Devry ACCT 444 course project (all 7 parts) and week 4-7 homework

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Devry ACCT444 week 7 homeworkDevry ACCT444 course project Integrated Case ApplicationPinnacle ManufacturingIntegrated Case ApplicationPinnacle ManufacturingA critical skill required of auditors is teamwork. Auditors do not work individually; firms assign teams of auditors to work on an audit or a portion of an audit. Learning the dynamics of teamwork should, therefore, be part of an auditing course. Many students dislike team projects because they feel, in many instances, that the workload is not shared, or that extra time is spent in team meetings. Personality clashes with team members also make for an unpleasant experience. In our online environment, many of these concerns are addressed. Meetings are conducted in a discussion area, in the same manner that our discussions are. This creates an audit trail, where the instructor can see the group's interaction and the role that each member plays. There are no required meeting times, so the project can be worked around each member's schedule. Finally, each student will complete an evaluation of the work of other team members, as part of the assessment. You were assigned to your group through a random selection process.Use the appropriate Dropboxes to submit your portion of the group's project, along with the confidential evaluation report. All documents are in Doc Sharing in the pull down menu course project files. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox , read theseSee the Syllabus section "Due Dates for Assignments & Exams" for due date information.Background MaterialThe Case Study is presented at the end of seven chapters in your textbook: Chapters 8, 9, 10, 11, 14, 15, and 16. Your group is to complete all seven parts.The worksheets for the group project can be downloaded atthis link .

A meeting room has been set up for your group. Please go to the team meeting area. You should use this meeting area to discuss strategy, delegate assignments, discuss class material and its application, and to help the team solve problems. Individual participation is required, and the meeting room helps establish evidence of each member's participation. The meeting room is monitored by the instructor, but the instructor is not the discussion leader. Each group will decide how the workload is to be divided between the members. You may wish to designate one member as a lead person for the overall project, designate a lead person for each part of the project, or use any method that the group decides on. Here is anarticlethat may assist you in conducting your group project.Part 1Problem 8-40 (Due Week 3, 40 points)Part 1 requires your group to calculate and analyze ratios. To assist you, our firm uses a standard worksheet for common ratios; you can download a copyhere. The problem directs you to the publisher's website; however, you may download the required files from the link above. You will also prepare a common-size income statement, using the information from the Excel worksheet named pinnacle financials, found in the zip file that you downloaded. You are asked to estimate potential misstatements, and your group should discuss methods for this estimate and the accounts that are at risk.Part 2Problem 9-37 (Due Week 4, 40 points)Part 2 presents information that will help your team assess the business and audit risks associated with your audit. This evidence, together with your analysis from Part 1, will be the basis of your written risk assessment. You may wish to use a risk matrix similar to Figure 9-6 as part of your presentation. The risk assessment should be presented as a memo to file. The memo should identify the users of the financial statement and their reliance on the financial statements, the likelihood of the client having financial difficulties, and the integrity of management. Next, your memo will establish the acceptable audit risk as low, medium, or high, with a justification for your selection. The memo should then address the inherent risk and the associated account(s) with each of the 11 situations discussed in the problem.Part 3Problem 10-43 (Due Week 4, 40 points)Back to TopThis part of the project requires your team to review the internal control flowchart presented in the case to identify the existing internal controls over the acquisition and payment cycle. You will then identify weaknesses, if any, in those controls and assess the control risks that the weaknesses present. Your team will then complete the control risk matrices workpaper included in the zip file downloaded from the above link. A model of this worksheet is presented on page 309 for a sales cycle audit.Part 4Problem 11-34 (Due Week 5, 40 points)In this part, you will have an opportunity to participate in brainstorming related to fraud as part of the audit planning stage. The purpose of this part is to identify risks and to address those risks in the audit.You will begin by using the fraud triangle and information from Parts 1 through 3 to identify incentives and pressures, opportunities, and attitudes and rationalizations. Then you will identify risks and accounts that will be affected. You will then look at revenue and identify at least two ways that fraud can happen and how you would find it in the audit.You will finish up by looking back to Parts 1 and 2 and identifying fraud risks related to all areas covered there.Part 5Problem 14-34 (Due Week 5, 40 points)This task requires your team to plan a phase of an audit around the internal controls that you identified in Part 3. You will use the worksheet contained in the zip file designated for this problem. For each control, you will complete columns for the transaction-related audit objective, list a test of controls, and a substantive test of transaction. Next, your team will list a substantive test of transaction for each of the audit-related objectives for the acquisition and cash disbursement cycle. These tests may or may not be included in the final program. At this step, we are matching tests to audit objectives, and our final selection of tests will be based on a final risk analysis. Your team will select those tests that will best meet the planned audit risk.Part 6Problem 15-35 (Due Week 6, 40 points)Here, your team will complete the sampling data sheet included in the zip file. The planned audit variables are judgmental and should be decided upon as a team in your meeting area. For random selection using Excel, the command to select numbers randomly from the population is=RANDBETWEEN(4614, 31612)The command for selecting the random number can be entered directly onto the spreadsheet, or can be selected from the function menu (math and trig) under the insert menu. It may be necessary to add the analysis tool pack to access the RANDBETWEEN function.The final step is to use the data presented in D to complete theactual resultssection of the acquisition schedule. Note: You will not be completing the cash disbursement section of actual results.Part 7Problem 16-35 (Due Week 7, 40 points)Your final tasks of the project begin with the performance of analytical procedures in accounts payable. The team will next design tests of details of balances in accounts payable. The problem then presents your team with the results of testing in Sections D, E, and F. You will use this information to complete the worksheet for this problem included in the zip file. You will calculate an estimated error. Again, the team must make a judgement on the amount to include as anestimate of sampling error. To conclude the problem, the team comes to a conclusion on the fairness of the accounts payable balance.Grading RubricsCriterionUnsatisfactory (less than 50% of points as allocated to the criterion)Needs Improvement (5079% of points as allocated to the criterion)Meets Requirements (80100% of points as allocated to the criterion)

Content, analysis, application of principles and calculations 80% of total project pointsLacks analysis and application of most principles is not correct. Most calculations are not correctAnalysis is done but the scenario is not drilled down enough to get a perfect understanding. The application of few principles is not done properly. Few calculations are not correctGood analysis, proper application of principles, and correct calculations

Spelling and grammar10% of total project pointsSpelling errors throughout the paper and most sentences are not grammatically correctVery few spelling and grammar errorsNo spelling mistakes and grammar erros

Format and appearance10% of total project pointsThere is no apparent attempt to format for readability. It is hard to follow or determine the answer. There is no conclusion or indication of where to find the answer or conclusion for each requirement.The answer to each requirement could be easily determined but the presentation is not in an organized format and lacks suitable subtitles.It is a well organized answer with clear indication of each requirement and suitable subtitles wherever needed.

Best Practices1. Communicate with your group by posting to the team Discussion area provided in the course. Instructors cannot see e-mails or IM conversations when they are grading the work. What you post in discussion provides evidence of your participation in completing the project.2. Set a schedule for project completion that provides several days of slack time in case something goes wrong.3. Always have more than one member of a team working on each part of the project. Teams that try to divide up the work rarely end with a good project.4. Select a team leader for the entire term, or select team leaders for each part.Select alternate team leaders in case the team leader for the unit is unable to perform their duties.