COMPLETE COURSE ACCT555 COMPLETE COURSE
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Thursday, 5 November 2015

COMPLETE COURSE ACCT555 COMPLETE COURSE

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ACCT 555 Week 1 Homework

Chapter 2, pages 41–44: Problems 2-16, 2-17, 2-19, and 2-20
Chapter 3, pages 67–69: Problems 3-23, 3-25, and 3-26

ACCT 555 Week 2 Homework

4-18, 4-21, 4-22, 5-17, 5-19, 5-21, 5-26, 11-19, 11-20

ACCT 555 Week 3 Homework

Chapter 6, pages 166–170: Problems 6-19, 6-20, and 6-27
Chapter 7, pages 198–200: Problems 7-25, 7-26, 7-27, and 7-28
Chapter 8, pages 236–237: Problems 8-25 and 8-28

ACCT 555 Week 4 Homework

Chapter 9, pages 276–280: Problems 9-22, 9-23, and 9-24
Chapter 10, pages 323–325: Problems 10-30 and 10-33

ACCT 555 Midterm

1) (TCO A) Match the following definitions to the appropriate terms.
2) (TCO B) Your CPA firm has completed the fieldwork for the 2009 audit of Sharp Corporation, a private company with an October year-end. You were preparing to draft a standard, unqualified audit report when you discovered that the audit manager on the Sharp engagement owns 10 shares of Sharp's common stock. Prepare the appropriate report.
3) (TCO C) The following situation involves a possible violation of the AICPA's code of professional conduct. For this situation, (1) determine the applicable rule number from the code, (2) decide whether or not the code has been violated, and (3) briefly explain how the situation violates (or does not violate) the code. Your answer should be set up something like this:
Rule # _____ Violation? Yes or No
4) (TCO C) The following situation involves a possible violation of the AICPA's code of professional conduct. For this situation, (1) determine the applicable rule number from the code, (2) decide whether or not the code has been violated, and (3) briefly explain how the situation violates (or does not violate) the code. Your answer should be set up something like this:
Rule # _____ Violation? Yes or No.
Provide a one- or two-line explanation.
Brad Heist, CPA, was traveling from Dallas to Houston, TX, when he was pulled over by a police officer on suspicion of driving under the influence. The Breathalyzer and a subsequent blood test revealed that Brad was definitely impaired. He was convicted in court of driving while under the influence of alcohol (DUI). This was Brad's fourth conviction of DUI in less than a year, a felony under current Texas law. Accordingly, Brad was sentenced to 18 months in prison.
5) (TCO C) Briefly discuss the brainstorming session required by SAS No. 99. Be sure to include a list of ideas that should be addressed in the session.
6) (TCO D) Discuss some of the steps the AICPA and the accounting profession as a whole can and are taking to reduce practitioners' exposure to lawsuits. You answer should provide at least five steps.
7) (TCO F) Match five of the terms (A–H) with the definitions provided below (1–5). A - Audit documentation
B - Audit procedures
C - Audit objectives
D - Analytical procedures
E - Budgets
F - Reliability of evidence
G - Sufficiency of evidence
H - Persuasiveness of evidence
_____ 1: Use of comparisons and relationships to assess the reasonableness of account balances
_____ 2: Detailed instructions for the collection of a type of audit evidence _____ 3: The degree to which evidence can be considered believable or trustworthy
_____ 4: Contains all the information that the auditor considers necessary to conduct an adequate audit and to provide support for the audit report
_____ 5: Determined by the amount of evidence obtained
8) (TCO G) Auditors routinely conduct analytical procedures in the planning, testing, and completion phases of the audit. Identify the primary and secondary purposes of performing analytical procedures in each phase of the audit.

ACCT-555 Midterm

1.
Question :
(TCO F) The objective of the ordinary audit of financial statements is the expression of an opinion on:
2.
Question :
(TCO F) Which of the following statements is most correct regarding errors and fraud?
3.
Question :
(TCO F) If the auditor believes that the financial statements are not fairly stated or is unable to reach an conclusion because of insufficient evidence, the auditor:
4.
Question :
(TCO F) Auditors accumulate evidence to:
5.
Question :
(TCO F) Which of the following forms of evidence is most reliable?
6.
Question :
(TCO F) Analytical procedures are required during which phase(s) of the audit?
Test of Controls; Planning; Completion
7.
Question :
(TCO F) To be considered reliable evidence, confirmations must be controlled by:
8.
Question :
(TCO F) When the auditor has reason to believe an illegal act has occurred without any corrective action being taken, the auditor should:
9.
Question :
(TCO F) Traditionally, confirmations are used to verify:
10.
Question :
(TCO G) Which of the following is correct with respect to the use of analytical procedures?
11.
Question :
(TCO G) Which is a liquidity activity ratio?
1.
Question :
(TCO A) Match the following definitions to the terms.
____ Public Company Accounting Oversight Board Auditing Standards
____ Generally Accepted Auditing Standards
____ Statements on Auditing Standards
a. Pronouncements providing specific guidance on auditing matters for all entities except public companies
b. The standards used for public company audits
c. Standards used by non-public companies and for interim audits for public companies as initially adopted by the PCAOB
2.
Question :
(TCO B) The following is a portion of a qualified audit report issued for a private company:
Independent Auditor's Report
To the shareholders of Tamarak Corporation,
We have audited the accompanying balance sheet of Tamarak Corporation as of October 31, 2009, and the related statements of income, retained earnings, and cash flows for the past year. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
The company has included in property and debt in the accompanying balance sheet certain lease obligations that, in our opinion, should be expensed in order to conform with generally accepted accounting principles. If these lease obligations were capitalized, property would be decreased by $4,000,000, long-term debt by $2,000,000, and retained earnings by $180,000 as of October 31, 2009, and net income and earnings per share would be decreased by $180,000 and $0.62, respectively, for the past year.
Required: Complete the above qualified audit report by preparing the opinion paragraph. Do not date or sign the report.
3.
Question :
(TCO C) The following situation involves a possible violation of the AICPA's Code of Professional Conduct. For each situation, (1) determine the applicable rule number from the Code, (2) decide whether or not the Code has been violated, and (3) briefly explain how the situation violates (or does not violate) the Code.
Your answer should be set up something like this:
Rule # __________ Violation? Yes or No
1 or 2 line explanation:
Brad Heist, CPA, was traveling from Dallas to Houston, Texas, when he was pulled over by a police officer on suspicion of driving under the influence. The breath-a-lyzer and a subsequent blood test revealed that Brad was definitely impaired. He was convicted in court of driving while under the influence of alcohol (DUI). This was Brad's fourth conviction of DUI in less than a year, a felony under current Texas law. Accordingly, Brad was sentenced to 18 months in prison.
4.
Question :
(TCO C) The following situation involves a possible violation of the AICPA's Code of Professional Conduct. For each situation, (1) determine the applicable rule number from the Code, (2) decide whether or not the Code has been violated, and (3) briefly explain how the situation violates (or does not violate) the Code.
Your answer should be set up something like this:
Rule # __________ Violation? Yes or No
1 or 2 line explanation:
Jim is the audit partner for the small CPA firm of Jim, CPA, PA. Jim's neighbor Duffy has a financial advisement practice whereby she sells mutual funds to individuals for their retirement. Jim's firm is performing the audit for a privately held company Jim's best friend Cressy owns. Jim refers Cressy to Duffy for retirement advice. Cressy buys 10 units   of ABC Mutual Fund which generates Duffy a fat little commission fee. Duffy buys Jim a $25 gift certificate to the local movie theater.
5.
Question :
(TCO C) Brandt, CPAs has obtained Big-Bucks, a new publicly-held client. Big-Bucks has various accounting-related needs that Brandt, CPAs would like to fulfill. Partner-in-charge D. Brandt has discussed with Big-Bucks the possibility of performing the annual audit of Big-Bucks as well as preparing the tax returns, business plan, quarterly write-up services, and providing consultation on the viability and valuation of mining gas reserves in Tennessee. An outside expert would be hired by Brandt CPAs to provide expert advice to the CPA firm on mining gas reserves. Additionally, Brandt, CPA's audit manager who will be assigned to this audit has previously been approached by Big-Bucks to come work for the company as Chief Financial Officer. The audit manager has refused the offer, since his cousin's sister-in-law is a 10 percent shareholder in Big-Bucks and does not want her to have any say in his employment.
Under the Sarbanes-Oxley Act of 2002, what issues do you see and how would you advise Brandt, CPAs? Is there ever a time when Brandt, CPAs could perform any of these services for Big-Bucks?
6.
Question :
(TCO D) There are four major sources of an auditor's legal liability. One source is liability to the audit client under common law. Briefly summarize the other three sources.
7.
Question :
(TCO F) Below are 10 documents typically examined during an audit. Classify each document as either internal or external.
Type of Document Documents
________________ 1. Canceled checks for payments of accounts payable
________________ 2. Payroll time cards
________________ 3. Duplicate sales invoices
________________ 4. Vendors’ invoices
________________ 5. Bank statements
________________ 6. Minutes of the board of directors’ meetings
________________ 7. Signed lease agreements
________________ 8. Notes receivable
________________ 9. Subsidiary accounts receivable records
________________ 10. Remittance advices
8.
Question :
(TCO G) Discuss the essential activities involved in the initial planning of an audit.

 

ACCT 555 Week 5 Homework

12-17, 12-18, 12-27, 13-22, 13-23

ACCT 555 Week 6 Homework

14-21, 14-22, 14-24, 15-22, 15-23, 15-25, 16-24

ACCT 555 Week 7 Homework

21-17, 21-18, 21-19, 24-22, 24-23

ACCT 555 Week 8 Final Exam

1. (TCO A) There are ten generally accepted auditing standards, divided into three categories. What are the standards of reporting?
2. (TCO A) Distinguish between generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP). What professional organization establishes GAAS? What professional organization establishes GAAP?
3. Assume you are the partner in charge of the audit of Franklin Corporation's 2002 financial statements. The audit report has not yet been prepared. In each independent situation following, indicate the appropriate opinion you should issue and why you would issue that opinion
4. State whether there is any violation of the AICPA Code of Professional Conduct, and the nature of the violation. Where there is a violation, evaluate the potential legal liability the accountant may face. Justify your position
5. Discuss at least five of the actions that can be taken by individual CPAs, to protect themselves from legal liability
6. (TCO E) Bobby Thigpen, waiter at Relief Stop, has been taking cash from the restaurant. Thigpen prepares a customer's check from which the customer pays. Thigpen then destroys the check, and prepares a new one with different items of lower cost. He presents the new check and indicated amount on the check to the cashier, and saves the excess cash for himself. Question: Formulate three internal control features that the restaurant could implement, to eliminate this defalcation
7. Three types of legal documents and records that auditors examine in the planning phase of an audit are the corporate charter and bylaws, corporate minutes of meetings of the board of directors and stockholders, and contracts. Discuss the audit-relevant information contained in each of these three types of documents that an auditor should be aware of early in the audit.
1. (TCO F) What are specific audit objectives? Explain their relationship to the general audit objectives. (Points: 25)
2.(TCO H) Explain why it is necessary to allocate the preliminary judgment about materiality to individual accounts (segments) in the financial statements. Also explain why allocating to balance sheet accounts is more common than allocating to income statement accounts. (Points: 25)
Allocating the preliminary judgment about materiality to individual segments is necessary because evidence is accumulated for segments rather than for the financial statements as a whole. Allocating to segments establishes a tolerable misstatement amount for each segment, which helps the auditor decide the appropriate audit evidence to accumulate for each segment. Most practitioners allocate materiality to balance sheet accounts rather than income statement accounts because there are fewer balance sheet than income statement accounts
3. (TCO I) For each of the following potential misstatements, provide one potential audit test that could be used to detect the misstatement
4. (TCO I) Describe how the auditor tests the classification objective for accounts receivable. (Points: 25)
The classification objective is tested by reviewing the aged trial balance for material receivables from affiliates, officers, directors, or other related parties. If notes receivable or accounts that should not be classified as a current asset are included with the regular accounts, these should also be segregated. Finally, if credit balances in accounts receivable are significant, it is appropriate to reclassify them as accounts payable
5. The design of tests of details of balances for inventory is affected by audit results from multiple cycles. Identify the cycles, other than the inventory and warehousing cycle, that affect the audit of inventory
6. Describe three computer auditing techniques available to the auditor
7. (TCO K) Match seven of the terms (a-p) with the description/definitions provided below (1-7):

 

ACCT 555 Final Paper Smackey Dog Food Audit

ACCT 555 Final Paper Smackey Dog Food Audit

ACCT 555 COMPLETE COURSE ACCT555 COMPLETE COURSE
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