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ACC 492 TUTOR Teaching Resources / acc492tutor.com

ACC 492 TUTOR Teaching Resources / acc492tutor.com

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Tutorial

ACC 492 Week 1 Current Issue Summary

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ACC 492 Week 1 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on sampling as it relates to financial statement auditing. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

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ACC 492 Week 1 DQ 1(New)

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What account balances are included in a revenue and collection cycle? What specific control procedures should be in place and operating in internal control governing revenue recognition and cash accounting? What assertions are made about classes of transactions and events in the revenue and collection cycle?

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ACC 492 Week 1 DQ 2(New)

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Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable? Which audit procedures are usually the most useful for auditing the existence and rights assertions? What analytical procedures might be informative regarding the existence assertion?

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ACC 492 Week 2 Current Issue Summary Auditing Cash, Financial Instruments, Sales, or Receivables

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ACC 492 Week 2 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on auditing cash, financial instruments, sales, or receivables. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

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ACC 492 Week 2 DQ 1(New)

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How might a purchasing manager use his or her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?

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ACC 492 Week 2 DQ 2(New)

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Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the tone at the top for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Provide an example of how analytical procedures might be used in the audit of such accounts

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ACC 492 Week 2 Textbook Problem 23-20, 14-26

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23-20 (Objectives 23-3, 23-4) The following are misstatements that might be found in the client's year-end cash balance (assume that the balance sheet date is June 30): •          1.The outstanding checks on the June 30 bank reconciliation were underfooted by $2,000. •    2.A loan from the bank on June 26 was credited directly to the client's bank account. The loan was not entered as of June 30. •  3.A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7. •          4.A check was omitted from the outstanding check list on the bank reconciliation. It cleared the bank September 6. • 5.Cash receipts collected on accounts receivable from July 1 to July 5 were included as June 29 and 30 cash receipts. •       6.A bank transfer recorded in the accounting records on July 1 was included as a deposit in transit on June 30. •  7.A check that was dated June 26 and disbursed in June was not recorded in the cash disbursements journal, but it was included as an outstanding check on June 30. Required • a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible. • b.What control can be instituted for each fraud to reduce the likelihood of occurrence? • c.List an audit procedure that can be used to discover each fraud. 14-26 (Objectives 14-3, 14-4, 14-5) The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle: 1. Account for a sequence of shipping documents and examine each one to make sure that a duplicate sales invoice is attached. 2. Account for a sequence of sales invoices and examine each one to make sure that a duplicate copy of the shipping document is attached. 3. Compare the quantity and description of items on shipping documents with the related duplicate sales invoices. 4. Trace recorded sales in the sales journal to the related accounts receivable master file and compare the customer name, date, and amount for each one. 5. Examine sales returns for approval by an authorized official. 6. Review the prelisting of cash receipts to determine whether cash is prelisted daily. 7. Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a 1-month period. Required a. Identify whether each audit procedure is a test of control or a substantive test of transactions. b. State which of the six transaction-related audit objectives each of the audit procedures fulfills. c. Identify the type of evidence used for each audit procedure, such as inspection and observation.

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ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles

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ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles Write a 525- to 700-word summary. Research a recent article on auditing inventory, warehousing, or payroll. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

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ACC 492 Week 3 DQ 1(New)

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What internal control components are common among long-term assets, liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls

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ACC 492 Week 3 DQ 2(New)

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What are the key management assertions related to equity? What are the most important assertions related equity? How will auditors test these assertions?

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ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Walmart, 2000 Words)

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Inventory, Warehousing, and Payroll accounts and cycles Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Inventory, Warehousing, and Payroll accounts and cycles. Submit a 700- to 1,050-word document that includes the following: •       Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. • A brief summary page should be included in this document, 525 to 700 words, for each of the work programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Inventory balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review). Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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ACC 492 Week 3 textbook assignment 20-20, 21-21

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ACC 492 Week 3 textbook assignment 20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of transactions procedures often performed in the payroll and personnel cycle. (Each procedure is to be done on a sample basis or using audit software.) 1. Reconcile the monthly payroll total for direct manufacturing labor with the labor cost distribution. 2. Examine the time card for the approval of a foreman. 3. Recompute hours on the time card and compare the total with the total hours for which the employee has been paid. 4. Perform a surprise payroll payoff and observe employees picking up and signing for their checks. 5. Compare the employee name, date, check number, and amounts on cancelled checks with the payroll journal. 6. Trace the hours from the employee time cards to job tickets to make sure that the total reconciles, and trace each job ticket to the job-cost record. 7. Use audit software to account for the sequence of payroll checks in the payroll journal. Required a. Identify whether each of the procedures is primarily a test of control or a substantive test of transactions. b. Identify the transaction-related audit objective(s) of each of the procedures. 21-21 (Objectives 21-1, 21-3, 21-5, 21-6, 21-7) The Frist Corporation has the following internal controls related to inventory: 1. Only authorized inventory warehousing personnel are allowed in inventory storage areas. 2. All inventory products are stored in warehousing areas that are segregated from other storage areas used to house equipment and supplies. 3. All inventory held on consignment at Frist Corporation is stored in a separate area of the warehouse. 4. The inventory purchasing system only allows purchases from pre-approved vendors. 5. The perpetual inventory system tracks the average number of days each inventory product number has been in the warehouse. 6. Microchips are embedded in each product and when inventory items are removed from the warehouse to shipping, radio-frequencies signal a deduction of inventory to the perpetual inventory system. 7. On a weekly basis, inventory accounting personnel take samples of inventory products selected from the perpetual inventory system and verify that the inventory is on-hand in the warehouse and that the quantities in the listing are correct. 8. On a weekly basis, inventory accounting personnel select inventory items on hand in the warehouse and verify that the item is included in the perpetual inventory listing at the correct amount. 9. The perpetual inventory system subtotals the quantity of inventory in the system and interfaces with the general ledger system on a daily basis to ensure quantities agree. 10. The perpetual inventory system will not accept inventory additions without the recording on a valid receiving report. For each of the internal controls: Required a. Identify the related transaction-related audit objective(s) affected by the control. b. Describe risks the control is designed to mitigate. c. Design a test of control to determine if the control is operating effectively.

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ACC 492 Week 4 Current Issue Summary auditing acquisitions, payments, property plant and equipment

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ACC 492 Week 4 Current Issue Summary Write a 525- to 700-word summary. Research a recent article on auditing acquisitions, payments, property plant and equipment (fixed assets), notes payable, or owner’s equity. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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ACC 492 Week 4 DQ 1(New)

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What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision?

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ACC 492 Week 4 DQ 2(New)

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What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion?

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ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Walmart)

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ACC 492 Week 4 Team Assignment Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner’s Equity accounts and cycles. Submit a 700- to 1,050-word document that includes the following: •      Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. •   A brief summary page should be included in this document, 525 to 700 words, for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Fixed Assets balance year-over-year, identify these swings, and how you address them in your work program (this is in essence an audit procedure – analytical review). Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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ACC 492 Week 4 Textbook Problem 18-26

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18-26 (Objectives 18-3, 18-4) In testing cash disbursements for the Jay Klein Company, you obtained an understanding of internal control. The controls are reasonably good, and no unusual audit problems arose in previous years. Although there are not many individuals in the accounting department, there is a reasonable separation of duties in the organization. There is a separate purchasing agent who is responsible for ordering goods and a separate receiving department that counts the goods when they are received and prepares receiving reports. There is a separation of duties between recording acquisitions and cash disbursements, and all information is recorded in the two journals independently. The controller reviews all supporting documents before signing the checks, and he immediately mails the checks to the vendors. Check copies are used for subsequent recording. All aspects of internal control seem satisfactory to you, and you perform minimum tests of 25 transactions as a means of assessing control risk. In your tests, you discover the following exceptions: 1. One invoice was paid twice. The second payment was supported by a duplicate copy the invoice. Both copies of the invoice were marked “paid.” 2. Two items in the acquisitions journal were misclassified. 3. Three invoices were not initialed by the controller, but there were no dollar misstatements evident in the transactions. 4. Five receiving reports were recorded in the acquisitions journal at least 2 weeks later than their date on the receiving report. 5. Two receiving reports for vendors’ invoices were missing from the transaction packets. One vendor’s invoice had an extension error, and the invoice was initialed that the amount had been checked. 6. One check amount in the cash disbursements journal was for $100 less than the amount stated on the vendor’s invoice. 7. One voided check was missing. Required a. Identify whether each of 1 through 7 is a control test deviation, a monetary misstatement, or both. b. For each exception, identify which transaction-related audit objective was not met. c. What is the audit importance of each of these exceptions? d. What follow-up procedures would you use to determine more about the nature of each exception? e. How would each of these exceptions affect rest of your audit? Be specific. f. Identify internal controls that should have prevented each misstatement.

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ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Walmart)

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ACC 492 Week 5 Learning Team Assignment You and your team have completed your fieldwork and have a handful of other considerations before you complete the audit and issue your report. These activities are designed to ensure nothing significant has occurred between the completion of your fieldwork and the issuing of the audit report. You are assigned as a senior on the staff, in line to be promoted to manager, to instruct the other staff on the importance of considering contingent liabilities, letters from client lawyers, and subsequent events. Create a 10- to 12-slide presentation for the staff. Explain the importance of reviewing for contingent liabilities and subsequent events. Describe the requirements for reviewing for contingent liabilities and subsequent events. Click the Assignment Files tab to submit your assignment.

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ACC 492 Week 5 Final Audit Paper (Walmart)

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ACC 492 Week 5 Final Paper Review the Form 10-K for the company selected for team assignments. Write a 1,050- to 1,400-word paper on the following: 1.       Management’s Report on Internal Control Over Financial Reporting 2.  The Independent Registered Public Accounting Firm’s Report on Internal Control Over Financial Reporting 3.          The Independent Registered Public Accounting Firm’s Report on the Financial Statements Explain the purpose and content of each of these reports. Assuming the report you review is an Unqualified Opinion, express your thoughts on other types of financial statement reports such as Qualified Opinions, Adverse Opinions, and Disclaimer of Opinions. Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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