ACC 562 Complete Course ACC562 Complete Course
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ACC 562 Complete Course ACC562 Complete Course
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ACC 562 Week 1 Discussion
"Unbiased Reporting" Please respond to the following:
Analyze the need for unbiased financial reporting. Based on your analysis, determine at
least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to
support your response.
Analyze the audit opinion formulation process and suggest at least one (1) improvement
to the process to strengthen audit opinions. Provide a rationale to support your
suggestion.
ACC 562 Week 2 Discussion
"Topic of Discussion" Please respond to the following:
Analyze the changes made to corporate governance rules since the implementation of the
Sarbanes–Oxley Act of 2002. Based on your analysis, formulate an opinion on whether
or not these changes are sufficient in preventing financial fraud. Provide a rationale for
your response.
Debate it! Audit committees are an effective tool for detecting and preventing fraud.
Provide a rationale for your response.
ACC 562 Week 3 Discussion
"Application of Ethical Framework" Please respond to the following:
From the case study, use the ethical framework to propose a course of action that you
would take concerning the audit. Provide a rationale for your response.
Imagine that you work for an audit firm and the firm selected you to assess its auditor
independence and the potential threats to the firm. Determine at least two (2) potential
threats to auditor independence and recommend one (1) strategy for the firm to eliminate
or mitigate those threats you determined.
ACC 562 Week 3 Assignment 1
Assignment 1: Madoff Securities
Due Week 3 and worth 280 point
Review the Madoff Securities case, located in Chapter 6 of your textbook.
Write a four to five (4-5) page paper in which you:
1. Determine the regulatory oversight that was in place while the Ponzi scheme was operating, and
speculate on the main reasons why they did not discover the scheme.
2. Assume you are an auditor for a firm that had $10 million dollars invested in Madoff Securities.
3. Determine the fundamental audit procedures that you should have applied to this investment.
4. Predict the way in which a peer review of Friehling and Horowitz would have uncovered the
scheme related to Madoff Securities.
5. Pretend you are Harry Markopolos and suggest one (1) strategy, different from that of the case
study, to expose the potential fraud. Provide a rationale to support the suggestion.
6. Analyze the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi
scheme, and suggest one (1) action the audit committee could have taken in order to prevent or
detect the fraud. Provide a rationale to support the suggestion.
7. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and similar
type 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.
The specific course learning outcomes associated with this assignment are:
Analyze the requirement for the profession of auditing and the integral role that
independence assurance plays within the economy.
Examine the corporate governance of audits including the professional, regulatory, and
corporate managerial requirements.
Use technology and information resources to research issues in auditing.
Write clearly and concisely about auditing using proper writing mechanics.
ACC 562 Week 4 Discussion
"Professional Standards" Please respond to the following:
From the first e-Activity, determine at least two (2) AICPA Professional Conduct
principles that are most likely to be violated. Provide a rationale to support your response.
From the second e-Activity, recommend at least two (2) additional responsibilities that
the audit committee should take in order to improve its effectiveness in detecting or
preventing financial fraud. Provide a rationale to support your recommendation.
ACC 562 Week 5 Discussion
"Audit Risk" Please respond to the following:
Imagine you work for an auditing firm. Your most recent task is to determine whether or
not your firm should bid to perform the auditing services of a public company. Determine
the fundamental kind of information that you need in order to make an informed decision
as to whether or not to bid on the audit. Provide a rationale to support your response.
From the case study, analyze the key risk areas associated with an audit of Lincoln
Federal Savings and Loan. Next, recommend at least two (2) risk areas that should be
included in the audit plan. Provide a rationale to support your recommendation.
ACC 562 Week 5 Midterm Exam
Question 1
The primary governing board that performs quality reviews on registered CPA firms that audit
public companies is the
Question 2
Auditing is important in a free market society because
Question 3
Which of the following services is the broadest and most inclusive?
Question 4
As it relates to an audit, materiality is
Question 5
Congress authorized which of the following organizations to establish generally accepted
accounting principles for public companies?
Question 6
The audit committee of the board of directors of a company is responsible for
Question 7
An expectation of the public is that the auditor will recognize that the primary users of audit
assurance are
Question 8
Which one of the following is an example of management expectations for independent auditors?
Question 9
CPA firms performing public financial statement audits must
Question 10
What is the criteria used in an operational audit?
Question 11
Corporate governance is a process by which the owners and creditors of an organization
Question 12
Audit committees are required to have what person in its composition?
Question 13
The AICPA is an organization that is
Question 14
The responsibility for operating an enterprise is delegated to the:
Question 15
The audit client of the CPA firm is:
Question 16
The Public Company Accounting Oversight Board was established by:
Question 17
Which of the following are the CEO and CFO of a public company prohibited from performing
under the Sarbanes-Oxley Act of 2002?
Question 18
The Sarbanes-Oxley Act of 2002 requires which of the following?
Question 19
The organization that will continue to set auditing standards for firms auditing private companies
is the
Question 20
A proper system of corporate governance is one that demands
Question 21
Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley's five-year-old daughter owns
shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest
in McBurgers Corporation?
Question 22
Which of the following describes a situation in which an individual is morally or ethically
required to do something that conflicts with his or her immediate self-interest?
Question 23
Which of the following represents a situation in which an auditor is independent of the client?
Question 24
William Tyler, CPA, may not accept a commission for recommending a product or service to
which type of client?
Question 25
Independence is not required for which of the following types of services?
Question 26
Which one of the following is an example of a conflict of interest for a CPA?
Question 27
A CPA firm is considered independent when it performs which of the following services for a
publicly traded audit client?
Question 28
The AICPA Principles of Professional Conduct include which of the following?
Question 29
In determining the types of activities, engagements and interactions an auditor should have with
a client, the CPA and the audit firm must do which of the following?
Question 30
Information about a client that cannot be subpoenaed by a court of law is referred to as what type
of information?
ACC 562 Week 6 Discussion
"Internal Control" Please respond to the following:
From the e-Activity, support or critique the idea that the Committee of Sponsoring
Organization of the Treadway Commission (COSO) transition would strengthen internal
controls over financial reporting in publicly traded companies. Provide a rationale to
support your response.
From the case study, determine the fundamental control deficiencies associated with the
credit function. Next, propose at least one (1) control improvement that the credit
department management could make in the process. Provide a rationale to support your
response.
ACC 562 Week 7 Discussion
"Fraud" Please respond to the following:
From the e-Activity, determine the main reasons why several members of top
management in Phar-Mor perpetrated the financial statement fraud. Next, recommend
one (1) strategy that the auditors might have taken to detect or prevent the fraud. Provide
a rationale to support your recommendation.
From the case study, analyze the financial data as presented. Next, choose at least one (1)
pattern within the data that appears to be inconsistent, and propose one (1) strategy that
one could use to audit this pattern. Provide a rationale to support your response.
ACC 562 Week 7 Assignment 2
Assignment 2: Cardillo Travel Systems, Inc.
Due Week 7 and worth 280 points
Review the Cardillo Travel Systems case in your textbook.
Write a four to five (4-5) page paper in which you:
1. Explain the Securities and Exchange Commission's rationale to charge Cardillo
executives with each of the following violations:
a.
a. making false representations to outside auditors
b. failing to maintain accurate financial records
c. failing to file prompt financial reports with the SEC
d. violating the insider trading provisions of the federal securities laws
2. Determine who was in violation or compliance of the AICPA's Code of Professional
Conduct in this case study and analyze the key reasons why they were or were not in
compliance. Provide support for the rationale.
3. Analyze the actions taken by Cardillo's outside auditors and evaluate the level of
efficiency of the audit risk management in this case study. Provide support for the rationale.
4. Determine whether or not the five (5) components of internal control were being
followed. Support the response with at least two (2) examples.
5. Create an argument for or against whether auditors have a responsibility to assess the
judgment of the decisions made by Cardillo's management. Support the argument.
6. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and
similar type 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.
The specific course learning outcomes associated with this assignment are:
Analyze the process and regulatory requirements for professional ethical decision making.
Analyze the critical factors of business, audit, and planning risks, and the process of
managing these risks in audit engagements.
Analyze an audit framework and assessment process for evaluating the effectiveness of
internal controls related to financial reporting.
Use technology and information resources to research issues in auditing.
Write clearly and concisely about auditing using proper writing mechanics.
ACC 562 Week 8 Discussion
"Going Concern" Please respond to the following:
From the e-Activity, analyze the auditor’s responsibility to determine if a company can
continue as a going concern. From your analysis, propose at least two (2) key factors that
the auditor should consider when determining an entity’s ability to continue as a going
concern. Provide a rationale to support your proposal.
From the case study, analyze the inquiry letter sent by C.R. Brown. Next, determine at
least one (1) omission that you believe occurred within the letter, and suggest one (1) way
to improve the letter so that Consolidated’s outside attorney may corroborate the
information in the case. Provide a rationale to support your response.
ACC 562 Week 9 Discussion
"Professional Liability" Please respond to the following:
From the case study, determine the main potential ethical dilemmas. Next, use the seven
(7) steps in the ethical decision-making framework to recommend one (1) course of
action you would take in order to avoid the ethical dilemmas. Provide a rationale to
support your recommendation.
From the case study, based on your recommendation in Part I of this discussion, suggest
one (1) strategy that would support you making the right decision without undermining
the manager’s confidence in your problem-solving ability in a difficult situation. Provide
a rationale to support your response.
ACC 562 Week 10 Discussion
"Audit Judgment" Please respond to the following:
From the case study, evaluate the quality of REDTOP’s internal audit function. Based on
your evaluation, recommend at least two (2) changes that you would make in order to
improve the quality of REDTOP’s internal audit function. Provide a rationale to support
your response.
From the case study, give your opinion as to whether or not your external audit
engagement team could use REDTOP’s internal audit function in another fashion, as
opposed to merely relying on existing internal audits in order to perform the overall audit
of REDTOP Sports Company. Recommend one (1) alternative to using the work that the
internal audit has already yielded as part of your external audit. Provide a rationale to
support your response.
ACC 562 Week 10 Assignment 3
Assignment 3: Freescale Semiconductors, Inc.
Due Week 10 and worth 360 points
Review the Freescale Semiconductor case in your textbook.
Prepare a twelve to twenty (12-20) slide PowerPoint presentation with speaker notes in which
you:
1. Give your opinion as to whether or not additional laws and harsher penalties on financial fraud
can eliminate or mitigate financial fraud. Support the rationale.
2. Suggest three (3) new strategies that you believe the government can implement to eliminate or
mitigate insider trading. Provide a rationale to support the suggestion.
3. In this case study, leaked merger and acquisition information was used to enable the fraud.
Determine the key internal controls needed over the communication of confidential information
to outside parties, and analyze the manner in which these controls act as a deterrent to fraudulent
activities.
4. Pretend you are Donna Murdoch in this case study and propose an alternative plan to act on the
leaked information. Next, recommend one (1) strategy to communicate the alternative plan and
determine whom the plan should be communicated with. Justify the response.
5. In this case study, E&Y was providing a consulting service to The Blackstone Group related to
its planned acquisition of Freescale Semiconductor. Compare and contrast the different auditor’s
professional responsibilities between consulting engagements and audit engagements.
6. Take a position on whether more legislative and/or regulatory agency oversight will increase or
decrease corporate fraud. Provide a rationale to support the position.
7. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and similar
type Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Apply APA standards to citation of sources
No more than four (4) bullets per slide
No more than six (6) words per bullet
Headings:Times New Roman Font:36 Points
Bullets:Times New Roman Font:24 Points
Add bulleted speakers notes
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 specific course learning outcomes associated with this assignment are:
Examine the various types of financial fraud and the auditor's responsibilities related to
fraud detection.
Evaluate the legal environment for liability related to financial audits and the proactive
activities that a professional may take to prevent litigation.
Use technology and information resources to research issues in auditing.
Write clearly and concisely about auditing using proper writing mechanics.
ACC 562 Week 11 Discussion
"Looking Ahead" Please respond to the following:
Discuss one (1) way in which you anticipate using what you have learned from this
course in your current or future career. Provide one (1) specific example to support your
response.
Speculate on one (1) specific auditing area presented in this course that you believe may
be eliminated, added, or changed in the next ten (10) years. Provide a rationale to support
your response.
ACC 562 Week 11 Final Exam Part 1
Question 1
The auditor commences to understand the client and related risks of the organization for what
purpose?
Question 2
Which of the following factors is not a component of the audit risk model?
Question 3
Which one of the following is not a critical component of risks relevant in conducting an audit?
Question 4
Audit risk in the audit risk model concerns the risk that the auditor may issue an unqualified
opinion on financial statements that are materially misstated. What is the manner in which the
auditor assesses audit risk in using the audit risk model to determine the nature, extent and
timing of audit evidence to collect in an audit.
Question 5
Residual risk is defined as
Question 6
What is the most important purpose that is achieved by having an auditor write a formal
engagement letter that is signed by the client?
Question 7
An auditor compares year-to-year account balances in order to perform analytical procedures.
This is an example of:
Question 8
The auditor is required to discuss with the audit committee whether or not the financial
statements are fairly presented and appropriately applied in accordance with
Question 9
Which of the following will an auditor perform to better understand a client's internal control
over accounting systems?
Question 10
A material weakness in the design of the operation of controls discovered in an audit of internal
controls results in:
Question 11
An auditor's test of transaction processing whereby the auditor is evaluating both the operation
and effectiveness of controls and the correctness and completeness of processing and posting to
an account balance is:
Question 12
One of the major components of an organization's internal control structure includes:
Question 13
Which of the following would result in an adverse report issued by an auditor on an audit of
internal control?
Question 14
A component of COSO’s internal control system concerns the process that provides feedback on
the effectiveness of the other components of internal control. This component is called:
Question 15
Which one of the following components of the system of internal controls sets the tone for the
organization?
Question 16
Which of the following best represents a walk-through?
Question 17
Which one of the following will an audit of a company's internal control include?
Question 18
What is the best method an auditor may use to detect fraud in the financial statements of clients?
Question 19
Which of the following represents the primary difference between an audit and forensic
accounting?
Question 20
Which of the following is not one of the components of the fraud triangle?
Question 21
Audits of financial statements are valuable to the detection of fraud because:
Question 22
If material fraud perpetrated by management is discovered by the auditor, the nature of the fraud
should always be reported directly to:
Question 23
The audit team asks management for original documents related to sales contracts. Despite the
team's persistence, management does not supply the documents for over two weeks. With the use
of professional skepticism, what should this audit team be most concerned with as it relates to
the documents?
Question 24
The key elements of the fraud triangle include all of the following except
Question 25
Which of the following are most often involved in perpetrating fraud in financial statement
reporting?
ACC 562 Week 11 Final Exam Part 2
Question 1
Which of the following is a tool that is best used by the audit team to determine if the client has
included all disclosures?
Question 2
The responsibility for designing and maintaining policies and procedures to identify, evaluate,
and account for contingencies rests with whom?
Question 3
When requiring a letter of audit inquiry from the client's attorney, which of the following
information will be requested?
Question 4
Where would the auditor make mention of issues noted during audit procedures that are not of
audit significance?
Question 5
When responding to the auditor as a result of the audit client's letter of inquiry, the attorney may
limit the response to which of the following?
Question 6
The refusal of an attorney who provided significant litigation counsel to a client to furnish
information requested in an audit is considered by the auditor to be which of the following?
Question 7
An auditor passes on several errors discovered during the audit. Which of the following
represents the best reason for the auditor not requesting that the adjustments be made by
management?
Question 8
When a subsequent event provides evidence about conditions that existed at the balance sheet
date, the auditor should do which of the following?
Question 9
In a lawsuit brought under the Securities Act of 1933, which of the following must the plaintiff
show?
Question 10
4 out of 4 points
Correct
In order to reduce the auditor's liability exposure, engagement letters should include which of the
following?
Question 11
Which of the following Acts have been passed by the U.S. Congress to curb frivolous securities
class lawsuits and discontinue joint and several treatment?
Question 12
The Securities Act of 1934 has the primary objective of regulating which of the following?
Question 13
An example of a case that subjected an auditor to criminal charges is
Question 14
Which aspect of statutory law places the burden of proof onto the auditor?
Question 15
Who may sue an auditor under common law for breach of contract?
Question 16
If an auditor does not complete an audit according to the terms of the engagement letter, there is
a risk that the auditor will be sued for
Question 17
The law that requires companies to file registration statements with the SEC before they may
issue new securities to the public is known as the
Question 18
The audit approach for Level 2 requires the auditor to determine which of the following?
Question 19
Which method focuses on the materiality of current year misstatements and the reversing effect
of prior-year misstatements on the income statement?
Question 20
Impairment is measured by the difference between market value of the operating segment and
which of the following?
Question 21
A best practice is to have an oversight of the internal audit function as a responsibility of which
of the following parties?
Question 22
For the same client, SEC prohibits a CPA firm from providing which of the following services?
Question 23
SAB 108 mandates what is termed a(n) ___ to uncorrected misstatements.
Question 24
Level 1 in the fair value audit consideration indicates which of the following?
Question 25
The two general types of assurance that can be provided to sustainability reports include which
of the following:
ACC 562 Complete Course ACC562 Complete Course
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