Acc 410 Week 3 Acc410 Week 3 Essay

2476 Words Nov 2nd, 2015 10 Pages
ACC 410 Complete Course ACC410 Complete Course
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ACC 410 WEEK 1 DQ 1 INTERNAL VS. EXTERNAL AUDIT STAFFS

Internal vs. External Audit Staffs. Spacecraft, Inc., is a large corporation that is audited regularly by a public accounting firm but also maintains an internal auditing staff. Explain briefly how the relationship of the public accounting firm to Spacecraft differs from the relationship of the internal auditing staff to Spacecraft. Do not forget to show the necessary steps and explain how you attained that outcome. Respondtoatleasttwoofyourclassmates’
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Problem:
John Clinton, owner of Clinton Company, applied for a bank loan and was informed by the banker that audited financial statements of the business had to be submitted before the bank could consider the loan application. Clinton then retained Arthur Jones, CPA, to perform an audit. Clinton informed Jones that audited financial statements were required by the bank and that the audit must be completed within three weeks. Clinton also promised to pay Jones a fixed fee plus a bonus if the bank approved the loan.
ACC 410 WEEK 2 DQ 1 BALANCE SHEET VERIFICATION

Balance Sheet Verification. “The best means of verification of cash, inventory, office equipment, and nearly all other assets is a physical count of the units; only a physical count gives the auditors complete assurance as to the accuracy of the amounts listed on the balance sheet.” Evaluate this statement. Remember to complete all parts of the problems. Do not forget to show the necessary steps and explain how you attained that outcome. Respond to at least two of your classmates’ postings
ACC 410 WEEK 2 DQ 2 ACCOUNTING PRINCIPLES

Accounting Principles. Discuss what is meant by the phrase “shopping for accounting principles.” What mechanisms have served to prevent this practice by management? Remember to complete all parts of the problems. Do not forget to show the necessary steps and explain how you attained that outcome
ACC 410 WEEK 2 ASSIGNMENT ANALYTICAL PROCEDURES

Analytical

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