This document provides an overview of course materials for ACC 410 Entire Course Material- Auditing. It includes descriptions and questions related to various auditing topics, such as internal vs external audits, audit reports, generally accepted auditing standards, analytical procedures, internal controls, legal and ethics cases, and audit planning and reporting. Students are asked to evaluate statements, complete problems, discuss topics, and respond to other students' posts on many of these auditing issues. The course appears to provide a comprehensive overview of auditing practices and standards.
This presentation deals with 23 cost accounting standards in summary difference between traditional and modern costing techniques, why the USA doesn't use cost standard, are we bound to cost standard or why we need such kinds of cost standards while others do not?
NCV 3 New Venture Creation Hands-On Support Slide Show - Module 4Future Managers
This slide show complements the learner guide NCV 3 New Venture Creation Hands-On Training by Hazel Willson Kirsten & Bert Kirsten, published by Future Managers Pty Ltd. For more information visit our website www.futuremanagers.net
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id
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This presentation deals with 23 cost accounting standards in summary difference between traditional and modern costing techniques, why the USA doesn't use cost standard, are we bound to cost standard or why we need such kinds of cost standards while others do not?
NCV 3 New Venture Creation Hands-On Support Slide Show - Module 4Future Managers
This slide show complements the learner guide NCV 3 New Venture Creation Hands-On Training by Hazel Willson Kirsten & Bert Kirsten, published by Future Managers Pty Ltd. For more information visit our website www.futuremanagers.net
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id
help.mbaassignments@gmail.com
or
call us at : 08263069601
AC 410 Success Begins / snaptutorial.comRobinsono01
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Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
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For more classes visit
www.snaptutorial.com
1–20
Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of
Ac 410 Enthusiastic Study/snaptutorial.comGeorgeDixon30
1–20
Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
Midterm Exam Fall 2015 ACCT 612 – Auditing Instructions • After you .docxjacmariek5
Midterm Exam Fall 2015 ACCT 612 – Auditing Instructions • After you have downloaded this document from the Midterm Exam Assignment, please save a copy of this document and rename it using your own name as the file name so that I can keep them separate o
Midterm Exam Fall 2015
ACCT 612 – Auditing
Instructions
·
After you have downloaded this document from the Midterm Exam Assignment, please save a copy of this document and rename it using your own name as the file name so that I can keep them separate on my machine (i.e., "Jim Peters Mid.doc").
·
Type all your answers in this document.
·
Once you have completed the exam, submit your completed Word files by attaching them to the Midterm assignment in LEO by midnight, November 1st.
I will assess a 5% per day late penalty for late exams.
·
If you need clarification on the wording of any question on the exam, you can e-mail me or call me at the phone numbers listed in my contact information.
·
I will not accept direct quotes in your answers.
If you use outside sources, you need to paraphrase the material in your own words.
·
I will deduct points for not following these instructions.
For example, I will deduct points if you do not type your answers in this document and submit some other type of file; if you do not attached your file to the assignment; or if you do not rename your file as instructed above.
I have posted a spreadsheet file, which I refer to as a grading checklist, with this exam.
That spreadsheet file shows you how I have allocated points to questions.
When grading your exams, I will fill in a copy of this file for each student and return it with your graded exam.
When I grade exams, I embed comments in the Word documents to explain why I am deducting points.
Course Policy on Collaboration and Individual Work
This exam is an individual assignment.
You are not to discuss it with anyone other than myself.
It is also open book and open note.
However, it is not a research assignment and I want you to base your answers to the questions on the material I have included in the exam, the text for the course, and the materials I have handed out in class.
Questions
None of these questions has a style component, thus you don't have to write in complete sentences and well-formed paragraphs.
You can use lists where appropriate if you want.
1)
You are a partner in a medium-sized, regional CPA firm and have been approached by XYZ, Inc., a relatively small, public company, to do their audit for next year.
XYZ is registered with the SEC and has filed audited 10-Ks for the last 10 years since they went public.
They haven't indicated why they are switching auditors.
XYZ specializes in developing shale gas using fracking technology.
Fracking technology involves drilling wells into shale formations and injecting high pressure water containing special chemicals into the well to fracture the shale formation and release the trapped natural gas.
You and your firm currently .
1
Assessment Task – Tutorial Questions Assignment
Unit Code: HA3032
Unit Name: Auditing
Assignment: Tutorial Questions Assignment (Individual)
Due: Week 13 - Friday 16th October 2020 (11:30PM)
Weighting: 50%
Total Mark: 50 Marks
Purpose:
This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of
auditing standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain adequate
evidence to support audit findings and address the importance of materiality in
an audit.
3. Explain the process of audit planning to determine risk assessments and an overall audit
strategy.
4. Explain the auditors’ obligations with regards to understanding the client’s
business and internal controls and assessing business risks.
5. Achieve a high level of competence in applying prescribed auditing techniques
in gathering evidence to satisfy audit assertions.
Description:
Each week students were provided with three tutorial questions of varying degrees of difficulty.
These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The
Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer
the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks
3 ,4 ,5 ,6 ,7 & 11 inclusive and submit these answers in a single document.
2
The questions to be answered are:
Question 1 (7 marks)
(This question is from the Week 3 Tutorial)
You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd
for the year ended 30 June 20X8 and you have noted the following two independent matters:
(i) In testing investments in listed securities, Raymond selected all shareholdings with a market
value above $200,000 and checked them to the closing market value reported by the
Australian Stock Exchange (ASX) to determine the net realisable value of each shareholding.
The items tested totaled $5,500,000 or 60% of the total balance. Of the items tested, only
one error of $110,000 was discovered. Raymond concluded that the error was not itself
material, as it was only 2% of the balance tested. He extrapolated this error to the total
population and estimated that the error for the total population would be $185,000, which
was also immaterial. Therefore, he concluded that the investments in listed securities were
fairly stated at the lower of cost or net realisable value.
(ii) Tin Ltd has 1,000 stock lines that are maintained on a perpetual inventory system. Stock is
counted on a cyclical basis so that all lines are covered at least once per year. Raymond
attended the March stocktake to observe the counting procedu ...
1
Assessment Task – Tutorial Questions Assignment
Unit Code: HA3032
Unit Name: Auditing
Assignment: Tutorial Questions Assignment (Individual)
Due: Week 13 - Friday 16th October 2020 (11:30PM)
Weighting: 50%
Total Mark: 50 Marks
Purpose:
This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of
auditing standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain adequate
evidence to support audit findings and address the importance of materiality in
an audit.
3. Explain the process of audit planning to determine risk assessments and an overall audit
strategy.
4. Explain the auditors’ obligations with regards to understanding the client’s
business and internal controls and assessing business risks.
5. Achieve a high level of competence in applying prescribed auditing techniques
in gathering evidence to satisfy audit assertions.
Description:
Each week students were provided with three tutorial questions of varying degrees of difficulty.
These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The
Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer
the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks
3 ,4 ,5 ,6 ,7 & 11 inclusive and submit these answers in a single document.
2
The questions to be answered are:
Question 1 (7 marks)
(This question is from the Week 3 Tutorial)
You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd
for the year ended 30 June 20X8 and you have noted the following two independent matters:
(i) In testing investments in listed securities, Raymond selected all shareholdings with a market
value above $200,000 and checked them to the closing market value reported by the
Australian Stock Exchange (ASX) to determine the net realisable value of each shareholding.
The items tested totaled $5,500,000 or 60% of the total balance. Of the items tested, only
one error of $110,000 was discovered. Raymond concluded that the error was not itself
material, as it was only 2% of the balance tested. He extrapolated this error to the total
population and estimated that the error for the total population would be $185,000, which
was also immaterial. Therefore, he concluded that the investments in listed securities were
fairly stated at the lower of cost or net realisable value.
(ii) Tin Ltd has 1,000 stock lines that are maintained on a perpetual inventory system. Stock is
counted on a cyclical basis so that all lines are covered at least once per year. Raymond
attended the March stocktake to observe the counting procedu ...
Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docxco4spmeley
Week 5 Homework Questions
Questions 1 and 2 were taken directly from the text and I am aware that the answers are available through an internet search.
I want to remind you that searching the internet for the answers and using those answers is a violation of UMUC academic integrity policies.
In addition, using any outside source without citation is plagiarism.
However, just gaining access to the answers will not satisfy the homework assignment because I have added the requirement that you explain your answers, which cannot be found on the internet and needs to be reasoned out from the material in the chapter.
In grading, I will place more emphasis you explanation than your selection of the correct alternative.
1)
The following are several multiple choice questions adapted from the CPA exam that cover the concept and application of materiality.
For each question, selected the best answer and then explain why it is better than all the alternatives.
Your explanations should address all the possible alternatives presented in the question.
a)
Which one of the following statements is correct concerning the concept of materiality?
i)
Materiality is determined by reference to guidelines established by the AICPA.
ii)
Materiality depends only on the dollar amount of an item relative to other items in the financial statements.
iii)
Materiality depends on the nature of an item rather than the dollar amount.
iv)
Materiality is a matter of professional judgment.
Answer:
Explanation
:
b)
In considering materiality for planning purposes, an auditor believes that misstatements aggregating $10,000 will have a material effect on an entity's income statement, but that misstatements will have to aggregate $20,000 to materially affect the balance sheet.
Ordinarily, it is appropriate to design audit procedures that are expected to detect misstatements that aggregate to
i)
$10,000
ii)
$15,000
iii)
$20,000
iv)
$30,000
Answer:
Explanation
:
c)
A client decides not to record an auditor's proposed adjustments that collectively are not material and wants the auditor to issue the report based on the unadjusted numbers.
Which of the following statements is correct regarding the financial statement presentation?
i)
The financial statements are free from material misstatement, and no disclosure is required in the notes to the financial statements.
ii)
The financial statements do not conform with generally accepted accounting principles (GAAP).
iii)
The financial statements contain unadjusted misstatements that should result in a qualified opinion.
iv)
The financial statements are free from material misstatement, but disclosure of the proposed adjustment is required in the notes to the financial statements.
Answer:
Explanation
:
2)
The following are several multiple choice questions adapted from the CPA exam that cover audit risk.
For each question, selected the best answer and then explain why it is better than all the alternative.
Midterm Exam Fall 2015ACCT 612 – AuditingInstructions·.docxjacmariek5
Midterm Exam Fall 2015
ACCT 612 – Auditing
Instructions
·
After you have downloaded this document from the Midterm Exam Assignment, please save a copy of this document and rename it using your own name as the file name so that I can keep them separate on my machine (i.e., "Jim Peters Mid.doc").
·
Type all your answers in this document.
·
Once you have completed the exam, submit your completed Word files by attaching them to the Midterm assignment in LEO by midnight, November 1st.
I will assess a 5% per day late penalty for late exams.
·
If you need clarification on the wording of any question on the exam, you can e-mail me or call me at the phone numbers listed in my contact information.
·
I will not accept direct quotes in your answers.
If you use outside sources, you need to paraphrase the material in your own words.
·
I will deduct points for not following these instructions.
For example, I will deduct points if you do not type your answers in this document and submit some other type of file; if you do not attached your file to the assignment; or if you do not rename your file as instructed above.
I have posted a spreadsheet file, which I refer to as a grading checklist, with this exam.
That spreadsheet file shows you how I have allocated points to questions.
When grading your exams, I will fill in a copy of this file for each student and return it with your graded exam.
When I grade exams, I embed comments in the Word documents to explain why I am deducting points.
Course Policy on Collaboration and Individual Work
This exam is an individual assignment.
You are not to discuss it with anyone other than myself.
It is also open book and open note.
However, it is not a research assignment and I want you to base your answers to the questions on the material I have included in the exam, the text for the course, and the materials I have handed out in class.
Questions
None of these questions has a style component, thus you don't have to write in complete sentences and well-formed paragraphs.
You can use lists where appropriate if you want.
1)
You are a partner in a medium-sized, regional CPA firm and have been approached by XYZ, Inc., a relatively small, public company, to do their audit for next year.
XYZ is registered with the SEC and has filed audited 10-Ks for the last 10 years since they went public.
They haven't indicated why they are switching auditors.
XYZ specializes in developing shale gas using fracking technology.
Fracking technology involves drilling wells into shale formations and injecting high pressure water containing special chemicals into the well to fracture the shale formation and release the trapped natural gas.
You and your firm currently are members of the AICPA.
All the partners and managers are licensed CPAs in the state of New Mexico and also members of the AICPA.
Your firm has limited experience with oil and gas extraction and has no other fracking clients.
However, your firm has .
Midterm Exam Fall 2015ACCT 612 – AuditingInstructionsAft.docxannandleola
Midterm Exam Fall 2015
ACCT 612 – Auditing
Instructions
After you have downloaded this document from the Midterm Exam Assignment, please save a copy of this document and rename it using your own name as the file name so that I can keep them separate on my machine (i.e., "Jim Peters Mid.doc").
Type all your answers in this document.
Once you have completed the exam, submit your completed Word files by attaching them to the Midterm assignment in LEO by midnight, November 1st. I will assess a 5% per day late penalty for late exams.
If you need clarification on the wording of any question on the exam, you can e-mail me or call me at the phone numbers listed in my contact information.
I will not accept direct quotes in your answers. If you use outside sources, you need to paraphrase the material in your own words.
I will deduct points for not following these instructions. For example, I will deduct points if you do not type your answers in this document and submit some other type of file; if you do not attached your file to the assignment; or if you do not rename your file as instructed above.
I have posted a spreadsheet file, which I refer to as a grading checklist, with this exam. That spreadsheet file shows you how I have allocated points to questions. When grading your exams, I will fill in a copy of this file for each student and return it with your graded exam. When I grade exams, I embed comments in the Word documents to explain why I am deducting points.
Course Policy on Collaboration and Individual Work
This exam is an individual assignment. You are not to discuss it with anyone other than myself. It is also open book and open note. However, it is not a research assignment and I want you to base your answers to the questions on the material I have included in the exam, the text for the course, and the materials I have handed out in class.
Questions
None of these questions has a style component, thus you don't have to write in complete sentences and well-formed paragraphs. You can use lists where appropriate if you want.
You are a partner in a medium-sized, regional CPA firm and have been approached by XYZ, Inc., a relatively small, public company, to do their audit for next year. XYZ is registered with the SEC and has filed audited 10-Ks for the last 10 years since they went public. They haven't indicated why they are switching auditors.
XYZ specializes in developing shale gas using fracking technology. Fracking technology involves drilling wells into shale formations and injecting high pressure water containing special chemicals into the well to fracture the shale formation and release the trapped natural gas.
You and your firm currently are members of the AICPA. All the partners and managers are licensed CPAs in the state of New Mexico and also members of the AICPA. Your firm has limited experience with oil and gas extraction and has no other fracking clients. However, your firm has offices that ...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
1. ACC 410 Entire Course Material- Auditing
FollowLinkBelowToGetTutorial
https://homeworklance.com/downloads/acc-410-entire-course-material-auditing/
Description:
Internal vs. External Audit Staffs. Spacecraft, Inc., is a large corporation that is audited
regularly by a public accounting firm but also maintains an internal auditing staff. Explain
briefly how the relationship of the public accounting firm to Spacecraft differs from the
relationship of the internal auditing staff to Spacecraft. Do not forget to show the necessary steps
and explain how you attained that outcome. Respond to at least two of your classmates’ postings
Audit Reports. Evaluate the following question: “If a CPA firm completes a nonpublic company
audit of Adam Company’s financial statements following IACPA generally accepted auditing
standards and is satisfied with the results of an audit, an unmodified report may be issued. On the
other hand, if no audit is performed of the current year’s financial statements, but the CPA firm
has performed satisfactory audits in prior years, has confidence in the management of the
company, and makes a quick review of the current year’s financial statements, a qualified report
may be issued.” Do you agree? Give reasons to support your answer. Do not forget to show the
necessary steps and explain how you attained that outcome. Respond to at least two of your
classmates’ postings.
Generally Accepted Auditing Standards. Complete problem below and submit to your
instructor. Write under the generally accepted auditing standards column the specific standard
that was violated and how the action of Jones resulted in a failure to comply with each standard.
Organize your answer as shown below; specifically with a column for the standard that was
violated and a column for the required action. The paper should be 2-3 pages.
Problem:
John Clinton, owner of Clinton Company, applied for a bank loan and was informed by the
banker that audited financial statements of the business had to be submitted before the bank
could consider the loan application. Clinton then retained Arthur Jones, CPA, to perform an
audit. Clinton informed Jones that audited financial statements were required by the bank and
that the audit must be completed within three weeks. Clinton also promised to pay Jones a fixed
fee plus a bonus if the bank approved the loan. Jones agreed and accepted the engagement.
2. The first step taken by Jones was to hire two accounting students to conduct the audit. He spent
several hours telling them exactly what to do. Jones told the students not to spend time reviewing
controls but instead to concentrate on proving the mathematical accuracy of the ledger accounts
and summarizing the data in the accounting records that support Clinton Company’s financial
statements. The students followed Jone’s instructions and after two weeks gave Jones the
financial statements, which did not include any notes. Jones reviewed the statements and
prepared an unqualified audit report. The report, however, did not refer to generally accepted
accounting principles.
Required:
List on the left side of a sheet of paper the generally accepted auditing standards that were
violated by Jones, and indicate how the actions of Jones resulted in a failure to comply with each
standard. Organize your answers as follows: Generally Accepted Auditing Standards
Actions by Jones Resulting in Failure to Comply with Generally Accepted Auditing
Standards
General Standards
(1) The auditor must have adequate technical training and proficiency to perform the audit.
(1)
Balance Sheet Verification. “The best means of verification of cash, inventory, office
equipment, and nearly all other assets is a physical count of the units; only a physical count gives
the auditors complete assurance as to the accuracy of the amounts listed on the balance sheet.”
Evaluate this statement. Remember to complete all parts of the problems. Do not forget to show
the necessary steps and explain how you attained that outcome. Respond to at least two of your
classmates’ postings
Accounting Principles. Discuss what is meant by the phrase “shopping for accounting
principles.” What mechanisms have served to prevent this practice by management? Remember
to complete all parts of the problems. Do not forget to show the necessary steps and explain how
you attained that outcome. Respond to at least two of your classmates’ postings.
Analytical Procedures. In a 2-3 page paper, complete the case below and submit to instructor.
Review the income statement for Uden Supply Company and answer the following:
a. Describe the purpose of analytical procedures performed in the planning stage of the audit.
3. b. Uden Supply has projected its 2004 gross profit at 31% of sales despite expectation for some
shrinkage in margins. On the basis of Uden’s operating performance in years 2001 – 2003
project your best guess for 2004. Project 2004 based on the incremental changes for each line
item over the last three years.
c. Uden’s unaudited financial statements for the current year show a 31 percent gross profit
rate. Assuming that this represents a misstatement from the amount that you developed as an
expectation, calculate the estimated effect of this misstatement on net income before taxes for
20X4.
d. Indicate whether you believe that the difference calculated in part (c) is material. Explain
your answer. (50-100 words).
Comparative income statement information for Uden Supply Company is presented in the
accompanying table. UDEN SUPPLY COMPANY
Comparative Income Statement
Years Ended December 20X1, 20X2, and 20X3
(Thousands)
20X1 Audited
20X2 Audited
20X3 Audited
20X4 Expected
Sales
8,700
9,400
10,100
Cost of goods sold
6,000
6,500
7,000
6. 13
14
Interest expense
210
228
240
Net income before taxes
80
150
230
Incomes taxes
18
33
50
Net income
62
117
180
Audit Programs. “All experienced auditors would design exactly the same audit program for a
particular audit engagement.” Do you agree? Explain. Remember to complete all parts of the
problems. Do not forget to show the necessary steps and explain how you attained that outcome.
Respond to at least two of your classmates’ postings.
Internal Control Procedures. Describe what is meant by a “walk-through.” Must walk-
throughs be performed during audits of internal control over financial reporting? May the client
perform a walk-through and the auditors then review the client’s work? Remember to complete
7. all parts of the problems. Do not forget to show the necessary steps and explain how you attained
that outcome. Respond to at least two of your classmates’ postings.
Internal Control Case. Complete Case 18-37 (p. 724-725) and submit to instructor. For each of
the following independent cases state the highest level of deficiency that you believe the
circumstances represent–a control deficiency, a significant deficiency, or a material weakness.
Explain your decision in each case.
Legal Case. Compare the rights of plaintiffs under common law with the rights of persons who
purchase securities registered under the Securities Act of 1933 and sustain losses. In your
answer, emphasize the issue of who must bear the burden of proof. Remember to complete all
parts of the problems. Do not forget to show the necessary steps and explain how you attained
that outcome. Respond to at least two of your classmates’ postings.
Ethics Case. Harris Fell, CPA and member of the AICPA, was engaged to audit the financial
statements of Wilson Corporation. Fell had half-completed the audit when he had a dispute with
the management of Wilson Corporation and was discharged. Hal Compton, CPA, was promptly
engaged to replace Fell. Wilson Corporation did not compensate Fell for his work to date;
therefore, Fell refused to allow Wilson Corporation’s management to examine his working
papers. Some of the working papers consisted of adjusting journal entries and supporting
analysis. Wilson Corporation’s management had no other source for this information. Did Fell
violate the AICPA Code of Professional Conduct? Explain fully. Remember to complete all parts
of the problems. Do not forget to show the necessary steps and explain how you attained that
outcome. Respond to at least two of your classmates’ postings.
Program Comprehensive Exam. Complete the comprehensive exam, which will take
approximately one to two hours and will be graded based on your score. The full instructions for
the exam
are posted in the classroom.
Audit Reporting. Wade Corporation has been your audit client for several years. At the
beginning of the current year, the company changed its method of inventory valuation from
average cost to last in, first out (LIFO). The change, which had been under consideration for
some time, was in your opinion a logical and proper step for the company to take. What effect, if
8. any, will this situation have on your audit report for the current year? Remember to complete all
parts of the problems. Do not forget to show the necessary steps and explain how you attained
that outcome. Respond to at least two of your classmates’ postings.
Audit Reports. The auditors do not believe that certain lease obligations have been reflected in
conformity with generally accepted accounting principles in the client’s financial statements.
What type of opinion should the auditors issue if they decide that the exceptions are immaterial?
Material? Very material? Remember to complete all parts of the problems. Do not forget to show
the necessary steps and explain how you attained that outcome. Respond to at least two of your
classmates’ postings.
Audit Report Modifications. Complete problem below. List a represents the types of opinions
the auditor ordinarily would issue and List B represents the report modifications [if any] that
would be necessary. Select as the best answer for each situation [items 1 to 6] the type of opinion
and modifications, if any, the auditor would normally select. The types of opinions in List A and
the report modifications in List B may be selected once, more than once, or not at all. The paper
should be 2-3 pages.
Problem:
Items 1 through 6 present various independent factual situations an auditor might encounter in
conducting an audit. For each situation assume:
Assume:
The auditor is independent.
The auditor previously expressed an unqualified opinion on the prior year’s financial
statements.
Only single-year (not comparative) statements are presented for the current year.
The conditions for an unqualified opinion exist unless contradicted in the factual situations.
The conditions stated in the factual situations are material.
· No report modifications are to be made except in response to the factual situation.
Situations:
9. 1. In auditing the long-term investments account, an auditor is unable to obtain audited financial
statements for an investee located in a foreign country. The auditor concludes that sufficient
appropriate audit evidence regarding this investment cannot be obtained.
2. Due to recurring operating losses and working capital deficiencies, an auditor has substantial
doubt about an entity’s ability to continue as a going concern for a reasonable period of time.
However, the financial statement disclosures concerning these matters are adequate.
3. A principal auditor decides to take responsibility for the work of another CPA who audited a
wholly owned subsidiary of the entity and issued an unqualified opinion. The total assets and
revenues of the subsidiary represent 17 percent and 18 percent, respectively, for the total assets
and revenues of the entity being audited.
4. An entity issues financial statements that present financial position and results of operations
but omits the related statement of cash flows. Management discloses in the notes to the financial
statements that it does not believe that statement of cash flows to be a useful financial statement.
5. An entity changes its depreciation method for production equipment from straight-line to a
units-of-production method based on hours of utilization. The auditor concurs with the change,
although it has a material effect on the comparability of the entity’s financial statements.
6. An entity discloses certain lease obligations in the notes to the financial statements. The
auditor believes that the failure to capitalize these leases is a departure from generally accepted
accounting principles.
Required:
List A represents the types of opinions the auditor ordinarily would issue and List B represents
the report modifications (if any) that would be necessary. Select as the best answer for each
situation (items 1 through 6) the type of opinion and modifications, if any, the auditor would
normally select. The types of opinions in List A and the report modifications in List B may be
selected once, more than once, or not at all.
(AICPA, adapted) List A
List B
Types of Opinions
Report Modifications
A. An “except for” qualified opinion
H. Describe the circumstances in a explanatory paragraph preceding the opinion paragraph
without modifying the three standard paragraphs.
10. B. An unqualified opinion
I. Describe the circumstances in an explanatory paragraph following the opinion paragraph
without modifying the three standard paragraphs.
C. An adverse opinion
J. Describe the circumstances in an explanatory paragraph preceding the opinion paragraph, and
modify the opinion paragraph.
D. A disclaimer of opinion
K. Describe the circumstances in an explanatory paragraph following the opinion paragraph, and
modify the opinion paragraph.
E. Either an “except for” qualified opinion or an adverse opinion.
L. Describe the circumstances in an explanatory paragraph preceding the opinion paragraph, and
modify the scope and opinion paragraphs.
F. Either a disclaimer of opinion or an “except for” qualified opinion.
M. Describe the circumstances in an explanatory paragraph following the opinion paragraph, and
modify the scope and opinion paragraphs.
G. Either an adverse opinion or a disclaimer of opinion
N. Describe the circumstances within the scope paragraph without adding an explanatory
paragraph.
O. Describe the circumstances within the opinion paragraph without adding an explanatory
paragraph.
P. Describe the circumstances within the scope and opinion paragraphs without adding an
explanatory paragraph.
The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at
pages 237-244 in your text. Write, in outline format but in complete sentences, a 6 to 10 page
audit plan. It is recommended that you look at Figure 18.8 on page 708, which shows the control
objectives related to accounts receivable.
In your audit plan cover the steps necessary to determine if you should select the client, the
internal control procedures which need to be reviewed, the substantive tests [using accounts
receivable a guide], and the final reporting steps. Based on the actual facts in the case determine
the emphasis you want to place on various accounts. Also reflect back over your entire
accounting program and think about how the accounts are interrelated. For example, when
11. allowance for doubtful accounts is credited the offset is to bad debt expense. Therefore one of
the steps should be to trace the debit side of the entry to the balance for bad debt expense.
Make your comments as specific as possible. Rather than say look for unusual entries, say look
for entries from unusual sources and rounded amounts with focus on those near an accounting
cut off. Use precise language. Rather than saying you “vouched accounts payable,” say that you
looked at the item to determine that it was a bona fide business expense. Remember to focus on
the key audit objectives and support needed after applying the audit risk model.
Remember, the purpose of the Final Paper is for you to culminate the learning achieved in the
course by describing your understanding and application of knowledge in the field of accounting.
The Final Paper should focus on real life, real time application of topics covered in this course;
the uses you have seen and the uses you can envision. The paper must be submitted to your
instructor no later than the last day of class. Earlier submittal is appreciated.