Ic mind - auditing
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3-24 (Objectives 3-1 , 3-2, 3-4, 3-6, 3-7) Patel, CPA, has complet.docx
3-24 (Objectives 3-1 , 3-2, 3-4, 3-6, 3-7) Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and for the year ended December 31, 2016. Patel also audited and reported on the Bellamy financial statements for the prior year. Patel drafted the following report for 2016.
© 2017 DeVry/Becker Educational Development Corp. All rights reserved.
We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2016. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of misstatement.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly the financial position of Bellamy Corporation as of December 31, 2016, and the results of its operations for the year then ended in conformity with generally accepted auditing standards, applied on a basis consistent with those of the preceding year.
Patel, CPA
(Signed)
Other Information
· Bellamy is a private corporation and is presenting comparative financial statements.
· During 2016, Bellamy acquired Stockard Inc. and the effects of that transaction are reflected in the current year financial statements. Information about this transaction is disclosed in footnote 12.
· Patel was unable to perform normal accounts receivable confirmation procedures for accounts that are material, but not pervasive, to the financial statements. Unfortunately, Patel was not able to perform alternative procedures to support the existence of the receivables.
· Bellamy Corporation is the defendant in litigation where there is a reasonable possibility that Bellamy may be required to pay a substantial amount of cash, which might require the sale of certain fixed assets. Because management does not want to provide any information that the plaintiff might use against Bellamy, the case is not discussed in the financial statements.
· Bellamy issued debentures on January 31, 2015, in the amount of $10 million. The funds obtained from the issuance were used to finance the expansion of plant facilities. The debenture agreement restricts the payment of future cash dividends to earnings after December 31, 2020. Bellamy has disclosed this in the footnotes to the financial statements.
Required
a. Identify and explain any items included in “Other Information” that need not be part of the auditor’s report.
b. Explain the deficiencies in Patel’s report as drafted.*
*Based on AICPA question paper, American Institute of Certified Public Accountants.
3-26( Objectives 3-4 , 3-5, 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement:
1. A number of frozen yogurt stores have opened in the last few years and your client, YogurtLand, has experienced.
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Assessment Type Case Study AssignmentPurpose This assessmen.docx
Assessment Type: Case Study Assignment
Purpose: This assessment will allow students to demonstrate their understanding of auditing standards, procedures and techniques, how they are applied in organizational situations and the implications for stakeholders. The group nature of this assessment will allow students to further develop their team working skills.
Task Details: Student needs to analyze the specific information provided, and respond to the questions set. The student should then present his/her analysis and solutions in a professionally formatted short report. It must be in 2000 words. References, title page are not included in the 2000 words.
Research requirements: Students need to support their analysis and solutions or recommendations using the current Australian Auditing Standards, the text and a minimum of fourteen (14) suitable, reliable, current and academically acceptable sources. Harvard – Anglia Style referencing must be use.
Marking Guide: Research – extent and application - 20%
Analysis - 30%
Recommendations/conclusions - 40%
Presentation - 10%
ASSIGNMENT Worth 20%
Question 1 (8 marks)
The following are a number of different situations where there may be violations of the ethical
principles .You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated briefly providing a reason for your opinion:
(a) Peter Harmon , professional accountant, does the bookkeeping, prepares the tax returns and provides various management services for Bunker L td .When providing these services it frequently advises its clients to buy its computer equipment from Computer Services Ltd. Computer Services has agreed to pay Harmon a 10% commission if the referral leads to sales for Computer Services .
(b)David Smith, an auditor, was asked by Allied Insurance, for its help in finding clients. David Smith subsequently referred ten clients to the insurance company without letting them know.
(c) Wrench and company, Chartered Accountants, keeps details of its clients in its computer records
at its office .Since it also has time available it will allow its clients to use its computers if they require
them. If necessary Wrench will arrange for members of its staff, mainly administration but sometimes
from the audit branch to assist with the input of data for these clients. The staff from the Audit section can be involved in the audit of clients, depending upon the Audit Partners requirements.
(d) Stephanie Barry has an audit client, Williams Pty Ltd, which uses another public accountant for
its management services work. Barry sends her firm’s literature regarding its management services capabilities to Williams on a monthly basis, unsolicited.
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Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docx
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.
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3-24 (Objectives 3-1 , 3-2, 3-4, 3-6, 3-7) Patel, CPA, has complet.docx
3-24 (Objectives 3-1 , 3-2, 3-4, 3-6, 3-7) Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and for the year ended December 31, 2016. Patel also audited and reported on the Bellamy financial statements for the prior year. Patel drafted the following report for 2016.
© 2017 DeVry/Becker Educational Development Corp. All rights reserved.
We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2016. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of misstatement.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly the financial position of Bellamy Corporation as of December 31, 2016, and the results of its operations for the year then ended in conformity with generally accepted auditing standards, applied on a basis consistent with those of the preceding year.
Patel, CPA
(Signed)
Other Information
· Bellamy is a private corporation and is presenting comparative financial statements.
· During 2016, Bellamy acquired Stockard Inc. and the effects of that transaction are reflected in the current year financial statements. Information about this transaction is disclosed in footnote 12.
· Patel was unable to perform normal accounts receivable confirmation procedures for accounts that are material, but not pervasive, to the financial statements. Unfortunately, Patel was not able to perform alternative procedures to support the existence of the receivables.
· Bellamy Corporation is the defendant in litigation where there is a reasonable possibility that Bellamy may be required to pay a substantial amount of cash, which might require the sale of certain fixed assets. Because management does not want to provide any information that the plaintiff might use against Bellamy, the case is not discussed in the financial statements.
· Bellamy issued debentures on January 31, 2015, in the amount of $10 million. The funds obtained from the issuance were used to finance the expansion of plant facilities. The debenture agreement restricts the payment of future cash dividends to earnings after December 31, 2020. Bellamy has disclosed this in the footnotes to the financial statements.
Required
a. Identify and explain any items included in “Other Information” that need not be part of the auditor’s report.
b. Explain the deficiencies in Patel’s report as drafted.*
*Based on AICPA question paper, American Institute of Certified Public Accountants.
3-26( Objectives 3-4 , 3-5, 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement:
1. A number of frozen yogurt stores have opened in the last few years and your client, YogurtLand, has experienced.
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Assessment Type Case Study AssignmentPurpose This assessmen.docx
Assessment Type: Case Study Assignment
Purpose: This assessment will allow students to demonstrate their understanding of auditing standards, procedures and techniques, how they are applied in organizational situations and the implications for stakeholders. The group nature of this assessment will allow students to further develop their team working skills.
Task Details: Student needs to analyze the specific information provided, and respond to the questions set. The student should then present his/her analysis and solutions in a professionally formatted short report. It must be in 2000 words. References, title page are not included in the 2000 words.
Research requirements: Students need to support their analysis and solutions or recommendations using the current Australian Auditing Standards, the text and a minimum of fourteen (14) suitable, reliable, current and academically acceptable sources. Harvard – Anglia Style referencing must be use.
Marking Guide: Research – extent and application - 20%
Analysis - 30%
Recommendations/conclusions - 40%
Presentation - 10%
ASSIGNMENT Worth 20%
Question 1 (8 marks)
The following are a number of different situations where there may be violations of the ethical
principles .You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated briefly providing a reason for your opinion:
(a) Peter Harmon , professional accountant, does the bookkeeping, prepares the tax returns and provides various management services for Bunker L td .When providing these services it frequently advises its clients to buy its computer equipment from Computer Services Ltd. Computer Services has agreed to pay Harmon a 10% commission if the referral leads to sales for Computer Services .
(b)David Smith, an auditor, was asked by Allied Insurance, for its help in finding clients. David Smith subsequently referred ten clients to the insurance company without letting them know.
(c) Wrench and company, Chartered Accountants, keeps details of its clients in its computer records
at its office .Since it also has time available it will allow its clients to use its computers if they require
them. If necessary Wrench will arrange for members of its staff, mainly administration but sometimes
from the audit branch to assist with the input of data for these clients. The staff from the Audit section can be involved in the audit of clients, depending upon the Audit Partners requirements.
(d) Stephanie Barry has an audit client, Williams Pty Ltd, which uses another public accountant for
its management services work. Barry sends her firm’s literature regarding its management services capabilities to Williams on a monthly basis, unsolicited.
(e) Katrina Ng is a manager on the audit of a not for profit entity. She is also a member of the Board of Directors for the not for profit entity, but the position is honorary and does not in.
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The engagement letter between the CPA firm Abernathy & Chapman and their audit client Lakeside Company outlines both parties' responsibilities. For Abernathy & Chapman, it specifies performing the audit to express an opinion on the financial statements, searching for material misstatements, reporting on internal controls and potential fee changes, and providing the final audit report by February 22, 2013. For Lakeside Company, it specifies paying the audit fee and providing interim and year-end trial balances and audit documents as specified.
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Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docx
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.
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This document appears to be a practice exam for an ACC 421 final exam. It contains 28 multiple choice questions testing accounting concepts related to financial statements, revenue and expense recognition, and ratio analysis. The questions cover topics such as capitalizing costs, accrued expenses, adjusting entries, the roles of organizations like the FASB and SEC, and preparing and analyzing financial statements.
Acc 421 final exam
This document appears to be a practice exam for an ACC 421 final exam. It contains 28 multiple choice questions testing accounting concepts related to financial statements, revenue and expense recognition, and ratio analysis. The questions cover topics such as capitalizing costs, accrued expenses, adjusting entries, the roles of organizations like the FASB and SEC, and preparing and analyzing financial statements.
Ch7 Quiz Questions And Solutions
The document contains quiz questions and solutions related to Chapter 7 on auditing internal controls. It addresses topics like the responsibilities of management and auditors in assessing internal controls over financial reporting, the objectives of internal control, and an auditor's responsibilities to consider fraud and errors. Key objectives of auditing internal controls are to form an opinion on their effectiveness in preventing material misstatements and to evaluate controls over financial statement disclosures. Auditors must test internal controls rather than rely solely on the work of others.
ACC 492 Education Specialist |tutorialrank.com
This document outlines audit procedures and assignments for ACC 492, including:
- Weekly textbook problems, current issue summaries, team assignments covering auditing of cash, financial instruments, sales, receivables, inventory, payroll, acquisitions, payments, property, and contingencies.
- A final exam covering topics like audit sampling, internal controls, audit evidence, and business cycles.
The assignments and exam are designed to help students learn how to audit key accounts and cycles and apply audit standards and procedures.
ACC 492 Education Specialist |tutorialrank.com
This document outlines audit procedures and assignments for ACC 492, including:
- Weekly textbook problems, current issue summaries, team assignments covering auditing of cash, financial instruments, sales, receivables, inventory, payroll, acquisitions, payments, property, and contingencies.
- A final exam with multiple choice questions testing understanding of audit sampling, internal controls, audit evidence, and business cycles.
The course focuses on auditing various accounts and cycles through application of audit procedures and analysis of current issues.
Amity MBA 1st Sem ASODL Accounting For Managers
This document contains assignment questions related to accounting concepts such as conservatism, balance sheets, funds flow statements, ratio analysis, pay-out ratios, interpretation of financial statements, preparation of trading and profit and loss statements, liquidity analysis, bank reconciliation, budgeting, inventory valuation, standard costing, and various accounting principles. The questions cover a wide range of accounting topics and require calculation, analysis, and discussion of accounting information and financial statements.
Suggested Answers-Certificate Level (May-June 2017)
The document is a knowledge level exam paper from the Institute of Chartered Accountants of Bangladesh. It contains questions on assurance, internal control, internal and external audit. The paper covers key concepts in these areas like the two types of assurance engagements, objectives of internal control, components of internal control like control environment and risk assessment process, roles of internal and external audit functions and key differences between them. It provides suggested answers to questions testing understanding of these fundamental assurance, internal control and audit concepts.
Professional Level November December 2018 all questions ICAB
The document provides information about an audit planning meeting for the audit of Holiday Resort Limited. It discusses several issues that have arisen, including:
1) The general manager of the resort offering the audit team a free stay at the resort as a token of appreciation.
2) A request from audit team members to participate in an internal bidding process for disposed assets of another audit client, Alpha Technologies Limited.
3) Situations that could impair an auditor's independence, such as providing taxation or accounting services to a client, and ways to minimize the effects.
The summary provides a high-level overview of the key topics and issues discussed in the document in 3 sentences or less.
auditing amp assurance services.docx
Five college seniors discuss career plans in auditing. The first plans to be an IRS agent focused on taxes. The second wants to work for a CPA firm for experience in auditing and related fields. The third chose a career in internal auditing for exposure to different parts of large companies. The fourth aims to be a GAO auditor for experience in computer risk assessment. The fifth wants to be a certified fraud examiner but is unsure where to begin.
Suggested answer march april-2021
This document does not contain a summary as it is a collection of fragmented text and does not convey complete ideas or information. The document includes discussions of auditor independence, contingent fees, threats to objectivity, and other audit-related topics but does not integrate these ideas into coherent paragraphs or provide an overall summary.
1871 audit assurance_nov_dec_18
The document discusses several ethical issues and dilemmas faced by an accountant working for a garments manufacturing company. The main issues include:
1) Cash payments being made to major customers for bulk discounts, instead of issuing proper receipts. This could indicate impropriety.
2) Significant delays in paying worker wages and overtime payments, as well as mismatches between production and inventory records.
3) The company submitting tax returns based on fake sales figures and tampered vouchers, raising the risk of penalties.
As the professional accountant, the appropriate responses are to investigate the discrepancies independently, ensure workers are paid properly, and advise correcting any fraudulent tax submissions to avoid penalties. Maintaining integrity and
ACC 492 (Contemporary Auditing II - entirecourse.com)
This document contains information about an ACC 492 auditing course, including discussion questions, assignments, and quizzes covering topics like revenue and payroll cycles, internal controls, analytical procedures, and fraud detection. It provides resources for understanding auditing procedures for various accounting cycles and assertions.
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Ic mind - auditing
- 1. WE PROVIDE CASE STUDY ANSWERS, ASSIGNMENT SOLUTIONS, PROJECT REPORTS AND THESIS aravind.banakar@gmail.com ARAVIND - 09901366442 – 09902787224 AUDITING 1. Discuss the advantages and disadvantages of balance sheet audit. Also state the auditor’s position in relation to balance sheet audit. 2. Draft a form of questionnaire, that you would use to determine the effectiveness of the client’s internal control over payrolls. 3. An enterprise purchases an item of machinery on 1.4.2002 for Rs. 100,000. It depreciates this item at the rate of 10% per annum on straight-line basis. On 1.4.2005, the enterprise decides to change the method of depreciation from straight- line to written down value. The applicable rate under the new method is 15%. How should the enterprise give effect to this change in the method of depreciation? 4. Under what circumstances, an auditor can be appointed by the following: (a) The Board of Directors (b) The shareholders (c) The central government 5. While examining the accounts of a company, you find the following items on credit side of profit and loss account: (a) Profit on revaluation of land. (b) Bounties received from central government (c) Excess depreciation charged in the previous year now written back (d) Unclaimed dividend Would you have any objection as auditor in passing the accounts of the company? State with reasons. 6. What is a Clean Report? Give a specimen of a qualified report of the auditor. 7. What is investigation? Distinguish investigation from audit. 8. Define ‘Professional Misconduct’ and state how professional misconduct and professional ethics are related. Give few instances of professional misconduct with case decisions. 9. What special points should the auditor consider in conducting audit in the following institutions (a) Charitable institution (b) Educational institution
- 2. 10. State the controls that can be applied over inputs and processing of data in a computerized accounting environment. WE PROVIDE CASE STUDY ANSWERS, ASSIGNMENT SOLUTIONS, PROJECT REPORTS AND THESIS aravind.banakar@gmail.com ARAVIND - 09901366442 – 09902787224