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ACC 403 Strayer Complete Discussions Package Latest

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ACC 403 Strayer Complete Discussions Package Latest

ACC 403 Strayer Complete Discussions Package Latest

ACC403

 

ACC 403 Strayer Complete Discussions Package Latest

ACC 403 Strayer Week 1 Discussion Latest

“Auditor’s Role and Responsibilities” Please respond to the following:

1. Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.

2. Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client’s business environment. Ascertain the key legal ramifications and risk mitigation strategies associated with an auditor performing the audit. Support your position.

ACC 403 Strayer Week 2 Discussion Latest

“Auditor Accountability” Please respond to the following:

1. From the e-Activity, discuss the departures from generally accepted accounting principles (GAAP) that you have researched, and give your opinion as to whether or not the Public Company Accounting Oversight Board (PCAOB) should levy sanctions against the CPA firm for issuing the unqualified report. Identify the sanctions and section of the report the company should have modified to address departures from GAAP. Support your position.

2. Compare the code of professional conduct for CPAs to the code of professional conduct for accountants who are non-CPAs. Determine the major ethical issues created by the mergers of public accounting firms with non-CPA firms that perform accounting services. Explain your rationale.

ACC 403 Strayer Week 3 Discussion Latest

“Audit Risks” Please respond to the following:

1. From the e-Activity, analyze whether or not investors who were misled by relying on financial statements could hold the audit firm liable for audit failure either by common or securities laws. Provide a rationale for your response.

2. According to an article in the CPA Journal, the accounting profession has long contended that an audit conducted in accordance with generally accepted auditing standards (GAAS) provides reasonable assurance that there are no material misstatements contained within financial statements. Suggest at least two (2) alternative methods that auditors can use to provide a more concrete level of assurance to investors. Provide support for your responses with examples of such methods in use.

ACC 403 Strayer Week 4 Discussion Latest

“Evidence Collection Procedures” Please respond to the following:

1. According to an article in the CPA Journal, the auditor considers reliability of audit evidence collected and the reliability of that evidence to reduce the risk of financial statements containing undetected material errors. Compare and contrast at least two (2) types of evidence, and make a recommendation as to which you believe is the most reliable in reducing risk. Support your position.

2. From the e-Activity, analyze the primary ways in which auditors would use the information from downgrades to assess business risk or evaluate the likelihood that the downgrades would impact the auditor’s assessment of the client’s business environment. Ascertain the major ways in which this information would impact the audit risk model equation. Support your position.

ACC 403 Strayer Week 5 Discussion Latest

Minimizing Audit Risk” Please respond to the following:

1. According to the text, auditors have to make judgments concerning materiality on every audit. Since the auditing standards give no formal guidance for how to determine materiality, auditors must rely on their own experience. Determine at least two (2) qualitative factors that affect the auditor’s judgment. Provide a rationale for your response.

2. According to the text, auditors rely on the audit risk formula to determine the types and amount of audit evidence to collect in order to keep the overall audit risk of engagements to a minimum or below defined tolerable limits. Suggest an alternative to the audit risk equation in order to mitigate audit risk. Support your rationale with examples of the successful use of the alternative strategy.

ACC 403 Strayer Week 6 Discussion Latest

“Management and Internal Control” Please respond to the following:

1. Create a scenario where external auditors determined that a company’s internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on the audit plan if additional deficiencies are discovered on other related internal controls. Support your position.

2. From the e-Activity, identify the accounts that the fraud had affected, and analyze the auditor’s responsibility to detect fraud. Suggest key internal controls that would have either prevented or detected the fraudulent behavior or transactions. Justify your response.

ACC 403 Strayer Week 7 Discussion Latest

“Audit Risk and Fraud” Please respond to the following:

1. Create a scenario in which a company conceals financial fraud from the auditing firm through the use of information technology, and suggest at least one (1) way in which an auditing firm can minimize its exposure to this risk.

2. According to the text, planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan in an attempt to reduce audit risk to an acceptable level. Select a balance sheet account or income statement account, and discuss the type of audit procedure that would produce the most reliable evidence for that account balance. Defend your position.

ACC 403 Strayer Week 8 Discussion Latest

“Internal Controls and Sampling Strategy” Please respond to the following:

1. Imagine that you have been hired to audit the sales and collections of a medium to large merchandising company. Suggest at least two (2) ways that management could manipulate earnings, and make specific recommendations for the internal control procedure to prevent or detect the transaction. Justify your response.

2. Discuss the advantages and disadvantages of at least two (2) sampling methods. Make a recommendation for the best method to sample accounts receivables. Support your position.

ACC 403 Strayer Week 9 Discussion Latest

“Testing Methods” Please respond to the following:

1. According to the text, to minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer response rates. Support your position.

2. Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances. Support your rationale with related examples of such circumstances.

ACC 403 Strayer Week 10 Discussion Latest

“Audit Wrap-Up” Please respond to the following:

1. Create a scenario that demonstrates specific ways in which management could manipulate transactions impacting inventory values that the auditing team might not detect. Recommend key strategies that the auditor could implement in anticipation of such manipulation. Justify your response.

2. Discuss the difference between a subsequent event and a subsequent discovery of facts, and determine the auditor’s responsibility for each event after the audit report is complete. Support your position.

ACC 403 Strayer Week 11 Discussion Latest

“Reflections” Please respond to the following:

1. Analyze at least three (3) concepts that you found eye opening that you were not aware of before taking this course.

2. Discuss your career goals and how taking this course shaped your decision to pursue a career in the auditing profession.

ACC 403 Strayer Complete Discussions Package Latest

ACC 403 Strayer Complete Discussions Package Latest

 

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