Category Archives: ACC 492

ACC 492 Week 5 Learning Team Assignment Case Study Assignment

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ACC 492 Week 5 Learning Team Assignment Case Study Assignment

Work on the following assignment with your Learning Team, and then have one member of your team post a collective response from the team in the Assignments folder of the responsible individual.

Case Study Assignment: Prepare written answers to the following: Learning Check  4:17 from the text, Modern Auditing: Assurance Services and the Integrity of Financial Reporting (8th ed.) by Boynton and Johnson.

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ACC 492 Week 5 Individual Assignment Issuing Audit Program Simulation

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ACC 492 Week 5 Individual Assignment Issuing Audit Program Simulation

Issuing Audit Reports Simulation.  Complete the simulation “Issuing Audit Reports” located on the Materials page.  After completing the simulation, prepare a 350-word response to following questions:

a.    What are the different types of audit reports and when should each be used?

b.    In what types of situations would an auditor be allowed to issue an unqualified audit report?

c.    To what extent is the auditor liable for misstatements in the financial statements of the audited company?

Note:  Issuing Audit Reports simulation located on the Week Five Materials page

Submit your Course Summary the Main Classroom forum.  Submit a brief Course summary indicating what you have learned from this course over the past 5 weeks.

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ACC 492 Week 4 Quiz

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ACC 492 Week 4 Quiz

1. The auditor’s responsibilities with regard to audit works is usually up to the last date of field works. (True/False)

2. Name the various types of opinions expressed by an independent auditor. 

3. List the three types of going concern issues.

4. Describe very briefly three conditions under which an auditor issues a qualified report.

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ACC 492 Week 4 Learning Team Assignment Audit Program Presentation

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ACC 492 Week 4 Learning Team Assignment Audit Program Presentation

Audit Program Presentation.  Prepare 8-10 Microsoft® PowerPoint® slides illustrating your Learning Team’s Audit Questionnaire and the results of your completed Audit Program.  Post your answers to the Assignments folder of the responsible individual.

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ACC 492 Week 4 Individual Multiple Choice Quiz

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ACC 492 Week 4 Individual Multiple Choice Quiz

1. A CPA found that the company has not capitalized a material amount of leases in the financial statements. When considering the materiality of this departure from GAAP, the CPA would choose between which reporting options?

a. Unqualified opinion or disclaimer of opinion.
b. Unqualified opinion or qualified opinion.
c. Emphasis paragraph with unqualified opinion or an adverse opinion.
d. Qualified opinion or adverse opinion.

2. An auditor determined that the company is suffering financial difficulty and the going concern status is seriously in doubt. Even though the company has placed adequate disclosures in the financial statements, the auditor must choose between which of the following audit report alternatives?
a. Unqualified report with a going-concern explanatory paragraph or disclaimer of opinion.
b. Standard unqualified report or a disclaimer of opinion.
c. Qualified opinion or adverse opinion.
d. Standard unqualified report or adverse opinion.

3. A company accomplished an early extinguishment of debt, and the auditors believe that literal application of SFAS No. 98 would cause recognition of a loss that would materially distort the financial statements and cause them to be misleading. Given these facts, the auditor would probably choose which reporting option?
a. Explain the situation and give an adverse opinion.
b. Explain the situation and give a disclaimer of opinion.
c. Explain the situation and give an unqualified opinion, relying on Rule 203 of the AICPA Code of Professional Conduct.
d. Give the standard unqualified audit report.

4. Which of these situations would require an auditor to append an explanatory paragraph about consistency to an otherwise unqualified audit report?
a. Company changed its estimated allowance for uncollectible accounts receivable.
b. Company corrected a prior mistake in accounting for interest capitalization.
c. Company sold one of its subsidiaries and consolidated six subsidiaries this year compared to seven last year.
d. Company changed its inventory costing method from FIFO to LIFO.

5. Wolfe became the latest auditor for Royal Corporation, succeeding Mason, who audited the financial statements last year. Wolfe needs to report on Royal’s comparative financial statements and should write in his report an explanation about another auditor having audited the prior year
a. Only if Mason’s opinion last year was qualified.
b. Describing the prior audit and the opinion but not naming Mason as the predecessor auditor.
c. Describing the audit but not revealing the type of opinion Mason gave.
d. Describing the audit and the opinion and naming Mason as the predecessor
auditor.

6. When other independent auditors are involved in the current audit of parts of the company’s business, the principal auditor can write an audit report that (two answers)
a. Mentions the other auditor, describes the extent of the other auditor’s work, and gives an unqualified opinion.
b. Does not mention the other auditor and gives an unqualified opinion in a standard unqualified report.
c. Places primary responsibility for the audit report on the other auditors.
d. Names the other auditors, describes their work, and presents only the principal auditor’s report.

7. An “emphasis-of-a-matter” paragraph inserted in a standard audit report causes the report
to be characterized as a(n)
a. Unqualified opinion report.
b. Divided responsibility report.
c. Adverse opinion report.
d. Disclaimer of opinion.

8. Under which of the following conditions can a disclaimer of opinion never be given?
a. Going-concern problems are highly material and significant.
b. The company does not let the auditor have access to evidence about important accounts.
c. The auditor owns stock in the company.
d. The auditor has found that the company has used the NIFO (next-in, first-out) inventory costing method.

9. Where will you find an auditor’s own responsibility for expressing the opinion on financial statements?
a. Stated explicitly in the introductory paragraph of the standard unqualified report.
b. Unstated but understood in the introductory paragraph of the standard unqualified report.
c. Stated explicitly in the opinion paragraph of the standard unqualified report.
d. Stated explicitly in the scope paragraph of the standard unqualified report.

10. Company A hired Sampson & Delila, CPAs, to audit the financial statements of Company B and deliver the audit report to Megabank. Which is the client?
a. Megabank.
b. Sampson & Delila.
c. Company A.
d. Company B.

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ACC 492 Week 3 Quiz

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ACC 492 Week 3 Quiz

1. Internal control is a process effected by an entity’s board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives. (True/False) (10%)

2. What are the two main objectives for conducting preliminary analytical procedures? (30%)

3. List the two types of audit tests. (30%)

4. List three factors that affect an organization’s control environment. (30%)

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ACC 492 Week 3 Individual Multiple Choice Quiz

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ACC 492 Week 3 Individual Multiple Choice Quiz

 

1. Which of the following approaches is most suitable for auditing the finance and investment cycle?
a. Perform extensive tests of controls and limit substantive procedures to analytical procedures.
b. Ignore internal controls and perform extensive substantive procedures.
c. Review internal controls, and perform extensive substantive procedures.
d. Ignore internal controls and limit substantive procedures to analytical procedures.

2. Loan covenants are used for which of the following reasons?
a. To protect the lender from the borrower substantially weakening the borrower’s financial position.
b. To protect the borrower from the lender calling the loan early.
c. To protect the auditor from false information by the borrower.
d. To protect shareholders from management taking on too much debt.

3. A related-party is a person or entity that
a. Has a family tie to a management member.
b. Does business with the company.
c. Can exert significant influence over or be influenced by the company.
d. Is a member of the company’s management.

4. Jones was engaged to examine the financial statements of Gamma Corporation for the year ended June 30. Having completed an examination of the investment securities, which of the following is the best method of verifying the accuracy of recorded dividend income?
a. Tracing recorded dividend income to cash receipts records and validated deposit slips.
b. Utilizing analytical procedures and statistical sampling.
c. Comparing recorded dividends with amounts appearing on federal information Form 1099.
d. Comparing recorded dividends with a standard financial reporting service’s record of dividends.

5. When the client holds a large amount of negotiable securities, auditors need to plan to guard against
a. Unauthorized negotiation of the securities before they are counted.
b. Unrecorded sales of securities after they are counted.
c. Substitution of securities already counted for other securities that should be on hand but are not.
d. Substitution of authentic securities with counterfeit securities.

6. In connection with the audit of an issue of long-term bonds payable, the auditor should
a. Determine whether bondholders are persons other than owners, directors, or officers of the company issuing the bond.
b. Calculate the effective interest rate to see if it is substantially the same as the rates for similar issues.
c. Decide whether the bond issue was made without violating state or local law.
d. Ascertain that the client has obtained the opinion of counsel on the legality of the issue.

7. Which of the following is the most important audit consideration when examining the stockholders’ equity section of a client’s balance sheet?
a. Changes in the capital stock account are verified by an independent stock transfer agent.
b. Stock dividends and stock splits during the year under audit were approved by the stockholders.
c. Stock dividends are capitalized at par or stated value on the dividend declaration date.
d. Entries in the capital stock account can be traced to resolutions in the minutes of meetings of the board of directors.

8. If the auditor discovers that the carrying amount of a client’s investments is overstated because of a loss in value that is other than a temporary decline in market value, the auditor should insist that
a. The approximate market value of the investments be shown in parentheses on the face of the balance sheet.
b. The investments be classified as long term for balance sheet purposes with full disclosure in the footnotes.
c. The loss in value is recognized in the financial statements.
d. The equity section of the balance sheet separately shows a charge equal to the amount of the loss.

9. The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to
a. Evaluate internal control over securities.
b. Determine the validity of prepaid interest expense.
c. Ascertain the reasonableness of imputed interest.
d. Detect unrecorded liabilities.

10. The auditor should insist that a representative of the client be present during the inspection and count of securities to
a. Lend authority to the auditor’s directives.
b. Detect forged securities.
c. Coordinate the return of all securities to proper locations.
d. Acknowledge the receipt of securities returned.

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