ACC 491 Tutorials / acc491dotcom

1. ACC 491 Tutorials / acc491dotcom

2. ACC 491 Tutorials ACC 491 Entire Course ACC 491 Week 1 DQ 1 • ACC 491 Week 1 Individual • ACC 491 Week 1 DQ 1 • ACC 491 Week 1 DQ 2 • ACC 491 week 2 Individual • ACC 491 Week 2 Team • ACC 491 Week 2 DQ 1 • ACC 491 Week 2 DQ 2 • ACC 491 week 3 Individual • ACC 491 week 3 Team Assignments From the Text • ACC 491 Week 3 Team Assignment Assessing Materiality • ACC 491 Week 3 DQ 1 • What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two?

3. ACC 491 Tutorials ACC 491 Week 1 DQ 2 ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper • What is the definition of the standard of “due professional care”, and how might a court decide whether an audit firm met the standard? Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act? • 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.

4. ACC 491 Tutorials ACC 491 Week 2 DQ 1 ACC 491 Week 2 DQ 2 • What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit? • What are the components of the audit risk model? How does the audit risk model impact an audit plan?

5. ACC 491 Tutorials ACC 491 week 2 Individual Assignments From the Text ACC 491 Week 2 Team Assignment Auditing, Attestation, and Assurance Services Paper • Resource:Modern Auditing: Assurance Services and the Integrity of Financial Reporting • Prepare written answers to Chapter 1: Comprehensive Question 1-23 – Organizations associated with the public accounting profession. • Write a 1,050- to 1,400-word paper in which you compare and contrast auditing, attestation, and assurance services. In your paper, be sure to include the following: • An example of each type of service •  Who might request such a service • What standards apply to each service and who establishes those standards

6. ACC 491 Tutorials ACC 491 Week 3 DQ 1 ACC 491 Week 3 DQ 2 • How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Give examples. • Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?

7. ACC 491 Tutorials ACC 491 week 3 Individual Assignments From the Text ACC 491 Week 3 Team Assignment Assessing Materiality and Risk Simulation • Prepare written answers to the following assignments: • 1.     Chapter 5: Comprehensive Questions 5-30 – Assertions • 2.     Chapter 6: Comprehensive Questions 6-22 – Audit Evidence • 3.     Chapter 7: Comprehensive Questions 7-22 – Understanding the Entity and its Environment • Complete the simulation and prepare a 350-word total (not per question) response to the following questions: • Why do certain accounts have to be audited 100%? • Why is materiality allocated only to those accounts that are sampled? • Is any component of audit risk within the control of the auditor? Explain.

8. ACC 491 Tutorials ACC 491 week 3 Team Assignments From the Text ACC 491 Week 4 DQ 1 • Prepare written answers to the following assignments: • 1.     Chapter 6: Comprehensive Question 6-26 – Audit Programs and Assertions • 2.     Chapter 7: Case 7-25 – New Client Acceptance, part b only • What are some of the different types of sampling methods that are available to the auditor? How does the auditor decide which method to use? How will the different methods affect the audit?

9. ACC 491 Tutorials ACC 491 Week 4 DQ 2 ACC 491 week 4 Individual Assignments From the Text • What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit? • Prepare answers to the following assignments: • 1.     Chapter 8: Comprehensive Questions 8-16 – Analytical procedures • 2.     Chapter 10: Comprehensive Questions 10-32 – Components of Internal Control • 3.     Chapter 11: Comprehensive Questions 11-21 – Assessing Control Risk

10. ACC 491 Tutorials ACC 491 Week 4 Team Assignment Apollo Shoes Case Assignment ACC 491 week 5 Individual Assignments From the Text • Resources: Apollo Shoes Case Materials located on the Week Three Materials page • Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoe Minutes. Complete the Internal Control audit section of the case. • Prepare written answers to the following assignments: • Ch. 11: Learning Check 11-6 • Ch. 11: Learning Check 11-8 • Ch. 11: Learning Check 11-9 • Ch. 13: Learning Check 13-8

11. ACC 491 Tutorials ACC 491 Week 5 Team Assignment Audit Sampling Case Memo • Prepare a 1,400- to 1,750-word memo to the Audit Partner, John Smith, summarizing your findings from the following case: • Ch. 13: Case: Mt. Hood Furniture—PPS sampling problemCase 13-36

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