s ideas or words without attribution or credit. It also includes using one’s own prior work that has been submitted for credit or published in another venue as a new submission without citation. Using the ideas of others without proper attribution or citation is unethical and a violation of the Honor Code.
- Cheating encompasses the unauthorized use of, access to, or provision of academic work in an attempt to misrepresent a student’s actual efforts. This includes, but is not limited to, submitting another individual’s work as one’s own, soliciting solutions/assignments from online websites, or unauthorized collaboration.
- Another example of cheating can occur towards the end of an assignment. A student who changes an assignment to largely conform to the answers/style/format of another person is cheating.
Quizzes and Exams
- Using any unauthorized information on quizzes and exams is obviously cheating (i.e., using notes, storing information in a calculator or cell phone, communicating with other exam takers, communicating with other sections’ students, etc.).
- Obtaining possible exam questions through a test bank or using prior ACCT 461 exams to study constitutes cheating. Writing down exam questions is cheating.
- Using answer keys, students’ work from prior semesters, etc. constitutes cheating
Other Policies
- Helping another student cheat constitutes cheating for all students involved. Even small acts of cheating will be punished fully.
- Students who are aware of cheating but fail to report it are in violation of the Honor Code and will be referred to the GMU Office of Academic Integrity. These students can expect to receive the same sanctions as the students who cheat.
- Students caught cheating or engaging in other forms of academic dishonesty will receive the consequences as described in the syllabus at a minimum.
- Work used in any prior course (including ACCT 461) cannot be submitted for this course.
Final Warning and Overall Summary
It is impossible to document all possible methods of cheating. The policies above are guidelines to help clarify expectations, but they do not include an exhaustive list of cheating activities. The onus is on each student to complete all course requirements in an honest manner, and any questions about acceptable academic behavior must be addressed to your professor. Thus, ignorance is never an excuse for engaging in academic dishonesty. Also, remorse will never prevent the consequences of cheating in this course. I will submit to the School of Business Recommendations for Honor Code Violations as posted on the Blackboard site for the course