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Wednesday, 18 November 2015

Complete Course ACC491 Complete Course

ACC 491 Complete Course  ACC491 Complete Course
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ACC 491 WEEK 1 DQ 1

The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become “assurance professions.” What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two?

ACC 491 WEEK 1 DQ 2


The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations. What is the definition of the standard of “due professional care”, and how might a court decide whether an audit firm met the standard?  Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act?

ACC 491 WEEK 1 INDIVIDUAL ASSIGNMENT GENERALLY ACCEPTED AUDITING STANDARDS PAPER


Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following:

·         Describe the elements of the Generally Accepted Auditing Standards (GAAS).

·         Describe how these standards apply to financial, operational, and compliance audits.

·         Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies.

·         Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.

ACC 491 WEEK 2 DQ 1


What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?

ACC 491 WEEK 2 DQ 2


What are the components of the audit risk model? How does the audit risk model impact an audit plan?

ACC 491 WEEK 2 INDIVIDUAL ASSIGNMENTS FROM THE TEXT


Resource:Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Prepare written answers to Chapter 1: Comprehensive Question 1-23 – Organizations associated with the public accounting profession.

ACC 491 WEEK 2 TEAM ASSIGNMENT AUDITING, ATTESTATION, AND ASSURANCE SERVICES PAPER


Write a 1,050- to 1,400-word paper in which you compare and contrast auditing, attestation, and assurance services. In your paper, be sure to include the following:

·         An example of each type of service
·         Who might request such a service
·         What standards apply to each service and who establishes those standards

ACC 491 WEEK 3 DQ 1


How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Give examples.
How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Give examples.

ACC 491 WEEK 3 DQ 2


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?

ACC 491 WEEK 3 TEAM ASSIGNMENT ASSESSING MATERIALITY AND RISK SIMULATION


Resources: Assessing Materiality and Risk located on the Week Two Materials page
Complete the simulation and prepare a 350-word total (not per question) response to the following questions:

·         Why do certain accounts have to be audited 100%?
·         Why is materiality allocated only to those accounts that are sampled?
·         Is any component of audit risk within the control of the auditor? Explain.
·         How are the three risks that make up audit risk interrelated?

ACC 491 WEEK 3 TEAM ASSIGNMENTS FROM THE TEXT


Resource:Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Prepare written answers to the following assignments:

1.     Chapter 6: Comprehensive Question 6-26 – Audit Programs and Assertions
2.     Chapter 7: Case 7-25 – New Client Acceptance, part b only
·          

ACC 491 WEEK 3 INDIVIDUAL ASSIGNMENTS FROM THE TEXT


Resource: Modern Auditing: Assurance Services and the Integrity of Financial Reporting Prepare written answers to the following assignments: 1. Chapter 5: Comprehensive Questions 5-30 – Assertions 2. Chapter 6: Comprehensive Questions 6-22 – Audit Evidence 3. Chapter 7: Comprehensive Questions 7-22 – Understanding the Entity and its Environment

ACC 491 WEEK 4 DQ 1


What are some of the different types of sampling methods that are available to the auditor? How does the auditor decide which method to use? How will the different methods affect the audit?

ACC 491 WEEK 4 DQ 2


What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?

ACC 491 WEEK 4 INDIVIDUAL ASSIGNMENTS FROM THE TEXT


Resource:Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Prepare answers to the following assignments:

1.     Chapter 8: Comprehensive Questions 8-16 – Analytical procedures
2.     Chapter 10: Comprehensive Questions 10-32 – Components of Internal Control
3.     Chapter 11: Comprehensive Questions 11-21 – Assessing Control Risk        

ACC 491 WEEK 4 TEAM ASSIGNMENT APOLLO SHOES CASE ASSIGNMENT


Resources: Apollo Shoes Case Materials located on the Week Three Materials page
Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoe Minutes. Complete the Internal Control audit section of the case.

ACC 491 WEEK 5 TEAM ASSIGNMENT AUDIT SAMPLING CASE MEMO


Resource:Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Prepare a 1,400- to 1,750-word memo to the Audit Partner, John Smith, summarizing your findings from the following case:

·         Ch. 13: Case: Mt. Hood Furniture—PPS sampling problemCase 13-36


Also, since John Smith is primarily a visual person, he has asked for all memos to be summarized and put into a presentation. Prepare 10-15 Microsoft® PowerPoint® slides, with speaker notes, illustrating your Audit Sampling Case Memo. Please submit your memo and presentation.

ACC 491 WEEK 5 INDIVIDUAL ASSIGNMENTS FROM THE TEXT


Resource:Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Download the Adobe® Reader® version of Ch. 11 and 13 to complete this assignment.

·         Click on the link for Ch. 11 of Modern Auditing on the course website.
·         Click Download eBook on the left-hand side of the page.
·         Download Ch. 11 and 13 of Modern Auditing.



Prepare written answers to the following assignments:

·         Ch. 11: Learning Check 11-6
·         Ch. 11: Learning Check 11-8
·         Ch. 11: Learning Check 11-9
·         Ch. 13: Learning Check 13-8


ACC 491 Complete Course  ACC491 Complete Course
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