ACC403 Complete Course Week 1 to Week 11
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Wednesday, 29 July 2015

ACC403 Complete Course Week 1 to Week 11

ACC403 Complete Course Week 1 to Week 11

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ACC 403 Week 1 Discussion
"Auditor's Role and Responsibilities" Please respond to the following:
Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.
Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client's business environment. Ascertain the key legal ramifications and risk mitigation strategies associated with an auditor performing the audit. Support your position

ACC 403 Week 1 Homework
Chapter 1: Problems 1-17(a-e), 1-19(a-b), and 1-22(a-c)
Chapter 2: Problems 2-18(a-e), 2-20(a-e), and 2-22(a-h)

ACC 403 Week 2Discussion

"Auditor Accountability" Please respond to the following:
From the e-Activity, discuss the departures from generally accepted accounting principles (GAAP) that you have researched, and give your opinion as to whether or not the Public Company Accounting Oversight Board (PCAOB) should levy sanctions against the CPA firm for issuing the unqualified report. Identify the sanctions and section of the report the company should have modified to address departures from GAAP. Support your position.
Compare the code of professional conduct for CPAs to the code of professional conduct for accountants who are non-CPAs. Determine the major ethical issues created by the mergers of public accounting firms with non-CPA firms that perform accounting services. Explain your rationale.

ACC 403 Week 2 Homework

Chapter 3: Problems 3-25(a-c), 3-28(a-c), and 3-31
Chapter 4: Problems 4-20(a-f), 4-23(a-d), and 4-26(a-d)



ACC 403 Week 3 Discussion
"Audit Risks" Please respond to the following:

From the e-Activity, analyze whether or not investors who were misled by relying on financial statements could hold the audit firm liable for audit failure either by common or securities laws. Provide a rationale for your response.
According to an article in the CPA Journal, the accounting profession has long contended that an audit conducted in accordance with generally accepted auditing standards (GAAS) provides reasonable assurance that there are no material misstatements contained within financial statements. Suggest at least two (2) alternative methods that auditors can use to provide a more concrete level of assurance to investors. Provide support for your responses with examples of such methods in use.

ACC 403 Week 3 Homework

Chapter 5: Problems 5-18, 5-20(a-d), and 5-22(a-e)
Chapter 6: Problems 6-23(a-b), 6-25, and 6-32(a-g)



ACC 403 Week 4Discussion
"Evidence Collection Procedures" Please respond to the following:
According to an article in the CPA Journal, the auditor considers reliability of audit evidence collected and the reliability of that evidence to reduce the risk of financial statements containing undetected material errors. Compare and contrast at least two (2) types of evidence, and make a recommendation as to which you believe is the most reliable in reducing risk. Support your position.
From the e-Activity, analyze the primary ways in which auditors would use the information from downgrades to assess business risk or evaluate the likelihood that the downgrades would impact the auditor's assessment of the client's business environment. Ascertain the major ways in which this information would impact the audit risk model equation. Support your position.

ACC 403 Week 4 Homework
Chapter 7: Problems 7-29(a-g) and 7-33(a-b)
Chapter 8: Problems 8-29(a-d) and 8-32(a-b)

ACC 403 Assignment 1 Auditors and Regulatory Oversight

Assignment 1: Auditors and Regulatory Oversight
Due Week 4 and worth 240 points
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company.
Use the Internet or Strayer Library to research a recent accounting scandal within the last five (5) years where the SEC accused public companies of accounting irregularities.
Write a three to four (3-4) page paper in which you:
  1. Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
  2. Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
  3. Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position. 
  4. Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response.
  5. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:
  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.


ACC 403 Week 5Discussion
"Minimizing Audit Risk" Please respond to the following:
According to the text, auditors have to make judgments concerning materiality on every audit. Since the auditing standards give no formal guidance for how to determine materiality, auditors must rely on their own experience. Determine at least three (3) qualitative factors that affect the auditor's judgment. Provide a rationale for your response.

According to the text, auditors rely on the audit risk formula to determine the types and amount of audit evidence to collect in order to keep the overall audit risk of engagements to a minimum or below defined tolerable limits. Suggest an alternative to the audit risk equation in order to mitigate audit risk. Support your rationale with examples of the successful use of the alternative strategy.

ACC 403 Week 5 Midterm 1
ACC 403 Week 5 Midterm 2


ACC 403 Week 6 Discussion

"Management and Internal Control" Please respond to the following:
Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on the audit plan if additional deficiencies are discovered on other related internal controls. Support your position.
From the e-Activity, identify the accounts that the fraud had affected, and analyze the auditor’s responsibility to detect fraud. Suggest key internal controls that would have either prevented or detected the fraudulent behavior or transactions. Justify your response.


ACC 403 Week 6 Homework

Chapter 10: Problems 10-34(a-b), 10-36(a-c), and 10-38(a-d)
Chapter 11: Problems 11-24(a-d), 11-27(a-c), and 11-30(a-c)


ACC 403 Week 7 Discussion
"Audit Risk and Fraud" Please respond to the following:
Create a scenario in which a company conceals financial fraud from the auditing firm through the use of information technology, and suggest at least one (1) way in which an auditing firm can minimize its exposure to this risk.
According to the text, planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan in an attempt to reduce audit risk to an acceptable level. Select a balance sheet account or income statement account, and discuss the type of audit procedure that would produce the most reliable evidence for that account balance. Defend your position.

ACC 403 Week 7 Homework
Chapter 12: Problems 12-18(a-d), 12-20(a-d), and 12-24(a-b)
Chapter 13: Problems 13-23(a-d), 13-24(a-b), and 13-27(a-c)


ACC 403 Week 8 Discussion
"Internal Controls and Sampling Strategy" Please respond to the following:
Imagine that you have been hired to audit the sales and collections of a medium to large merchandising company. Suggest at least two (2) ways that management could manipulate earnings, and make specific recommendations for the internal control procedure to prevent or detect the transaction. Justify your response.
Discuss the advantages and disadvantages of at least two (2) sampling methods. Make a recommendation for the best method to sample accounts receivables. Support your position.

ACC 403 Week 8 Homework
Chapter 14: Problems 14-23(a-c) and 14-26(a-c)
Chapter 15: Problems 15-24(a-c) and 15-28(a-f)


Assignment 2: Audit Planning and Control
Due Week 8 and worth 280 points
It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct external audits to ensure outside stakeholders that the company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) standards.
Use the Internet to select a public accounting company that appeals to you. Imagine that you are a senior partner in a public accounting firm hired to complete an audit for the chosen public company.
Write a four to six (4-6) page paper in which you:
1.      Outline the critical steps inherent in planning an audit and designing an effective audit program. Based upon the type of company selected, provide specific details of the actions that the company should undertake during planning and designing the audit program.
2.      Examine at least two (2) performance ratios that you would use in order to determine which analytical tests to perform. Identify the accounts that you would test, and select at least three (3) analytical procedures that you would use in your audit.
3.      Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence.
4.      Discuss the audit risk model, and ascertain which sampling or non-sampling techniques you would use in order to establish your preliminary judgment about materiality. Justify your response.
5.      Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it issues the report in question.
6.      Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:
·         Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
·         Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

ACC 403 Week 9 Discussion
"Testing Methods" Please respond to the following:
According to the text, to minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer response rates. Support your position.
Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances. Support your rationale with related examples of such circumstances.

ACC 403 Week 9 Homework
Chapter 16: Problems 16-22(a-c), 16-26(a-e), and 16-33(a-c)
Chapter 17: Problems 17-28(a-c), 17-31(a-e), and 17-33(a-c)


ACC 403 Week 10 Discussion
"Audit Wrap-Up" Please respond to the following:
Create a scenario that demonstrates specific ways in which management could manipulate transactions impacting inventory values that the auditing team might not detect. Recommend key strategies that the auditor could implement in anticipation of such manipulation. Justify your response.
Discuss the difference between a subsequent event and a subsequent discovery of facts, and determine the auditor's responsibility for each event after the audit report is complete. Support your position.

ACC 403 Week 10 Homework
Chapter 21: Problems 21-28(a-d), 21-29(a-d), and 21-30(a-b)
Chapter 24: Problems 24-26(a-c), 24-29(a-d), and 24-32(a-b)

ACC 403 Week 11 Discussion
"Reflections" Please respond to the following:
Analyze at least three (3) concepts that you found eye opening that you were not aware of before taking this course.
Discuss your career goals and how taking this course shaped your decision to pursue a career in the auditing profession.
ACC 403 Week 11 Homework Final Exam 1

ACC 403 Week 11 Homework Final Exam 2

ACC403 Complete Course Week 1 to Week 11

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