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ACC 546 All Assignments

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Please check All Included Assignments Below ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers ACC 546 Case 3.3 The Anonymous Caller ACC 546 Assignment Burlington Bees ACC 546 Week 1 Assignment Avoiding Bias Paper ACC 546 Individual Assignment 1.1 Ocean Manufacturing, Inc ACC 546 Laramie Wire Manufacturing Assignment ACC 546 Individual Assignment Case 5.6 SarboxScooter, Inc. ACC 546 Individual Assignment Case 5.3 Red Bluff Inn & Cafe ACC 546 Case 4.1 Enron Corporation & Andersen, LLP ACC 546 Case 7.1 Anne Aylor, Inc ACC 546 Case 5.1 Simply Steam, Co. ACC 546 Case 2.2 Apple Inc. ACC 546 Case 10.4 and 10.5 Southeast Shoe Distributor, Inc (Score 100%) ********************************************************


ACC 546 Assignment Burlington Bees

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[1] Research auditing professional standards and list the requirements related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence. What are the advantages of developing an expectation at a detailed level (i.e., using disaggregated data) rather than at an overall or aggregated level? [2] Using the information provided, please develop a precise expectation (i.e., using the detailed or disaggregated data provided) for ticket revenues for the 2014 fiscal year. [3] (A) what are the advantages of using analytical procedures as substantive tests? (b) If the engagement team decides to use analytical procedures for the Bees’ audit, how will the audit plan differ from prior years? (c) Discuss whether you believe analytical procedures should be used as substantive tests for the Bees 2014 audit? [4] (A) how close does the Bees’ reported ticket revenue for 2014 have to be to your expectation for you to consider reported ticket revenue reasonable or fairly stated? (b) If reported ticket revenues were outside your “reasonableness range,” what could explain the difference? ******************************************************** ACC 546 Case 2.2 Apple Inc.


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CASE 2.2 Apple Inc. Evaluation of Client Business Risk After completing and discussing this case you should be able to [1] Describe the implications of an audit client’s business risk on the audit engagement [2] Describe the types of information relevant to evaluate an audit client’s business risk [3] Identify and evaluate the factors important in assessing an audit client’s business risk and risk of material financial misstatement INTRODUCTION1 [a] Apple’s: ■ Sales ■ Net income ■ Cash flow from operating activities ■ Total assets ■ Number of employees [b] What are Apple’s products? [c] Who are Apple’s competitors? [d] Who are Apple’s customers?


[e] Who are Apple’s suppliers? [f] How does Apple market and distribute its products? [g] What is Apple’s basic business strategy (cost leadership or differentiation)? [h] What are critical business processes for Apple given its basic business strategy (for example, supply chain management)? [i] What accounting information is associated with the critical business processes and how does Apple measure up on that information? [j] What accounting methods does Apple use to report the accounting information associated with critical business processes and what is the risk of material misstatement? ******************************************************** ACC 546 Case 3.3 The Anonymous Caller

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Case 3.3 The Anonymous Caller, p. 63-65 [1] Do you think situations like this (i.e., aggressive accounting or even financial statement fraud) are common in practice? [2] Which financial statement assertion related to sales transactions did management violate when it issued the falsified financial statements? [3] The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) recently completed a joint project to develop a common revenue standard for U.S. GAAP and IFRS to improve revenue


recognition practices and to remove inconsistencies and weaknesses in revenue requirements. The updated guidance is contained in the Accounting Standards Codification as Topic 606, Revenue from Contracts with Customers. Review that guidance to summarize the core principle for recognizing revenue and briefly describe the five steps needed to achieve the core principle. Also, describe how the core principle was not achieved in this situation. ******************************************************** ACC 546 Case 5.1 Simply Steam, Co. . For more classes visit www.snaptutorial.com

Commitment to Integrity and Ethical Values Board of Directors Demonstrates Independence and Appropriate Oversight Management’s Philosophy and Operating Style Management Establishes Structure and Reporting Lines to Achieve Objectives Financial Reporting Competencies The Organization Holds Individuals Accountable to Their Internal Control Responsibility Evaluation of Simply Steam, Co. as to demonstrating a commitment to attract, develop, and retain competent individuals Overall evaluation of the Control Environment ******************************************************** ACC 546 Case 7.1 Anne Aylor, Inc

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ACC 546 Case 7.1 Anne Aylor, Inc. [a] Why are different materiality bases considered when determining planning materiality? [b] Why are different materiality thresholds relevant for different audit engagements? [c] Why is the materiality base that results in the smallest threshold generally used for planning purposes? D. Why is the risk of management fraud considered when determining performance materiality? E. Why might an auditor not use the same performance materiality amount or percentage of account balance for all financial statement accounts? F) Why does the combined total of individual account performance materiality commonly exceed the estimate of planning materiality? G) Why might certain trial balance amounts be projected when considering planning materiality? [2] Based on your review of the Exhibits (1 and 2) and audit memos (G3 and G-4), complete audit schedules G-5, G-6 and G7. ******************************************************** ACC 546 CASE 9.1 Wally’s Billboard & Sign Supply

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CASE 9.1 Wally’s Billboard & Sign Supply After completing the audit program, answer the following questions: [1] Why is the audit of cash an important part of the audit? [2] Bill performed tests of controls for all transaction cycles with good results. Why is it important to also perform substantive audit procedures for the ending cash balance even when tests of controls over transactions that affect the cash account indicate that those controls are operating effectively? [3] According to AICPA auditing standards, what are the necessary ingredients for audit evidence to be considered “appropriate”? [4] For each procedure listed in the audit program (schedule C 2), indicate the primary assertion(s) targeted by the procedure. [5] For each error, concern, or adjustment you listed on the Audit Summary (schedule C 3), briefly describe at least one additional test you could perform to gain evidence as to whether or not the cash account is materially misstated. ******************************************************** ACC 546 Case 9.3 Longeta Corporation

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Case 9.3 Longeta Corporation overs auditing revenue contracts. You want to be thoroughly prepared for the meeting with the audit manager. Perform the following procedures to be certain you have all necessary information about the transaction’s treatment. [1] The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) recently completed a joint project to develop a common revenue standard for U.S. GAAP and IFRS to improve revenue recognition practices and to remove inconsistencies and weaknesses in revenue requirements. The updated guidance is contained in the Accounting Standards Codification as Topic 606, “Revenue from Contracts with Customers.” Review


that guidance to summarize the core principle for recognizing revenue and briefly describe the five steps needed to achieve the core principle. Also, describe how the core principle was not achieved in this situation. [2] In your own words, explain the company’s reasoning for recording $5.8 million as current revenue while recording the remaining $1.2 million as deferred revenue. Also, document where on the financial statements the deferred revenue account would be presented. [3] Assess the content of the separate letter issued by Longeta’s vice president of sales to Magicon. Document your conclusion about how the content of the letter affects or does not affect revenue recognition for Longeta for the year ended September 30, 2015. [4] Given that the letter from the vice president of sales was not attached to or documented in the order letter submitted by Magicon to Longeta, document your conclusion as to the impact, if any, the vice president’s letter has on the accounting treatment for the transaction since it was not part of the order letter. [5] Research PCAOB Auditing Standards on the PCAOB’s website (www.pcaob.org) to summarize the guidance for auditors in regards to their assessment of the risk of material misstatement related to revenue recognition. What do those standards require of auditors in regards to their assessment of risk related to revenue recognition? ******************************************************** ACC 546 Case 9.4 Bud's Big Blue Manufacturing For more classes visit www.snaptutorial.com

Case 9.4 Bud's Big Blue Manufacturing covers accounts receivable confirmations REQUIRED [1] List the four factors auditors should consider when evaluating the results of confirmation procedures. Also, what are three of the characteristics of a reliable confirmation? (For this and other questions, you may wish to refer relevant auditing standards).


[2] What does it mean to “maintain control” over the confirmation requests and responses? What could go wrong if the auditor doesn’t maintain control over the confirmation process? [3] Complete the audit log provided on the next page for each of the seven remaining confirmations. Consider whether each confirmation provides sufficient, appropriate audit evidence, whether sufficient alternative procedures have been performed for non-responses, and whether additional procedures should be performed before concluding that the confirmation provides evidence supporting the client’s account balance. Be as precise and concise as possible. [4] What is the difference between a positive and a negative confirmation? What are the advantages and disadvantages of each type? [5] Search the internet to identify a real-life situation where an auditor apparently did not maintain sufficient control over the confirmation process. Briefly describe the situation you found. PROFESSIONAL JUDGMENT QUESTION It is recommended that you read the Professional Judgment Introduction found at the beginning of this book prior to responding to the following question. ******************************************************** ACC 546 Case 9.7 RedPack Beer Company

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Case 9.7 RedPack Beer Company covers estimating allowance for bad debt [2] Following your analysis of the information in Schedules A-D, assume that you met with RedPack’s Credit Manager, Katie Henson, to ask her a number of questions related to specific customer accounts in the Accounts Receivable Aged Trial Balance. A transcript of your interview notes is provided as Schedule E. Use that information to address the following:


[a] Based on your reading of the transcript, do you agree with the specific reserves established by the credit manager for Distinct Beer Distributor, Eagle Beverage Group, and Golden Holdings? If yes why? If no what do you believe the specific reserves should be and why? [b] Based on your reading of the transcript discussion, would you have any concerns with other aspects related to the reporting of revenues and accounts receivable? Explain your answer.

******************************************************** ACC 546 Case 10.4 and 10.5 Southeast Shoe Distributor, Inc(Score 100%)

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Week 5 Team Assignment Case 10.4 and 10.5 Southeast Shoe Distributor, Inc. 10.4 [2] Complete steps 1a-i from the audit program E 1-1 [3] Complete step 4a from the audit program E 1-1 10.5 [1] Complete audit procedure 3a listed on audit program E 2. [2] Document your adjusting entries for any observed misstatements that you propose on schedule E 11. Then update the accounts payable lead schedule on audit schedule E 10******************************************************** ACC 546 Case 11.1 The Runners Shop


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Week 6 Team Assignment, 1 Instructions: Review case 11.1 The Runners Shop p.379-391. CASE 11.1 The Runners Shop Briefly answer, required questions related to this case: 1-3 with approximately 30 to 45 words. REQUIRED [1] Describe the purposes of audit documentation and explain why each purpose is important. [2] Review Green and Brown, LLP’s audit documentation guidelines and explain why an audit firm would want to include each of the listed items in its audit documentation. [3] Review the audit documentation prepared by Green and Brown, LLP, related to TRS’s Notes Payable and list deficiencies on the enclosed schedules. Will not accept plagiarized work from other sites, I could have done the same thing. ********************************************************

ACC 546 Case 12.1 EyeMax Corporation

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Case 12.1 EyeMax Corporation – evaluating audit differences Assume that you are the auditor responsible for the EyeMax audit. It is now March 30, and all planned fieldwork has been completed. Recall that total financial statement materiality has been set at $625,000. Taking into account the information provided, please answer the following question. [1] Which of the following three alternatives best describes the conditions under which you would issue a clean opinion for EyeMax? (select one) ____ a. I would not be willing to issue a clean opinion even if EyeMax is willing to make adjustments for items on the Summary of Unadjusted Misstatements. ____ b. I would be willing to issue a clean opinion without any adjustments. ____ c. I would be willing to issue a clean opinion only if EyeMax is willing to make some adjustments to their financial statements for items on the Summary of Unadjusted Misstatements. Briefly explainyour choice: ******************************************************** ACC 546 Case 12.2 Auto Parts. Inc

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Case 12.2 Auto Parts. Inc. – materiality and evaluating accounting policies and footnote disclosures


[1] Describe whether you agree that capitalization of the tooling supplies is the preferable method of accounting for Auto Parts, Inc. [2] In general, how do auditors develop an estimate of financial statement materiality? For Auto Parts, Inc., what is your estimate of financial statement materiality? Are there qualitative factors that might impact your decision about the materiality of the accounting treatment and the related disclosure? [3] Assuming the policy change is considered material, how should it be reported and disclosed in the 2014 financial statements and what would be the effect, if any, of the accounting change on the auditor’s report? [4] Do you concur with management’s assessment that the accounting change is immaterial and, therefore, requires no disclosure? Why or why not? ******************************************************** ACC 546 Case 12.4 Surfer Dude Duds, Inc

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ACC 546 Case 12.4 Surfer Dude Duds, Inc [1] What are Scott’s options? [2] How might a going-concern explanatory paragraph become a “self-fulfilling prophecy” for Surfer Dude? [3] Discuss the importance of full and accurate auditor reporting to the public, and describe possible consequences for both parties if the going-concern explanatory paragraph and footnote are excluded. How might Scott convince George that a going-concern report is in the best interests of all parties involved?


[4] What potential implications arise for the accounting firm if they issue an unqualified report without the going-concern explanatory paragraph? [5] What factors might motivate Scott to be objective in his decision, despite his personal concern for his friend? [6] Is it appropriate for an audit partner to have a friendly personal relationship with a client? At what point could a personal relationship become an independence issue? ******************************************************** ACC 546 Entire Course

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ACC 546 Week 1 Individual Assignment Auditing Introduction Letter ACC 546 Week 2 Individual Assignment Beginning the Audit Report ACC 546 Week 3 Individual Assignment The Audit Report and Internal Control Evaluation ACC 546 Week 4 Learning Team Assignment Audit Program Design Part I ACC 546 Week 5 Learning Team Assignment Audit Program Design Part II ACC 546 Week 6 Individual Assignment Audit Program Design Part III ******************************************************** ACC 546 Individual Assignment 1.1 Ocean Manufacturing, Inc

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2. What nonfinancial matters should be considered before accepting Ocean as a client? How important are these issues to the client acceptance decision? Why? 5. (A). Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing, Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. 6. (A). How might the confirmation tendency affect the client acceptance decision? 6. (B). How might the overconfidence tendency come into play in the client acceptance decision? ******************************************************** ACC 546 Individual Assignment Case 5.3 Red Bluff Inn & Cafe For more classes visit www.snaptutorial.com

[1] What are your two biggest concerns relating to possible fraud for the cafĂŠ part of the business? For each concern, generate two or three controls that could effectively reduce risk related to your concerns. Use common sense and be creative! [2] What are your two biggest concerns relating to possible fraud for the motel part of the business? For each concern, generate two or three controls that could effectively reduce risk related to your concerns. Use common sense and be creative! [3] Describe the potential impact of your proposed controls on the morale of the couple in charge of the day-to-day operations. How might Francisco deal with these concerns?


[4] Briefly describe the impact each proposed control would have on the efficiency of running the business. Are the controls you generated both effective and efficient? ******************************************************** ACC 546 Individual Assignment Case 5.6 SarboxScooter, Inc.

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Part A 1.

According to AS5:

a) What should the auditor consider when determining whether an account should be considered significant? b) What qualitative factors might cause an account that is otherwise relatively small quantitatively to be considered significant? c) What qualitative factors might cause an account that is greater than materiality to be considered not significant? 2. Auditing standards require the identification and testing of entity-level controls. What are examples of entity-level controls? What are the auditor’s responsibilities with respect to evaluating and testing a client’s period-end financial reporting process? ******************************************************** ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers


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ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers The Case Against Lehman Brothers�. Write a 750- to 1,050-word evaluation. Analyze and then summarize the responsibilities and failings of the firm, the firm’s accountants, and government regulators. Provide an update in the case against the firm, its top executives, and accountants. ******************************************************** ACC 546 Laramie Wire Manufacturing Assignment

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ACC 546 Laramie Wire Manufacturing Assignment ******************************************************** ACC 546 Week 1 Assignment Avoiding Bias Paper For more classes visit www.snaptutorial.com


Avoiding Bias Paper - Assessment Activity - Week1 - ACC/546 - eCampus Read the pages 1-9 section of Professional Judgment and distinguish the four tendencies toward professional judgment bias: 1. Availability Tendency 2. Confirmation Tendency 3. Overconfidence Tendency 4. Anchoring Tendency In a paper 750 to 1,050 words, evaluate how an auditor can avoid these bias traps. For the remainder of the course and subsequent assignments, continue to consider and utilizeyour understanding ofthese biases. ******************************************************** ACC 546 Week 1 Individual Assignment Auditing Introduction Letter

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Write a letter to Apollo Shoes addressing the key points listed below; assume the role of an auditor at a local firm when composing the letter. Explain the auditing and other assurance services your firm offers and the benefit each has for the client. 

Explain your role in providing the available assurance service to clients.

¡ Describe the requirements for meeting the standard for services you offer. ******************************************************** ACC 546 Week 2 Individual Assignment Beginning the Audit Report

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Apollo Shoes is satisfied with the services your firm offers and wants to continue with the audit. Apollo Shoes would like you to prepare a letter explaining how you plan to begin the audit process. Include with your letter the following documents for the management at Apollo Shoes.  

Engagement checklist Engagement letter ¡

Outline of timeframes and milestones for the audit

******************************************************** ACC 546 Week 3 Individual Assignment The Audit Report and Internal Control Evaluation

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Resource: pp. 62 & 63 in Ch. 3 of Auditing and Assurance Services: An Integrated Approach Evaluate the evidence provided by Apollo Shoes. Decide how to structure the audit report for the provided evidence. Compose an audit report reflecting the appropriate length, sections, and content for the provided information. Include a description of the evidence, the accounting sampling and testing procedures used, and a brief description of the value of the audit report. You may use pp. 62 & 63 in Ch. 3 of Auditing and Assurance Services to complete this assignment. ********************************************************


ACC 546 Week 4 Learning Team Assignment Audit Program Design Part I

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Write an engagement letter for Apollo Shoes. Assume that Apollo Shoes is a publicly traded company and that they have asked for SOX Section 404 consulting. Include the following key points:   

·

Significant regulations and guidelines related to audits of internal control Internal control risks identified within Apollo Shoes A description of the relationship between internal controls and the audit process A brief synopsis of your responsibility in detecting and reporting fraud

******************************************************** ACC 546 Week 5 Learning Team Assignment Audit Program Design Part II

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Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:


 

Sales and collection cycle Payroll and personnel cycle

· Acquisition and payment cycle ******************************************************** ACC 546 Week 6 Individual Assignment Audit Program Design Part III For more classes visits www.snaptutorial.com

Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:

Inventory and warehousing cycle Cash cycle

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ACC 546Case 4.1 Enron Corporation & Andersen, LLP

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1)What were the business risks Enron faced, and how did those risks increase the likelihood of material misstatement in Enron’s financial statements? 2) In your own words, summarize how Enron used SPE’s to hide large amounts of company debt (a) What are the responsibilities of a company’s board of directors? (b) Could the board of directors at Enron-especially the audit committee-have prevented the fall of Enron? (c) Should they have known about the risks and apparent lack of independence with the Enron’s SPEs? What should they have done about it? (a) Explain how “rule-based” accounting standards differ from “principlebased” standards. (b) How might fundamentally changing accounting standards from “bright-line” rules to principle-based standards help prevent another Enron-like fiasco in the future? (c) Some argue that the trend toward adoption of international accounting standards represents a move toward more “principle-based” standards. Are there dangers in removing “bright-line” rule? What difficulties might be associated with such a change? ********************************************************

Acc 546 possible is everything snaptutorial com  

For more classes visit www.snaptutorial.com Please check All Included Assignments Below ACC 546 Individual Assignment Evaluating the Case...

Acc 546 possible is everything snaptutorial com  

For more classes visit www.snaptutorial.com Please check All Included Assignments Below ACC 546 Individual Assignment Evaluating the Case...

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