ACC 492 NEW Education Organization- tutorialrank.com

1. ACC 492 Entire Course (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Final Exam (All Possible Questions) (2019 Syllabus) ACC 492 Week 1 Current Issue Summary ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies (2019 Syllabus) ACC 492 Week 2 Team Assignment ACC 492 Week 2 Team Assignment (Amazon) ACC 492 Week 2 Textbook Problem 23-20, 14-20, 14-26 (New Syllabus 2019)

2. ACC 492 Week 2 Current Issue Summary Auditing Cash, Financial Instruments, Sales, or Receivables ACC 492 Week 2 Current Issue Summary Failing to Find Fraud When Auditing Cash (2019 Syllabus) ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles ACC 492 Week 3 Current Issue Summary Keep Ghosts off the Payroll (2019 Syllabus) ACC 492 Week 3 textbook assignment 20-20, 21-21 ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Walmart, 2000 Words) ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Amazon)

3. ACC 492 Week 5 Final Audit Paper (Walmart) ACC 492 Week 5 Final Audit Paper (Amazon) ============================================== ACC 492 Final Exam (All Possible Questions) (2019 Syllabus) For more course tutorials visit www.tutorialrank.com 1. Which of the following tests are typically not necessary when auditing a client’s schedule of recorded disposals? Footing the schedule. Tracing schedule totals to the general ledger. Tracing cost and accumulated depreciation of the disposals to the property master file.

4. All of the above are necessary. 2. _______accumulate costs by individual jobs as material is issued into production and labor costs are incurred. Just-in-time production systems Job order cost systems Process cost systems Manufacturing systems 3. The introductory paragraph of the standard audit report for a non- public attributes sample. variables sample. the client’s business prospects. the client’s credit history as regards to paying back loans. the client’s managements bank account information. 45. Which of the following audit procedures would be the most correct in determining the audit objective of existence for the equipment account in the fixed asset master file? Examine vendor invoices and receiving reports. Examine vendor invoices for correct accounting treatment. Recalculate vendor invoices.

5. Review transactions near the balance sheet date. ============================================== ACC 492 Entire Course (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Final Exam (All Possible Questions) (2019 Syllabus) ACC 492 Week 1 Current Issue Summary ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies (2019 Syllabus)

6. ACC 492 Week 2 Team Assignment ACC 492 Week 2 Team Assignment (Amazon) ACC 492 Week 2 Textbook Problem 23-20, 14-20, 14-26 (New Syllabus 2019) ACC 492 Week 2 Current Issue Summary Auditing Cash, Financial Instruments, Sales, or Receivables ACC 492 Week 2 Current Issue Summary Failing to Find Fraud When Auditing Cash (2019 Syllabus) ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles ACC 492 Week 3 Current Issue Summary Keep Ghosts off the Payroll Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Walmart)

7. ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Amazon) ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Walmart) ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Amazon) ACC 492 Week 5 Final Audit Paper (Walmart) ACC 492 Week 5 Final Audit Paper (Amazon) ********************************************** ACC 492 Final Exam (All Possible Questions) (2019 Syllabus) For more course tutorials visit www.tutorialrank.com

8. 1. Which of the following tests are typically not necessary when auditing a client’s schedule of recorded disposals? Footing the schedule. Tracing schedule totals to the general ledger. measure of production with previous years. Compare accumulated depreciation divided by gross equipment cost with previous years. Compare depreciation expense divided by gross equipment cost with previous years. 42. Accrued payroll taxes are normally considered to be associated with the acquisition and payment cycle. True False 43. Which of the following is a business function related to sales returns and allowances? Processing customer orders Writing off uncollectible accounts Processing and recording credit memos Granting credit 44. In addition to confirming bank balances of your audit client, a bank confirmation would normally contain:

9. the client’s bank loans with due date, interest rate, and collateral requested. the client’s business prospects. the client’s credit history as regards to paying back loans. the client’s managements bank account information. 45. Which of the following audit procedures would be the most correct in determining the audit objective of existence for the equipment account in the fixed asset master file? Examine vendor invoices and receiving reports. Examine vendor invoices for correct accounting treatment. Recalculate vendor invoices. Review transactions near the balance sheet date. ********************************************** ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies (2019 Syllabus) For more course tutorials visit www.tutorialrank.com

10. ACC 492 Week 1 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on sampling as it relates to financial statement auditing. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document ********************************************** ACC 492 Week 1 DQ 1(New) For more course tutorials visit www.tutorialrank.com What account balances are included in a revenue and collection cycle? What specific control procedures should be in place and operating in internal control governing revenue recognition and cash accounting? What assertions are made about classes of transactions and events in the revenue and collection cycle? **********************************************

11. ACC 492 Week 1 DQ 2(New) For more course tutorials visit www.tutorialrank.com Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable? Which audit procedures are usually the most useful for auditing the existence and rights assertions? What analytical procedures might be informative regarding the existence assertion? ********************************************** ACC 492 Week 2 Current Issue Summary Failing to Find Fraud When Auditing Cash (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Week 2 Current Issue Summary Write a 175- to 350-word summary.

12. Research a recent article on auditing cash, financial instruments, sales, or receivables. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document ********************************************** ACC 492 Week 2 DQ 2(New) For more course tutorials visit www.tutorialrank.com Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the tone at the top for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Provide an example of how analytical procedures might be used in the audit of such accounts ********************************************** ACC 492 Week 2 Team Assignment (Amazon)

13. For more course tutorials visit www.tutorialrank.com ACC 492 Week 2 Team Assignment Learning Team assignments build upon each other from Weeks 2-5. The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course. Consider and discuss the specific risks and nature of the company you will be auditing. Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles. Submit a 1,400- to 1,750-word document that includes: Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if

14. the team noted significant swings in the Receivables balance year- over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review). Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ********************************************** ACC 492 Week 2 Textbook Problem 23-20, 14-20, 14-26 (New Syllabus 2019) For more course tutorials visit www.tutorialrank.com 23-20 (Objectives 23-3, 23-4) The following are misstatements that might be found in the client's year-end cash balance (assume that the balance sheet date is June 30): 1.The outstanding checks on the June 30 bank reconciliation were underfooted by $2,000. 2.A loan from the bank on June 26 was credited directly to the client's bank account. The loan was not entered as of June 30. 3.A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7.

15. 4.A check was omitted from the outstanding check list on the bank reconciliation. It cleared the bank September 6. 5.Cash receipts collected on accounts receivable from July 1 to July 5 were included as June 29 and 30 cash receipts. 6.A bank transfer recorded in the accounting records on July 1 was included as a deposit in transit on June 30. 7.A check that was dated June 26 and disbursed in June was not recorded in the cash disbursements journal, but it was included as an outstanding check on June 30. Required a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible. b.What control can be instituted for each fraud to reduce the likelihood of occurrence? c.List an audit procedure that can be used to discover each fraud. 14-23 (Objectives 14-1, 14-3) The following questions deal with audit evidence for the sales and collection cycle. Choose the best response. a. An auditor is performing substantive tests of transactions for sales. One step is to trace a sample of debit entries from the accounts

16. receivable master file back to the supporting duplicate sales invoices. What will the auditor intend to establish by this step? b. Which audit procedure is most effective in testing credit sales for overstatement? . c. To determine whether internal control relative to the revenue cycle of a wholesaling entity is operating effectively in minimizing the failure to prepare sales invoices, an auditor would most likely select a sample of transactions from the population represented by the 14-26 (Objectives 14-3, 14-4, 14-5) The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle: 1. Account for a sequence of shipping documents and examine each one to make sure that a duplicate sales invoice is attached. 2. Account for a sequence of sales invoices and examine each one to make sure that a duplicate copy of the shipping document is attached. 3. Compare the quantity and description of items on shipping documents with the related duplicate sales invoices. 4. Trace recorded sales in the sales journal to the related accounts receivable master file and compare the customer name, date, and amount for each one.

17. 5. Examine sales returns for approval by an authorized official. 6. Review the prelisting of cash receipts to determine whether cash is prelisted daily. 7. Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a 1-month period. Required a. Identify whether each audit procedure is a test of control or a substantive test of transactions. b. State which of the six transaction-related audit objectives each of the audit procedures fulfills. c. Identify the type of evidence used for each audit procedure, such as inspection and observation. ********************************************** ACC 492 Week 2 Week 2 Quiz For more course tutorials visit www.tutorialrank.com ACC 492 WEEK 2 Week 2 Quiz 1.A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed

18. on the client’s December 31 bank reconciliation cleared during the cutoff period. A probable cause for this is that the client 1.is engaged in kiting. 2.is engaged in lapping. 3.has overstated its year-end bank balance. 1.increase the balance in the allowance for bad debt account. 2.review the going concern ramifications. 3.review the credit and collection policy. 4.expand tests of collectibility. 10. Which of the following audit procedures will best uncover an understatement of sales and accounts receivable? ********************************************** ACC 492 Week 3 Current Issue Summary Keep Ghosts off the Payroll (2019 Syllabus) For more course tutorials visit www.tutorialrank.com

19. ACC 492 Week 3 Current Issue Summary Write a 525- to 700-word summary. Research a recent article on auditing inventory, warehousing, or payroll. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document ********************************************** ACC 492 Week 3 DQ 1(New) For more course tutorials visit www.tutorialrank.com What internal control components are common among long-term assets, liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls ********************************************** ACC 492 Week 3 DQ 2(New)

20. For more course tutorials visit www.tutorialrank.com What are the key management assertions related to equity? What are the most important assertions related equity? How will auditors test these assertions? ********************************************** ACC 492 Week 3 Quiz For more course tutorials visit www.tutorialrank.com ACC 492 WEEK 3 Week 3 Quiz 1.Control risk is the risk that a material misstatement in an account will not be prevented or detected on a timely basis by the client’s internal controls. The best control to prevent or detect fictitious payroll transactions is to 1.use and account for prenumbered payroll checks. 1.costs have been correctly assigned to finished goods, work-in- process, and cost of goods sold.

21. 2.quantities on hand have been computed based on acceptable cost accounting techniques that reasonably approximate actual quantities on hand. 3.physical inventories are in substantial agreement with book inventories. 4.the internal controls are in accordance with accounting standards and are functioning as planned. 10. An auditor selected items for test counts while observing a client’s physical inventory. The auditor traced the test counts to the client’s inventory listing. This procedure likely obtained evidence about which balance-related audit objective for inventory? ********************************************** ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Amazon) For more course tutorials visit www.tutorialrank.com Inventory, Warehousing, and Payroll accounts and cycles Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Inventory, Warehousing, and Payroll accounts and cycles.

22. Submit a 700- to 1,050-word document that includes the following: Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. A brief summary page should be included in this document, 525 to 700 words, for each of the work programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Inventory balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review). Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ********************************************** ACC 492 Week 4 Current Issue Summary Management’s Report on Internal Control over Financial Reporting (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Week 4 Current Issue Summary

23. Write a 525- to 700-word summary. Research a recent article on auditing acquisitions, payments, property plant and equipment (fixed assets), notes payable, or owner’s equity. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ********************************************** ACC 492 Week 4 DQ 1(New) For more course tutorials visit www.tutorialrank.com What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision? ********************************************** ACC 492 Week 4 DQ 2(New) For more course tutorials visit

24. www.tutorialrank.com What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion? ********************************************** ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Amazon) For more course tutorials visit www.tutorialrank.com ACC 492 Week 4 Team Assignment Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner’s Equity accounts and cycles. Submit a 700- to 1,050-word document that includes the following:

25. Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. A brief summary page should be included in this document, 525 to 700 words, for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Fixed Assets balance year- over-year, identify these swings, and how you address them in your work program (this is in essence an audit procedure – analytical review). Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ********************************************** ACC 492 Week 4 Week 4 Quiz For more course tutorials visit www.tutorialrank.com ACC 492 WEEK 4 Week 4 Quiz 1.Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the relative’s retail store on a COD basis, thereby enabling his relative to buy at

26. Lake’s wholesale prices. Budd was probably able to accomplish this because of Lake’s poor internal control over 1.purchase requisitions. 2.purchase orders. 3.cash receipts. 4.perpetual inventory records. 2.Which of the following is an internal control that will prevent paid cash disbursement documents from being presented for payment a second time? 1.The date on cash disbursement documents must be within a few days of the date that the document is presented for payment. 2.The official signing the check compares the check with the discount on bonds payable is understated. 1.bonds payable are understated. 2.bonds payable are overstated. 3.premium on bonds payable is overstated. 10. In the audit of notes payable, which balance-related audit objective is generally one of the most important for the auditor to verify? *********************************************

27. ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Amazon) For more course tutorials visit www.tutorialrank.com ACC 492 Week 5 Learning Team Assignment You and your team have completed your fieldwork and have a handful of other considerations before you complete the audit and issue your report. These activities are designed to ensure nothing significant has occurred between the completion of your fieldwork and the issuing of the audit report. You are assigned as a senior on the staff, in line to be promoted to manager, to instruct the other staff on the importance of considering contingent liabilities, letters from client lawyers, and subsequent events. Create a 10- to 12-slide presentation for the staff. Explain the importance of reviewing for contingent liabilities and subsequent events. Describe the requirements for reviewing for contingent liabilities and subsequent events. Click the Assignment Files tab to submit your assignment. **********************************************

28. ACC 492 Week 5 Final Audit Paper (Amazon) For more course tutorials visit www.tutorialrank.com ACC 492 Week 5 Final Paper Review the Form 10-K for the company selected for team assignments. Write a 1,050- to 1,400-word paper on the following: 1.Management’s Report on Internal Control Over Financial Reporting 2.The Independent Registered Public Accounting Firm’s Report on Internal Control Over Financial Reporting 3.The Independent Registered Public Accounting Firm’s Report on the Financial Statements Explain the purpose and content of each of these reports. Assuming the report you review is an Unqualified Opinion, express your thoughts on other types of financial statement reports such as Qualified Opinions, Adverse Opinions, and Disclaimer of Opinions. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

29. ********************************************** ============================================== ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Week 1 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on sampling as it relates to financial statement auditing. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

30. ============================================== ACC 492 Week 1 DQ 1(New) For more course tutorials visit www.tutorialrank.com What account balances are included in a revenue and collection cycle? What specific control procedures should be in place and operating in internal control governing revenue recognition and cash accounting? What assertions are made about classes of transactions and events in the revenue and collection cycle? ============================================== ACC 492 Week 1 DQ 2(New) For more course tutorials visit

31. www.tutorialrank.com Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable? Which audit procedures are usually the most useful for auditing the existence and rights assertions? What analytical procedures might be informative regarding the existence assertion? ============================================== ACC 492 Week 2 Current Issue Summary Failing to Find Fraud When Auditing Cash (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Week 2 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on auditing cash, financial instruments, sales, or receivables. Apply what you learn to your future or current job.

32. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document ============================================== ACC 492 Week 2 DQ 2(New) For more course tutorials visit www.tutorialrank.com Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the tone at the top for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Provide an example of how analytical procedures might be used in the audit of such accounts ============================================== ACC 492 Week 2 Team Assignment (Amazon)

33. For more course tutorials visit www.tutorialrank.com ACC 492 Week 2 Team Assignment Learning Team assignments build upon each other from Weeks 2-5. The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course. Consider and discuss the specific risks and nature of the company you will be Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ============================================== ACC 492 Week 2 Textbook Problem 23-20, 14-20, 14-26 (New Syllabus 2019)

34. For more course tutorials visit www.tutorialrank.com 23-20 (Objectives 23-3, 23-4) The following are misstatements that might be found in the client's year-end cash balance (assume that the balance sheet date is June 30): 1.The outstanding checks on the June 30 bank reconciliation were underfooted by $2,000. 2.A loan from the bank on June 26 was credited directly to the client's bank account. The loan was not entered as of June 30. 3.A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7. 4.A check was omitted from the outstanding check list on the bank reconciliation. It cleared the bank September 6. 5.Cash receipts collected on accounts receivable from July 1 to July 5 were included as June 29 and 30 cash receipts. 6.A bank transfer recorded in the accounting records on July 1 was included as a deposit in transit on June 30. 7.A check that was dated June 26 and disbursed in June was not recorded in the cash disbursements journal, but it was included as an outstanding check on June 30. Required

35. a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible. b.What control can be instituted for each fraud to reduce the b. State which of the six transaction-related audit objectives each of the audit procedures fulfills. c. Identify the type of evidence used for each audit procedure, such as inspection and observation. ============================================== ACC 492 Week 2 Week 2 Quiz For more course tutorials visit www.tutorialrank.com ACC 492 WEEK 2 Week 2 Quiz 2.A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed on the client’s December 31 bank reconciliation cleared during the cutoff period. A probable cause for this is that the client

36. 4.is engaged in kiting. 5.is engaged in lapping. 6.has overstated its year-end bank balance. 7.transmitted the checks to the payees after year-end. 2.In establishing the existence and ownership of an investment held by a corporation in the form of publicly traded stock, an auditor should inspect the securities or obtain written representations from management confirming that the securities are 1.properly classified as trading securities. 2.inspect the audited financial statements of the investee company. 3.confirm the number of shares owned that are held by an Which of the following audit procedures will best uncover an understatement of sales and accounts receivable? ==============================================

37. ACC 492 Week 3 Current Issue Summary Keep Ghosts off the Payroll (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Week 3 Current Issue Summary Write a 525- to 700-word summary. Research a recent article on auditing inventory, warehousing, or payroll. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document ============================================== ACC 492 Week 3 DQ 1(New)

38. For more course tutorials visit www.tutorialrank.com What internal control components are common among long-term assets, liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls ============================================== ACC 492 Week 3 DQ 2(New) For more course tutorials visit www.tutorialrank.com What are the key management assertions related to equity? What are the most important assertions related equity? How will auditors test these assertions? ============================================== ACC 492 Week 3 Quiz

39. For more course tutorials visit www.tutorialrank.com ACC 492 WEEK 3 Week 3 Quiz 2.Control risk is the risk that a material misstatement in an account will not be prevented or detected on a timely basis by the client’s internal controls. The best control to prevent or detect fictitious payroll transactions is to 2.use and account for prenumbered payroll checks. 3.obtain authorization from human resources for hiring, pay rate, job status and termination. 4.verify internally authorized pay rates, computations, and the internal controls are in accordance with accounting standards and are functioning as planned. 11. An auditor selected items for test counts while observing a client’s physical inventory. The auditor traced the test counts to the client’s inventory listing. This procedure likely obtained evidence about which balance-related audit objective for inventory?

40. ============================================== ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Amazon) For more course tutorials visit www.tutorialrank.com Inventory, Warehousing, and Payroll accounts and cycles Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Inventory, Warehousing, and Payroll accounts and cycles. Submit a 700- to 1,050-word document that includes the following: Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. A brief summary page should be included in this document, 525 to 700 words, for each of the work programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Inventory balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).

41. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ============================================== ACC 492 Week 4 Current Issue Summary Management’s Report on Internal Control over Financial Reporting (2019 Syllabus) For more course tutorials visit www.tutorialrank.com ACC 492 Week 4 Current Issue Summary Write a 525- to 700-word summary. Research a recent article on auditing acquisitions, payments, property plant and equipment (fixed assets), notes payable, or owner’s equity. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

42. ============================================== ACC 492 Week 4 DQ 1(New) For more course tutorials visit www.tutorialrank.com What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision? ============================================== ACC 492 Week 4 DQ 2(New) For more course tutorials visit www.tutorialrank.com

43. What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion? ============================================== ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Amazon) For more course tutorials visit www.tutorialrank.com ACC 492 Week 4 Team Assignment Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner’s Equity accounts and cycles. Submit a 700- to 1,050-word document that includes the following: Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.

44. A brief summary page should be included in this document, 525 to 700 words, for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Fixed Assets balance year- over-year, identify these swings, and how you address them in your work program (this is in essence an audit procedure – analytical review). Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ============================================== ACC 492 Week 4 Week 4 Quiz For more course tutorials visit www.tutorialrank.com ACC 492 WEEK 4 Week 4 Quiz 2.Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the relative’s retail store on a COD basis, thereby enabling his relative to buy at

45. Lake’s wholesale prices. Budd was probably able to accomplish this because of Lake’s poor internal control over 5.purchase requisitions. 6.purchase orders. 7.cash receipts. 8.perpetual inventory records. 3.Which of the following is an internal control that will prevent paid cash disbursement documents from being presented for payment a second time? 3.The date on cash disbursement documents must be within a few days of the date that the document is presented for payment. 4.The official signing the check compares the check with the documents and should deface the documents. 5.Unsigned checks are prepared by individuals who are responsible for signing checks. 6.Cash disbursement documents are approved by at least two 11. In the audit of notes payable, which balance-related audit objective is generally one of the most important for the auditor to verify? ==============================================

46. ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Amazon) For more course tutorials visit www.tutorialrank.com ACC 492 Week 5 Learning Team Assignment You and your team have completed your fieldwork and have a handful of other considerations before you complete the audit and issue your report. These activities are designed to ensure nothing significant has occurred between the completion of your fieldwork and the issuing of the audit report. You are assigned as a senior on the staff, in line to be promoted to manager, to instruct the other staff on the importance of considering contingent liabilities, letters from client lawyers, and subsequent events. Create a 10- to 12-slide presentation for the staff. Explain the importance of reviewing for contingent liabilities and subsequent events. Describe the requirements for reviewing for contingent liabilities and subsequent events. Click the Assignment Files tab to submit your assignment.

47. ============================================== ACC 492 Week 5 Final Audit Paper (Amazon) For more course tutorials visit www.tutorialrank.com ACC 492 Week 5 Final Paper Review the Form 10-K for the company selected for team assignments. Write a 1,050- to 1,400-word paper on the following: 4.Management’s Report on Internal Control Over Financial Reporting 5.The Independent Registered Public Accounting Firm’s Report on Internal Control Over Financial Reporting 6.The Independent Registered Public Accounting Firm’s Report on the Financial Statements Explain the purpose and content of each of these reports. Assuming the report you review is an Unqualified Opinion, express your thoughts on other types of financial statement

48. reports such as Qualified Opinions, Adverse Opinions, and Disclaimer of Opinions. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document. ==============================================