ACC 490 UOP Course Material - acc490dotcom

1. ACC 490 UOP Course Material - acc490dotcom

2. ACC 490 UOP Course Material ACC 490 Entire Course ACC 490 Week 1 DQ 1 • ACC 490 Week 1 Generally Accepted Auditing Standards Paper • ACC 490 Week 1 DQ 1 • ACC 490 Week 1 DQ 2 • ACC 490 Week 2 Individual Ch. 1 Textbook Exercise • ACC 490 Week 2 Learning Team Auditing, Attestation, and Assurance Services Paper • Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain.

3. ACC 490 UOP Course Material ACC 490 Week 1 DQ 2 ACC 490 Week 1 Generally Accepted Auditing Standards Paper • The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession, and how do they affect the profession? • Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain.

4. ACC 490 UOP Course Material ACC 490 Week 2 DQ 1 ACC 490 Week 2 DQ 2 • Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain. • The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.

5. ACC 490 UOP Course Material ACC 490 Week 2 Individual Ch. 1 Textbook Exercise ACC 490 Week 2 Learning Team Auditing, Attestation, and Assurance Services Paper • Resources: Ch. 1 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to the following assignment from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • An example of each type of service • Who might request such a service? • What standards apply to each service and who establishes those standards?

6. ACC 490 UOP Course Material ACC 490 Week 3 DQ 1 ACC 490 Week 3 DQ 2 • What are the two types of audit tests? What are some examples of each of these two types of tests? How will the auditor use the data gathered from these tests? • Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?

7. ACC 490 UOP Course Material ACC 490 Week 3 Individual Ch. 5, 6, & 7 Textbook Exercises ACC 490 Week 3 Learning Team Assessing Materiality and Risk Simulation • Resources: Ch. 5, 6, & 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting. • Resources: Assessing Materiality and Risk simulation on student website • Complete the Assessing Materiality and Risk simulation • Resources: Assessing Materiality and Risk simulation on student website • Complete the Assessing Materiality and Risk simulation located on the student website.

8. ACC 490 UOP Course Material ACC 490 Week 4 DQ 1 ACC 490 Week 4 DQ 2 • Why do auditors find it necessary to use sampling? What are the risks associated with sampling? • How might these risks affect the audit conclusion? • How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the auditor consider when encountering an error? How might the results affect the audit conclusion?

9. ACC 490 UOP Course Material ACC 490 Week 4 Individual Ch. 8, 10, & 11 Textbook Exercises ACC 490 Week 4 Learning Team Apollo Shoes Case Assignment • Ch. 8: Comprehensive Questions 8-16 – Analytical procedures • Ch. 10: Comprehensive Questions 10-32 – Components of Internal Control • Ch. 11: Comprehensive Questions 11-21 – Assessing Control Risk • Resources: Apollo Shoes Case materials located on the student website • Complete the Internal Control audit section of the case using the Apollo Shoes Case materials, available under the Assessment section of Week Three on the student website.

10. ACC 490 UOP Course Material ACC 490 Week 5 Individual Ch. 11 & 13 Textbook Exercises ACC 490 Week 5 Learning Team Audit Sampling Case Memo and Presentation • Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • Ch. 11: Learning Checks 11-6, 11-8, & 11-9 • Ch. 13: Learning Check 13-8 • Prepare a 1,400- to 1,750-word memo to the Audit Partner, John Smith, summarizing your findings from the following case found in Ch. 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • Case 13-36 – Mt. Hood Furniture—PPS Sampling Problem

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