ACC 546 Lessons in Excellence / acc546.com

1. ACC 546 Lessons in Excellence -- acc546.com

2. ACC 546 Lessons in Excellence -- acc546.com ACC 546 All Assignments For more course tutorials visit www.acc546.com Please check All Included Assignments Below ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers ACC 546 Case 3.3 The Anonymous Caller ACC 546 Assignment Burlington Bees ACC 546 Week 1 Assignment Avoiding Bias Paper ACC 546 Individual Assignment 1.1 Ocean Manufacturing, Inc ACC 546 Laramie Wire Manufacturing Assignment

3. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Assignment Burlington Bees For more course tutorials visit www.acc546.com [1] Research auditing professional standards and list the requirements related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence. What are the advantages of developing an expectation at a detailed level

4. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 2.2 Apple Inc. For more course tutorials visit www.acc546.com CASE 2.2 Apple Inc. Evaluation of Client Business Risk After completing and discussing this case you should be able to [1] Describe the implications of an audit client’s business risk on the audit engagement [2] Describe the types of information relevant to evaluate an audit client’s business risk [3] Identify and evaluate the factors important in assessing an audit client’s business risk and risk of material financial misstatement INTRODUCTION1 [a] Apple’s:

5. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 3.3 The Anonymous Caller For more course tutorials visit www.acc546.com Case 3.3 The Anonymous Caller, p. 63-65 [1] Do you think situations like this (i.e., aggressive accounting or even financial statement fraud) are common in practice? [2] Which financial statement assertion related to sales transactions did management violate when it issued the falsified financial statements? [3] The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) recently completed a joint project to develop a common revenue standard for U.S. GAAP and IFRS

6. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 4.1 Enron Corporation & Andersen, LLP For more course tutorials visit www.acc546.com 1)What were the business risks Enron faced, and how did those risks increase the likelihood of material misstatement in Enron’s financial statements? 2) In your own words, summarize how Enron used SPE’s to hide large amounts of company debt (a) What are the responsibilities of a company’s board of directors? (b) Could the board of directors at Enron-especially the audit committee

7. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 5.1 Simply Steam, Co. For more course tutorials visit www.acc546.com Commitment to Integrity and Ethical Values Board of Directors Demonstrates Independence and Appropriate Oversight Management’s Philosophy and Operating Style Management Establishes Structure and Reporting Lines to Achieve Objectives Financial Reporting Competencies The Organization Holds Individuals Accountable to Their Internal Control Responsibility Evaluation of Simply Steam, Co. as to demonstrating a commitment to attract, develop, and retain competent individuals Overall evaluation of the Control Environment

8. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 7.1 Anne Aylor, Inc For more course tutorials visit www.acc546.com ACC 546 Case 7.1 Anne Aylor, Inc. [a] Why are different materiality bases considered when determining planning materiality? [b] Why are different materiality thresholds relevant for different audit engagements? [c] Why is the materiality base that results in the smallest threshold generally used for planning purposes? D. Why is the risk of management fraud considered when determining performance materiality?

9. ACC 546 Lessons in Excellence -- acc546.com ACC 546 CASE 9.1 Wally’s Billboard & Sign Supply For more course tutorials visit www.acc546.com CASE 9.1 Wally’s Billboard & Sign Supply After completing the audit program, answer the following questions: [1] Why is the audit of cash an important part of the audit? [2] Bill performed tests of controls for all transaction cycles with good results. Why is it important to also perform substantive audit procedures for the ending cash balance even when tests of controls over transactions that affect the cash account indicate that those controls are operating effectively?

10. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 9.3 Longeta Corporation For more course tutorials visit www.acc546.com Case 9.3 Longeta Corporation overs auditing revenue contracts. You want to be thoroughly prepared for the meeting with the audit manager. Perform the following procedures to be certain you have all necessary information about the transaction’s treatment. [1] The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) recently completed a joint project to develop a common revenue standard for U.S.

11. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 9.4 Bud's Big Blue Manufacturing For more course tutorials visit www.acc546.com Case 9.4 Bud's Big Blue Manufacturing covers accounts receivable confirmations REQUIRED [1] List the four factors auditors should consider when evaluating the results of confirmation procedures. Also, what are three of the characteristics of a reliable confirmation? (For this and other questions, you may wish to refer relevant auditing standards). [2]

12. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 9.7 RedPack Beer Company For more course tutorials visit www.acc546.com Case 9.7 RedPack Beer Company covers estimating allowance for bad debt [2] Following your analysis of the information in Schedules A-D, assume that you met with RedPack’s Credit Manager, Katie Henson, to ask her a number of questions related to specific customer accounts in the Accounts Receivable Aged Trial Balance. A transcript of your interview notes is provided as Schedule E. Use that information to address the following:

13. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 10.4 and 10.5 Southeast Shoe Distributor, Inc (Score 100%) For more course tutorials visit www.acc546.com Week 5 Team Assignment Case 10.4 and 10.5 Southeast Shoe Distributor, Inc. 10.4 [2] Complete steps 1a-i from the audit program E 1-1 [3] Complete step 4a from the audit program E 1-1 10.5 [1] Complete audit procedure 3a listed on audit program E 2. [2] Document your adjusting entries for any observed misstatements that you propose on schedule E 11. Then update the accounts payable lead schedule on audit schedule E 10

14. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 11.1 The Runners Shop For more course tutorials visit www.acc546.com Week 6 Team Assignment, 1 Instructions: Review case 11.1 The Runners Shop p.379-391. CASE 11.1 The Runners Shop Briefly answer, required questions related to this case: 1-3 with approximately 30 to 45 words. REQUIRED [1] Describe the purposes of audit documentation and explain why each purpose is important.

15. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 12.1 EyeMax Corporation For more course tutorials visit www.acc546.com Case 12.1 EyeMax Corporation – evaluating audit differences Assume that you are the auditor responsible for the EyeMax audit. It is now March 30, and all planned fieldwork has been completed. Recall that total financial statement materiality has been set at $625,000. Taking into account the information provided, please answer the following question. [1]

16. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 12.2 Auto Parts. Inc For more course tutorials visit www.acc546.com Case 12.2 Auto Parts. Inc. – materiality and evaluating accounting policies and footnote disclosures [1] Describe whether you agree that capitalization of the tooling supplies is the preferable method of accounting for Auto Parts, Inc. [2] In general, how do auditors develop an estimate of financial statement materiality? For Auto Parts, Inc., what is your estimate of financial statement materiality?

17. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Case 12.4 Surfer Dude Duds, Inc For more course tutorials visit www.acc546.com ACC 546 Case 12.4 Surfer Dude Duds, Inc [1] What are Scott’s options? [2] How might a going-concern explanatory paragraph become a “self-fulfilling prophecy” for Surfer Dude? [3] Discuss the importance of full and accurate auditor reporting to the public, and describe possible consequences for both parties if the going-concern explanatory paragraph and footnote are excluded.

18. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Individual Assignment 1.1 Ocean Manufacturing, Inc For more course tutorials visit www.acc546.com 2. What nonfinancial matters should be considered before accepting Ocean as a client? How important are these issues to the client acceptance decision? Why? 5. (A). Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing, Inc.

19. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Individual Assignment Case 5.3 Red Bluff Inn & Café For more course tutorials visit www.acc546.com [1] What are your two biggest concerns relating to possible fraud for the café part of the business? For each concern, generate two or three controls that could effectively reduce risk related to your concerns. Use common sense and be creative! [2] What are your two biggest concerns relating to possible fraud for the motel part of the business? For each concern, generate two or three controls that could effectively reduce risk related to your concerns

20. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Individual Assignment Case 5.6 Sarbox Scooter, Inc. For more course tutorials visit www.acc546.com Part A 1. According to AS5: a) What should the auditor consider when determining whether an account should be considered significant? b) What qualitative factors might cause an account that is otherwise relatively small quantitatively to be considered significant? c) What qualitative factors might cause an account that is greater than materiality to be considered not significant?

21. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers For more course tutorials visit www.acc546.com ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers The Case Against Lehman Brothers”. Write a 750- to 1,050-word evaluation. Analyze and then summarize the responsibilities and failings of the firm, the firm’s accountants, and government regulators. Provide an update in the case against the firm, its top executives, and accountants.

22. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Laramie Wire Manufacturing Assignment For more course tutorials visit www.acc546.com ACC 546 Laramie Wire Manufacturing Assignment

23. ACC 546 Lessons in Excellence -- acc546.com ACC 546 Week 1 Assignment Avoiding Bias Paper For more course tutorials visit www.acc546.com Avoiding Bias Paper - Assessment Activity - Week1 - ACC/546 - eCampus Read the pages 1-9 section of Professional Judgment and distinguish the four tendencies toward professional judgment bias: 1. Availability Tendency 2. Confirmation Tendency 3. Overconfidence Tendency 4. Anchoring Tendency In a paper 750 to 1,050 words, evaluate how an auditor can avoid these bias traps. For the remainder of the course and subsequent assignments, continue to consider and utilizeyour understanding ofthese biases.

24. ACC 546 Lessons in Excellence -- acc546.com