Topic Learning Online/Printed Reporter
Topic Outline
Outcomes (TLOs) References
Explain the demand Topic 2: Introduction BRIONES
for FS audits and to Financial
RA 9298, PSA 200
identify inherent Statement Audit &
limitations. Regulating Bodies
Apply ethical SAYCO
Topic 3: Professional Code of Ethics for
principles and
Ethics & Professional
independence
Independence for Accountants in the
requirements to
CPAs Phils.
cases.
Discuss firm-level Topic 4: Quality DEQUINA
ISQC 1 / PSQM 1,
and engagement- Control for Firms and
PSA 220
level quality controls. Audit Engagements
Evaluate client Topic 5: Pre- DANTAY
acceptance and draft Engagement
PSA 210
an engagement Activities & Audit
letter. Engagement Letters
Formulate an overall Topic 6: Audit DE GUZMAN
audit strategy and Planning, Materiality, PSA 300, PSA 320
detailed audit plan. and Risk Assessment
Topic 7: LEMQUE
Assess inherent and Understanding the
control risks using Entity, Its PSA 315
the Audit Risk Model. Environment, and
Risk Risk
Appraise internal Topic 8: Internal DE CASTRO
control components Control Framework:
PSA 315
and identify Evaluation and
weaknesses. Documentation
Design and execute PEREZ
Topic 9: Responses
tests of controls
to Assessed Risks: PSA 330
based on control
Tests of Controls
attributes.
Perform audit Topic 10: Audit DE GUIA
sampling using Sampling for Tests of
PSA 530
statistical and non- Controls &
statistical methods. Substantive Tests
Evaluate sufficiency Topic 11: Audit BERNARDINO
and appropriateness Evidence, Assertions, PSA 500, PSA 230
of audit evidence. and Working Papers
Design substantive Topic 12: MESIANO
PSA 505, CPaALE-
procedures for the Substantive Audit of
focused Analytical
revenue and the Revenue and
Review
collection cycle. Collection Cycle
Execute analytical Topic 13: DATUGAN
and detailed tests for Substantive Audit of PSA 500, Applied
purchasing and the Expenditure and Auditing Materials
disbursements. Disbursement Cycle
Perform inventory Topic 14: PSA 501 VILLANUEVA
Substantive Audit of
observation and
Production,
verify costing
Inventory, and
valuations.
Personnel
Audit fixed assets, Topic 15: ARCALA
PSA 500, Relevant
financing Substantive Audit of
PAS/PFRS cross-
agreements, and Investing and
references
equity transactions. Financing Cycles
Evaluate audit VICENTE
evidence under an Topic 16: Auditing in
PSA 315 (Revised),
automated an IT Environment /
CIS Guidelines
accounting CIS Auditing
environment.
Review subsequent Topic 17: GEMINA
events, Completing the Audit PSA 560, PSA 570,
contingencies, and & Post-Audit PSA 580
going concern status. Responsibilities
Formulate standard Topic 18: MESIANO
unmodified and Formulating the PSA 700, 701, 705,
modified audit Auditor’s Report on 706
opinions. Financial Statements
Execute assurance OSORIO
Topic 19: Other
reviews,
Assurance, Review, PSRE 2400, PSRS
compilations, and
and Related Services 4400, PSAE 3000
agreed-upon
Engagements
procedures.
Evaluate complex Topic 20: Corporate PSA 240. PSA 250, DELA CRUZ
fraud schemes, Governance, Fraud SEC Revised Code
assess the auditor’s Detection, and of Corporate
responsibility under Forensic Audit Governance, The
PSA 240, and design Techniques COSO Internal
specific forensic Control – Integrated
investigation Framework
procedures.
PILOs,CILOs,Topic Learning Outcomes (TLOs),Topic Outline,Duration / Week No.,Student
Learning Time,Teaching Learning Activities (TLAs),Assessment Tasks (ATs),Online/Printed
References
"PILO 1, 2",CILO 1,"Define assurance and contrast audit, review, and related services.",Topic 1:
Fundamentals of Assurance & Non-Assurance Engagements,Week 1,3 hrs,"Interactive Lecture,
Conceptual Mapping","Diagnostic Quiz, Formative Discussion","PSA 120, Phil. Framework for
Assurance Engagements"
PILO 1,CILO 1,Explain the demand for FS audits and identify inherent limitations.,Topic 2:
Introduction to Financial Statement Audit & Regulating Bodies,Week 2,3 hrs,"Socratic Method,
Case Presentation","Short Quiz, Reflection Paper","RA 9298, PSA 200"
PILO 3,CILO 2,Apply ethical principles and independence requirements to cases.,Topic 3:
Professional Ethics & Independence for CPAs,Week 3,3 hrs,"Ethical Dilemma Case Analysis,
Group Debate","Case Study Evaluation, Ethics Quiz",Code of Ethics for Professional
Accountants in the Phils.
PILO 3,CILO 2,Discuss firm-level and engagement-level quality controls.,Topic 4: Quality
Control for Firms and Audit Engagements,Week 4,3 hrs,"Lecture, Review of Quality Control
Manuals",Analysis of QC Deficiencies,"ISQC 1 / PSQM 1, PSA 220"
PILO 2,CILO 3,Evaluate client acceptance and draft an engagement letter.,Topic 5: Pre-
Engagement Activities & Audit Engagement Letters,Week 5,3 hrs,"Role-playing (Auditor-Client
Client Interview), Drafting Exercise",Graded Engagement Letter Draft,PSA 210
PILO 2,CILO 3,Formulate an overall audit strategy and detailed audit plan.,"Topic 6: Audit
Planning, Materiality, and Risk Assessment",Week 6,3 hrs,Group Workshop on Audit Strategy
Formulation,"Presentation of Audit Plan, Quiz","PSA 300, PSA 320"
PILO 2,CILO 3,Assess inherent and control risks using the Audit Risk Model.,"Topic 7:
Understanding the Entity, Its Environment, and Risk Risk",Week 7,3 hrs,"Risk Identification
Exercises, Case Analysis",Component Analysis Matrix,PSA 315
PILO 2,CILO 3,Appraise internal control components and identify weaknesses.,Topic 8: Internal
Control Framework: Evaluation and Documentation,Week 8,3 hrs,"System Flowcharting,
Walkthrough Simulations","Flowchart Assignment, Midterm Exam 1",PSA 315
PILO 2,CILO 4,Design and execute tests of controls based on control attributes.,Topic 9:
Responses to Assessed Risks: Tests of Controls,Week 9,3 hrs,"Lecture, Simulated
Walkthroughs",Control Matrix Testing Worksheet,PSA 330
PILO 2,CILO 4,Perform audit sampling using statistical and non-statistical methods.,Topic 10:
Audit Sampling for Tests of Controls & Substantive Tests,Week 10,3 hrs,"Computational
Exercises, Software Demo","Sampling Problem Sets, Quiz",PSA 530
PILO 2,CILO 4,Evaluate sufficiency and appropriateness of audit evidence.,"Topic 11: Audit
Evidence, Assertions, and Working Papers",Week 11,3 hrs,"Documentation Review, Working
Paper Preparation",Completed Lead Schedule Review,"PSA 500, PSA 230"
PILO 2,CILO 4,Design substantive procedures for the revenue and collection cycle.,Topic 12:
Substantive Audit of the Revenue and Collection Cycle,Week 12,3 hrs,"Case Study on
Sales/AR, Confirmation Drafting",AR Confirmation Exercise,"PSA 505, CPALE-focused
Analytical Review"
PILO 2,CILO 4,Execute analytical and detailed tests for purchasing and disbursements.,Topic
13: Substantive Audit of the Expenditure and Disbursement Cycle,Week 13,3 hrs,"Voucher
Matching Simulation, Cut-off Exercises",Cut-off Test Case Analysis,"PSA 500, Applied Auditing
Materials"
PILO 2,CILO 4,Perform inventory observation and verify costing valuations.,"Topic 14:
Substantive Audit of Production, Inventory, and Personnel",Week 14,3 hrs,Video Case:
Inventory Count Simulation,Inventory Count Observation Memo,PSA 501
PILO 2,CILO 4,"Audit fixed assets, financing agreements, and equity transactions.",Topic 15:
Substantive Audit of Investing and Financing Cycles,Week 15,3 hrs,"Roll-forward schedules,
Lease/Loan calculations",Problem Set on PPE & Equity,"PSA 500, Relevant PAS/PFRS cross-
references"
PILO 2,CILO 4,Evaluate audit evidence under an automated accounting environment.,Topic 16:
Auditing in an IT Environment / CIS Auditing,Week 16,3 hrs,"Lecture, Case analysis on
automated systems",IT Risk Assessment Quiz,"PSA 315 (Revised), CIS Guidelines"
PILO 2,CILO 5,"Review subsequent events, contingencies, and going concern status.",Topic 17:
Completing the Audit & Post-Audit Responsibilities,Week 17,3 hrs,"Contingent Liabilities Drill,
Going Concern Analysis",Management Representation Review,"PSA 560, PSA 570, PSA 580"
PILO 4,CILO 5,Formulate standard unmodified and modified audit opinions.,Topic 18:
Formulating the Auditor’s Report on Financial Statements,Week 18,3 hrs,"Report Drafting,
Analysis of KAM/EOM paragraphs",Audit Report Correction Exercise,"PSA 700, 701, 705, 706"
PILO 4,CILO 5,"Execute assurance reviews, compilations, and agreed-upon procedures.","Topic
19: Other Assurance, Review, and Related Services Engagements",Week 19,3 hrs,Comparative
Matrix Breakdown,Non-Audit Engagement Quiz,"PSRE 2400, PSRS 4400, PSAE 3000"
"PILO 1, 4",CILO 5,Synthesize auditing principles into comprehensive exam-style cases.,Topic
20: CPALE Integrated Review: Auditing Theory Framework,Week 20,3 hrs,"Mock Board
Examinations, Rationalization Sessions",Comprehensive Pre-Board Exam,Full PSA Framework
& Board Exam Syllabus