ACC 490 Complete Course

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ACC 490 Complete Course

Week 1

Individual Generally Accepted Auditing Standards Paper

Prepare 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.

Address the following in your paper:

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.

Format your paper consistent with APA guidelines.

Discussion Questions

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 engagements?

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? What are some activities that are implied in the legislation, as well as activities that will likely emerge as companies implement various provisions of the act? Do you believe the legislation enhances the power and prestige of the audit profession, or alternatively, does it decrease both the power and prestige of the profession? Explain.

Access the U.S. Securities and Exchange Commission (SEC) Web site,. What is the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the guidance?

Week 2

Individual Ch. 1 Textbook Exercise

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

Learning Team Auditing, Attestation, and Assurance Services Paper

Prepare a 1,050- to 1,400-word paper in which you compare and contrast auditing, attestation, and assurance services. In your paper, address 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?

Format your paper consistent with APA guidelines.

Discussion Questions

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?

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?

The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?

Week 3

Individual Ch. 5, 6, & 7 Textbook Exercises

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.

Ch. 5: Comprehensive Questions 5-30 Assertions

Ch. 6: Comprehensive Questions 6-22 Audit Evidence

Ch. 7: Comprehensive Questions 7-22 Understanding the Entity and its Environment

Learning Team Ch. 6 & 7 Textbook Exercises

Resources: Ch. 6 & 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting

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

Ch. 6: Comprehensive Question 6-26 Audit Programs and Assertions

Ch. 7: Case 7-25 New Client Acceptance, Part b

Learning Team Assessing Materiality and Risk Simulation

Resources: Assessing Materiality and Risk simulation on student website

Complete the Assessing Materiality and Risk simulation located on the student website.

Prepare a 350-word response to following questions after completing the simulation:

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?

Discussion Questions

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?

How are the 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? Please provide examples.

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?

Week 4

Individual Ch. 8, 10, & 11 Textbook Exercises

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

Ch. 10: Comprehensive Questions 10-32 Components of Internal Control

Ch. 11: Comprehensive Questions 11-21 Assessing Control Risk

Learning Team Apollo Shoes Case Assignment

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.

Discussion Questions

Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?

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

How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the audit consider when encountering an error? How might the results affect the audit conclusion?

Week 5

Individual Ch. 11 & 13 Textbook Exercises

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

Individual Final Examination

Resources: Auditing & Assurance Services and Modern Auditing: Assurance Services and the Integrity of Financial Reporting

Prepare for your final examination.

Learning Team Audit Sampling Case Memo and Presentation

Resources: Ch. 13 of 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 found in Ch. 13 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting:

Case 13-36 Mt. Hood FurniturePPS Sampling Problem

Format your memo consistent with APA guidelines.

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