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For more course tutorials visitwww.tutorialrank.com1. Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4) True False2. Ratio analysis only involves a year-to-year comparison of account balances. (Points: 4) True False3. Control is considered to be part of corporate governance. (Points: 4) True False4. When control risk is assessed at a maximum level, the auditor assumes that the internal controls are reliable in preventing or detecting material misstatements. (Points: 4) True False5. Accounting subsystems are accounting cycles composed of one or more accounting applications. (Points: 4) True False6. Presentation and disclosure assertions imply that all transactions and balances are properly presented, disclosures represent what actually happened, and the footnote disclosures are appropriate and adequate. (Points: 4) True False7. Vouching recorded transactions involves taking a sample from the journal and tracing them back to the source documents to ensure they occurred. (Points: 4) True False

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Acc 562 course extraordinary success tutorialrank com

ACC 562 Course Extraordinary Success tutorialrank.com

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Acc 562 course extraordinary success tutorialrank com1

ACC 562 Final Exam Guide

ACC 562 Midterm Exam Guide

  • 1. Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4)

  • True

  • False

  • 2. Ratio analysis only involves a year-to-year comparison of account balances. (Points: 4)

  • True

  • False

  • Question 1

  • CPAs are licensed by the

  • Question 2

  • The Certified Internal Auditor program is administered by the

  • Question 3

  • The objective of an operational audit is to

ACC 562 Course Extraordinary Success tutorialrank.com


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ACC 562 Week 1 DQs

ACC 562 Week 2 DQs

  • 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.

  • 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.

ACC 562 Course Extraordinary Success tutorialrank.com


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ACC 562 Week 3 Assignment 1 Madoff Securities (2 Papers)

ACC 562 Week 3 DQs

  • This Tutorial contains 2 Different Papers

  • 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.

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

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

  • 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 Course Extraordinary Success tutorialrank.com


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ACC 562 Week 4 DQs

ACC 562 Week 5 DQs

  • 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.

  • 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

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ACC 562 Week 6 DQs

ACC 562 Week 7 Assignment 2 Cardillo Travel Systems, Inc. (2 Papers)

  • 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 support your response.

  • 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.

  • Review the Cardillo Travel Systems case, located in Chapter 6 of your textbook.

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

  • Explain the Securities and Exchange Commission’s rationale to charge Cardillo executives with each of the following violations:

  • a. making false representations to outside auditors

  • b. failing to maintain accurate financial records

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ACC 562 Week 7 DQs

ACC 562 Week 8 DQs

  • 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

  • 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 Consolidate d’s outside attorney may corroborate the information in the case. Provide a rationale to support your response

ACC 562 Course Extraordinary Success tutorialrank.com


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ACC 562 Week 9 DQs

ACC 562 Week 10 Assignment 3 Freescale Semiconductors, Inc (2 PPT)

  • 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.

  • 1. Identify the ethical issue

  • 2. Determine who are the affected parties and identify their rights

  • 3. Determine the most important rights

  • 4. Develop alternative courses of action

  • This Tutorial contains 2 Different PPT

  • Review the Freescale Semiconductor case, located in Chapter 9 of 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.

ACC 562 Course Extraordinary Success tutorialrank.com


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ACC 562 Week 10 DQs

ACC 562 Week 11 DQs

  • 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.

  • 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.

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