ACC 562 ADVANCE AUDITING ENTIRE COURSE
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ACC 562 Advance Auditing Entire Course
All Weeks Discussions, Quizzes and Assignments
ACC562 Complete Course week 1 to week 11
ACC 562 Week 1 Discussion
“Unbiased Reporting” Please respond to the
following:
- 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.
ACC 562 Week 2 Discussion
“Topic of Discussion” Please respond to the
following:
- 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 Week 3 Discussion
“Application of Ethical Framework” Please
respond to the following:
- 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 Week 3 Assignment
Assignment 1: Madoff Securities
Due Week 3 and worth 280 point
Review the Madoff Securities case, located in
Chapter 6 of your textbook.
Write a four to five (4-5) page paper in which
you:
1.
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.
2.
Assume you are an
auditor for a firm that had $10 million dollars invested in Madoff Securities.
3.
Determine the
fundamental audit procedures that you should have applied to this investment.
4.
Predict the way in
which a peer review of Friehling and Horowitz would have uncovered the scheme
related to Madoff Securities.
5.
Pretend you are Harry
Markopolos and suggest one (1) strategy, different from that of the case study,
to expose the potential fraud. Provide a rationale to support the suggestion.
6.
Analyze the role of
the audit committee for Madoff Securities in regard to the discovery of Ponzi
scheme, and suggest one (1) action the audit committee could have taken in
order to prevent or detect the fraud. Provide a rationale to support the
suggestion.
7.
Use at least two (2)
quality academic resources in this assignment. Note: Wikipedia and similar type
Websites do not qualify as academic resources.
Your assignment must follow these formatting
requirements:
- Be typed, double spaced, using Times New Roman font
(size 12), with one-inch margins on all sides; citations and references
must follow APA or school-specific format. Check with your professor for
any additional instructions.
- Include a cover page containing the title of the
assignment, the student’s name, the professor’s name, the course title,
and the date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning outcomes
associated with this assignment are:
- Analyze the requirement for the profession of auditing
and the integral role that independence assurance plays within the
economy.
- Examine the corporate governance of audits including
the professional, regulatory, and corporate managerial requirements.
- Use technology and information resources to research
issues in auditing.
- Write clearly and concisely about auditing using proper
writing mechanics.
Grading for this assignment will be based on
answer quality, logic/organization of the paper, and language and writing skills,
using the following rubric found
ACC 562 Week 4 Discussion
“Professional Standards” Please respond to the
following:
- 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.
ACC 562 Week 5 Discussion
“Audit Risk” Please respond to the following:
- 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.
ACC 562 Week 6 Discussion
“Internal Control” Please respond to the
following:
- 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.
ACC 562 Week 7 Discussion
“Fraud” Please respond to the following:
- 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.
ACC 562 Week 7 Assignment
Assignment 2: Cardillo Travel Systems, Inc.
Due Week 7 and worth 280 points
Review the Cardillo Travel Systems case in
your textbook.
Write a four to five (4-5) page paper in which
you:
1.
Explain the Securities
and Exchange Commission’s rationale to charge Cardillo executives with each of
the following violations:
1.
making false
representations to outside auditors
2.
failing to maintain
accurate financial records
3.
failing to file prompt
financial reports with the SEC
4.
violating the insider
trading provisions of the federal securities laws
1.
Determine who study
was in violation or compliance of the AICPA’s Code of Professional Conduct in
this case and analyze the key reasons why they were or were not in compliance.
Provide support for the rationale.
2.
Analyze the actions
taken by Cardillo’s outside auditors and evaluate the level of efficiency of
the audit risk management in this case study. Provide support for the
rationale.
3.
Determine whether or
not the five (5) components of internal control were being followed. Support
the response with at least two (2) examples.
4.
Create an argument for
or against whether auditors have a responsibility to assess the judgment of the
decisions made by Cardillo’s management. Support the argument.
5.
Use at least two (2)
quality academic resources in this assignment. Note: Wikipedia and similar type
Websites do not qualify as academic resources.
Your assignment must follow these formatting
requirements:
- Be typed, double spaced, using Times New Roman font
(size 12), with one-inch margins on all sides; citations and references
must follow APA or school-specific format. Check with your professor for
any additional instructions.
- Include a cover page containing the title of the
assignment, the student’s name, the professor’s name, the course title,
and the date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning outcomes
associated with this assignment are:
- Analyze the process and regulatory requirements for
professional ethical decision making.
- Analyze the critical factors of business, audit, and
planning risks, and the process of managing these risks in audit
engagements.
- Analyze an audit framework and assessment process for
evaluating the effectiveness of internal controls related to financial
reporting.
- Use technology and information resources to research
issues in auditing.
- Write clearly and concisely about auditing using proper
writing mechanics.
ACC 562 Week 8 Discussion
“Going Concern” Please respond to the
following:
- 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 Consolidated’s outside attorney may corroborate the information in
the case. Provide a rationale to support your response.
ACC 562 Week 9 Discussion
“Professional Liability” Please respond to the
following:
- 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.
- From the case study, based on your recommendation in
Part I of this discussion, suggest one (1) strategy that would support you
making the right decision without undermining the manager’s confidence in
your problem-solving ability in a difficult situation. Provide a rationale
to support your response.
ACC 562 Week 10 Discussion
“Audit Judgment” Please respond to the
following:
- 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.
- From the case study, give your opinion as to whether or
not your external audit engagement team could use REDTOP’s internal audit
function in another fashion, as opposed to merely relying on existing
internal audits in order to perform the overall audit of REDTOP Sports
Company. Recommend one (1) alternative to using the work that the internal
audit has already yielded as part of your external audit. Provide a
rationale to support your response.
ACC 562 Week 10 Assignment 3
Assignment 3: Freescale Semiconductors, Inc.
Due Week 10 and worth 360 points
Review the Freescale Semiconductor case in
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.
2.
Suggest three (3) new
strategies that you believe the government can implement to eliminate or
mitigate insider trading. Provide a rationale to support the suggestion.
3.
In this case study,
leaked merger and acquisition information was used to enable the fraud.
Determine the key internal controls needed over the communication of
confidential information to outside parties, and analyze the manner in which
these controls act as a deterrent to fraudulent activities.
4.
Pretend you are Donna
Murdoch in this case study and propose an alternative plan to act on the leaked
information. Next, recommend one (1) strategy to communicate the alternative
plan and determine whom the plan should be communicated with. Justify the
response.
5.
In this case study,
E&Y was providing a consulting service to The Blackstone Group related to
its planned acquisition of Freescale Semiconductor. Compare and contrast the
different auditor’s professional responsibilities between consulting
engagements and audit engagements.
6.
Take a position on
whether more legislative and/or regulatory agency oversight will increase or
decrease corporate fraud. Provide a rationale to support the position.
7.
Use at least two (2)
quality academic resources in this assignment. Note: Wikipedia and similar type
Websites do not qualify as academic resources.
Your assignment must follow these formatting
requirements:
Apply APA standards to citation of sources
No more than four (4) bullets per slide
No more than six (6) words per bullet
Headings: Times New Roman Font: 36 Points
Bullets: Times New Roman Font: 24 Points
- Add bulleted speaker’s notes
- Include a cover page containing the title of the
assignment, the student’s name, the professor’s name, the course title,
and the date.
- The specific course learning outcomes associated with
this assignment are:
- Examine the various types of financial fraud and the
auditor’s responsibilities related to fraud detection.
- Evaluate the legal environment for liability related to
financial audits and the proactive activities that a professional may take
to prevent litigation.
- Use technology and information resources to research
issues in auditing.
- Write clearly and concisely about auditing using proper
writing mechanics.
Grading for this assignment will be based on
answer quality, logic / organization of the paper, and language and writing
skills, using the following rubric found here.
ACC 562 Week 11 Discussion
“Looking Ahead” Please respond to the
following:
- 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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