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Flashcards / ACC 491 / distinguish between fraud and constructive fraud

distinguish between fraud and constructive fraud

distinguish between fraud and constructive fraud

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UOP ACC 491 Week 3 Team Scenario Assignment (Amazon)   Check this A+ tutorial guideline at   For more classes visit   Week 3 Team Assignment Document You are a senior manager for the highly successful regional CPA firm of Fine, Dee, Evah, Dense, LLP (Fine). Since its inception nearly 30 years ago, Fine’s audit practice has exclusively consisted of auditing private and not-for-profit organizations. Recently, the partners have been considering an opportunity to audit a publically-traded company for the company your team has selected. The primary reason Fine has not heretofore ventured into auditing publically-traded companies is because of the potential risk and legal liability associated with auditing public companies. However, Fine has been a bit stagnant, business-wise, for the past few years, and some of the older and more risk-adverse partners are beginning to retire. Consequently, the lure of the often-lucrative and prestigious opportunity to audit a public company has become too hard to resist, so the partners have decided to pursue the chance to audit this company. On a beautiful early-September morning you are called into the senior partner’s office and told you and your team have been selected to lead the first-ever effort to audit a publically-traded company for Fine. You are honored, but also know auditing a public company is a bit more tricky and complicated than auditing private and not-for-profit organizations. Fortunately, the senior partner had considerable experience early in his career with another firm in auditing public companies and told you he would be with you all the way. Relieved, you asked him what he wanted you to do. He tossed you the most recent Form 10-K of the company you selected and gave you the following assignments: Review and discuss the Form 10-K for the company you have selected. Create a report that will have 4 sections. Section 1, Initial Risk Assessment. Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart. In 700-to 1,050-words: Describe the business briefly. Assess any risks you may encounter in auditing this company.  

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UOP ACC 491 All Assignments NEW   Check this A+ tutorial guideline at     For more classes visit ACC 491 All Assignments NEW       ACC 491 Week 1 Self Guided Quiz NEW           ACC 491 Week 1 Textbook Problem 1-20, 1-21, 2-18, 2-20 (NEW)           ACC 491 Week 2 Ethics, Legal Liability, Audit Responsibilities Quiz NEW           ACC 491 Week 3 Fraud Article Summary NEW       ACC 491 Week 3 Scenario Assignment (Barnes and Noble) NEW           ACC 491 Week 3 Team Scenario Assignment (Amazon)           ACC 491 Week 3 Team Scenario Assignment (Lockheed Martin)       ACC 491 Week 4 Assignment Internal Control, COSO and SOX       ACC 491 Week 4 Team Scenario Assignment Cheat Sheet on Evidence and Documentation           ACC 491 Week 5 Fraud Auditing (2 Papers)           ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Amazon)       ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Apple)           ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Barnes and Noble) NEW                

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UOPACC 491 Week 2 Ethics, Legal Liability, Audit Responsibilities Quiz NEW For more classes visit ACC 491 Week 2 Ethics, Legal Liability, Audit Responsibilities Quiz NEW       Question  1   One of the main reasons people act unethically is that they choose to act selfishly. True False     Question 2   Which of the following best describes the reason why an independent auditor reports on financial statements?     Poorly designed internal controls may be in existence. A misstatement of account balances may exist and is generally corrected as the result of the independent auditor's work. Different interests may exist between the company preparing the statements and the persons using the statements. A misappropriation of assets may exist, and it is more likely to be detected by independent auditors.     Question 3   Because of the risk of material misstatement, an audit should be planned and performed with an attitude of     independent integrity. professional skepticism. impartial conservatism. objective judgment.   Question 4   Recklessness in the case of an audit is present if the auditor knew an adequate audit was not done but still issued an opinion, even though there was no intent to deceive financial statement users. This description is the legal term for:     fraud. constructive fraud. gross negligence. ordinary negligence.     Question 5   In the performance of an audit, a CPA:   must exercise constructive professional care in the performance of their audit responsibilities. is legally liable for detecting an immaterial client fraud. must strictly follow GAAP for privately held clients. must exercise due professional care in the performance of their audit responsibilities. Question 6   The major reason an independent auditor gathers audit evidence is to     assess control risk. form an opinion on the financial statements. detect fraud. evaluate management.     Question 7   Ethics are: a set of moral principles or values. not formed by life experiences. always incorporated in laws. needed in the professions, but is not needed for society in general.     Question 8   If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor:     should notify regulators of the circumstances. should withdraw from the engagement. should request an increase in audit fees so that more resources can be used to conduct the audit. has the responsibility of notifying financial statement users through the auditor's report. should notify regulators of the circumstances.     Question 9   The objective of an audit of the financial statements is an expression of an opinion on:   the fairness of the financial statements in all material respects. the accuracy of the financial statements. the accuracy of the annual report. the fairness of the financial statements in all material respects. the accuracy of the balance sheet and income statement.   Question 10   ________ means that a person acts according to conscience, regardless of the situation.     Respect Fairness Integrity Caring   Question 11   How does the prudent person concept affect the liability of the auditor?     The prudent person concept states that a person is responsible for conducting a job in good faith, integrity, and with qualifications and attention that prevents errors. Therefore, the auditor is expected to conduct an audit using such due care that they can guarantee the accuracy of the financial statements.   The prudent person concept states that third parties can confidently rely on the independence of the auditors in their work. However there is liability to the auditors if they hide their lack of independence or they mislead the third parties.   The prudent person concept states that a person is responsible for conducting a job in good faith and with integrity, but is not infallible. Therefore, the auditor is expected to conduct an audit using due care, but does not claim to be a guarantor or insurer of financial statements.   The prudent person concept states that auditors are responsible for the accuracy of the financial statements that are prepared, but only based on his or her good faith. Therefore, the auditor must keep up with accounting standards to ensure compliance.   Question 12   What is an ethical dilemma?     An ethical dilemma is a situation that a person faces in which a decision must be made about the appropriate behavior.   An ethical dilemma is a synonym for a legal dilemma. None of the above An ethical dilemma in accounting occurs when an error in the financial statement has been discovered.     Question 13   What are the six core ethical values described by the Josephson Institute?     (1) Compassion, (2) Respect, (3) Loyalty, (4) Fairness, (5) Unbiased, and (6) Trustworthiness (1) Trustworthiness, (2) Respect, (3) Responsibility, (4) Fairness, (5) Caring, and (6) Citizenship (1) Caring, (2) Compassion, (3) Friendliness, (4) Respect, (5) Trustworthiness, and (6) Morality (1) Respect, (2) Loyalty, (3) Fairness, (4) Unbiased, (5) Compassion, and (6) Caring   Question 14   Distinguish between "fraud" and "constructive fraud."     The difference between fraud and constructive fraud is that fraud can occur when there is a misstatement due to recklessness of the auditor whereas in constructive fraud the intent to deceive will cause extensive harm damaging the company.     The difference between fraud and constructive fraud is that in fraud the wrongdoer intends to deceive another party whereas in constructive fraud there is a lack of intent to deceive or defraud   The difference between fraud and constructive fraud is that fraud can occur when there is a misstatement due to recklessness of the auditor whereas in constructive fraud the intent to deceive will cause extensive harm damaging the company. The difference between fraud and constructive fraud is that in fraud there is no intent to deceive or do harm however, in constructive fraud a misstatement is made where there is knowledge of its falsity.   The difference between fraud and constructive fraud is that fraud is the absence of reasonable care that can be expected of a person in a set of circumstances however constructive fraud is a lack of even the slightest care that can be expected of a person. Question 15   Auditors accumulate evidence to:   reach a conclusion about the fairness of the financial statements. satisfy the requirements of the Securities Acts of 1933 and 1934. determine if the financial statements are correct. defend themselves in the event of a lawsuit. reach a conclusion about the fairness of the financial statements.   Question 16   Which of the following best describes the reason why an independent auditor reports on financial statements?     Poorly designed internal controls may be in existence.     Different interests may exist between the company preparing the statements and the persons using the statements. A misstatement of account balances may exist and is generally corrected as the result of the independent auditor's work. A misappropriation of assets may exist, and it is more likely to be detected by independent auditors.   Question 17   If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:   constructive fraud. breach of contract. criminal neglect. contract fraud.          

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ACC 491 Week 2 DQ 1   What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit? For more classes visit www.uopassignments.com      

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ACC 491 Week 2 DQ 2 What are the components of the audit risk model? How does the audit risk model impact an audit plan? For more classes visit www.uopassignments.com    

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UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Apple) Check this A+ tutorial guideline at     For more classes visit Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX). State the company selected for the team assignments. Explains the reason the company was selected. Describe insights gained by performing some planning for this company.  

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UOP ACC 491 Week 4 Team Scenario Assignment Cheat Sheet on Evidence and Documentation     Check this A+ tutorial guideline at   For more classes visit   In further preparation for your audit of the company your team selected, you decided to gather your team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation included a review of evidence and documentation literature (Chapter 7).  To properly prepare the staff that will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be used in your presentation. Prepare a "Cheat Sheet" that briefly describes Audit Evidence and Documentation Standards, which includes the following topics. Each topic should be 90 to 175 words: • Comparison of Audit, Scientific and Legal Evidence Standards. • • Consideration of Sample Sizes and Methods (random, haphazard, monetary unit sample, judgmental) and how sampling affects evidence. • • Relevance, Reliability and Sufficiency of Evidence. • • Brief statement on the 80 types of audit evidence (physical examination, observation, confirmations, inquiry, recalculation, etc.). • • Purpose, Ownership, Confidentiality and Retention of Documentation.    

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UOP ACC 491 Week 5 Fraud Auditing (2 Papers)     Check this A+ tutorial guideline at     For more classes visit Write a 750- to 1,050-word paper on fraud auditing and IT auditing. • Describe the different kinds of fraud andthe Fraud Triangle, an auditor's responsibility to identify and assess fraud. • Describe the specific risks, benefits, and internal controls associated with IT functions. • Please do not plagiarize  

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UOP ACC 491 Week 4 Assignment Internal Control, COSO and SOX   Check this A+ tutorial guideline at   For more classes visit Write a paper on COSO and how it relates to Sarbanes-Oxley and the auditing of public companies in 700 to 1,050 words. Address the following: • Provide a brief history of COSO. • Describe the five components and 17 principles of the COSO Framework. • Review your company's "Management's Annual Report on Internal Control over Financial Reporting" and "Report of Independent Registered Public Accounting Firm" (usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.  

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UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Amazon) Check this A+ tutorial guideline at     For more classes visit Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX). State the company selected for the team assignments. Explains the reason the company was selected. Describe insights gained by performing some planning for this company.  

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UOP ACC 491 Week 1 Self Guided Quiz NEW   Check this A+ tutorial guideline at     For more classes visit   ACC 491 Week 1 Self Guided Quiz NEW       1. In your own words, define “Auditing.”   2. Discuss the importance of “Evidence” in auditing.   3. Define “Independence” and “Objectivity” as they relate to auditing.   4. Audits typically consist of three phases: Planning Fieldwork Reporting. Describe activities that accompany each phase.    5. Distinguish between Assurance and Attestation Services.   6. Describe the following types of Audits:   7. Discuss the following types of Auditors:   8. Identify the roles CPA firms play in society.   9. Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange  Commission (SEC) plays in regulating audits.   10. What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)?   11. Summarize the 10 components of Generally Accepted Auditing Standards (GAAS)   12. What are SAS, and for what are they used?   13. True or False – CPA firms are required to engage in quality control efforts of its audits? Why or Why not?   14. What is a Peer Review and how and when are they performed?   15. Why does government often have different auditing and accounting standards?  

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ACC 491 Week 1 DQ 1   The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become “assurance professions.” What is the difference between assurance  services , attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two? For more classes visit www.uopassignments.com      

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UOP ACC 491 Week 3 Scenario Assignment (Barnes and Noble) NEW   Check this A+ tutorial guideline at     For more classes visit   Week 3 Team Assignment Document You are a senior manager for the highly successful regional CPA firm of Fine, Dee, Evah, Dense, LLP (Fine). Since its inception nearly 30 years ago, Fine’s audit practice has exclusively consisted of auditing private and not-for-profit organizations. Recently, the partners have been considering an opportunity to audit a publically-traded company for the company your team has selected. The primary reason Fine has not heretofore ventured into auditing publically-traded companies is because of the potential risk and legal liability associated with auditing public companies. However, Fine has been a bit stagnant, business-wise, for the past few years, and some of the older and more risk-adverse partners are beginning to retire. Consequently, the lure of the often-lucrative and prestigious opportunity to audit a public company has become too hard to resist, so the partners have decided to pursue the chance to audit this company. On a beautiful early-September morning you are called into the senior partner’s office and told you and your team have been selected to lead the first-ever effort to audit a publically-traded company for Fine. You are honored, but also know auditing a public company is a bit more tricky and complicated than auditing private and not-for-profit organizations. Fortunately, the senior partner had considerable experience early in his career with another firm in auditing public companies and told you he would be with you all the way. Relieved, you asked him what he wanted you to do. He tossed you the most recent Form 10-K of the company you selected and gave you the following assignments: Review and discuss the Form 10-K for the company you have selected. Create a report that will have 4 sections. Section 1, Initial Risk Assessment. Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart. In 700-to 1,050-words: Describe the business briefly. Assess any risks you may encounter in auditing this company. General Audit Concerns The requisite background you and your team will need to adequately audit this company. Time it will take to adequately audit this client. General Business Concerns . Has the company you’re auditing recently increased or decreased their operations due to mergers or sales of parts of the business? Are they a conglomerate with lots of disparate kinds of goods and services, or are they a simple straight-forward type of business operating in a relatively small location? Are operating supplies (such as jet fuel or specialty plastics) in short supply or subject to wild pricing swings on the open market? What about overseas operations – are they operating in dangerous parts of the world? How robust or intense is the competition in this particular industry? Has their top management recently been replaced and if so, why? Is seasonality a factor for this company? How does that affect revenue and other operations? Describe the following issues: Ethics and Legal Issues The ethics and sophistication of top management and cultures where the company operates. Have there been significant auditing or accounting issues raised in the recent past? Did they have disputes with their previous audit firm? Is this company or industry particularly susceptible to lawsuits or other legal proceedings? Evaluate the regulatory and compliance requirements of this company: Regulatory and Compliance Concerns The compliance requirements of this company. Is it subject to a high-level of governmental regulation? Are employees unionized? Are they generally compliant with Sarbanes-Oxley and other regulatory rules? Section 2, Analytical Procedures Based on TABLE 8-1, p. 220 Examples of Planning Analytical Procedures and the sections on Analytical Procedures in the text, select three ratios (e.g. Current Ratio, Inventory Turnover, Debt to Equity, Return on Assets, etc.), calculate these ratios for your company and a competitor for the most recent year, and compare the results. Write a 350-to 525-word analysis of your findings. Note that these ratios are found in the Common Financial Ratios section of Chapter 8. Section 3, Materiality and Risk The senior partner wants to confirm your understanding of key concepts. Summarize each concept 90-175-words each. Materiality Misstatement Audit Risk Audit Risk Model Inherent Risk Relationship of Risk to Audit Evidence Section 4, Audit Tests The reading in Chapter 13 (p. 402-407) describes five types of audit tests of financial statements: Risk Assessment Procedures Test of Controls Substantive Tests of Transactions Analytical Procedures Tests of Details of Balances. In 350- to 700-words: Identify which tests are best suited for the company you selected and why. Explain why some tests are not suitable. Learning Team assignments build upon each other from Weeks 3-5. The first step in this process is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission - SEC - on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company's financial statements and adherence to Generally Accepted Accounting Principles - GAAP). The contents of this form will be the basis of the team assignments  

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UOP ACC 491 Week 1 Textbook Problem 1-20, 1-21, 2-18, 2-20   Check this A+ tutorial guideline at       For more classes visit   Text Problem 1-20 Distinguish between auditing and accounting. Text Problem 1-21 Differentiate between the three main types of audits and auditors. Text Problem 2-18 Describe the nature of CPA firms, what they do, and their structure. Text Problem 2-20 To what extent are AICPA auditing standards and international auditing standards similar?  

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UOP ACC 491 Week 1 DQ 2   Check this A+ tutorial guideline at     For more classes visit The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations. What is the definition of the standard of “due professional care”, and how might a court decide whether an audit firm met the standard?  Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act?  

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UOP ACC 491 Week 5 Team Assignment Scenario Assignment Summary (Barnes and Noble) NEW Check this A+ tutorial guideline at     For more classes visit Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX). State the company selected for the team assignments. Explains the reason the company was selected. Describe insights gained by performing some planning for this company.    

Check this A+ tutorial guideline at     For more classes visit

ACC 491 Week 4 DQ 2   What is the importance of defining the population when performing audit procedures? How will this affect the sample  size ? How will incorrectly defining the population affect the sampling unit? For more classes visit www.uopassignments.com    

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ACC 491 Week 3 DQ 1   How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Give examples. For more classes visit www.uopassignments.com    

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ACC 491 Week 4 DQ 1   What are some of the different types of sampling methods that are available to the auditor? How does the auditor decide which method to use? How will the different methods affect the audit? For more classes visit www.uopassignments.com    

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ACC 491 Week 3 DQ 2   Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions? For more classes visit www.uopassignments.com      

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UOP ACC 491 Week 3 Fraud Article Summary NEW For more classes visit ACC 491 Week 3 Fraud Article Summary NEW       Research an article in the University Library or from another credible source. The article should be about a recent accounting fraud incident within a company.   Summarize the article in 350 to 525 words.   Describe any measures you believe could have been used to avoid the problems presented in the article.   Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.  

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UOP ACC 491 Week 3 Team Scenario Assignment (Amazon)   Check this A+ tutorial guideline at   For more classes visit   Week 3 Team Assignment Document You are a senior manager for the highly successful regional CPA firm of Fine, Dee, Evah, Dense, LLP (Fine). Since its inception nearly 30 years ago, Fine’s audit practice has exclusively consisted of auditing private and not-for-profit organizations. Recently, the partners have been considering an opportunity to audit a publically-traded company for the company your team has selected. The primary reason Fine has not heretofore ventured into auditing publically-traded companies is because of the potential risk and legal liability associated with auditing public companies. However, Fine has been a bit stagnant, business-wise, for the past few years, and some of the older and more risk-adverse partners are beginning to retire. Consequently, the lure of the often-lucrative and prestigious opportunity to audit a public company has become too hard to resist, so the partners have decided to pursue the chance to audit this company. On a beautiful early-September morning you are called into the senior partner’s office and told you and your team have been selected to lead the first-ever effort to audit a publically-traded company for Fine. You are honored, but also know auditing a public company is a bit more tricky and complicated than auditing private and not-for-profit organizations. Fortunately, the senior partner had considerable experience early in his career with another firm in auditing public companies and told you he would be with you all the way. Relieved, you asked him what he wanted you to do. He tossed you the most recent Form 10-K of the company you selected and gave you the following assignments: Review and discuss the Form 10-K for the company you have selected. Create a report that will have 4 sections. Section 1, Initial Risk Assessment. Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart. In 700-to 1,050-words: Describe the business briefly. Assess any risks you may encounter in auditing this company.    

Check this A+ tutorial guideline at   For more classes visit