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WEEK 1: ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper TUTORIAL: This tutorial includes 779 words in correct APA format. A+++ WORK! Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. WEEK 2: ACC 491 Week 2 Individual Assignment Ch. 1 Textbook Exercise TUTORIAL: This tutorial includes 20 pages of explanations. A+++ WORK!
Resources: Ch. 1 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare written answers to the following assignment from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: Ch. 1: Comprehensive Question 1-23 – Organizations Associated with the Public Accounting Profession ACC 491 Week 2 Team Assignment Auditing, Attestation, and Assurance Services Paper TUTORIAL: This tutorial includes 1,052 words with 3 references in correct APA format. A+++ WORK! Write a 1,050- to 1,400-word paper in which you compare and contrast auditing, attestation, and assurance services. In your paper, be sure to include the following: An example of each type of service Who might request such a service What standards apply to each service and who establishes those standards What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit? What are the components of the audit risk model? How does the audit risk model impact an audit plan? WEEK 3: ACC 491 Week 3 Individual Assignment Chapters 5, 6, and 7 TUTORIAL: This tutorial includes 8 pages of solutions. A+++ WORK! Resources: Ch. 5, 6, & 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting. Ch. 5: Comprehensive Questions 5-30 – Assertions Ch. 6: Comprehensive Questions 6-22 – Audit Evidence Ch. 7: Comprehensive Questions 7-22 – Understanding the Entity and its Environment ACC 491 Week 3 Team Assignment Ch. 6 & 7 Textbook Exercises TUTORIAL: This tutorial includes 6 pages of solutions. A+++ WORK! Resources: Ch. 6 & 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare written answers to the following assignments from the text Modern Auditing: Assurance Services and the Integrity of Financial Reporting: Ch. 6: Comprehensive Question 6-26 – Audit Programs and Assertions Ch. 7: Case 7-25 – New Client Acceptance, Part b WEEK 4: ACC 491 Week 4 Individual Assignment Chapters 8, 10, and 11 TUTORIAL: This tutorial includes 12 pages of questions with solutions. A+++ WORK! ACC 491 Week 4 Individual Assignment Assignments from the Text Resource: Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare answers to the following assignments:
Chapter 8: Comprehensive Questions 8-16 – Analytical procedures 8-16 (Analytical procedures) In audit planning the audit of Circuits Technology, Inc. (CTI). CTI resells, installs, and provides computer networking products (client software, gateway hardware and software, and twinax hardware) to other businesses. Figure 8-14 provides some summary information from CTI’s financial statements. Calculate purchases, gross margin, inventory turn days, accounts receivable turn days, and accounts payable turn days for the years ended 20×2, 20×3, 20×4, 20×5 Describe the trends identified by performing analytical procedures in the gross operating cycle, the net operating cycle, and gross margin. If tolerable misstatement is $45,000 for inventory, develop an expectation range for inventory turn days. With respect to inventory, what might these trends indicate about the potential misstatement in inventory Chapter 10: Comprehensive Questions 10-32 – Components of Internal Control 10-32 (Components of internal control) Internal controls can be categorized using the following framework. 1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 4.1. Authorization 4.2. Segregation of duties 4.3. Information processing controls 4.3.1. Computer general controls 4.3.2. Computer application controls 4.3.3. Controls over the financial reporting process 4.4. Physical controls 4.5. Performance reviews 4.6. Controls over management discretion in financial reporting 5. Monitoring 6. Antifraud programs and controls Following is a list of controls prescribed by Waterfront, Inc. A. Management has established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. B. Waterfront has established a disclosure committee to review the selection of new accounting policies. C. Any computer program revision must be approved by user departments after testing the entire program with test data. D. The managers of each of Waterfront’s manufacturing departments must review all expenditures charged to their responsibility center weekly.
E. The CEO, CFO, and controller review the financial consequences of business risks annually to ensure that controls are in place to address significant business risks. F. Human resources focus on ensuring that accounting personnel have adequate qualifications for work performed in billing and accounts receivable. G. Security software limits access to programs and data files, and keeps a log of programs and files that have been accessed, which is then reviewed by the security manager daily. H. A computer program prints a daily report of all shipments that have not yet been billed to customers. I. The controller reviews sales and collections bimonthly. J. The computer compares the information on the sales invoice with underlying shipping information. K. Customer billing complaints are directed to internal audit for followup and resolution. L. The documentary transaction trail for all credit sales is documented in company policy manuals. M. A committee of the board of directors evaluates and monitors business risks. N. Access to spreadsheets used in the financial reporting process is limited and spreadsheets are tested with test data on a quarterly basis. Indicate the category of internal control applicable to each procedure using the framework above. Identify an assertion to which each procedure pertains (some procedures may have a pervasive impact on multiple assertions). Chapter 11: Comprehensive Questions 11-21 – Assessing Control Risk An auditor is required to obtain a sufficient understanding of each of the components of an entity’s system of internal control to plan the audit of the entity’s financial statements and to assess control risk for the assertions embodied in the account balance, transaction class, and disclosure components of the financial statements. Required Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance. What must an auditor do to support assessing control risk at less than the maximum level when the auditor has determined that controls have been placed in operation? What should an auditor consider when seeking a further reduction in the planned assessed level of control risk? What are an auditor’s documentation requirements concerning an entity’s system of internal control and the assessed level of control risk? ACC 491 Week 4 Team Assignment Apollo Shoes Case Assignment TUTORIAL: This tutorial includes 12 pages of questions with solutions. A+++ WORK! ACC 491 Week 4 Learning Team Assignment Apollo Shoes Case Assignment Resources: Apollo Shoes Case Materials located on the Week Three Materials page Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoe Minutes. Complete the Internal Control audit section of the case.
WEEK 5: ACC 491 Week 5 Individual Assignment Ch. 11 & 13 Textbook Exercises TUTORIAL: This tutorial includes 5 pages of questions with solutions. A+++ WORK! Resources: Ch. 11 & 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: Ch. 11: Learning Checks 11-6, 11-8, & 11-9 11-6 a. Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing. b. Identify two strategies that might be used to support a low control risk assessment. Discuss the difference between the two strategies. c. Discuss a third audit strategy that might be used to assess control risk at a high level. Explain why this strategy will not support a low control risk assessment. 11-8 What are the advantages and disadvantages of the computer-assisted audit technique known as parallel simulation? 11-9 a. What is the difference between the conventional test data approach and the integrated test facility approach? b. In lieu of traditional testing, what approaches can be used in on-line entry/on-line processing systems? Ch. 13: Learning Check 13-8 13-8 List the steps involved in selecting and evaluating a nonstatistical or a statistical sample for tests of controls. Identify the professional judgments that must be made associated with each step.
ACC 491 Week 5 Team Assignment Audit Sampling Case Memo Resources: Ch. 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare a 1,400- to 1,750-word memo to the Audit Partner, John Smith, summarizing your findings from the following case found in Ch. 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting: Case 13-36 – Mt. Hood Furniture—PPS Sampling Problem Format your memo consistent with APA guidelines.