Category Archives: ACC 491

UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Barnes and Noble) latest

UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Barnes and Noble) latest

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Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX).

 

State the company selected for the team assignments.

 

Explains the reason the company was selected.

 

Describe insights gained by performing some planning for this company.

UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Amazon)

UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Amazon)

Check this A+ tutorial guideline at

http://www.assignmentclick.com/acc-491-uop/acc-491-week-5-team-assignment-scenario-assignment-summary

 

 

For more classes visit

http://www.assignmentclick.com

Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX).

State the company selected for the team assignments.

Explains the reason the company was selected.

Describe insights gained by performing some planning for this company.

 

UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Apple)

UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Apple)

Check this A+ tutorial guideline at

http://www.assignmentclick.com/acc-491-uop/acc-491-week-5-team-assignment-scenario-assignment-summary

 

 

For more classes visit

http://www.assignmentclick.com

Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX).

State the company selected for the team assignments.

Explains the reason the company was selected.

Describe insights gained by performing some planning for this company.

 

UOP ACC 491 Week 5 Fraud Auditing (2 Papers)

UOP ACC 491 Week 5 Fraud Auditing (2 Papers)

 

 

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Write a 750- to 1,050-word paper on fraud auditing and IT auditing.

• Describe the different kinds of fraud andthe Fraud Triangle, an auditor’s responsibility to identify and assess fraud.

• Describe the specific risks, benefits, and internal controls associated with IT functions.

• Please do not plagiarize

 

UOP ACC 491 Week 4 Team Scenario Assignment Cheat Sheet on Evidence and Documentation

UOP ACC 491 Week 4 Team Scenario Assignment Cheat Sheet on Evidence and Documentation

 

 

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In further preparation for your audit of the company your team selected, you decided to gather your team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation included a review of evidence and documentation literature (Chapter 7).  To properly prepare the staff that will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be used in your presentation.

Prepare a “Cheat Sheet” that briefly describes Audit Evidence and Documentation Standards, which includes the following topics. Each topic should be 90 to 175 words:

• Comparison of Audit, Scientific and Legal Evidence Standards.

• Consideration of Sample Sizes and Methods (random, haphazard, monetary unit sample, judgmental) and how sampling affects evidence.

• Relevance, Reliability and Sufficiency of Evidence.

• Brief statement on the 80 types of audit evidence (physical examination, observation, confirmations, inquiry, recalculation, etc.).

• Purpose, Ownership, Confidentiality and Retention of Documentation.

 

 

UOP ACC 491 Week 4 Assignment Internal Control, COSO and SOX

UOP ACC 491 Week 4 Assignment Internal Control, COSO and SOX

 

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Write a paper on COSO and how it relates to Sarbanes-Oxley and the auditing of public companies in 700 to 1,050 words. Address the following:

• Provide a brief history of COSO.

• Describe the five components and 17 principles of the COSO Framework.

• Review your company’s “Management’s Annual Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm” (usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.

 

UOP ACC 491 Week 3 Team Scenario Assignment (Amazon)

UOP ACC 491 Week 3 Team Scenario Assignment (Amazon)

 

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Week 3 Team Assignment Document

You are a senior manager for the highly successful regional CPA firm of Fine, Dee, Evah, Dense, LLP (Fine). Since its inception nearly 30 years ago, Fine’s audit practice has exclusively consisted of auditing private and not-for-profit organizations. Recently, the partners have been considering an opportunity to audit a publically-traded company for the company your team has selected.

The primary reason Fine has not heretofore ventured into auditing publically-traded companies is because of the potential risk and legal liability associated with auditing public companies. However, Fine has been a bit stagnant, business-wise, for the past few years, and some of the older and more risk-adverse partners are beginning to retire. Consequently, the lure of the often-lucrative and prestigious opportunity to audit a public company has become too hard to resist, so the partners have decided to pursue the chance to audit this company.

On a beautiful early-September morning you are called into the senior partner’s office and told you and your team have been selected to lead the first-ever effort to audit a publically-traded company for Fine. You are honored, but also know auditing a public company is a bit more tricky and complicated than auditing private and not-for-profit organizations. Fortunately, the senior partner had considerable experience early in his career with another firm in auditing public companies and told you he would be with you all the way. Relieved, you asked him what he wanted you to do. He tossed you the most recent Form 10-K of the company you selected and gave you the following assignments:

Review and discuss the Form 10-K for the company you have selected.

Create a report that will have 4 sections.

Section 1, Initial Risk Assessment.

Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart.

In 700-to 1,050-words:

Describe the business briefly.

Assess any risks you may encounter in auditing this company.

General Audit Concerns

The requisite background you and your team will need to adequately audit this company.

Time it will take to adequately audit this client.

General Business Concerns

.

Has the company you’re auditing recently increased or decreased their operations due to mergers or sales of parts of the business?

Are they a conglomerate with lots of disparate kinds of goods and services, or are they a simple straight-forward type of business operating in a relatively small location?

Are operating supplies (such as jet fuel or specialty plastics) in short supply or subject to wild pricing swings on the open market?

What about overseas operations – are they operating in dangerous parts of the world?

How robust or intense is the competition in this particular industry?

Has their top management recently been replaced and if so, why?

Is seasonality a factor for this company? How does that affect revenue and other operations?

Describe the following issues:

Ethics and Legal Issues

The ethics and sophistication of top management and cultures where the company operates.

Have there been significant auditing or accounting issues raised in the recent past?

Did they have disputes with their previous audit firm?

Is this company or industry particularly susceptible to lawsuits or other legal proceedings?

Evaluate the regulatory and compliance requirements of this company:

Regulatory and Compliance Concerns

The compliance requirements of this company.

Is it subject to a high-level of governmental regulation?

Are employees unionized? Are they generally compliant with Sarbanes-Oxley and other regulatory rules?

Section 2, Analytical Procedures

Based on TABLE 8-1, p. 220 Examples of Planning Analytical Procedures and the sections on Analytical Procedures in the text, select three ratios (e.g. Current Ratio, Inventory Turnover, Debt to Equity, Return on Assets, etc.), calculate these ratios for your company and a competitor for the most recent year, and compare the results.

Write a 350-to 525-word analysis of your findings. Note that these ratios are found in the Common Financial Ratios section of Chapter 8.

Section 3, Materiality and Risk

The senior partner wants to confirm your understanding of key concepts.

Summarize each concept 90-175-words each.

Materiality

Misstatement

Audit Risk

Audit Risk Model

Inherent Risk

Relationship of Risk to Audit Evidence

Section 4, Audit Tests

The reading in Chapter 13 (p. 402-407) describes five types of audit tests of financial statements:

Risk Assessment Procedures

Test of Controls

Substantive Tests of Transactions

Analytical Procedures

Tests of Details of Balances.

In 350- to 700-words:

Identify which tests are best suited for the company you selected and why.

Explain why some tests are not suitable.

Learning Team assignments build upon each other from Weeks 3-5. The first step in this process 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

 

UOP ACC 491 Week 3 Scenario Assignment (Barnes and Noble) latest

UOP ACC 491 Week 3 Scenario Assignment (Barnes and Noble) latest

Check this A+ tutorial guideline at

http://www.assignmentclick.com/acc-491-uop/acc-491-week-3-scenario-assignment-barnes-and-noble-latest

 

For more classes visit

http://www.assignmentclick.com

 

You are a senior manager for the highly successful regional CPA firm of Fine, Dee, Evah, Dense, LLP (Fine). Since its inception nearly 30 years ago, Fine’s audit practice has exclusively consisted of auditing private and not-for-profit organizations. Recently, the partners have been considering an opportunity to audit a publically-traded company for the company your team has selected.

 

The primary reason Fine has not heretofore ventured into auditing publically-traded companies is because of the potential risk and legal liability associated with auditing public companies. However, Fine has been a bit stagnant, business-wise, for the past few years, and some of the older and more risk-adverse partners are beginning to retire. Consequently, the lure of the often-lucrative and prestigious opportunity to audit a public company has become too hard to resist, so the partners have decided to pursue the chance to audit this company.

 

On a beautiful early-September morning you are called into the senior partner’s office and told you and your team have been selected to lead the first-ever effort to audit a publically-traded company for Fine. You are honored, but also know auditing a public company is a bit more tricky and complicated than auditing private and not-for-profit organizations. Fortunately, the senior partner had considerable experience early in his career with another firm in auditing public companies and told you he would be with you all the way. Relieved, you asked him what he wanted you to do. He tossed you the most recent Form 10-K of the company you selected and gave you the following assignments:

 

Review and discuss the Form 10-K for the company you have selected.

Create a report that will have 4 sections.

 

Section 1, Initial Risk Assessment.

 

Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart.

 

In 700-to 1,050-words:

Describe the business briefly.

Assess any risks you may encounter in auditing this company.

 

General Audit Concerns

 

• The requisite background you and your team will need to adequately audit this company.

 

• Time it will take to adequately audit this client.

 

General Business Concerns

.

• Has the company you’re auditing recently increased or decreased their operations due to mergers or sales of parts of the business?

 

• Are they a conglomerate with lots of disparate kinds of goods and services, or are they a simple straight-forward type of business operating in a relatively small location?

 

• Are operating supplies (such as jet fuel or specialty plastics) in short supply or subject to wild pricing swings on the open market?

• What about overseas operations – are they operating in dangerous parts of the world?

 

• How robust or intense is the competition in this particular industry?

 

• Has their top management recently been replaced and if so, why?

 

• Is seasonality a factor for this company? How does that affect revenue and other operations?

 

Describe the following issues:

 

Ethics and Legal Issues

 

• The ethics and sophistication of top management and cultures where the company operates.

 

• Have there been significant auditing or accounting issues raised in the recent past?

 

• Did they have disputes with their previous audit firm?

 

• Is this company or industry particularly susceptible to lawsuits or other legal proceedings?

 

Evaluate the regulatory and compliance requirements of this company:

 

Regulatory and Compliance Concerns

 

• The compliance requirements of this company.

 

• Is it subject to a high-level of governmental regulation?

 

• Are employees unionized? Are they generally compliant with Sarbanes-Oxley and other regulatory rules?

 

 

Section 2, Analytical Procedures

 

Based on TABLE 8-1, p. 220 Examples of Planning Analytical Procedures and the sections on Analytical Procedures in the text, select three ratios (e.g. Current Ratio, Inventory Turnover, Debt to Equity, Return on Assets, etc.), calculate these ratios for your company and a competitor for the most recent year, and compare the results.

 

Write a 350-to 525-word analysis of your findings. Note that these ratios are found in the Common Financial Ratios section of Chapter 8.

 

 

Section 3, Materiality and Risk

 

The senior partner wants to confirm your understanding of key concepts.

Summarize each concept 90-175-words each.

 

• Materiality

 

• Misstatement

 

• Audit Risk

 

• Audit Risk Model

 

• Inherent Risk

 

• Relationship of Risk to Audit Evidence

 

 

Section 4, Audit Tests

 

The reading in Chapter 13 (p. 402-407) describes five types of audit tests of financial statements:

 

 

 

(1) Risk Assessment Procedures

 

(2) Test of Controls

 

(3) Substantive Tests of Transactions

 

(4) Analytical Procedures

 

(5) Tests of Details of Balances.

 

 

 

In 350- to 700-words:

 

Identify which tests are best suited for the company you selected and why.

 

Explain why some tests are not suitable.