[pic] |Auditing – ACC 403 | |Student Course Guide | |Prerequisite: ACC 304 | | |
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evaluate the possibility of misstatements. Attached‚ you will find our report discussing these issues. Please contact us with any further questions. Sincerely‚ Mariana Welch Cc: Bob Zimmerman Case Two: New Clients‚ Legal Liability and Materiality Table of Contents Executive Summary 4 Discussion Questions 5 Apply Your Research 9 Consulting Partner Review 13 Question 1 13 Question 2 14 The Impact of Sarbanes-Oxley 15 Bibliography 17 Executive Summary Abernethy and
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characteristics of financial information. The threshold quality of materiality is not easy to define and can be misunderstood. Similarly‚ the concept of prudence is not clear-cut and can conflict with neutrality. In addition‚ relevance and reliability can be conflicting targets and a trade-off needs to be made between the two. Required: Write an essay that draws on the above arguments in relation to the concepts of materiality‚ prudence and neutrality‚ and relevance and reliability
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facing consequences of making the error. Reducing audit risk requires more resources to conduct better audits. Auditor must design an audit strategy so that the benefits of reduced engagement risk outweigh additional costs of more auditing. Generally‚ the risk based auditing approach is used – concentrate on the parts of the financial statements that require more work. Q2. Discuss the procedures that should be followed and the matters that should be considered when accepting a new audit engagement The
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ASSURANCE AND FINANCIAL STATEMENT AUDITING 1 An Introduction to Assurance and Financial Statement Auditing 2 The Financial Statement Auditing Environment 1 CHAPTER 1 LEARNING OBJECTIVES Upon completion of this chapter you will [1] Understand why studying auditing can be valuable to you and why it is different from studying accounting. [2] Be able to explain why there is a demand for auditing and assurance. [3] Understand intuitively the demand for auditing and the desired characteristics
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Sarbanes–Oxley Act. Describe the five circumstances when an unqualified report with an explanatory paragraph or modified wording is appropriate. Identify the types of audit reports that can be issued when an unqualified opinion is not justified. Explain how materiality affects audit reporting decisions. Draft appropriately modified audit reports under a variety of circumstances. Determine the appropriate audit report for a given audit situation. Discuss the impact of e-commerce on audit reporting. 3-2 3-3 Halvorson
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the statements of pledged receivables was inadequate. 3) The concept of materiality is defined by the Financial Accounting Standards Board (FASB) in terms of the judgment of the A. FASB members. B. auditor. C. preparer. D. users. 4) Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act‚ the standard used to determine an item’s materiality A. may be found in FASB pronouncements. B. is the auditor’s professional judgment
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INSTRUCTIONS: 1. Please read all instructions and questions carefully before responding. 2. There are ___ points available on this exam‚ allocated as follows: ________ multiple choice/true-false questions (__ points)‚ _____ short answer questions (__ points) and _____ essay questions (__ points). 3. Keep track of the time remaining to complete the exam and allocate that time wisely. Do not devote disproportionate time to any one question or section. 4. GOOD LUCK! MULTIPLE CHOICE/TRUE-FALSE
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report is applicable. b) State the level of materiality as immaterial‚ material or highly material. If you cannot decide the level of materiality‚ state the additional information needed to make a decision. c) Given your answers in parts (a) and (b) ‚ state the appropriate audit report from the following alternatives (if you have not decided in one level of materiality in part (b)‚ state the appropriate report for each alternative materiality level): 1) Unqualified-standard wording
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Beginning the Audit Report ACC/546 Auditing January 12‚ 2015 Beginning the Audit Report January 12‚ 2015 Mr. Arnold Anderson Anderson‚ Old‚ and Watershed‚ CPAs‚ LLC Shoetown‚ ME 00001 Dear Mr. Anderson: This is letter is to inform you of the plans for the beginning of the audit process that we plan to take to complete the audit of Apollo Shoes. There are many parts to the process and we will discuss each within this letter. The beginning of the audit process is to describe the objectives
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