acc 410 entire course / auditing

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ACC 410 ENTIRE COURSE / AUDITING
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ACC 410 WEEK 2 ASSIGNMENT ANALYTICAL PROCEDURES
Analytical Procedures. In a 2-3 page paper, complete the case below and submit to instructor. Review the income
statement for Uden Supply Company and answer the following:
1.
Describe the purpose of analytical procedures performed in the planning stage of the audit.
2.
Uden Supply has projected its 2004 gross profit at 31% of sales despite expectation for some shrinkage in margins. On
the basis of Uden's operating performance in years 2001 - 2003 project your best guess for 2004. Project 2004 based
on the incremental changes for each line item over the last three years.
3.
Uden’s unaudited financial statements for the current year show a 31 percent gross profit rate. Assuming that this
represents a misstatement from the amount that you developed as an expectation, calculate the estimated effect of
this misstatement on net income before taxes for 20X4.
4.
Indicate whether you believe that the difference calculated in part (c) is material. Explain your answer. (50-100
words).
Comparative income statement information for Uden Supply Company is presented in the accompanying table.
UDEN SUPPLY COMPANY Comparative Income Statement
Years Ended December 20X1, 20X2, and 20X3 (Thousands)
13
ACC410: Auditing Online
20X1 Audited
20X2 20X3 20X4
Audited Audited
9,400 10,100 6,500 7,000 2,900 3,100
660 710
190 202 1,082 1,103 192 199 174 181 61 62 63 66 28 30 22 23
37 40
13 14 228 240
150 230
Expected
Sales 8,700
Cost of goods sold Gross profit
6,000 2,700
Sales Commissions
Advertising 175 Salaries 1,061
Payroll taxes
Employee benefits
Rent
Depreciation
Supplies
Utilities
Legal and accounting
Miscellaneous Interest expense
Net income before taxes
610
184 167 60 60 26 21
34
12 210
80
Incomes taxes 18 33 50
Net income 62 117 180
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ACC 410 WEEK 3 ASSIGNMENT INTERNAL CONTROL CASE SHARE ON
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Internal Control Case. Complete Case 18-37 (p. 724-725) and submit to instructor. For each of the
following independent cases state the highest level of deficiency that you believe the circumstances
represent- -a control deficiency, a significant deficiency, or a material weakness. Explain your
decision in each case.
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ACC 410 WEEK 1 ASSIGNMENT GENERALLY ACCEPTED AUDITING
STANDARDS
Generally Accepted Auditing Standards. Complete problem below and submit to your instructor. Write under the
generally accepted auditing standards column the specific standard that was violated and how the action of Jones
resulted in a failure to comply with each standard. Organize your answer as shown below; specifically with a column
for the standard that was violated and a column for the required action. The paper should be 2-3 pages.
Problem:
John Clinton, owner of Clinton Company, applied for a bank loan and was informed by the banker that audited
financial statements of the business had to be submitted before the bank could consider the loan application. Clinton
then retained Arthur Jones, CPA, to perform an audit. Clinton informed Jones that audited financial statements were
required by the bank and that the audit must be completed within three weeks. Clinton also promised to pay Jones a
fixed fee plus a bonus if the bank approved the loan. Jones agreed and accepted the engagement.
The first step taken by Jones was to hire two accounting students to conduct the audit. He spent several hours telling
them exactly what to do. Jones told the students not to spend time reviewing controls but instead to concentrate on
proving the mathematical accuracy of the ledger accounts and summarizing the data in the accounting records that
support Clinton Company’s financial statements. The students followed Jone’s instructions and after two weeks gave
Jones the financial statements, which did not include any notes. Jones reviewed the statements and prepared an
unqualified audit report. The report, however, did not refer to generally accepted accounting principles.
Required:
List on the left side of a sheet of paper the generally accepted auditing standards that were violated by Jones, and
indicate how the actions of Jones resulted in a failure to comply with each standard. Organize your answers as
follows:
Generally Accepted Auditing StandardsGeneral Standards
(1) The auditor must have adequate technical training and proficiency to perform the audit.
Actions by Jones Resulting in Failure to Comply with Generally Accepted Auditing Standards
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ACC 410 WEEK 2 ASSIGNMENT ANALYTICAL PROCEDURES
Analytical Procedures. In a 2-3 page paper, complete the case below and submit to instructor. Review the income
statement for Uden Supply Company and answer the following:
1.
Describe the purpose of analytical procedures performed in the planning stage of the audit.
2.
Uden Supply has projected its 2004 gross profit at 31% of sales despite expectation for some shrinkage in margins. On
the basis of Uden's operating performance in years 2001 - 2003 project your best guess for 2004. Project 2004 based
on the incremental changes for each line item over the last three years.
3.
Uden’s unaudited financial statements for the current year show a 31 percent gross profit rate. Assuming that this
represents a misstatement from the amount that you developed as an expectation, calculate the estimated effect of
this misstatement on net income before taxes for 20X4.
4.
Indicate whether you believe that the difference calculated in part (c) is material. Explain your answer. (50-100
words).
Comparative income statement information for Uden Supply Company is presented in the accompanying table.
UDEN SUPPLY COMPANY Comparative Income Statement
Years Ended December 20X1, 20X2, and 20X3 (Thousands)
13
ACC410: Auditing Online
20X1 Audited
20X2 20X3 20X4
Audited Audited
9,400 10,100 6,500 7,000 2,900 3,100
660 710
190 202 1,082 1,103 192 199 174 181 61 62 63 66 28 30 22 23
37 40
13 14 228 240
150 230
Expected
Sales 8,700
Cost of goods sold Gross profit
6,000 2,700
Sales Commissions
Advertising 175 Salaries 1,061
Payroll taxes
Employee benefits
Rent
Depreciation
Supplies
Utilities
Legal and accounting
Miscellaneous Interest expense
Net income before taxes
610
184 167 60 60 26 21
34
12 210
80
Incomes taxes 18 33 50
Net income 62 117 180
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ACC 410 WEEK 4 CRITICAL THINKING QUIZ
Program Comprehensive Exam. Complete the comprehensive exam, which will take approximately
one to two hours and will be graded based on your score. The full instructions for the exam are
posted in the classroom.
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ACC 410 WEEK 5 ASSIGNMENT AUDIT REPORT MODIFICATIONS
PAPER
Audit Report Modifications
Complete problem below. List a represents the types of opinions the auditor ordinarily would issue and List B
represents the report modifications [if any] that would be necessary. Select as the best answer for each situation
[items 1 to 6] the type of opinion and modifications, if any, the auditor would normally select. The types of opinions in
List A and the report modifications in List B may be selected once, more than once, or not at all. The paper should be
2-3 pages.
Problem:
Items 1 through 6 present various independent factual situations an auditor might encounter in conducting an
audit. For each situation assume:
Assume:
• The auditor is independent.
• The auditor previously expressed an unqualified opinion on the prior year’s financial statements.
• Only single-year (not comparative) statements are presented for the current year.
• The conditions for an unqualified opinion exist unless contradicted in the factual situations.
• The conditions stated in the factual situations are material.
• No report modifications are to be made except in response to the factual situation.
Situations:
1. In auditing the long-term investments account, an auditor is unable to obtain audited financial statements for an
investee located in a foreign country. The auditor concludes that sufficient appropriate audit evidence regarding
this investment cannot be obtained.
2. Due to recurring operating losses and working capital deficiencies, an auditor has substantial doubt about an
entity’s ability to continue as a going concern for a reasonable period of time. However, the financial statement
disclosures concerning these matters are adequate.
3. A principal auditor decides to take responsibility for the work of another CPA who audited a wholly owned
subsidiary of the entity and issued an unqualified opinion. The total assets and revenues of the subsidiary represent
17 percent and 18 percent, respectively, for the total assets and revenues of the entity being audited.
4. An entity issues financial statements that present financial position and results of operations but omits the
related statement of cash flows. Management discloses in the notes to the financial statements that it does not
believe that statement of cash flows to be a useful financial statement.
5. An entity changes its depreciation method for production equipment from straight-line to a units-of-production
method based on hours of utilization. The auditor concurs with the change, although it has a material effect on the
comparability of the entity’s financial statements.
6. An entity discloses certain lease obligations in the notes to the financial statements. The auditor believes that the
failure to capitalize these leases is a departure from generally accepted accounting principles.
Required:
List A represents the types of opinions the auditor ordinarily would issue and List B represents the report
modifications (if any) that would be necessary. Select as the best answer for each situation (items 1 through 6) the
type of opinion and modifications, if any, the auditor would normally select. The types of opinions in List A and the
report modifications in List B may be selected once, more than once, or not at all.
(AICPA, adapted)
List A
List B
Types of Opinions
Report Modifications
A. An "except for" qualified opinion
H. Describe the circumstances in a explanatory paragraph preceding the opinion paragraph without modifying the
three standard paragraphs.
B. An unqualified opinion
I. Describe the circumstances in an explanatory paragraph following the opinion paragraph without modifying the
three standard paragraphs.
C. An adverse opinion
J. Describe the circumstances in an explanatory paragraph preceding the opinion paragraph, and modify the opinion
paragraph.
D. A disclaimer of opinion
K. Describe the circumstances in an explanatory paragraph following the opinion paragraph, and modify the opinion
paragraph.
E. Either an "except for" qualified opinion or an adverse opinion.
L. Describe the circumstances in an explanatory paragraph preceding the opinion paragraph, and modify the scope
and opinion paragraphs.
F. Either a disclaimer of opinion or an "except for" qualified opinion.
M. Describe the circumstances in an explanatory paragraph following the opinion paragraph, and modify the scope
and opinion paragraphs.
G. Either an adverse opinion or a disclaimer of opinion
N. Describe the circumstances within the scope paragraph without adding an explanatory paragraph.
O. Describe the circumstances within the opinion paragraph without adding an explanatory paragraph.
P. Describe the circumstances within the scope and opinion paragraphs without adding an explanatory paragraph.
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ACC 410 WEEK 5 FINAL PAPER AUDIT PLAN KEYSTONE COMPUTERS
Focus of the Final Paper
The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at pages 237-244 in your
text.
Write, in outline format but in complete sentences, a 6 to 10 page audit plan. It is recommended that you look at
Figure 18.8 on page 708, which shows the control objectives related to accounts receivable.
In your audit plan cover the steps necessary to determine if you should select the client, the internal control
procedures which need to be reviewed, the substantive tests [using accounts receivable a guide], and the final
reporting steps. Based on the actual facts in the case determine the emphasis you want to place on various accounts.
Also reflect back over your entire accounting program and think about how the accounts are interrelated. For
example, when allowance for doubtful accounts is credited the offset is to bad debt expense. Therefore one of the
steps should be to trace the debit side of the entry to the balance for bad debt expense.
Make your comments as specific as possible. Rather than say look for unusual entries, say look for entries from
unusual sources and rounded amounts with focus on those near an accounting cut off. Use precise language. Rather
than saying you “vouched accounts payable,” say that you looked at the item to determine that it was a bona fide
business expense. Remember to focus on the key audit objectives and support needed after applying the audit risk
model.
Remember, the purpose of the Final Paper is for you to culminate the learning achieved in the course by describing
your understanding and application of knowledge in the field of accounting.
The Final Paper should focus on real life, real time application of topics covered in this course; the uses you have seen
and the uses you can envision. The paper must be submitted to your instructor no later than the last day of class.
Earlier submittal is appreciated.
Writing the Final Paper
The Final Paper:
1.
Must be six to ten double-spaced pages in length, and formatted according to APA style as outlined in the
Ashford Writing Center.
2.
Must include a title page with the following:
1.
Title of paper
2.
Student’s name
3.
Course name and number
4.
Instructor’s name
e. Date submitted
1.
Must begin with an introductory paragraph that has a succinct thesis statement.
2.
Must address the topic of the paper with critical thought.
3.
Must end with a conclusion that reaffirms your thesis.
4.
Must use at least three scholarly sources, including a minimum of one from the Ashford Online Library.
5.
Must document all sources in APA style, as outlined in the Ashford Writing Center.
6.
Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing
Center.
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