...intention is to honor all legitimate requests. The deadline is necessary to allow sufficient time for a meaningful solution. Exceptional circumstances will also be considered at any time during the semester. Student Evaluation: Tests – 2 tests (mid-term and final- 100 pts each) 200 pts Cases: 6 total cases Group Cases: You are leader- 1@ 50 pts 50 pts You are group member- 2@25 pts 50 pts Individual Cases- 3 @ 33.33 pts 100 pts Total Points 400 pts Textbooks: Arens, Elder and , Auditing & Assurance Services: An Integrated Approach 15th ed., Prentice-Hall, 2014 Trussel, John M. and Frazer, J. Douglas The Lakeside Company: Case Studies in Auditing, 12th edition, Prentice-Hall , 2012 Student Learning Objectives- The student will be able to: 1. incorporate professional standards into case analyses and essay responses. 2. perform as a group leader and as a group member to organize work and present it in a professional manner. 3. develop solutions in light of both general business ethics and the AICPA Professional Code of Conduct. 4. demonstrate facility with basic audit steps and the documentation of such work. 5. demonstrate how...
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...Prepared by : Mohd Hafiz Bin Abdul Halim | Mohd Faizal Bin Jamaluddin | Rosnida Binti Othman |Nur Iliza Binti Misnan | Syaifulradzman Bin Shaifuddin | Asmidar Binti Ahmad@Salleh | Majdi@Abdul Hadi Bin Ishak | Hasmawazi Binti Hamzah | Azwira Binti Mahmud |Nur Azreen Azriana Binti Azham | PA 603 Auditing and Assurance PA 603AUDITING AND ASSURANCE CASE STUDY: Phase 2,3 & 4 PROBLEM BASED LEARNING PROCESS STAGES 1 PBL ACTION PROCESS Group Introduction students to PBL via experiential learning Setting Assign student with a course guide that consist of rationale, objective and content Define roles of facilitator and student Introduce members DOCUMENT & RECORD ASSIGN 2 Trigger Designation of work groups Establish ground rules Student confront a problem 4 groups (max 10 person per group) of student are given by case study Rancangan Mengajar Semester Course Outline PBL Process First meeting minute Member`s Organization Chart, Directory & Group`s Rules Facilitator Facilitator Facilitator Learning member`s Facilitator & Learning member`s 3 4 5 6 7 Present the problem Identify and clarify problem Describe the problem Idea Student design a plan Generation Inquire the possible ideas (solve the problem) Learning Determine what needs to be learnt in order to understand or solve the Issue problem Generate learning issue and action plan Identify resources Self – Inquire the research sources Directed Seek and summarize relevant information...
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...CASE PREPARATION CHART Student Name | Jeremy Liew Wei Wen | Student ID | 1121116242 | Submission date | 16 May 2016 | Case title | Flat cargo berhad: An Auditor’s conundrum | Section | AC01 | ------------------------------------------------- ------------------------------------------------- ASSESSMENT To be filled by facilitator Components | Scores | Scores | | 1 mark | 2 marks | 3 marks | 4 marks | | Completeness of case chart | Case chart is incomplete | Some of the case chart requirements are met satisfactorily. | Most of the case chart requirements are met satisfactorily. | All case chart requirements is met satisfactorily. | | Submission | On-time submission | N/A | N/A | N/A | | TOTAL | | Case analysis STAGE 1 Issues Explain the main issues underlying the case. Place extra attention on the what, why and when. Main issue regarding to the Flat Cargo Berhad is consist of few factor, the main issue face by Flat Cargo Berhad, accounting fraud, found that Flat Cargo Berhad (FCB) was involved in fraud, this matter will bring great impact to the accounting profession of Malaysia and the public confidence towards the profession will collapse similar to the case of Enron that is revealed in the year of 2001 from the pressure which regard to sustain in the industry leader in Malaysia air cargo carrier and maintain reputation of FCB under the international crisis in oil. Opportunities, for the poor internal control, which poor audit committee which affected independence...
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...REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section 1: Comprehensive...
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...Fall 2009 | | | |Section 05: 12:30-1:45 T-Th | | | | | |Room: HSB 101 | | PROFESSOR: Dr. Chris Pullig OFFICE: HSB 223 OFFICE HOURS: T-Th 1:45 – 4:00 or by appointment PHONE: 710-4769 (Office) and 836-0206 (Home) EMAIL: Chris_Pullig@Baylor.edu Course Description and Objectives: One of the most valuable assets for any firm is the brand associated with its products and/or services. Despite this, very little attention has been paid to the subject in business education. To address this, Strategic Brand Management is an advanced elective that addresses important branding decisions faced by an organization. Its basic objectives are: 1) to increase understanding of the important issues in planning and evaluating brand strategies; 2) to provide the appropriate theories, models, and other tools to make better branding decisions; and 3) to provide a forum for students to apply these principles. Specifically, we will cover: • Building customers’ brand knowledge • Generating brand identities...
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...Individual case 1.6 NextCard, Inc. 131099123 李少东 Questiuons: 1. Should auditors evaluate the soundness of a client’s business model? Defend your answer. I think obviously auditors should evaluate the soundness of a client’s business model. Reasons are listed below: 1) According to the GAAS, the second standard of field work states: The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature timing, and extent of further audit procedures. So it is the standards that asks auditors to evaluate the soundness of a client’s business model to avoid material misstatements. 2) By means of evaluating the client’s business model, auditors could understand its ability to continue as a going concern. As a result, auditors can more accurately identify the acceptable audit risks and release themselves from being a defendant. 3) Also if the auditors have evaluated the soundness of a client’s business model, they can find potential fraud or error before the field work begins, which could make them easier to focus on some specific accounts to find out whether there is fraud in the company. 2. Identify and briefly describe the specific fraud risk factors present during the 2000 NextCard audit. How should these factors have affected the planning and execution of that engagement? According...
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...YingJieSheng.COM ............................................................................................................................................5 1.1 .......................................................................................................................................................5 1.2 .......................................................................................................................................................5 1.3 ...........................................................................................................................................................6 1.4 ...............................................................................................................................................6 kpmg ....................................................................................................................................7 2.1 2013kpmg ..................................................................................................................7 2.2 verbal ...............................................................................................8 2.3 Oct.13.2013. KPMG .............................................................................................................................8 2.4 ........................................................................................................................................9 2.5 10.12KPMG ....................................
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...ALLSTATE INSURANCE (CASE STUDY) TABLE OF CONTENTS Question 1: Operational audit opportunities (areas) …………………………………..3 Question 2: The audit program for Allstate insurance ………………………………....3 Question 3: The assertions to be tested and whether they can be audited effectively and efficiently………………………………………………….........5 Question 4: The policies and procedures in Allstate insurance ……………………....7 Question 5: Controls and weaknesses in Allstate insurance ………………………….7 Reference …………………………………………………………………………….............8 QUESTION 1: OPERATIONAL AUDIT OPPORTUNITIES (AREAS) 1. Auditing the legal Expenses to attorneys representing policy holders. This should include the comparison between legal fees incurred by Allstate staff attorneys and outside attorneys representing clients and scrutiny of time cards and bills 2. Audit of Allstate policyholder contracts. To find out about the terms of reference between Allstate and policy holders, and address questions of whether the legal services offered by lawyers are in accordance with the terms specified in the contracts and To what extent do contract terms cover the policy holders 3. Audit of legal Services to Policy holders; to address the following questions: Is the office receiving appropriate value for the dollars spent?, are policy holders satisfied with the legal services offered by the company?, are the legal services offered in conformity with applicable laws and standards...
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...ACC 491 Entire Course http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. ACC 491 Week 1 DQs Access the SEC home page at http://www.sec.gov. What is one of the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is one the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the...
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...(SPV), Cargo Air Services Sdn Bhd and FC Air Ltd. The company’s head office was located in Selangor. Their main activities covered air transportation services, aircraft ground handling services, aircraft engineering, technical and maintenance services, trading and leasing of aircraft and supplying of aircraft spare parts and accessories. Kencana & Associates served as FCB’s auditors. During their audit of the 2006 accounts, the auditors identified several discrepancies. They incurred a number of auditing difficulties, i.e. the inability to verify aircrafts, returned debtors’ confirmation letters, unsupported sales transactions, improper amounts of recorded loan, and unverified abnormal items. The situation posed reconciliation problems to the auditors with respect to the information presented to them. The inconsistencies suggested that the auditors could have failed to become aware of the accounting irregularities in FCB’s records. The situation raised doubts with the auditors as to the possibility of fraud taking place during the course of the audit. STATEMENT OF LEARNING OBJECTIVES 1. Skills acquisition: • • • • • • Identifying indicators of...
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...OVERVIEW OF AUDITING I. Review Questions 1. One definition of auditing is that it is a systematic process by which a competent, independent person objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. The Philippine Standards on Auditing (PSA) 120 “Framework of Philippine Standards on Auditing” states the objective of an audit as follows: “The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared in all material respects, in accordance with an identified financial reporting framework.” 2. This apparent paradox arises from the distinction between the function of auditing and the function of accounting. The accounting function is the process of recording, classifying and summarizing economic events to provide relevant information to decision makers. The rules of accounting are the criteria used by the auditor for evaluating the presentation of economic events for financial statements and he or she must therefore have an understanding of generally accepted accounting principles (GAAP), as well as generally accepted auditing standards (GAAS). The accountant need not, and frequently does not, understand what auditors do, unless he or she is involved in doing audits, or has been trained as an auditor. ...
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...ACCT 4400 Case Set 1 Case Set 1 covers Ethics and Professionalism in Auditing, and consists of the following cases: Case 1-1: Accounting Scandal Case 1-2: Audit Dilemma Case 1-3: Independence Case 1-1: Accounting Scandal This case focuses on the Diamond Foods accounting scandal. To complete this assignment, you should first conduct research using the Internet to better understand Diamond Foods and its fraud. Second, answer the following questions. Questions: 1. What was the motivation for the Diamond Foods scandal? Be specific, simply stating “greed” is insufficient. 2. (a) In general, what is a conflict of interest? (b) What role did the board of directors at Diamond Foods play in creating conflicts of interest at the company? (c) How should an auditor have responded to the conflicts of interest at Diamond Foods? 3. (a) What are momentum payments? (b) What was the role of momentum payments in the Diamond Foods scandal? 4. How did Diamond Foods fund its aggressive growth strategy of multiple acquisitions during a short period of time? Case 1-2: Audit Dilemma Assume that you have just started as a staff auditor at a large accounting firm. For your first audit, you are assigned to E&K books, a public company. Your firm has been auditing this client for several years, and has always given E&K clean opinions. A senior, Ella, will lead fieldwork on the E&K audit. You are glad to be working with Ella because...
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...North Texas ACCT 4400 (3 hours): Auditing - Professional Responsibilities Summer II 2012 Section 001 - Section Time Place 001 MTWR 10:00am -11:50am BLB 255 Instructor: Jay Baker, MSFS, MBA,CPA,CFP Email: Best way to contact me – EMAIL ME ONLY at Keith.Baker@unt.edu Phone: 940.369.8156 Office and Office Hours: BLB 387C - Tue. & Wed. 12:00 p.m. – 1:00 p.m. Required Materials: 1. Auditing & Assurance Services: A Systematic Approach. Messier, Glover, and Prawitt. 8th ed. 2012. Prerequisites: ACCT 3120 and ACCT 4100; BLAW 3430; must have a 2.5 GPA in all ACCT 3000 and ACCT 4000 courses taken at UNT or their equivalent taken at other colleges and universities to take this course. ACCT 4400 may not be taken more than twice whether at UNT or at another college or university. Class Website: A class website will be established and maintained throughout the course on Blackboard (go to http://www.unt.edu/ and click the link at the top for “Blackboard”). Course materials such as notes will be available on Blackboard. You are responsible for anything that I note through Blackboard emails and announcements. Course Description: Introduction to auditing and the professional responsibilities of a career in any specialty of the accounting profession. Topics include the legal and ethical responsibilities of accountants; professional auditing standards; the audit risk model; the acquisition, evaluation and documentation of audit evidence; reports on the results of the audit engagement. Learning Objectives:...
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...CHAPTER 6 Audit Planning, Understanding the Client, Assessing Risks and Responding Brief Topical Outline A. The audit process 1. Obtaining clients (PowerPoint 6-2) — Submit a proposal — communicate with predecessor auditors 2. Overall process (PowerPoint 6-3,4) B. Audit planning (PowerPoint 6-5) 1. Establish an understanding with client, ordinarily through use of an engagement letter (PowerPoints 6-6, and 6-7) 2. Overall on audit planning (PowerPoint 6-8) C. Obtain an understanding of the client and its environment 1. Risk assessment procedures (PowerPoint 6-9) 2. Business risk approach to the audit (PowerPoint 6-10 through 6-16) 3. Materiality D. Assess the risks of material misstatement and design further audit procedures 1. Overall approach (PowerPoint 6-17) 2. Assessing fraud risks (PowerPoints 6-18 through 6-21) 3 Design further audit procedures (PowerPoints 6-22 and 6-23) E. Organization of the audit program 1. The systems portion 2. The substantive test portion (PowerPoint 6-24) 3. Analyzing transactions affecting accounts (PowerPoint 6-25) 4. Indirect verification of income statement accounts (PowerPoint 6-26) 5. Assertions, objectives and procedures (PowerPoint 6-27) — Management assertions — Direction of audit testing (PowerPoint 6-28) — Substantive objectives for the audit of asset accounts ...
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...HUISWERK WEEK 3 (E6 C32 & E8 C39) + OPGAVE E7 DQP 29 & 31 Case 6-32 a. A review provides limited assurance about the fair presentation of financial statements in accordance with generally accepted accounting principles but far less assurance than an audit. Presumably, the bank decided that the assurances provided by a review were needed before a loan could be approved, but an audit was not necessary. A review includes a CPA firm performing analytical procedures, making inquiries about the fair presentation of the statements, and examining the information for reasonableness. Because of a CPA firm’s expertise in accounting, the accountant from the CPA firm can often identify incorrect presentations in the financial statements that have been overlooked by the accountant of the company. Reviews are common for smaller privately-held companies with relatively small amounts of debt. The bank probably did not require an audit because the additional cost of an audit was greater than the benefit the bank perceived. In many cases, the decision as to whether to have a review or an audit is negotiated between the company seeking a loan and the bank loan officer. Both the company and the bank have options in negotiating such things as the amount of the loan, the rate of interest, and whether to require an audit or a review. The bank can reject the loan request and the company can go to other banks that want to make loans. Frequently, banks have a list of CPA firms in which they...
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