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Using Top Hat to Assess Student Preparation and Participation in Case-Based Lectures Pascale Lapointe-Antunes, Ph.D., CPA, CA Associate Professor Goodman School of Business

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Using Top Hat to Assess Student Preparation and Participation in Case-Based LecturesPascale Lapointe-Antunes, Ph.D., CPA, CA

Associate ProfessorGoodman School of Business

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Agenda• Introduction• What is Top Hat?• Why did I decide to use Top Hat?• How do I use Top Hat?

– Graduate capstone course– Undergraduate capstone course

• Discussion and conclusion

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Introduction• Objective of the session

– To describe and illustrate how Top Hat can be used to assess student preparation and participation more efficiently and objectively than with traditional assessment methods

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Introduction• Benefits of case studies to students

– Develop and enhance their professional judgment, problem-solving, and decision-making skills– Expose them to a wide-range of real-life situations– Force them to apply and integrate learned concepts to analyze issues and recommend a course of action

• BUT… preparation and participation are essential

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Introduction• Preparation assessed with case reports• Participation assessed based on quality and quantity of class contributionsTime-consumingElaborate rubrics needed to avoid subjective biases

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What is Top Hat?• Comprehensive, web-based teaching platform • Faculty can

– Assign homework– Track attendance– Present material– Launch questions– Get real-time student feedback– Automate grading

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What is Top Hat?• Questions, discussions, tournaments, and competitions, graded or not, supported• 6 types of questions

– Multiple-choice– Click-on-target– Numeric answer– Word answer– Sorting– Matching

• www.tophat.com

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Why did I decide to use Top Hat?• International graduate clientele

– Struggle with open-ended nature of case reports– Hesitant to actively participate in class– Lack of understanding of what constitutes academic misconduct– I was teaching, but were they learning?

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Why did I decide to use Top Hat?• Undergraduate clientele

– Lack of resources to mark 15-20 case reports per term for 125 students– Always the same students participating, others willing to lose 15% of their final mark to remain silent– Difficult to track quality and quantity of class contributions– Academic misconduct

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How do I use Top Hat?Graduate capstone course

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Graduate capstone• IMAcc students• Taught in last of 3 terms with the objective of integrating knowledge from various functional areas of accounting and business• 10 Harvard cases used throughout the term

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Graduate capstone• Brief overview of following week’s case and review of relevant related technical concepts done at the end of each week• Students asked to

– Read the case– Perform necessary quantitative and qualitative analyses using available Excel template– Answer homework questions on Top Hat before class starts

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Polar Sports• Fashion skiwear manufacturer based in Colorado

– Design and color changes annually– $ sales of a given product line can vary 30% to 40% from year to year

• Currently relying on seasonal production –August to January more than 15 hours a day; production scheduled to match sales

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Polar Sports• Students play the role of Richard Weir, president of Polar Sports• They need to consider the trade-off between the potential cost savings and the financial risks Polar might face if it switches to level production, as well as the implications of the switch for short-term financing needs

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Seasonal or level production?Impacted by a switch to level production?

Sales NOCOGS MAYBEOther expenses MAYBEAccounts receivable NOInventories YESAccounts payable YESCash/line of credit YES

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Homework• Using the Excel template available on Sakai1. Prepare the pro forma F/S for the year ended December 31, 2012 under level production (“Proformalevel” tab)

• The “Cash” and “Notes payable, bank” accounts on Polar’s balance sheet have been combined. • You are to take the cells highlighted in yellow as given, i.e. you SHOULD NOT change the values in these cells. • Explain all of the assumptions you have to make to complete the pro forma financial statements. Use notes at the bottom of the spreadsheet to do so. 2. Calculate the net savings from level production (“Savings” tab)

• Answer the homework questions on Top Hat

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Seasonal production• During which months will Polar be required to draw from its line of credit? HQ1• How much does the company need to draw during each of these months? HQ2• Is the authorized line of credit sufficient? HQ3• Will Polar comply with its loan covenant? HQ4, HQ5

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Level production• What assumptions did you have to make to prepare the pro forma financial statements? CQ1• What is the peak inventory value? When does it occur? HQ6, HQ7 • What are the net savings from level production? CQ2, CQ3• What is the breakeven inventory write-down ($ and % of peak inventory value) that would eliminate all cost savings from level production?

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Level production• During which months will Polar be required to draw from its line of credit? CQ4• How much does the company need to draw during each of these months? CQ5• Is the authorized line of credit sufficient? CQ6• Will Polar comply with its loan covenant?

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Benefits of level production?• CQ7

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Risks of level production?• CQ8

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Decision?

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How do I use Top Hat?Undergraduate capstone

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Undergraduate capstone• Taught in last semester of Bachelor of Accounting• Objectives are

– To integrate knowledge of various functional areas of accounting and business– To prepare students for challenge exams or MAccprogram

• 15-20 cases; mostly legacy UFE or SOA

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Undergraduate capstone• Students asked to

– Read case– Perform necessary quantitative and qualitative analyses – Formulate preliminary conclusions– Answer homework questions on Top Hat

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Ginny’s Professional Print Shop• Who are you?

– CPA, senior at a small CPA firm• Who are you reporting to?– Partner-in-charge of review– Scott Ginny• What do you have to do?– Partner

• Issues that need to be resolved in performing the review engagement• Draft income statement for the year ended December 31, 2013

– Scott• Draft letter offering tax advice resulting from your findings

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Issues that need to be addressed

©Pascale Lapointe-Antunes 27

Q1

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Issues that need to be addressed• Review engagement on GPP’s 2013 statements –needs to be completed by August 15, 2014 – you already have the info, presumably…• Draft I/S for year ended December 31, 2013 – you already have a draft prepared by Scott, the partner is indicating he does not think it is OK• Tax advice resulting from our findings

©Pascale Lapointe-Antunes

Q1

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Draft I/S

©Pascale Lapointe-Antunes 29

Q2

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Draft I/S• I restated the income statement for 2012 and 2013 in Appendix 1 because Allison had used the cash basis to prepare the income statement and various accruals (A/R, inventory, personal expenses) were not considered• According to Appendix 1, GPP has income before taxes, depreciation and owners’ withdrawals of $XX for 2012 and $XX for 2013. • Therefore:

– GPP did better than you thought – Unpaid taxes need to be calculated and optimized– It might be easier than you thought to obtain the loan from the bank

©Pascale Lapointe-Antunes

Q2

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Scott’s withdrawals• Your income from GPP comes from the $25,000 a year you have taken from the business and included in the payments to employees, the $10,000 in cash sales that you have kept and the $4,000 in personal expenses that were paid for by GPP, for a total of $39,000 per year

©Pascale Lapointe-Antunes 31

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Scott’s withdrawalsQ3

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Scott’s withdrawals• For tax purposes, your income could be considered:

– Shareholder loan: shareholder loans need to be repaid in the following year, so you could still treat the 2013 payment as such, but not the 2012 one because you haven’t repaid it. Therefore, the 2012 payment needs to be treated as income (salary or dividend)– Salary: Are deductible from GPP’s income but GPP needs to make withholdings for taxes, EI and CPP that were not made so GPP would have to pay penalties and interest for 2012 and 2013– Dividend: Withholdings are not required on dividends, but they are also not deductible for GPP– Paid-up capital: There would be no taxes owed on the first $55,000, but it would not be deductible for GPP

• Appendix 2 shows that the combined taxes (GPP and personal) are minimized if your withdrawals are treated as dividends. However, it generates unpaid taxes for both GPP and you. ©Pascale Lapointe-Antunes 33

Q3

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Corporate tax issues

©Pascale Lapointe-Antunes 34

Q4

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Corporate tax issues• I calculated the taxable income for 2012 and 2013 in Appendix 2 based on the restated income statements. • According to Appendix 2, GPP’s preliminary taxable income is $XX for 2012 and $XX for 2013, therefore:

– GPP should file its tax returns as soon as possible to minimize the financial consequences and avoid legal consequences (could be considered tax avoidance);– GPP will have to pay penalties and interest on the late tax payments;– All penalties and interest paid to the CRA cannot be deducted for tax purposes

©Pascale Lapointe-Antunes

Q4

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Corporate tax issues

©Pascale Lapointe-Antunes 36

Q5

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Corporate tax issues• It also appears that GPP has not withheld income taxes, EI and CPP from employees’ salaries because Allison indicated that employees are paid their gross earnings by cheque at the end of each week. Therefore, GPP will also be exposed to substantial penalties for failing to fill its responsibilities as an employer.• GPP should be registered for HST because GPP’s sales are above $30,000. HST needs to be claimed on the sales and input tax credits claimed on the purchases.

©Pascale Lapointe-Antunes

Q5

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Personal tax issues

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Personal tax issues• You need to file your personal tax returns as soon as possible because you haven’t done so since you started GPP and you have earned income from GPP. Therefore, you will have to pay penalties and interest on the taxes owing and might be accused of tax evasion. Allison should also file a return if she did not do so.• You can deduct the $3,800 interest paid on the second mortgage from your taxable income because the mortgage was obtained to earn business/investment income.• We could split the income from GPP between you and Allison because Allison works in the store 15 hours a week.• You can deduct the $7,000 paid for childcare because both you and Allison are working as long as your neighbor issues tax receipts for her work. Childcare expenses are deductible for the lower-income spouse.

©Pascale Lapointe-Antunes 39

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Audit vs. review

©Pascale Lapointe-Antunes

Audit engagement Review engagementObjective Obtain reasonable assurance on

whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.

Is the information reported on plausible within the framework of appropriate criteria (e.g. GAAP)?

Responsibilities towards internal control

The auditor shall obtain an understanding of internal control relevant to the audit. When obtaining an understanding of controls that are relevant to the audit, the auditor shall evaluate the design of those controls and determine whether the controls have been implemented by performing procedures in addition to inquiry of the entity's personnel.

A review does not require the public accountant to study and evaluate internal control.

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Audit vs. review

©Pascale Lapointe-Antunes

Audit engagement Review engagementProcedures used

Inspection, observation, confirmation, recalculation, reperformance and analytical procedures, often in some combination, in addition to inquiry.

Inquiry, analytical procedures and discussion.

Sources of audit evidence

Accounting records; corroborating information obtained from a source independent of the entity such as minutes of meetings, or a management representation; confirmations from third parties, analysts' reports, and comparable data about competitors.

A review does not require the public accountant to seek supporting or independent evidence, unless there are doubts on the plausibility of the information.

Type of opinion Positive assurance Negative assurance

41Q6

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Review issues

©Pascale Lapointe-Antunes 42

Q7

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Review issues• Our objective will be to assess the plausibility of the financial statements and their compliance with ASPEs.• Review procedures normally are enquiry, discussion and analytical procedures. • Additional and more extensive procedures must be applied if the information obtained casts doubt on the plausibility of the financial statements and their compliance with GAAP.

©Pascale Lapointe-Antunes 43

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Review issues• We will have to apply additional and more extensive procedures for GPP because

– It will be very difficult to assess the completeness of revenues• Scott sometimes pocket cash sales without recording the sale on the register ($10,000 a year or so);• Scott and Allison are not around for about 25 hours a week and there are no controls over employees therefore they can also pocket some cash sales without the Ginnys knowing• Credit sales are recorded on a sheet of paper and the A/R balances are reduced as payments are received but there are no controls over the invoicing and payment processes. Therefore, some credit sales or payments might never be recorded.• Cash and credit sales represent 75% of all sales, therefore they are significant.

©Pascale Lapointe-Antunes 44

Q7

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Review issues– Allison estimates the bad debt expense to be 17% of sales but GPP does not have a formal credit policy and most customers do not pay on time. Therefore, we should look at subsequent receipts to determine whether the 17% is plausible and reasonable.– Scott uses current supplier price lists to value the inventory. Inventory should be valued at the lower of cost and net realizable value. Therefore, we should look at invoices to assess whether current prices significantly differ from cost and determine whether the inventory value is plausible.– Scott charges about $4,000 of personal expenses to the corporate credit card every year therefore we will need to review the credit card statements to determine the amount of personal expenses incurred and make sure they are not correctly classified on GPP’s income statement.– Items charged to the corporate credit card are expensed as long as the statements are received before year-end. Therefore, there is a cut-off issue and we should review credit card statements received after year-end to record expenses in the year in which they belong

©Pascale Lapointe-Antunes 45

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Review issues• The additional procedures will increase the cost of the review and more time will be required. Therefore, we might not be able to meet the one month deadline imposed by the bank and we should discuss this with Scott.• We might have to qualify our report if the bank wants the comparative information to be reviewed as well because 2012 was not reviewed and it could be difficult to assess the plausibility of the opening balances of inventory and retained earnings

©Pascale Lapointe-Antunes 46

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