ACC 410 Innovative Educator/acc410.com

1
ACC 410 Innovative Educator/acc410.com
2
ACC 410 Innovative Educator

• ACC 410 Entire Course
• For more course tutorials visit
• www.acc410.com
• ACC 410 Week 1 DQ 1 Internal vs. External Audit
  Staffs
• ACC 410 Week 1 DQ 2 Audit Reports
• ACC 410 Week 1 Assignment Generally Accepted
  Auditing Standards
• ACC 410 Week 2 DQ 1 Balance Sheet Verification
• ACC 410 Week 2 DQ 2 Accounting Principles
• ACC 410 Week 2 Assignment Analytical Procedures
• ACC 410 Week 3 DQ 1 Audit Programs
• ACC 410 Week 3 DQ 2 Internal Control Procedures

3
ACC 410 Innovative Educator

• ACC 410 Week 1 Assignment Generally Accepted
  Auditing Standards
• For more course tutorials visit
• www.acc410.com
• Generally Accepted Auditing Standards. Complete
  problem below and submit to your instructor.
  Write under the generally accepted auditing
  standards column the specific standard that was
  violated and how the action of Jones resulted in
  a failure to comply with each standard. Organize
  your answer as shown below specifically with a
  column for the standard that was violated and a
  column for the required action. Thepapershouldbe
  2-3 pages.
• Problem
• John Clinton, owner of Clinton Company, applied
  for a bank loan and was informed by the banker
  that audited financial statements of the business
  had to be submitted before the bank could
  consider the loan application

4
ACC 410 Innovative Educator

• ACC 410 Week 1 DQ 1 Internal vs. External Audit
  Staffs
• For more course tutorials visit
• www.acc410.com
• Internal vs. External Audit Staffs. Spacecraft,
  Inc., is a large corporation that is audited
  regularly by a public accounting firm but also
  maintains an internal auditing staff. Explain
  briefly how the relationship of the public
  accounting firm to Spacecraft differs from the
  relationship of the internal auditing staff to
  Spacecraft. Do not forget to show the necessary
  steps and explain how you attained that outcome.
  Respondtoatleasttwoofyourclassmates postings

5
ACC 410 Innovative Educator

• ACC 410 Week 1 DQ 2 Audit Reports
• For more course tutorials visit
• www.acc410.com
• Audit Reports. Evaluate the following question
  If a CPA firm completes a nonpublic company
  audit of Adam Companys financial statements
  following IACPA generally accepted auditing
  standards and is satisfied with the results of an
  audit, an unmodified report may be issued. On the
  other hand, if no audit is performed of the
  current years financial statements, but the CPA
  firm has performed satisfactory audits in prior
  years, has confidence in the management of the
  company, and makes a quick review of the current
  years financial statements, a qualified report
  may be issued. Do you agree? Give reasons to
  support your answer. Do not forget to show the
  necessary steps and explain how you attained that
  outcome.

6
ACC 410 Innovative Educator

• ACC 410 Week 2 Assignment Analytical Procedures
• For more course tutorials visit
• www.acc410.com
• Analytical Procedures. In a 2-3 page paper,
  complete the case below and submit to instructor.
  Review the income statement for Uden Supply
  Company and answer the following
• a. Describe the purpose of analytical procedures
  performed in the planning stage of the audit.
• b. Uden Supply has projected its 2004 gross
  profit at 31 of sales despite expectation for
  some shrinkage in margins. On the basis of Uden's
  operating performance in years 2001 - 2003
  project your best guess for 2004. Project 2004
  based on the incremental changes for each line
  item over the last three years.

7
ACC 410 Innovative Educator

• ACC 410 Week 2 DQ 1 Balance Sheet Verification
• For more course tutorials visit
• www.acc410.com
• Balance Sheet Verification. The best means of
  verification of cash, inventory, office
  equipment, and nearly all other assets is a
  physical count of the units only a physical
  count gives the auditors complete assurance as to
  the accuracy of the amounts listed on the balance
  sheet. Evaluate this statement. Remember to
  complete all parts of the problems. Do not forget
  to show the necessary steps and explain how you
  attained that outcome. Respond to at least two of
  your classmates postings

8
ACC 410 Innovative Educator

• ACC 410 Week 2 DQ 2 Accounting Principles
• For more course tutorials visit
• www.acc410.com
• Accounting Principles. Discuss what is meant by
  the phrase shopping for accounting principles.
  What mechanisms have served to prevent this
  practice by management? Remember to complete all
  parts of the problems. Do not forget to show the
  necessary steps and explain how you attained that
  outcome

9
ACC 410 Innovative Educator

• ACC 410 Week 3 Assignment Internal Control Case
• For more course tutorials visit
• www.acc410.com
• Internal Control Case. Complete Case 18-37 (p.
  724-725) and submit to instructor. For each of
  the following independent cases state the highest
  level of deficiency that you believe the
  circumstances represent--a control deficiency, a
  significant deficiency, or a material weakness

10
ACC 410 Innovative Educator

• ACC 410 Week 3 DQ 1 Audit Programs
• For more course tutorials visit
• www.acc410.com
• Audit Programs. All experienced auditors would
  design exactly the same audit program for a
  particular audit engagement. Do you agree?
  Explain. Remember to complete all parts of the
  problems. Do not forget to show the necessary
  steps and explain how you attained that outcome

11
ACC 410 Innovative Educator

• ACC 410 Week 3 DQ 2 Internal Control Procedures
• For more course tutorials visit
• www.acc410.com
• Internal Control Procedures. Describe what is
  meant by a walk-through. Must walk-throughs be
  performed during audits of internal control over
  financial reporting? May the client perform a
  walk-through and the auditors then review the
  clients work? Remember to complete all parts of
  the problems. Do not forget to show the necessary
  steps and explain how you attained that outcome

12
ACC 410 Innovative Educator

• ACC 410 Week 4 DQ 1 Legal Case
• For more course tutorials visit
• www.acc410.com
• Legal Case. Compare the rights of plaintiffs
  under common law with the rights of persons who
  purchase securities registered under the
  Securities Act of 1933 and sustain losses. In
  your answer, emphasize the issue of who must bear
  the burden of proof. Remember to complete all
  parts of the problems. Do not forget to show the
  necessary steps and explain how you attained that
  outcome.

13
ACC 410 Innovative Educator

• ACC 410 Week 4 DQ 2 Ethics Case
• For more course tutorials visit
• www.acc410.com
• Ethics Case. Harris Fell, CPA and member of the
  AICPA, was engaged to audit the financial
  statements of Wilson Corporation. Fell had
  half-completed the audit when he had a dispute
  with the management of Wilson Corporation and was
  discharged. Hal Compton, CPA, was promptly
  engaged to replace Fell. Wilson Corporation did
  not compensate Fell for his work to date
  therefore, Fell refused to allow Wilson
  Corporations management to examine his working
  papers. Some of the working papers consisted of
  adjusting journal entries and supporting
  analysis. Wilson Corporations management had no
  other source for this information.

14
ACC 410 Innovative Educator

• ACC 410 Week 5 Assignment Audit Report
  Modifications Paper
• For more course tutorials visit
• www.acc410.com
• Audit Report Modifications. Complete problem
  below. List a represents the types of opinions
  the auditor ordinarily would issue and List B
  represents the report modifications if any that
  would be necessary. Select as the best answer for
  each situation items 1 to 6 the type of opinion
  and modifications, if any, the auditor would
  normally select. The types of opinions in List A
  and the report modifications in List B may be
  selected once, more than once, or not at all. The
  paper should be 2-3 pages.

15
ACC 410 Innovative Educator

• ACC 410 Week 5 DQ 1 Audit Reporting
• For more course tutorials visit
• www.acc410.com
• Audit Reporting. Wade Corporation has been your
  audit client for several years. At the beginning
  of the current year, the company changed its
  method of inventory valuation from average cost
  to last in, first out (LIFO). The change, which
  had been under consideration for some time, was
  in your opinion a logical and proper step for the
  company to take. What effect, if any, will this
  situation have on your audit report for the
  current year? Remember to complete all parts of
  the problems. Do not forget to show the necessary
  steps and explain how you attained that outcome

16
ACC 410 Innovative Educator

• ACC 410 Week 5 DQ 2 Audit Reports
• For more course tutorials visit
• www.acc410.com
• Audit Reports. The auditors do not believe that
  certain lease obligations have been reflected in
  conformity with generally accepted accounting
  principles in the clients financial statements.
  What type of opinion should the auditors issue if
  they decide that the exceptions are immaterial?
  Material?Very material? Remember to complete all
  parts of the problems. Do not forget to show the
  necessary steps and explain how you attained that
  outcome

17
ACC 410 Innovative Educator

• ACC 410 Week 5 Final Paper Audit Plan Keystone
  Computers
• For more course tutorials visit
• www.acc410.com
• The final paper will be based on Appendix 6C
  Illustrative Audit Case Keystone Computers at
  pages 237-244 in your text. Write, in outline
  format but in complete sentences, a 6 to 10 page
  audit plan. It is recommended that you look at
  Figure 18.8 on page 708, which shows the control
  objectives related to accounts receivable.
• In your audit plan cover the steps necessary to
  determine if you should select the client, the
  internal control procedures which need to be
  reviewed, the substantive tests using accounts
  receivable a guide, and the final reporting
  steps. Based on the actual facts in the case
  determine the emphasis you want to place on
  various accounts

18
ACC 410 Innovative Educator