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25 Cards in this Set
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ACC 492 Complete Class |
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ACC 492 Week 1 DQ 1 Describe the revenue or payroll cycle at your organization? What source documentation is used in the revenue and payroll cycles at your organization? |
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ACC 492 Week 1 DQ 2 What internal controls components are commonly found among the revenue and payroll cycles? What components are unique to each cycle? |
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ACC 492 Week 1 Individual Assignment Payroll Flowchart Post your flowchart in the Assignments folder. Prepare flowcharts of the revenue and payroll cycle in your organization. Then, prepare a 300-500-word examination of the cycles. Be sure to examine the internal controls within each cycle and any internal controls limitations that may exist. |
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ACC 492 Week 1 Individual Assignments From the Text Click on the link for Ch. 14 of Modern Auditing on the course website. Click Download eBook on the left-hand side of the page. Download Ch. 14 of Modern Auditing Prepare written answers for the following assignments: Learning Check 14-4 Comprehensive Question: 14-28 Controls over Cash Receipts Processing at a Church Comprehensive Question: 14-30 Substantive Tests of Accounts Receivable
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ACC 492 Week 1 Individual Multiple Choice Post your answers to the Multiple Choice Questions in the Assignments folder. Be prepared to take a quiz on topics covered in the assigned readings for Week one. |
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ACC 492 Week 1 Quiz 1. In an accrual accounting system, revenues are recognized as goods are delivered or as services are rendered. (True/False) |
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ACC 492 Week 2 DQ 1 How might a purchasing manager use his/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 Why does an 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 controls? |
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ACC 492 Week 2 Individual Assignment from the Text
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ACC 492 Week 2 Individual Multiple Choice Post your answers to the Multiple Choice Questions in the Assignments folder.
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ACC 492 Week 2 Learning Team Assignment Internal Control Questionnaire Internal Controls Questionnaire. Select a Learning Team member’s organization as the basis for this and subsequent Learning Team meeting assignments. Develop and complete an internal controls questionnaire for either an asset- or liability-related business cycle within the selected organization. Include questions regarding important characteristics of the following process components: a. Control environment b. Risk assessment c. Control activities d. Information systems and communications e. Monitoring
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ACC 492 Week 2 Quiz
2. List two expense accounts that are usually accrued at the end of an accounting period. (30%) 3. Name the document that is usually completed before a purchase order is executed. (30%) 4. Which assertion is of primary importance to the auditor in auditing accounts payable? Why
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ACC 492 Week 3 DQ 1 Identify three analytical procedures that an auditor might perform with respect to plant assets and explain how they might assist in identifying potential misstatements. |
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ACC 492 Week 3 DQ 2 What is the fraud known as kiting, and how can the auditor detect it? What is the fraud known as lapping, and how can the auditor detect it? |
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ACC 492 Week 3 Individual Multiple Choice Quiz
1. Which of the following approaches is most suitable for auditing the finance and investment cycle? 2. Loan covenants are used for which of the following reasons? 3. A related-party is a person or entity that 4. Jones was engaged to examine the financial statements of Gamma Corporation for the year ended June 30. Having completed an examination of the investment securities, which of the following is the best method of verifying the accuracy of recorded dividend income? |
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ACC 492 Week 3 Learning Team Audit Program Development for Disney |
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ACC 492 Week 3 Quiz 1. Internal control is a process effected by an entity’s board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives. (True/False) (10%) 2. What are the two main objectives for conducting preliminary analytical procedures? (30%) 3. List the two types of audit tests. (30%) 4. List three factors that affect an organization's control environment. (30%) |
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ACC 492 Week 4 DQ 1 Describe briefly some of the situations that would require modification of the auditor’s opinion related to going concern? |
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ACC 492 Week 4 DQ 2 What types of opinions does an auditor issue other than unqualified opinion? How does an opinion other than unqualified opinion affect the client? In your opinion, which is the worst? |
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ACC 492 Week 4 Individual Multiple Choice Quiz 1. A CPA found that the company has not capitalized a material amount of leases in the financial statements. When considering the materiality of this departure from GAAP, the CPA would choose between which reporting options? a. Unqualified opinion or disclaimer of opinion.
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ACC 492 Week 4 Learning Team Assignment Audit Program Presentation Audit Program Presentation. Prepare 8-10 Microsoft® PowerPoint® slides illustrating your Learning Team’s Audit Questionnaire and the results of your completed Audit Program. Post your answers to the Assignments folder of the responsible individual. |
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ACC 492 Week 4 Quiz 1. The auditor's responsibilities with regard to audit works is usually up to the last date of field works. (True/False) 2. Name the various types of opinions expressed by an independent auditor. 3. List the three types of going concern issues. 4. Describe very briefly three conditions under which an auditor issues a qualified report.
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ACC 492 Week 5 Individual Assignment Issuing Audit Program Simulation Issuing Audit Reports Simulation. Complete the simulation “Issuing Audit Reports” located on the Materials page. After completing the simulation, prepare a 350-word response to following questions: a. What are the different types of audit reports and when should each be used? b. In what types of situations would an auditor be allowed to issue an unqualified audit report? c. To what extent is the auditor liable for misstatements in the financial statements of the audited company? Note: Issuing Audit Reports simulation located on the Week Five Materials page Submit your Course Summary the Main Classroom forum. Submit a brief Course summary indicating what you have learned from this course over the past 5 weeks.
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ACC 492 Week 5 Learning Team Assignment Case Study Assignment Work on the following assignment with your Learning Team, and then have one member of your team post a collective response from the team in the Assignments folder of the responsible individual. Case Study Assignment: Prepare written answers to the following: Learning Check 4:17 from the text, Modern Auditing: Assurance Services and the Integrity of Financial Reporting (8th ed.) by Boynton and Johnson.
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