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ACC 490 Course Material - acc490dotcom

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  1. ACC 490 Course Material - acc490dotcom

  2. ACC 490 Course Material • ACC 490 Week 1 Generally Accepted Auditing Standards Paper • ACC 490 Week 1 DQ 1 • ACC 490 Week 1 DQ 2 • ACC 490 Week 2 Individual Ch. 1 Textbook Exercise • ACC 490 Week 2 Learning Team Auditing, Attestation, and Assurance Services Paper • ACC 490 Week 2 DQ 1 • ACC 490 Week 2 DQ 2 • ACC 490 Week 3 Individual Ch. 5, 6, & 7 Textbook Exercises • Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain. ACC 490 Entire Course ACC 490 Week 1 DQ 1

  3. ACC 490 Course Material • The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession, and how do they affect the profession? How does the legislation affect the internal audit profession? •      a. Describe the elements of the Generally Accepted Auditing •          Standards (GAAS). •      b. Describe how these standards apply to financial, operational, and compliance audits. •      c. 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. ACC 490 Week 1 DQ 2 ACC 490 Week 1 Generally Accepted Auditing Standards Paper

  4. ACC 490 Course Material • The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession, and how do they affect the profession? How does the legislation affect the internal audit profession? •      a. Describe the elements of the Generally Accepted Auditing •          Standards (GAAS). •      b. Describe how these standards apply to financial, operational, and compliance audits. •      c. 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. ACC 490 Week 1 DQ 2 ACC 490 Week 1 Generally Accepted Auditing Standards Paper

  5. ACC 490 Course Material • Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain. • The relative competence of evidence obtained from external and internal sources. • The role of internal control with respect to internal evidence produced by a client’s data processing system. ACC 490 Week 2 DQ 1 ACC 490 Week 2 DQ 2

  6. ACC 490 Course Material • Resources: Ch. 1 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to the following assignment from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • Ch. 1: Comprehensive Question 1-23 – Organizations Associated with the Public Accounting Profession • 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 490 Week 2 Individual Ch. 1 Textbook Exercise ACC 490 Week 2 Learning Team Auditing, Attestation, and Assurance Services Paper

  7. ACC 490 Course Material • What are the two types of audit tests? What are some examples of each of these two types of tests? How will the auditor use the data gathered from these tests? • 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 490 Week 3 DQ 1 ACC 490 Week 3 DQ 2

  8. ACC 490 Course Material • Resources: Ch. 5, 6, & 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting. • 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 inter-related? • Week 3 – DQ 1 ACC 490 Week 3 Individual Ch. 5, 6, & 7 Textbook Exercises ACC 490 Week 3 Learning Team Assessing Materiality and Risk Simulation

  9. ACC 490 Course Material • Why do auditors find it necessary to use sampling? What are the risks associated with sampling? • How might these risks affect the audit conclusion? • How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the auditor consider when encountering an error? How might the results affect the audit conclusion? ACC 490 Week 4 DQ 1 ACC 490 Week 4 DQ 2

  10. ACC 490 Course Material • Resources: Ch. 8, 10, & 11 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • Ch. 8: Comprehensive Questions 8-16 – Analytical procedures • Resources: Apollo Shoes Case materials located on the student website • Complete the Internal Control audit section of the case using the Apollo Shoes Case materials, available under the Assessment section of Week Three on the student website. • Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoes Minutes, before completing the Internal Control audit section. ACC 490 Week 4 Individual Ch. 8, 10, & 11 Textbook Exercises ACC 490 Week 4 Learning Team Apollo Shoes Case Assignment

  11. ACC 490 Course Material • Resources: Ch. 11 & 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • Ch. 11: Learning Checks 11-6, 11-8, & 11-9 • Ch. 13: Learning Check 13-8 • Resources: Ch. 13 of Modern Auditing: Assurance Services and the Integrity of FinancialReporting • Prepare a 1,400- to 1,750-word memo to the Audit Partner, John Smith, summarizing your findings from the following case found in Ch. 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting: • Case 13-36 – Mt. Hood Furniture—PPS Sampling Problem • Format your memo consistent with APA guidelines. • Preparea 10- to 15-slide Microsoft® PowerPoint® presentation illustrating your Audit Sampling Case Memo. ACC 490 Week 5 Individual Ch. 11 & 13 Textbook Exercises ACC 490 Week 5 Learning Team Audit Sampling Case Memo and Presentation

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