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ACC 562 Complete Course ACC562 Complete Course

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ACC 562 Week 1 Discussion

"Unbiased Reporting" Please respond to the following:

Analyze the need for unbiased financial reporting. Based on your analysis, determine at

least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to

support your response.

Analyze the audit opinion formulation process and suggest at least one (1) improvement

to the process to strengthen audit opinions. Provide a rationale to support your

suggestion.


"Topic of Discussion" Please respond to the following:

Analyze the changes made to corporate governance rules since the implementation of the

Sarbanes–Oxley Act of 2002. Based on your analysis, formulate an opinion on whether

or not these changes are sufficient in preventing financial fraud. Provide a rationale for

your response.

Debate it! Audit committees are an effective tool for detecting and preventing fraud.

Provide a rationale for your response.


"Application of Ethical Framework" Please respond to the following:

From the case study, use the ethical framework to propose a course of action that you

would take concerning the audit. Provide a rationale for your response.



Imagine that you work for an audit firm and the firm selected you to assess its auditor

independence and the potential threats to the firm. Determine at least two (2) potential

threats to auditor independence and recommend one (1) strategy for the firm to eliminate

or mitigate those threats you determined.

ACC 562 Week 3 Assignment 1

Assignment 1: Madoff Securities

Due Week 3 and worth 280 point

Review the Madoff Securities case, located in Chapter 6 of your textbook.

Write a four to five (4-5) page paper in which you:

1. Determine the regulatory oversight that was in place while the Ponzi scheme was operating, and

speculate on the main reasons why they did not discover the scheme.

2. Assume you are an auditor for a firm that had $10 million dollars invested in Madoff Securities.

3. Determine the fundamental audit procedures that you should have applied to this investment.

4. Predict the way in which a peer review of Friehling and Horowitz would have uncovered the

scheme related to Madoff Securities.

5. Pretend you are Harry Markopolos and suggest one (1) strategy, different from that of the case

study, to expose the potential fraud. Provide a rationale to support the suggestion.

6. Analyze the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi

scheme, and suggest one (1) action the audit committee could have taken in order to prevent or

detect the fraud. Provide a rationale to support the suggestion.

7. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and similar

type Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on

all sides; citations and references must follow APA or school-specific format. Check with

your professor for any additional instructions.

Include a cover page containing the title of the assignment, the student's name, the

professor’s name, the course title, and the date. The cover page and the reference page are

not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

Analyze the requirement for the profession of auditing and the integral role that

independence assurance plays within the economy.

Examine the corporate governance of audits including the professional, regulatory, and

corporate managerial requirements.

Use technology and information resources to research issues in auditing.

Write clearly and concisely about auditing using proper writing mechanics.


"Professional Standards" Please respond to the following:

From the first e-Activity, determine at least two (2) AICPA Professional Conduct

principles that are most likely to be violated. Provide a rationale to support your response.

From the second e-Activity, recommend at least two (2) additional responsibilities that

the audit committee should take in order to improve its effectiveness in detecting or

preventing financial fraud. Provide a rationale to support your recommendation.


"Audit Risk" Please respond to the following:

Imagine you work for an auditing firm. Your most recent task is to determine whether or

not your firm should bid to perform the auditing services of a public company. Determine

the fundamental kind of information that you need in order to make an informed decision

as to whether or not to bid on the audit. Provide a rationale to support your response.

From the case study, analyze the key risk areas associated with an audit of Lincoln

Federal Savings and Loan. Next, recommend at least two (2) risk areas that should be

included in the audit plan. Provide a rationale to support your recommendation.

ACC 562 Week 5 Midterm Exam

Question 1

The primary governing board that performs quality reviews on registered CPA firms that audit

public companies is the

Question 2

Auditing is important in a free market society because

Question 3

Which of the following services is the broadest and most inclusive?

Question 4

As it relates to an audit, materiality is

Question 5

Congress authorized which of the following organizations to establish generally accepted

accounting principles for public companies?

Question 6

The audit committee of the board of directors of a company is responsible for

Question 7

An expectation of the public is that the auditor will recognize that the primary users of audit

assurance are

Question 8

Which one of the following is an example of management expectations for independent auditors?

Question 9

CPA firms performing public financial statement audits must

Question 10

What is the criteria used in an operational audit?

Question 11

Corporate governance is a process by which the owners and creditors of an organization

Question 12

Audit committees are required to have what person in its composition?

Question 13

The AICPA is an organization that is

Question 14

The responsibility for operating an enterprise is delegated to the:

Question 15

The audit client of the CPA firm is:

Question 16

The Public Company Accounting Oversight Board was established by:

Question 17

Which of the following are the CEO and CFO of a public company prohibited from performing

under the Sarbanes-Oxley Act of 2002?

Question 18

The Sarbanes-Oxley Act of 2002 requires which of the following?

Question 19

The organization that will continue to set auditing standards for firms auditing private companies

is the

Question 20

A proper system of corporate governance is one that demands

Question 21

Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley's five-year-old daughter owns

shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest

in McBurgers Corporation?

Question 22

Which of the following describes a situation in which an individual is morally or ethically

required to do something that conflicts with his or her immediate self-interest?

Question 23

Which of the following represents a situation in which an auditor is independent of the client?

Question 24

William Tyler, CPA, may not accept a commission for recommending a product or service to

which type of client?

Question 25

Independence is not required for which of the following types of services?

Question 26

Which one of the following is an example of a conflict of interest for a CPA?

Question 27

A CPA firm is considered independent when it performs which of the following services for a

publicly traded audit client?

Question 28

The AICPA Principles of Professional Conduct include which of the following?

Question 29

In determining the types of activities, engagements and interactions an auditor should have with

a client, the CPA and the audit firm must do which of the following?

Question 30

Information about a client that cannot be subpoenaed by a court of law is referred to as what type

of information?


"Internal Control" Please respond to the following:

From the e-Activity, support or critique the idea that the Committee of Sponsoring

Organization of the Treadway Commission (COSO) transition would strengthen internal

controls over financial reporting in publicly traded companies. Provide a rationale to


From the case study, determine the fundamental control deficiencies associated with the

credit function. Next, propose at least one (1) control improvement that the credit

department management could make in the process. Provide a rationale to support your

response.


"Fraud" Please respond to the following:

From the e-Activity, determine the main reasons why several members of top

management in Phar-Mor perpetrated the financial statement fraud. Next, recommend

one (1) strategy that the auditors might have taken to detect or prevent the fraud. Provide

a rationale to support your recommendation.

From the case study, analyze the financial data as presented. Next, choose at least one (1)

pattern within the data that appears to be inconsistent, and propose one (1) strategy that

one could use to audit this pattern. Provide a rationale to support your response.


Assignment 2: Cardillo Travel Systems, Inc.

Due Week 7 and worth 280 points

Review the Cardillo Travel Systems case in your textbook.

Write a four to five (4-5) page paper in which you:

1. Explain the Securities and Exchange Commission's rationale to charge Cardillo

executives with each of the following violations:

a.

a. making false representations to outside auditors

b. failing to maintain accurate financial records

c. failing to file prompt financial reports with the SEC

d. violating the insider trading provisions of the federal securities laws

2. Determine who was in violation or compliance of the AICPA's Code of Professional

Conduct in this case study and analyze the key reasons why they were or were not in

compliance. Provide support for the rationale.

3. Analyze the actions taken by Cardillo's outside auditors and evaluate the level of

efficiency of the audit risk management in this case study. Provide support for the rationale.

4. Determine whether or not the five (5) components of internal control were being

followed. Support the response with at least two (2) examples.

5. Create an argument for or against whether auditors have a responsibility to assess the

judgment of the decisions made by Cardillo's management. Support the argument.

6. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and

similar type Websites do not qualify as academic resources.


Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on

all sides; citations and references must follow APA or school-specific format. Check with

your professor for any additional instructions.


professor's name, the course title, and the date. The cover page and the reference page are

not included in the required assignment page length.


Analyze the process and regulatory requirements for professional ethical decision making.

Analyze the critical factors of business, audit, and planning risks, and the process of

managing these risks in audit engagements.

Analyze an audit framework and assessment process for evaluating the effectiveness of

internal controls related to financial reporting.




"Going Concern" Please respond to the following:

From the e-Activity, analyze the auditor’s responsibility to determine if a company can

continue as a going concern. From your analysis, propose at least two (2) key factors that

the auditor should consider when determining an entity’s ability to continue as a going

concern. Provide a rationale to support your proposal.

From the case study, analyze the inquiry letter sent by C.R. Brown. Next, determine at

least one (1) omission that you believe occurred within the letter, and suggest one (1) way

to improve the letter so that Consolidated’s outside attorney may corroborate the

information in the case. Provide a rationale to support your response.


"Professional Liability" Please respond to the following:

From the case study, determine the main potential ethical dilemmas. Next, use the seven

(7) steps in the ethical decision-making framework to recommend one (1) course of

action you would take in order to avoid the ethical dilemmas. Provide a rationale to

support your recommendation.

From the case study, based on your recommendation in Part I of this discussion, suggest

one (1) strategy that would support you making the right decision without undermining

the manager’s confidence in your problem-solving ability in a difficult situation. Provide

a rationale to support your response.


"Audit Judgment" Please respond to the following:

From the case study, evaluate the quality of REDTOP’s internal audit function. Based on

your evaluation, recommend at least two (2) changes that you would make in order to

improve the quality of REDTOP’s internal audit function. Provide a rationale to support

your response.

From the case study, give your opinion as to whether or not your external audit

engagement team could use REDTOP’s internal audit function in another fashion, as

opposed to merely relying on existing internal audits in order to perform the overall audit

of REDTOP Sports Company. Recommend one (1) alternative to using the work that the

internal audit has already yielded as part of your external audit. Provide a rationale to



Assignment 3: Freescale Semiconductors, Inc.

Due Week 10 and worth 360 points

Review the Freescale Semiconductor case in your textbook.

Prepare a twelve to twenty (12-20) slide PowerPoint presentation with speaker notes in which

you:

1. Give your opinion as to whether or not additional laws and harsher penalties on financial fraud

can eliminate or mitigate financial fraud. Support the rationale.

2. Suggest three (3) new strategies that you believe the government can implement to eliminate or

mitigate insider trading. Provide a rationale to support the suggestion.

3. In this case study, leaked merger and acquisition information was used to enable the fraud.

Determine the key internal controls needed over the communication of confidential information

to outside parties, and analyze the manner in which these controls act as a deterrent to fraudulent

activities.

4. Pretend you are Donna Murdoch in this case study and propose an alternative plan to act on the

leaked information. Next, recommend one (1) strategy to communicate the alternative plan and

determine whom the plan should be communicated with. Justify the response.

5. In this case study, E&Y was providing a consulting service to The Blackstone Group related to

its planned acquisition of Freescale Semiconductor. Compare and contrast the different auditor’s

professional responsibilities between consulting engagements and audit engagements.

6. Take a position on whether more legislative and/or regulatory agency oversight will increase or

decrease corporate fraud. Provide a rationale to support the position.

7. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and similar

type Websites do not qualify as academic resources.


Apply APA standards to citation of sources

No more than four (4) bullets per slide

No more than six (6) words per bullet

Headings:Times New Roman Font:36 Points

Bullets:Times New Roman Font:24 Points

Add bulleted speakers notes


professor's name, the course title, and the date.


Examine the various types of financial fraud and the auditor's responsibilities related to

fraud detection.

Evaluate the legal environment for liability related to financial audits and the proactive

activities that a professional may take to prevent litigation.




"Looking Ahead" Please respond to the following:

Discuss one (1) way in which you anticipate using what you have learned from this

course in your current or future career. Provide one (1) specific example to support your

response.

Speculate on one (1) specific auditing area presented in this course that you believe may

be eliminated, added, or changed in the next ten (10) years. Provide a rationale to support

your response.

ACC 562 Week 11 Final Exam Part 1

Question 1

The auditor commences to understand the client and related risks of the organization for what

purpose?

Question 2

Which of the following factors is not a component of the audit risk model?

Question 3

Which one of the following is not a critical component of risks relevant in conducting an audit?

Question 4

Audit risk in the audit risk model concerns the risk that the auditor may issue an unqualified

opinion on financial statements that are materially misstated. What is the manner in which the

auditor assesses audit risk in using the audit risk model to determine the nature, extent and

timing of audit evidence to collect in an audit.

Question 5

Residual risk is defined as

Question 6

What is the most important purpose that is achieved by having an auditor write a formal

engagement letter that is signed by the client?

Question 7

An auditor compares year-to-year account balances in order to perform analytical procedures.

This is an example of:

Question 8

The auditor is required to discuss with the audit committee whether or not the financial

statements are fairly presented and appropriately applied in accordance with

Question 9

Which of the following will an auditor perform to better understand a client's internal control

over accounting systems?

Question 10

A material weakness in the design of the operation of controls discovered in an audit of internal

controls results in:

Question 11

An auditor's test of transaction processing whereby the auditor is evaluating both the operation

and effectiveness of controls and the correctness and completeness of processing and posting to

an account balance is:

Question 12

One of the major components of an organization's internal control structure includes:

Question 13

Which of the following would result in an adverse report issued by an auditor on an audit of

internal control?

Question 14

A component of COSO’s internal control system concerns the process that provides feedback on

the effectiveness of the other components of internal control. This component is called:

Question 15

Which one of the following components of the system of internal controls sets the tone for the

organization?

Question 16

Which of the following best represents a walk-through?

Question 17

Which one of the following will an audit of a company's internal control include?

Question 18

What is the best method an auditor may use to detect fraud in the financial statements of clients?

Question 19

Which of the following represents the primary difference between an audit and forensic

accounting?

Question 20

Which of the following is not one of the components of the fraud triangle?

Question 21

Audits of financial statements are valuable to the detection of fraud because:

Question 22

If material fraud perpetrated by management is discovered by the auditor, the nature of the fraud

should always be reported directly to:

Question 23

The audit team asks management for original documents related to sales contracts. Despite the

team's persistence, management does not supply the documents for over two weeks. With the use

of professional skepticism, what should this audit team be most concerned with as it relates to

the documents?

Question 24

The key elements of the fraud triangle include all of the following except

Question 25

Which of the following are most often involved in perpetrating fraud in financial statement

reporting?

ACC 562 Week 11 Final Exam Part 2

Question 1

Which of the following is a tool that is best used by the audit team to determine if the client has

included all disclosures?

Question 2

The responsibility for designing and maintaining policies and procedures to identify, evaluate,

and account for contingencies rests with whom?

Question 3

When requiring a letter of audit inquiry from the client's attorney, which of the following

information will be requested?

Question 4

Where would the auditor make mention of issues noted during audit procedures that are not of

audit significance?

Question 5

When responding to the auditor as a result of the audit client's letter of inquiry, the attorney may

limit the response to which of the following?

Question 6

The refusal of an attorney who provided significant litigation counsel to a client to furnish

information requested in an audit is considered by the auditor to be which of the following?

Question 7

An auditor passes on several errors discovered during the audit. Which of the following

represents the best reason for the auditor not requesting that the adjustments be made by

management?

Question 8

When a subsequent event provides evidence about conditions that existed at the balance sheet

date, the auditor should do which of the following?

Question 9

In a lawsuit brought under the Securities Act of 1933, which of the following must the plaintiff

show?

Question 10

4 out of 4 points

Correct

In order to reduce the auditor's liability exposure, engagement letters should include which of the

following?

Question 11

Which of the following Acts have been passed by the U.S. Congress to curb frivolous securities

class lawsuits and discontinue joint and several treatment?

Question 12

The Securities Act of 1934 has the primary objective of regulating which of the following?

Question 13

An example of a case that subjected an auditor to criminal charges is

Question 14

Which aspect of statutory law places the burden of proof onto the auditor?

Question 15

Who may sue an auditor under common law for breach of contract?

Question 16

If an auditor does not complete an audit according to the terms of the engagement letter, there is

a risk that the auditor will be sued for

Question 17

The law that requires companies to file registration statements with the SEC before they may

issue new securities to the public is known as the

Question 18

The audit approach for Level 2 requires the auditor to determine which of the following?

Question 19

Which method focuses on the materiality of current year misstatements and the reversing effect

of prior-year misstatements on the income statement?

Question 20

Impairment is measured by the difference between market value of the operating segment and

which of the following?

Question 21

A best practice is to have an oversight of the internal audit function as a responsibility of which

of the following parties?

Question 22

For the same client, SEC prohibits a CPA firm from providing which of the following services?

Question 23

SAB 108 mandates what is termed a(n) ___ to uncorrected misstatements.

Question 24

Level 1 in the fair value audit consideration indicates which of the following?

Question 25

The two general types of assurance that can be provided to sustainability reports include which

of the following:

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