Questions For Essays

Controls and Processes Review the article entitled, "Who's in Control of the Ark? A Study of Internal Controls in Operating and Auditing A Small Preschool." Explain two internal controls the school is implementing well, two internal controls the school could improve on, and two internal controls that could open the door to fraud. Make sure all internal controls are from the accounting information system (AIS) framework. Be sure to respond to at least one of your classmates' posts.

Write a memo to the CFO, Hans, informing him about the coming public school Annual Audit. Discuss the importance of the audit and some of the things the auditors will review during their field work. Your response should be approximately one page.

Ethics case: Uncollectible Accounts Introduction The purpose of this discussion forum is to give you an opportunity to apply your critical-thinking ability to the knowledge you’ve gained. The assignment provides you with an opportunity to develop your research, analysis, judgment, and communication skills. You also will work with other students, integrate what you’ve learned, apply it in real-world situations. This practice will broaden your knowledge and further develop your decision-making abilities. The assignment achieves learning objective 5.  The assignment information is given below; You have recently been hired as the assistant controller for Stanton Industries, a large, publicly held manufacturing company. Your immediate superior is the controller who, in turn, is responsible to the vice president of finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging of accounts receivable and have…

During an audit class, a student suggests that it might be more cost effective if auditors always set Control Risk at Maximum and then perform the planned substantive tests to collect audit evidence.  In which of the following clients audits would the student's suggestion be incorrect if the audit is performed according to the AICPA auditing standards? A) A not for profit charity organization B) A Wall Street Company C) A membership-only company

Task #2 Best Wood Furniture, Inc., a non-issuer that produces wood furniture, is undergoing a year 2 audit. The situations below describe changes made during year 2 that may or may not contribute to audit risk. For each situation, select the impact, if any, that the situation has on a specific component of audit risk for the year 2 audit. Selections are for once, more than once, or not at all. Consider each situation independently.   Situation Impact on audit risk   In year 2, the auditor noted that the company's newly hired purchasing agent was not obtaining competitive bids for all major purchase requisitions as required.       Early in year 2, the company expanded its warranty program to cover additional major products in an effort to increase sales.       The audit partner decided that the audit team needed to perform additional tests of detail over payroll in addition to the substantive analytical procedures done last year over payroll.…

During an audit class, a student suggests that it might be more cost effective if auditors always set Control Risk at Maximum and then perform the planned substantive tests to collect audit evidence.  In which of the following clients audits would the student's suggestion be incorrect (must choose one of the three possible choices), if the audit is performed according to the AICPA auditing standards? A) a not for profit charity organization B) a wall street company C) a membership-only company

John Josephs an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the following. Required: A) List and describe the various phases of an audit. B) Describe how audit procedures designed for one purpose might provide evidence for other purposes. Give an example. C) One of the phases involves understanding an entity's internal control. Why might the members of the association be particulary interested in the work conducted by auditors in this phase of the audit?

Audit, Fraud, Or Forensic Accounting Introduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career. This course covers forensic accounting, so it's important to establish the differences between an audit, a fraud examination, and a forensic accounting engagement. Think about the fraud conviction of Elizabeth Holmes, as described in the video, "Elizabeth Holmes Found Guilty in Theranos Fraud Trial." Then respond to the following: Imagine you are assigned to the Theranos case. Write the first five questions you would ask if you were an auditor, the first five questions as a fraud examiner, and the first five as a forensic accountant. After your questions, explain why the questions and approaches are different among the three roles. Be sure to respond to at least one of your classmates' posts.

or students doing a Project Study and students doing an internship, prepare a journal entry sharing your reflections on your experience in collecting the (primary) data you collected for your research. For students doing a Systematic Review prepare a journal entry sharing your reflections on your experience in collecting the (secondary) data you collected from your selected resources. You are to follow Gibb’s Reflective Cycle as your guide in laying out your reflection.

Auditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal…

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career auditing(auditors) two major responsibilities one needs to be in this career. please provide the link or site source.

Are there key areas that seem to be missing from any current auditing processes? Be sure to provide examples.

Identify 3 different factors that may have an impact on the risk of performing the audit (i.e. inherent risk, control risk, etc) and how the factor identified impacts the risk of the audit (i.e. increases/decreases risk). One of your firm's longtime audit clients owns a group of companies and recently added a new addition to the group - Stained Glass Inc - which your firm will be auditing for the first time this year. The manager of Stained Glass Inc, Jennifer, is relied upon by the owner to run the day-to-day operations of the company with minimal oversight. Jennifer's annual bonus is based on a percentage of pre-tax net income per the audited F/S. Jennifer has hired her sister to perform all of the accounting for Stained Glass Inc as Jennifer does not know much about accounting. Additionally, you are told that the bank relies on the audited F/S of the group to make lending decisions.