...Learning Team, Auditing, Attestation, and Assura Purchase here http://chosecourses.com/acc-491-week-2-learning-team-auditing-attestation-and-assura Description ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assurance Services Paper 1 ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assura Purchase here http://chosecourses.com/acc-491-week-2-learning-team-auditing-attestation-and-assura Description ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assurance Services Paper 1 ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assura Purchase here http://chosecourses.com/acc-491-week-2-learning-team-auditing-attestation-and-assura Description ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assurance Services Paper 1 ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assura Purchase here http://chosecourses.com/acc-491-week-2-learning-team-auditing-attestation-and-assura Description ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assurance Services Paper 1 ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assura Purchase here http://chosecourses.com/acc-491-week-2-learning-team-auditing-attestation-and-assura Description ACC 491 Week 2, Learning Team, Auditing, Attestation, and Assurance Services Paper 1 ACC 491 Week 2, Learning Team, Auditing, Attestation...
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...Kudler Fine Foods is a company that uses a significant amount of electronic data and information to flow through their system on a daily basis. The company relies on this data to be accurate and trustworthy. Considering the dependency and importance of the electronic data flowing through the system in such a high volume, they would benefit from computer assisted audit techniques (CAATs). A CAATs audit is focused on testing the computer systems for data integrity and security of the company’s information data processing. CAATs provide a 10 step process made available to the auditor for use as guidelines in conducting an efficient audit. The guidelines will reduce the time to complete the audit, save money and ensure a high degree of confidence in the audit results. The CAATs audit will provide the owner of Kudler Fine Foods with assurance that the systems are operating with accuracy and the data is secure. To initiate the audit procedure, the auditor will first collaborate with the owner of Kudler Fine Foods to define the intents and desired end results of the audit. The auditor will review the computer systems, processes, types of data and process controls with Kathy Kudler to ensure that she thoroughly understands the system. Through this collaboration, the auditor will determine the best strategies for assessing the risks associated with the system and current processes. He or she will also determine the optimal strategy for collecting and testing data. Once...
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...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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...Auditors Our firm offers auditing and other assurance services. Our auditing services are comprehensive, reliable, and objective. Our auditors comply with all required literature and pronouncements in our audits. It is for this reason our clients, external users, and the general public place high value in our work and takes our firm seriously. We don't compromise objectivity or judgment in any part of our auditing work. In addition, we offer valuable assurance services that are custom designed to meet the needs of your company. We offer these services on as few as one document in assuring to the reliability of various business aspects. A few of our most common assurance services include valuations, various aspects of operations, and assurance services related to processing. As the senior audit partner, my role is to oversee all aspects of the audit. I will ensure that all audit team members are performing their duties as expected. I will also be the person to remain in constant contact with the CEO and the audit committee. You will be promptly notified of any problems or issues that arise when we are contracted for any type of auditing or assurance services. I have X years of auditing field experience and I am a licensed CPA. Each person on our auditing team also has extensive education and professional experience, and together we form a comprehensive, professional team of auditors and accountants that are able to specialize in assurance and related auditing services. As an auditor...
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...Auditing Standards Essay: Auditing Planning Broadly speaking, audit planning is specific guidelines for auditor to perform an audit. Audit planning is usually conducted at the beginning stage of audit process. AICPA (American Institute of Certificate Public Accounting), PCAOB (Public Company Oversight Board), and IFAC (The International Federation of Accountants) are organizations or non-profit corporations who contributes to developing standards and guidance in auditing area, including standards for audit planning. Thus, this essay will discuss the requirement, and compare and contrast, of standards and guidance for auditing planning that has been issued by them; as well, analyze the impact on the performance of the audit. AICPA, by its publication titled AUC Section 300, addresses guidance for auditors in planning an audit. This contains introduction, objective, requirements, and application and other explanatory material. First, the introduction part includes the scope in planning the audit, the role and timing of planning, and the effective date of this standard. The scope of planning an audit explains the responsibility of the auditor to plan an audit of financial statement. This section also mentioned to refer to section 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) for further information related to the auditor’s responsibility. The role of planning and timing explains the adequate benefit in planning...
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...Team B Formal Communications University of Phoenix Team B Formal Communications To: Accountants From: Team B Subject: Statement on Auditing Standards (SAS) 112 and 115 Notification Changes have been made regarding the rules that must be followed by auditors. The purpose of this memo is to provide an outline of the changes and explanation on how the changes will impact our valued clients. As accountants, understanding the Statement of Auditing Standards (SAS) No. 112 and the superseding SAS No. 115 is extremely important as they may affect our audit results and findings. This internal memo is being distributed to all accountants in our office to provide information related to the new changes in standards and to show how the changes my affect you (AICPA, 2009). SAS No. 115 has replaced SAS No. 112 effective on or after December 15, 2009. SAS No. 115 was designed to bring awareness of deficiencies in internal controls and to assist in reducing the risks of financial statement misstatements. SAS No. 115 also provides guidance on how to assess whether a deficiency in internal controls is a compelling deficiency or materials weakness. The auditor will evaluate the identified controlled deficiencies and decide if the deficiencies are significant or material. The main difference between SAS No. 112 and SAS No. 115 are the definitions of significant deficiency and material weakness (AICPA, 2009). SAS No. 112 defined significant deficiencies as "more than a remote likelihood...
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...Case 1.6 NextCard Inc. Bryan Seabrook Saint Leo University Advanced Auditing ACC-412-CL02 Angela Sneed 28 March 2012 Case 1.6 NextCard Inc. When consumers and companies decide to invest in a company they are putting all of our trust in the companies that they are buying the stock from and the audit firms that audit those companies. When the consumers lose that trust then it is hard to trust other companies. In this case we will learn what went wrong and what steps can be made to prevent this from happening again. Should auditors evaluate the soundness of a client's business model? Defend your answer. I do not think that auditors should evaluate the soundness of a client’s business model. There are no laws or regulations stating that a business has to evaluate the soundness of a client’s business model. There are regulations and standards in the AU Section 311 that the audit firm has to gain knowledge and understanding of the client’s business operations (pcaobus, 2012). With this being a new business this step was very important. When you have a new business environment entering the business industry it is good to have knowledge and understanding of the client’s business. With knowledge and understanding of the client’s business an audit firm can successfully audit a new industry. Identify and briefly describe the specific fraud risk factors present during the 2000 NextCard audit. How should these factors have affected the planning and execution of that engagement...
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...CASE STUDY PA503 FUNDAMENTALS OF AUDITING Audit Firm Contact Number JABATAN PERDAGANGAN Programme Section CHAPTER 1 CHAPTER 2 Email Materiality and Audit Risk Corporate Governance PROBLEM SOLVING CLO2 | LD2/P3 Instruction: Please answer ALL questions. | Part 1 NEW CLIENT ACCEPTANCE DECISION Learning Objectives After completing and discussing this case, you should be able to: 1. Understand the types of information relevant to evaluating a prospective audit client 2. List some of the steps an auditor should take in deciding whether to accept a prospective client 3. Identify and evaluate factors important in the decision to accept or reject a prospective client 4. Understand the process of making and justifying a recommendation regarding client acceptance INTRODUCTION Your accounting firm is a medium-sized, accounting firm in Malaysia, formed in 2012, mainly provides auditing and tax services. But it has recently had success in building the information-systems-consulting side of the business. Recently, your group has been assigned for the first time to perform audit engagement procedures for a small and medium-sized company in Malaysia. One of team member has been a senior auditor for the past three years. Your first assignment is to assist an audit partner on a client acceptance decision. The partner explains to you that the prospective client, Unggul Holdings Berhad, is a medium-sized textile company. The partner recently met the...
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...accounting aspect. Q1 Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. SOLUTION: Although Smackey Dog Foods, Inc. is not a publicly traded company the SEC has a significant influence on their audit. During the audit, Keller CPAs will still need to follow the auditing standards put in place by the SEC. AICPA principles will be followed, ensuring that the Keller CPAs are independent of the client and free of conflicts of interest when performing professional responsibilities. Q2 Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to the Smackey Dog Food client? SOLUTION: 1. Understand the client’s business and industry. Keller CPAs can use its experience from auditing other manufacturing companies in the audit of Smackey Dog Foods, Inc. The essential part of this step is for the audit team to learn and understand as much as possible of the client’s business and industry. All related parties will be identified in this stage of the planning as well. 2. Assess client business risk. The business risk involved is that Smackey will fail to achieve its objectives. The audit team will assess the risk of material misstatements arising from Smackey’s business risk. 3. Perform preliminary analytical procedures. The function of the auditors here will be to compare the performance of the client to that of the industry, which will help support the assessment of the clients’...
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...information technology systems, and reporting on controls. Policies Students will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Louwers, T. J., Ramsay, R., Sinason, D., & Strawser, J. (2007). Auditing and assurance services: A look beneath the surface (2nd ed.). New York, NY: McGraw-Hill. McCarthy, M. P. & Flynn, T. P. (2004). Risk from the CEO and board perspective: What all managers need to know about growth in a turbulent world. New York, NY: McGraw-Hill. Raval, V. H. & Fichadia, A. (2007). Risks, controls, and security: Concepts and applications. Hoboken, NJ: John Wiley & Sons. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Managerial accounting: Tools for business decision making (4th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials...
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...March 2012 This Auditing and Assurance Bulletin has been prepared by Auditing and Assurance staff. It has not been issued under the authority of the Auditing and Assurance Standards Board (AASB). This Auditing and Assurance Bulletin is intended to help raise practitioners’ awareness in a timely manner of significant new or emerging issues or other noteworthy circumstances related to engagements addressed by the AASB pronouncements. It is also meant to direct practitioners to relevant requirements, application and other explanatory material in the CICA Handbook – Assurance. auditing and assurance FOR PUBLIC ACCOUNTANTS PERFORMING AUDIT AND REVIEW ENGAGEMENTS BULLETIN Staff contact Chi Ho Ng, CA, CPA(IL), MBA Principal Auditing and Assurance Standards Department 277 Wellington Street West Toronto, ON M5V 3H2 Tel: (416) 204-3443 E-mail: chiho.ng@cica.ca Fax : (416) 204-3408 Auditing Considerations in an Uncertain Economic Environment Uncertainties in the current economic environment There is a possibility that the Canadian economy may weaken in the near term. This has been noted in various sources, including the economic forecast for Canada issued by the Organization for Economic Co-operation and Development. Heightened risks from renewed financial-market turmoil linked to the European sovereign debt crisis and high levels of household indebtedness are eroding consumer confidence. In January 2009, staff of the Auditing and Assurance Standards Board (AASB) issued...
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...company. Brent has a duty to the company to perform services; in return the company has a duty to compensate Brent for the duties performed. Brent’s last option is to cut corners on the work and finish on budget. The pro to this is that Brent comes in on or under budget which has a chance to reflect positively on Brent. Conversely, by cutting corners Brent’s quality of work would surely suffer and the audit team could miss a material misstatement. This could have a major negative impact on Brent’s career if it is found of that his team did not catch an act of fraud or a material misstatement. 2. There are many consequences that could arise from “eating time”. For Brent he would first miss out on pay that he is rightfully entitled to. Furthermore, in the future if management found out they could pressure Brent into doing the same thing in the future and management could continue to lower the hour allowed to complete the job. The company could be in big trouble if one of the employees decided to sue the company by not compensating the employees for time worked. If the audit team does not follow the audit procedures they could all...
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...AOW April 7, 2014 Larry Lancaster Apollo Shoes 55 Apollo Circle Apollo, NE 68138 Dear Mr. Lancaster, I have been informed that your company, Apollo Shoes, is considering utilizing my firm, AOW, for auditing and assurance services. I want to personally thank you for the consideration. There are a few services I can offer your company that would be very beneficial to you. These services including auditing your financial statements, attestation services, controls over and risks related to investments, and fraud and illegal acts risk assessment. Auditing Service When it comes to auditing, we are here to audit your financial statements. According to Arens, Elder, and Beasley (2012), auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Chapter 1). Our goal is to independently verify the financial statements produced by your company. My team will test revenue, expenses, purchasing, and many other items during our financial statement audit. This should give you the confidence in the information your company is putting out. Assurance Service In addition to the auditing service that AOW will provide to Apollo, we are also prepared to offer assurance services such as attestation services, controls over and risks related to investments, and fraud and illegal acts risk assessment. Attestation services include audit of internal control over...
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...CASE 1.6 NEXTCARD, INC. Jeremy Lent, a chief financial officer (CFO) with Providian Financial Corporation decided to apply the marketing tactics used by Providian to establish an internet based company to offer Internet users a faster way to obtain credit cards. Lent hired dozens of marketing researchers to analyze the “surfing habits of Internet users. With this information the marketing team developed an Internet-based advertising campaign to target internet users that frequently used their credit cards and maintained large balances due to purchases made over the internet. NextCard advertised to new customers if they applied on line a response would be received within 30 seconds. Lents business model was a success and by 2000 and had more daily hits than any other credit card issuer. Other well established credit card affiliates referred potential clients to NextCard. NextCard had extended more than $1 billion of credit to internet customers but unfortunately profits were not immediate which the executives ignored to disclose in any press releases. A NextCard executive boasted in February of 2000 that the “company continues to beat our aggressive growth targets while maintaining very strong parameters and core elements of our business model” (Knapp, p 6). In 1999 the company produced a large loss of about $77.2 million. NextCard was able to take the company public with stock price initialing selling for $20 per share regardless of large losses for each reporting...
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...Auditing Introduction Letter University of Phoenix ACC 546 Auditing Introduction Letter To: Management of Apollo Shoes From: Martin & Associates, CPA Re: Auditing and Assurance Services Thank you for the opportunity to present the benefits and services that our firm offers. This letter is intended to explain the benefits of each option, our role in providing the available assurance services, and the qualifications required to meet the standard for the services offered. Martin & Associates has been serving our clients for ten years with a strong emphasis on the auditing and assurance services. Our firm takes pride in building trusting relationships, while performing an effective audit to aid in the success of our clients. First and foremost we must understand what auditing and assurance services are. According to Wikipedia, “The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project, or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, quality management, and energy conservation.” When it comes to accounting audits are performed to establish the validity and reliability of information that is being reviewed, in addition to provide an assessment of the internal control system. The main goal of an audit is to express an opinion on the information that is being reviewed based on work that is being done on a test basis. Our firm’s...
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