...ACC 491 Entire Course http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. ACC 491 Week 1 DQs Access the SEC home page at http://www.sec.gov. What is one of the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is one the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the...
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...CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | | | | | |Define information risk and explain how auditing and assurance services play|1, 2, 3 |48, 50 | |a role in reducing this business risk. | | | | | | | |Define and contrast accounting, auditing, and assurance services. |4, 5, 6, 7, 8 |47 | | | | | |Describe and define the management assertions embodied in financial |9, 10, 11 |52, 54 | |statements, and why auditors use them as a focal point of the audit. ...
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...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | |FACULTY OF BUSINESS AND FINANCE (FBF) | | |Bachelor of Commerce (Hons) Accounting | Unit Plan | | | | | |Unit Code & |UBAF 2023 AUDITING | | |Unit Title: | | | | | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | | | | |Year...
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...THE EFFECTS OF LONG-TERM AUDITOR - CLIENT RELATIONSHIP ON AUDIT QUALITY IN SMEs INTRODUCTION 1.1 BACKGROUND TO THE STUDY Small and medium-sized enterprises (SMEs) play a vital role in the economy of any country, and the impact of their growth is experienced positively across the overall economy. As stated by the European Commission report, Small and Medium-sized Entities (SMEs) represent 99% of all the entities operating in Europe, and have been important for both the social and economic developments in Europe. In Europe, micro-enterprises within the SMEs are considered to be the real giants of European economy, and are the ones with fewer than 10 employees. As per the stats of Eurostat, 67% of the privatesector jobs in Europe are created by SMEs, which represents a major share in the overall economy of a country (European Commission, 2008). Most SMEs encounter limited financial as well as non-financial resources. They depend upon the creditors like banks and other financial institutions, or private equity. In this regard, banks have become one of the major sources for SMEs fulfilling their financial requirements. However, banks are less likely to provide loans without any reasonable assurance of creditability of the firms. Banks generally rely on the financial information of the firms. They do prefer credible audited financial statements by independent auditors as a matter of assurance. In other words, most banks view auditing as a guarantee for the quality of information...
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...requests. The deadline is necessary to allow sufficient time for a meaningful solution. Exceptional circumstances will also be considered at any time during the semester. Student Evaluation: Tests – 2 tests (mid-term and final- 100 pts each) 200 pts Cases: 6 total cases Group Cases: You are leader- 1@ 50 pts 50 pts You are group member- 2@25 pts 50 pts Individual Cases- 3 @ 33.33 pts 100 pts Total Points 400 pts Textbooks: Arens, Elder and , Auditing & Assurance Services: An Integrated Approach 15th ed., Prentice-Hall, 2014 Trussel, John M. and Frazer, J. Douglas The Lakeside Company: Case Studies in Auditing, 12th edition, Prentice-Hall , 2012 Student Learning Objectives- The student will be able to: 1. incorporate professional standards into case analyses and essay responses. 2. perform as a group leader and as a group member to organize work and present it in a professional manner. 3. develop solutions in light of both general business ethics and the AICPA Professional Code of Conduct. 4. demonstrate facility with basic audit steps and the documentation of such work. 5. demonstrate how...
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...White Paper November 2006 BMC® Best Practice Process Flows for Asset Management and ITIL Configuration Management Copyright 2006 BMC Software, Inc. All rights reserved. BMC, the BMC logo, all other BMC product or service names, BMC Software, the BMC Software logos, and all other BMC Software product or service names, are registered trademarks or trademarks of BMC Software, Inc. All other trademarks belong to their respective companies. BMC Software, Inc., considers information included in this documentation to be proprietary and confidential. Your use of this information is subject to the terms and conditions of the applicable end user license agreement or nondisclosure agreement for the product and the proprietary and restricted rights notices included in this documentation. Restricted Rights Legend U.S. Government Restricted Rights to Computer Software. UNPUBLISHED -- RIGHTS RESERVED UNDER THE COPYRIGHT LAWS OF THE UNITED STATES. Use, duplication, or disclosure of any data and computer software by the U.S. Government is subject to restrictions, as applicable, set forth in FAR Section 52.227-14, DFARS 252.227-7013, DFARS 252.227-7014, DFARS 252.227-7015, and DFARS 252.227-7025, as amended from time to time. Contractor/Manufacturer is BMC Software, Inc., 2101 CityWest Blvd., Houston, TX 77042-2827, USA. Any contract notices should be sent to this address. Contacting Us If you need technical support for this product, contact Customer Support by email at customer_support@bmc...
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...PART Overview of Accounting Information Systems Chapter 1 The Information System: An Accountant’s Perspective 3 Introduction to Transaction Processing 31 Ethics, Fraud, and Internal Control 91 Chapter 2 I Chapter 3 1 CHAPTER The Information System: An Accountant’s Perspective nlike many other accounting subjects, such as intermediate accounting, accounting information systems (AIS) lacks a well-defined body of knowledge. Much controversy exists among college faculty as to what should and should not be covered in the AIS course. To some extent, however, the controversy is being resolved through legislation. The Sarbanes-Oxley Act (SOX) of 2002 established new corporate governance regulations and standards for public companies registered with the Securities and Exchange Commission (SEC). This wide-sweeping legislation impacts public companies, their management, and their auditors. Of particular importance to AIS students is the impact of SOX on internal control standards and related auditing procedures. Whereas SOX does not define the entire content of the AIS course, it does identify critical areas of study that need to be included for accountants. These topics and more are covered in the chapters of this text. The purpose of this chapter is to place the subject of AIS in perspective for accountants. Toward this end, the chapter is divided into three major sections, each dealing with a different aspect of information systems. The first section explores the...
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...CHAPTER 1 INTRODUCTION 1.1 Research Background The auditor’s roles are to provide an opinion on financial statement and to ensure that the statements are based on true and fair image of company performance to the stakeholders. They are authorized in checking the accuracy of business records. Opinions given by the auditor gives an added credibility to the financial statements (Maqableh, 2014). Commonly, investors often rely on financial statements provided by auditor in making investment judgement and increase the productivity of financial markets. Financial statements provided by the auditors are often reviewed as credible, unbiased opinion that truly reflects the company financial positions. There’s no doubt that auditor independence is the core of auditing profession when establishing its objectivity and integrity. Auditor independence, in particular, indicates the ability of an auditor to disregard any influence or control when conducting an opinion (AAA, 1973). Therefore, auditor must be, and must be seen to be independent of company management. Lack of independence causes audits to be considered to have little value (Johnstone, Sutton, & Warfield, 2001). This is further supported by Elliott and Jacobson (1998) that a particular interest may trigger a risk that could weaken the outcome of the audit which in turn impairs the auditor independence. Hence, independence is fundamental to the purpose served by auditors (Moore et al., 2002). This study is limited to...
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...The University of Illinois at Chicago College of Business Administration Department of Accounting...
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...decision-making process in both an audit of financial statements and an audit of internal controls over financial reporting. The class consists of lecture, individual case studies and in class exercises. Students are given an introduction to the following topics: • Generally Accepted Auditing Standards (GAAS) • The AICPA Code of Professional Conduct and its related rules and interpretations • An auditors’ legal responsibilities • Auditors professional judgment • The evaluation and testing of internal controls • The effect of IT on the audit process • The development of an audit program • PCAOB standards • The auditor's reports Book: Auditing and Assurance Services by Arens, Elder and Beasley 14ed Publisher Pearson/PrenHall ISBN 978013257595 |2013 |Topic |Assignment/Chapter to read | |Thursday September 5th |Introduction to the CPA Profession and the Auditing |Chapters 1 and 2 | | |Environment | | | | | | |Thursday September 12th |Introduction to the CPA Profession and the Auditing |Chapters 1 and 2 ...
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...Accounting and Financial Reporting for Pennsylvania Public Schools CHAPTER 16 TABLE OF CONTENTS Chapter 16 ____________________________________________________16.1 Audit Responsibilities __________________________________________16.1 Types of Audits______________________________________________________ __ 16.2 Financial Audits ___________________________________________________ 16.2 Single Audits _____________________________________________________ 16.2 Program-Specific Audits_____________________________________________ 16.2 Performance Audits ________________________________________________ 16.2 Auditor General Audits______________________________________________ 16.3 Management VS Auditor Responsibilities ____________________________________ 16.3 Selecting An Independent Auditor _________________________________________ 16.4 Preparing For Your Annual Audit __________________________________________ 16.5 Documents _______________________________________________________ 16.5 Financial Statements _______________________________________________ 16.6 Other Schedules And Reconciliations __________________________________ 16.6 Other Supporting Documentation _____________________________________ 16.6 Single Audit Requirements _______________________________________________ 16.7 Background ______________________________________________________ 16.7 Commonwealth Implementation ______________________________________ 16.7 Audit Scope ______________________________________________________...
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... Fall 2013 Course Outline AP/ADMS 4552 3.0 Section A and B Information Systems Audit Term: Fall 2013 COURSE: AP/ADMS 4552 3.0 Sections A and B Information Systems Audit Schedule First day of class: Section A: Wednesday, September 11, 2013 11:30 AM – 2:30 PM, Location: HNE 030 Section B: Thursday, September 12, 2013 7:00 PM – 10:00 PM, Location: HNE 032 REQUIRED COURSE TEXT/READINGS: • Hall, James A., (2011), Information Technology Auditing, 3e, Mason: South-Western Cengage Learning (Referred to as “IT Audit Text” in the Readings List for each class) • Additional material as listed in the course outline. This includes articles referenced by links, readings from books that were required for prerequisite courses, cases and assignment details posted on our web site. • CICA Assurance Handbook, as available online from York University library, (referred to as “Handbook” in the Readings List for each class). Selected readings are from: [Note this book is available on reserve at the business library in the Schulich building if you do not have a copy.] • Arens, A., R. J. Elder, M. S. Beasley and I. B. Splettstoesser-Hogeterp. 2011. Auditing: The Art and Science of Assurance Engagements, Canadian 11th Edition, Pearson Prentice Hall: Toronto. (Referred to as “Audit Text” in the Readings List) References for the 12th Canadian edition of the Audit text (as an alternative to the 11th edition) will be provided separately as a document...
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... e-mail Thomas.hogan@umb.edu II. COURSE MATERIALS Messier Jr., William F., Steven M. Glover and Douglas F. Prawitt. Auditing and Assurance Services, ninth edition , 2014, ISBN 978-0-07-786233-6. McGraw-Hill \ Irwin publishers. Note: The ACL software will be used in an extra-credit assignment. Whittington, O. Ray. Wiley CPA excel Exam Review 2015, Auditing and Attestation ISBN: 978 111 891 7664 (paperback). III. COURSE BACKGROUND The course involves study of the theory and practice of professional auditing. The successful completion of the course provides a basic understanding of the nature of auditing, the responsibilities of auditors, and generally accepted auditing standards. It will provide a basic foundation to facilitate further study for those who wish to take professional examinations such as the Certified Public Accounting Exam, and the Certified Internal Auditing Exam. IV. LEARNING OBJECTIVES This course is concerned with the technical and conceptual skills involved in an audit or examination of financial statements. You will learn about Auditing Standards and Principles involving planning of an audit, report wording for different engagements and situations, audit risk, and fraud consideration. Various engagement tasks will be introduced including the collection of audit evidence, the study and evaluation of internal control systems, the use of sampling, and documenting work performed on the engagement. Communication...
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...Chapter 1 The Role of the Public Accountant True/False Questions 1. Independent audits of today place more emphasis on sampling for compliance with laws and regulations than the audits of the 19th century. Answer: True Difficulty: Medium 2. The American Institute of Certified Public Accountants issues CPA certificates and permits CPAs to practice. Answer: False Difficulty: Medium 3. A company is either audited by the GAO or internal auditors, but not both. Answer: False Difficulty: Easy 4. The SEC does not pass on the merits of the securities that are registered with the agency. Answer: True Difficulty: Medium 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. Answer: False Difficulty: Easy 6. An annual peer review is a requirement of the AICPA. Answer: False Difficulty: Medium 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. Answer: True Difficulty: Easy 8. Staff assistants in CPA firms generally are responsible for planning and coordinating audit engagements. Answer: False Difficulty: Easy Whittington, Principles of Auditing, Fifteenth Edition 1 Chapter 1 The Role of the Public Accountant 9. The Sarbanes-Oxley Act requires that auditors of publicly traded companies in the United States perform an integrated audit that includes providing assurance on both the financial statements and on compliance with laws and regulations...
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...Chapter 3 1. Capital budgets focus on plans for the acquisition and construction of fixed assets. 2. The accounting cycle for most governments is two to three years, consistent with the terms of elected officials. 3. Most budgets are prepared on a cash or modified cash basis. 4. Neither the GASB nor the FASB sets standards for budgetary accounting. 5. State and local governments must prepare their GAAP budgetary comparisons on the modified accrual basis of accounting. 6. When budgets are integrated into a government’s accounting system, estimated revenues are debited. 7. Encumbrances and expenditures both reduce total fund balances of state and local governments. 8. Not-for-profit budgets focus first on revenues and secondarily on expenditures. 9. State and local governments’ budget-to-actual comparisons present both original and final budget amounts. 10. Cash-basis budgets help governments focus on interperiod equity. 11. Reserve for encumbrances accounts should be closed at year-end. 12. Capital budgets concentrate on long-lived assets Chapter 12 1. FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position. 2. In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor-imposed restrictions; however, all expenses should be reported as decreases in unrestricted net assets...
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