ACC/491

CONTEMPORARY AUDITING I

The Latest Version A+ Study Guide

**********************************************

ACC 491 Entire Course Link

https://hwsell.com/category/acc-491/

**********************************************

ACC 491 Week 1 Textbook Problems

Resources: Auditing and Assurance Services, Ch. 1 & 2

Write a brief response, 30 to 90 words for each question.

• Text Problem 1-20
• Text Problem 1-21
• Text Problem 2-18
• Text Problem 2-21

Submit your assignment in a Microsoft® Word document.

ACC 491 Week 1 Self-Guided Quiz

Resource: Week 1 Self-Guided Quiz document

Write a brief response, 30 to 90 words, for each question within the document.

Submit your assignment in a Microsoft® Word document.

Week One Self-Guided Quiz

The questions below generally follow the order of the topics as presented in the text in Chapters 1 and 2.  However, you will need to read all chapters (1, 2, 25, 26) in order to get the complete picture of most of these topics as Chapters 25 and 26 and additional insight to topics found in Chapters 1 and 2 and contain original material addressed in later questions.

Write a brief response, 30-90-words, for each question below.

1. In your own words, define “Auditing.”
2. Discuss the importance of “Evidence” in auditing.
3. Define “Independence” and “Objectivity” as they relate to auditing.
4. Audits typically consist of three phases: Planning; Fieldwork; Reporting. Describe activities that accompany each phase.
5. Distinguish between Assurance and Attestation Services.
6. Describe the following types of Audits:

   1. Operational Audits
   2. Compliance Audits
   3. Financial Statement Audits
   4. Informational Technology Audits (may need to go outside the text to address this)

7. Discuss the following types of Auditors:

   1. Auditors Working for CPA Firms
   2. Governmental Auditors (e.g. GAO, IRS, health inspectors)
   3. Internal Auditors

8. Identify the roles CPA firms play in society.
9. Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange Commission (SEC) plays in regulating audits.
10. What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)?
11. Summarize the 10 components of Generally Accepted Auditing Standards (GAAS)
12. What are SAS, and for what are they used?
13. True or False – CPA firms are required to engage in quality control efforts of its audits? Why or Why not?
14. What is a Peer Review and how and when are they performed?
15. Why does government often have different auditing and accounting standards?

ACC 491 Week 2 Company Selection

For this week’s Team Assignment you are to select a US publicly traded company. You will use this company in your week 3, 4, and 5 team assignments. Your team is to construct a 150 word summary on the team you selected. The summary is to include a brief description of the company, the industry they compete in and some of their major competitors. Team Leader for this week should post the assignment by the due date.

ACC 491 Week 2 Ethics, Legal Liability, Audit Responsibilities Quiz

Complete the quiz. You are allowed one attempt to complete the 3 hour timed quiz. Results are auto graded and sent to your instructor.

Note: The automated quiz was designed in Google Chrome and is best viewed in the latest version of the browser. If you do not use the latest version of Google Chrome to view and complete the automated quiz, you may not be able to view the entire quiz content. If you do not have the most current version of Google Chrome, download the browser before you enter the quiz.

ACC 491 Week 3 Fraud Article Summary

Research an article in the University Library or from another credible source. The article should be about a recent accounting fraud incident within a company.

Summarize the article in 350 to 525 words.

Describe any measures you believe could have been used to avoid the problems presented in the article.

Submit your assignment in a Microsoft® Word document.

ACC 491 Week 3 Team – Week 3 Scenarios

Learning Team assignments build upon each other from Week 3 to 5.

Before proceeding you need your UOP Instructor’s approval for the selected company. You cannot use either Apple or Amazon for this assignment.

and The first step in this process is to go to the website of a publicly-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission – SEC – on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles – GAAP). The contents of this form will be the basis of the team assignments

Access the Week 3 Team Assignment document for further instructions.

Submit your assignment and completed Learning Team Charter together at one time.

On the Charter be sure to note who will be the Team Leader for Week 3, for Week 4 and for Week 5.

ACC 491 Week 4 Internal Controls, COSO, and SOX Paper

Resource: Internal Controls, COSO, and SOX Grading Guide

Write a paper on COSO and how it relates to Sarbanes-Oxley and the auditing of public companies in 700 to 1,050 words. Address the following:

• Provide a brief history of COSO.
• Describe the five components and 17 principles of the COSO Framework.
• Review your company’s “Management’s Annual Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm” (usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.

Submit your assignment in a Microsoft® Word document.

ACC 491 Week 4 Team – Week 4 Evidence and Standards Cheat Sheet

In further preparation for your audit of the company your team selected, you decided to gather your team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation included a review of evidence and documentation literature (Ch. 7). To properly prepare the staff that will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be used in your presentation.

Prepare a “Cheat Sheet” that briefly describes Audit Evidence and Documentation Standards, which includes the following topics. Each topic should be 90 to 175 words:

• Comparison of Audit, Scientific and Legal Evidence Standards.
• Consideration of Sample Sizes and Methods (random, haphazard, monetary unit sample, judgmental) and how sampling affects evidence.
• Relevance, Reliability and Sufficiency of Evidence.
• Brief statement on the 80 types of audit evidence (physical examination, observation, confirmations, inquiry, recalculation, etc.).
• Purpose, Ownership, Confidentiality and Retention of Documentation.

Submit your assignment in a Microsoft® Word document.

ACC 491 Week 5 Fraud Auditing

Write a 750- to 1,050-word paper on fraud auditing and IT auditing.

• Describe the different kinds of fraud andthe Fraud Triangle, an auditor’s responsibility to identify and assess fraud.
• Describe the specific risks, benefits, and internal controls associated with IT functions.

Submit your assignment in a Microsoft® Word document.

ACC 491 Week 5 Audit Collaboration User’s Guide

During this course, you worked as a team on a large project. It is important to reflect on projects and teamwork to learn what went right, and what went wrong.

Evaluate your team/project experience during this class.

• How could you have improved teamwork and collaboration?
• Are there ways you would have approached a project of this magnitude differently if you did it again?

Create a “User’s Guide” of 3 to 5 pages where you advise future teams on how to maximize their success on an audit. Be creative!

Submit your assignment.

ACC 491 Week 5 Team – Scenario Summary Presentation

Resource: Scenario Assignments Grading Guide

Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Week 3 and Week 4. Include the following:

• Initial Risk Assessment
• Analytical Procedures
• Materiality and Risk
• Audit Tests
• Work Programs
• Evidence and Documentation
• Report on Internal Controls
• COSO and SOX

State the company selected and explain the reasons for choosing it.

Describe insights gained by performing some planning for this company.

Submit your assignment.