ACC 410 Course Begins Success / acc410dotcom

1. ACC 410 Course Begins Success / acc410.com For More Tutorials www.acc410.com

2. ACC 410 Course Begins Success / acc410.com • ACC 410 Week 1 DQ 1 Internal vs. External Audit Staffs • ACC 410 Week 1 DQ 2 Audit Reports • ACC 410 Week 1 Assignment Generally Accepted Auditing Standards • ACC 410 Week 2 DQ 1 Balance Sheet Verification • 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. ACC 410 Entire Course ACC 410 Week 1 Assignment Generally Accepted Auditing Standards

3. ACC 410 Course Begins Success / acc410.com • 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. • 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, ACC 410 Week 1 DQ 1 Internal vs. External Audit Staffs ACC 410 Week 1 DQ 2 Audit Reports

4. ACC 410 Course Begins Success / acc410.com • 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. • 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.” ACC 410 Week 2 Assignment Analytical Procedures ACC 410 Week 2 DQ 1 Balance Sheet Verification

5. ACC 410 Course Begins Success / acc410.com • 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 • 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 ACC 410 Week 2 DQ 2 Accounting Principles ACC 410 Week 3 Assignment Internal Control Case

6. ACC 410 Course Begins Success / acc410.com • 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 • 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? ACC 410 Week 3 DQ 1 Audit Programs ACC 410 Week 3 DQ 2 Internal Control Procedures

7. ACC 410 Course Begins Success / acc410.com • 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. • 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. ACC 410 Week 4 DQ 1 Legal Case ACC 410 Week 4 DQ 2 Ethics Case

8. ACC 410 Course Begins Success / acc410.com • 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 • 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, ACC 410 Week 5 Assignment Audit Report Modifications Paper ACC 410 Week 5 DQ 1 Audit Reporting

9. ACC 410 Course Begins Success / acc410.com • 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? • 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. ACC 410 Week 5 DQ 2 Audit Reports ACC 410 Week 5 Final Paper Audit Plan Keystone Computers

10. ACC 410 Course Begins Success / acc410.com For More Tutorials www.acc410.com