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ACC 490 (Auditing) Complete Class All Assignments ,DQs and Weekly Summaries

ACC 490 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Prepare 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. Address the following in your paper: 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.

Format your paper consistent with APA guidelines.

ACC 490 Week 2 Individual Assignment Chapter 1 Textbook Exercise 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 490 Week 2 Learning Team Assignment Auditing, Attestation, and Assurance Services Paper Prepare a 1,050- to 1,400-word paper in which you compare and contrast auditing, attestation, and assurance services. In your paper, address 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?

Format your paper consistent with APA guidelines.

ACC 490 Week 3 Individual Assignment Chapter 5, 6, & 7 Textbook Exercises 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 490 Week 3 Learning Team Assignment Assessing Materiality and Risk Simulation Resources: Assessing Materiality and Risk simulation on student website Complete the Assessing Materiality and Risk simulation located on the student website. Prepare a 350-word response to following questions after completing the simulation: Why do certain accounts have to be audited 100%? Why is materiality allocated only to those accounts that are sampled? Is any component of audit risk within the control of the auditor? Explain.

How are the three risks that make up audit risk inter-related?

ACC 490 Week 3 Learning Team Assignment Ch. 6 & 7 Textbook Exercises 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

ACC 490 Week 4 Individual Assignment Chapters 8, 10, & 11 Textbook Exercises Resources: Ch. 8, 10, & 11 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. 8: Comprehensive Questions 8-16 – Analytical procedures Ch. 10: Comprehensive Questions 10-32 – Components of Internal Control

Ch. 11: Comprehensive Questions 11-21 – Assessing Control Risk

ACC 490 Week 4 Learning Team Assignment Apollo Shoes Case Assignment Resources: Apollo Shoes Case materials located on the student website Complete the Internal Control audit section of the case using the Apollo Shoes Case materials, available under the Assessment section of Week Three on the student website.

Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoes Minutes, before completing the Internal Control audit section.

ACC 490 Week 5 Individual Assignment Chapters 11 & 13 Textbook Exercises 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

Ch. 13: Learning Check 13-8

ACC 490 Week 5 Individual Assignment Final Examination Resources: Auditing & Assurance Services and Modern Auditing: Assurance Services and the Integrity of Financial Reporting

Prepare for your final examination.

ACC 490 Week 5 Learning Team Assignment Audit Sampling Case Memo and Presentation 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.

ACC 490 Week 1 - 5 Summaries Provide a brief summary of what you learned this week to the designated thread in the main forum.

Week 1 Discussion Questions The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession, and how do they affect the profession? How does the legislation affect the internal audit profession? What are some activities that are implied in the legislation, as well as activities that will likely emerge as companies implement various provisions of the act? Do you believe the legislation enhances the power and prestige of the audit profession, or alternatively, does it decrease both the power and prestige of the profession? Explain. Access the U.S. Securities and Exchange Commission (SEC) Web site, http://www.sec.gov. What is the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the guidance?


The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become assurance professions. What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two engagements?

Week 2 Discussion Questions What are the components of the audit risk model? How does the audit risk model affect an audit plan? The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following? 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?

Week 3 Discussion Questions How are the analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Please provide examples. What are the two types of audit tests? What are some examples of each of these two types of tests? How will the auditor use the data gathered from these tests? Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?

Week 4 Discussion Questions Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?


What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit? How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the audit consider when encountering an error? How might the results affect the audit conclusion?

Acc 490 entire course