...question Short answer * 30 points possible * 6 questions * ~3 minutes per question Exam is worth a total of 150 points Chapter Break-Down Chapter 1 * 1 MC question * 3 total points (2% of the exam) Chapter 2 * 3 MC questions * 9 total points (6% of the exam) Chapter 3 * 5 MC questions * 1 Short answer question * 20 total points (~13% of the exam) Chapter 4 * 5 MC questions * 1Short answer question * 20 total points (~13% of the exam) Chapter 5 * 6 MC questions * 18 total points (12% of the exam) Chapter 6 * 5 MC questions * 1 Short answer question * 20 total points (~13% of the exam) Chapter 7 * 5 MC questions * 1 Short answer question * 20 total points (~13% of the exam) Chapter 8 * 6 MC questions * 1 Short answer question * 23 total points (~15% of the exam) Chapter 9 * 4 MC questions * 12 total points (8% of the exam) Current Events * 1 Short answer question * 5 total points (~3% of the exam) Important Topics (This is intended to help guide the focus of your review for the exam, however, it is not intended to be sufficiently detailed to the exact exam questions. Note: many of the topics listed are broad and cover a variety of more specific points. Thus, not everything can or will be tested.) Chapter 1 * What is an audit * Fundamental Concepts in conducting a financial statement audit * Materiality, audit risk, and audit evidence ...
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...Chapter 1 The Role of the Public Accountant True/False Questions 1. Independent audits of today place more emphasis on sampling for compliance with laws and regulations than the audits of the 19th century. Answer: True Difficulty: Medium 2. The American Institute of Certified Public Accountants issues CPA certificates and permits CPAs to practice. Answer: False Difficulty: Medium 3. A company is either audited by the GAO or internal auditors, but not both. Answer: False Difficulty: Easy 4. The SEC does not pass on the merits of the securities that are registered with the agency. Answer: True Difficulty: Medium 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. Answer: False Difficulty: Easy 6. An annual peer review is a requirement of the AICPA. Answer: False Difficulty: Medium 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. Answer: True Difficulty: Easy 8. Staff assistants in CPA firms generally are responsible for planning and coordinating audit engagements. Answer: False Difficulty: Easy Whittington, Principles of Auditing, Fifteenth Edition 1 Chapter 1 The Role of the Public Accountant 9. The Sarbanes-Oxley Act requires that auditors of publicly traded companies in the United States perform an integrated audit that includes providing assurance on both the financial statements and on compliance with laws and regulations...
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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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...1. | Question : | (TCO F) The objective of the ordinary audit of financial statements is the expression of an opinion on: | | | Student Answer: | | the fairness of the financial statements | | | | the accuracy of the financial statements | | | | the accuracy of the annual report | | | | the balance sheet and income statement | | Instructor Explanation: | Chapter 6, p. 134. | | | | Points Received: | 5 of 5 | | Comments: | | | | 2. | Question : | (TCO F) If the auditor believes that the financial statements are not fairly stated or is unable to reach an conclusion because of insufficient evidence, the auditor: | | | Student Answer: | | 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 | | Instructor Explanation: | Chapter 6, p. 135. | | | | Points Received: | 5 of 5 | | Comments: | | | | 3. | Question : | (TCO F) Which of the following statements is true of a public company's financial statements? | | | Student Answer: | | Sarbanes-Oxley requires only the CEO to certify the financial statements. | | | | Sarbanes-Oxley requires only the CFO to certify the financial statements. | | | | Sarbanes-Oxley requires the CEO and CFO to certify the financial statements. | | | | Sarbanes-Oxley...
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...Gleim EQE Test Prep: Auditing and Systems (10 questions) ACC400 Auditing, Chapter 1-2 Pre Quiz Name: Date: [1] Gleim #: 1.1.1 -- Source: CPA 1193 A-9 In performing an attestation engagement, a CPA typically A. B. C. D. Supplies litigation support services. Assesses control risk at a low level. Provides management consulting advice. Expresses a conclusion about an assertion. Answer (A) is incorrect. Litigation support services are consulting services. Answer (B) is incorrect. The CPA assesses control risk in an audit but not necessarily in all attest engagements. Furthermore, the assessment may not be at a low level. Answer (C) is incorrect. An attest engagement results in a conclusion about an assertion. Answer (D) is correct. When a CPA in the practice of public accounting performs an attest engagement, the engagement is subject to the Statements on Standards for Attestation Engagements (codified as AT 101 to AT 801). An attest engagement is one in which a practitioner is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on subject matter, or an assertion about the subject matter, that is the responsibility of another party. [2] Gleim #: 1.1.7 -- Source: CPA, adapted A CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements (SSAE) when engaged to A. Review management’s discussion and analysis (MD&A) prepared pursuant to rules and regulations adopted by the SEC. B. Report on financial...
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...# Correct: | Multiple Choice | 30 | 23 | Essay | 3 | N/A | | | Grade Details - All Questions | Page: | 1 2 | Question 1. | Question : | (TCO A) An AICPA committee in 1986 broke forensic accounting into two broad areas: | | | Student Answer: | | Damages and valuation. | | | | Investigative accounting and litigation support. | | | | Accounting and valuation. | | | | Accounting and general consulting. | | | | None of the above ( ) | | Instructor Explanation: | Chapter 1, page 1-12 | | | | Points Received: | 4 of 4 | | Comments: | | | | Question 2. | Question : | (TCO A) Who was probably the first modern forensic accountant? | | | Student Answer: | | Alex Moore | | | | Cleveland F. Bacon | | | | James McClelland | | | | William H. Shawcross | | | | None of the above ( ) | | Instructor Explanation: | Chapter 1, page 1-7 | | | | Points Received: | 0 of 4 | | Comments: | | | | Question 3. | Question : | (TCO A) Which is not one of the three Ms of financial statement fraud? | | | Student Answer: | | Missing general ledger | | | | Manipulation | | | | Misrepresentation | | | | Intentional misapplication | | | | None of the above ( ) | | Instructor Explanation: | Chapter 3, page 3-5 | | | | Points Received: | 4 of 4 | | Comments: | | | | Question 4. | Question : | (TCO...
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...[pic] COURSE: MKT 4398 – Strategic Brand Management TERM: 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: ...
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...CHAPTER ONE INTRODUCTION 1.0 Background OF THE STUDY Financial accountability is not complete without audit, which remains one of the most neglected and mis-understood areas of financial management. This could be traced to the crudeness of accounting methods used in the early stages of civilization where individuals check account by themselves. It is for this reason that the practice of audit has been accorded its rightful place with a view to imposing some system of check upon person whose business involves to record the receipt and disbursement of money on behalf of others. However, the need for audit mostly government account is precipitated by a number of issues. One of such issue is the size of the public sector, the financing of which have become very burdensome, especially with the fall in public revenue resulting from the change of circumstances of the international oil market. According to Asechemic (1999), the pervasive presence of public sector is due, in part, to the historical national condition of a weak private modern sector in the past colonial Nigerian economy. The economy activity of government arising from this historic condition has made the Nigerian public sector very large. A need to reduce the size of the public expenditure has become clear to many observers. The privatization and commercialization project in the structural adjustment programmers (SAP) is an office response to the call for a reduction of public sector spending. ...
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...CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | | | | | |Define information risk and explain how auditing and assurance services play|1, 2, 3 |48, 50 | |a role in reducing this business risk. | | | | | | | |Define and contrast accounting, auditing, and assurance services. |4, 5, 6, 7, 8 |47 | | | | | |Describe and define the management assertions embodied in financial |9, 10, 11 |52, 54 | |statements, and why auditors use them as a focal point of the audit. ...
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...COURSE BACKGROUND The course involves study of the theory and practice of professional auditing. The successful completion of the course provides a basic understanding of the nature of auditing, the responsibilities of auditors, and generally accepted auditing standards. It will provide a basic foundation to facilitate further study for those who wish to take professional examinations such as the Certified Public Accounting Exam, and the Certified Internal Auditing Exam. IV. LEARNING OBJECTIVES This course is concerned with the technical and conceptual skills involved in an audit or examination of financial statements. You will learn about Auditing Standards and Principles involving planning of an audit, report wording for different engagements and situations, audit risk, and fraud consideration. Various engagement tasks will be introduced including the collection of audit evidence, the study and evaluation of internal control systems, the use of sampling, and documenting work performed on the engagement. Communication skills and analytical...
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...Business | Test | Quiz 3 | Started | 1/27/12 1:38 PM | Submitted | 1/27/12 2:32 PM | Status | Completed | Score | 100 out of 100 points | Time Elapsed | 53 minutes out of 2 hours. | Instructions | This quiz consist of 20 multiple choice questions. The first 10 questions cover the material in Chapter 3. The second 10 questions cover the material in Chapter 4. Be sure you are in the correct Chapter when you take the quiz. | Question 1 5 out of 5 points | | | If trade restrictions among nations were eliminated:Answer | | | | | Selected Answer: | competition would increase, resulting in lower prices and increased choices for consumers. | Correct Answer: | competition would increase, resulting in lower prices and increased choices for consumers. | | | | | Question 2 5 out of 5 points | | | Trading blocs are groups of countries:Answer | | | | | Selected Answer: | that have reduced or eliminated tariffs allowing for a free flow of goods among member nations. | Correct Answer: | that have reduced or eliminated tariffs allowing for a free flow of goods among member nations. | | | | | Question 3 5 out of 5 points | | | In countries like China and India, the availability of cell phones:Answer | | | | | Selected Answer: | has enabled these nations to greatly improve telecommunications without investment in conventional landlines. | Correct Answer: | has enabled these nations to greatly...
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...06_0789735733_ch02.qxd 4/5/07 1:29 PM Page 63 2 CHAPTER TWO IT Governance This chapter helps you prepare for the Certified Information Systems Auditor (CISA) exam by covering the following ISACA objectives, which includes understanding the role IT governance plays in providing assurance. The assurance structure starts at the top with senior management and continues downward through the organization. This includes items such as the following: Tasks Evaluate the effectiveness of IT governance structure to ensure adequate board control over the decisions, directions, and performance of IT so that it supports the organization’s strategies and objectives. Evaluate the IT organizational structure and human resources (personnel) management to ensure that they support the organization’s strategies and objectives. Evaluate the organization’s IT policies, standards, and procedures; and the processes for their development, approval, implementation, and maintenance to ensure that they support the IT strategy and comply with regulatory and legal requirements. Evaluate the IT strategy and the process for its development, approval, implementation, and maintenance to ensure that it supports the organization’s strategies and objectives. Evaluate monitoring and assurance practices to ensure that the board and executive management receive sufficient and timely information about IT performance. Evaluate management practices to ensure compliance with the organization’s...
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...com/ACC455-Corporate-Taxation-Complete-Class-002.htm Week 1 Individual Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB accounting. Explain the objectives of the two standards boards and how they are similar and different. Describe how the modified accrual basis of accounting differs from full accrual accounting. Format your paper consistent with APA guidelines. Discussion Questions DQ 1 Log into http://www.charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. DQ 2 What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? DQ 3 What are some examples of government and not-for-profit organizations? How do businesses measure success? How do government organizations measure success? DQ 4 What is the purpose of CAFR? What are the components of CAFR? Why is the Federal Government not subject to GASB 34? How do government-wide financial statements add information not available in fund financial statements? Week 2 Individual Ch. 1, 2, & 3 Textbook Exercises Resources: Ch. 1, 2, & 3 of Government and Not-for-Profit Accounting Prepare written answers to the following assignments from Government and Not-for-Profit Accounting: Ch. 1: Exercise 1-1, Questions 1, 3, 4, 5, 7, & 8 Ch. 2: Question...
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...Chapter 2, pp. 41-44: Problems 2-7, 2-10, 2-16, 2-20 Chapter 3, pp. 67-69: Problems 3-23, 3-25, 3-26 2-7 (Objectives 2-2, 2-4, 2-5) Who is responsible for establishing auditing standards for audits of public companies? Who is responsible for establishing auditing standards for private companies? Explain. A. For public companies, the standards are established by the PCAOB, whereas the standards for all non-public entities are set by the Auditing Standards Board of the AICPA. The split between public and private entities occurred as a result of the passage of the Sarbanes-Oxley Act which set up the PCAOB. 2-10 (Objective 2-6) Generally accepted auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. The critics believe the standards should be more specific to enable practitioners to improve the quality of their performance. As the standards are now stated, some critics believe that they provide little more than an excuse to conduct inadequate audits. Evaluate this criticism of the 10 generally accepted auditing standards. B. The standards are provided as a minimum standard, not a maximum, and auditors are encouraged to strive for more. The concern for more specificity in the standards is that it could turn into a mechanistic process of data gathering, removing all professional judgment from the audit. The standards also need to have the flexibility to fit into the specific situation of a company,...
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...Chapter 01 Student: ___________________________________________________________________________ 1. What is the common characteristic of Aristotle's virtues and ethical standards for CPAs? A. Truthfulness B. Integrity C. Loyalty D. Due care Jane finds a material misstatement while auditing a client's accounts receivables. Her senior tells her to ignore the misstatement so that the client does not get upset. Jane wants to be viewed as a team player in order to advance in the firm. So Jane follows her senior's instructions and ignores the misstatement. Which ethical theory did Jane use to make her decision? A. Egoism B. Justice C. Virtue ethics D. Utilitarianism Which of the following situations would be considered ethical? A. The cashier at Wal-Mart gives you $5 more than you were supposed to receive and you don't do anything about it B. You accidentally back into a car at Wal-Mart and leave your information for them to call C. Receiving fake $20 bills and using them in a store while knowing they are fake D. Finding a phone in a restaurant and keeping it Each of the following characteristics describes the importance of integrity in decision making except for: A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others Each of the following describes the behavior of Cynthia Cooper in the WorldCom fraud except for: A. Persistence B. Competence C. Integrity D. Hesitance The...
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