... |Syllabus | | |School of Business/Graduate | | |ACC/546 Version 2 | | |Auditing | Copyright © 2009, 2008, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role, planning the audit, audit reporting and required communications, evaluating internal controls, audit programs for current assets and liabilities, and audit programs for other business cycles. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend...
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...the following questions deal with audits by CPA firms. 14. Choose the best response. A. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? 1) It is difficult to prepare financial statements that fairly present a company’s financial position, operations, and cash flows without the expertise of an independent auditor. 2) It is management’s responsibility to seek available independent aid in the appraisal of the financial information shown in its financial statements. 3) The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements. 4) Itisacustomarycourtesythatallstockholdersofacompanyreceiveanindependent report on management’s stewardship of the affairs of the business. B. Independent auditing can best be described as 5) A branch of accounting. 6) Adisciplinethatatteststotheresultsofaccountingandotherfunctionaloperations and data. 7) A professional activity that measures and communicates financial and business data. 8) A regulatory function that prevents the issuance of improper financial information. C. Which of the following professional services is an attestation engagement? 9) A consulting service engagement to provide computer processing advice to a client. 10) An engagement to report on compliance with statutory requirements. ...
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...To: Apollo Shoes Board of Directors, Audit Committee From: Joe Gish, CPA RE: Audit Introductory Letter Gentlemen and Ladies: It is with great pleasure that our firm, JK CPA will be conducting the annual audit of Apollo Shoes. This is a tremendous responsibility that JK CPA will undertake in being the auditors for your prestigious firm. Over the next two months, we will conduct various tests of the accounts to determine within reasonable assurance that the financial statements are free from material misstatements. Within two weeks we will send out exactly what we need from the accounting and internal audit department. This way, we want this audit to be as smooth as possible. In addition, we will also send out a detailed engagement letter along with a checklist, which will also contain our plans and goals to accomplish for the audit. I have made sure we have a solid team in place that is well versed in manufacturing and distributing companies such as yours to give you the top auditors in the field, so you can rest assured that JK CPA will cover all of your needs and then some. Once again, thank you for your choice in JK CPA as your auditors we look forward collaborating now and in the years to come. Engagement Letter: John Doe, CFO Apollo Shoes 1234 W. Main Street Anywhere, USA 00000 Dear Mr. Doe, This letter is to confirm our understanding that JK CPA will perform the audit of the financial statements of Apollo Shoes. The primary objective is...
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...TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory JoinSearchBrowseSaved Papers Home Page » Business and Management Memo to Manager In: Business and Management Memo to Manager Memo Date: March 22, 2010 To: Andre Adams, Program Coordinator of the TerpZone * From: * Adedoyin Ogunbajo, Tournament Coordinator, the TerpZone Subject: Proposal to implement a sign-up fee for all video game tournaments. Purpose The purpose of this proposal is to request your approval to evaluate the current video game tournament sign-up process and ultimately institute an entrance fee for all tournaments starting next semester. Summary When the TerpZone started running the video game tournament series, I personally did not know what to expect, as I was in charge of coming up with a schedule of games, implementing the schedule into the TerpZone calendar, coming up with various ideas to market the various tounrmanents, and actually hosting and running the tournaments. But as the results have shown, the TerpZone video game tournament series has been a huge success, and the attendance numbers have steadily increased as more students become aware of the possibilities that our tournaments offer. However, as this number has continued to increase and I have continued to implement different new strategies and additions to the tournaments, there still lies the problem of what measure of compensation the students...
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...financial reporting for roles as CPAs. Students learn important criteria for calculating capital changes, applying concepts of fixed assets and cost determination, and preparing consolidated financial statements. Other topics include the professional responsibilities of CPAs, deferred taxes, cash flow statements, balance sheet preparation, restructuring of troubled debt, and the intricacies of comprehensive income. Week 1 - Topic 1: Reporting Issues Objectives Differentiate among the services provided by auditors. Explain procedures for reporting accounting changes and error corrections. Describe the professional responsibilities of accountants in financial reporting. Compare and contrast the forms of business structure. Explain the methodology used to determine deferred taxes. Materials SUPPLEMENT: Week One Content Outline SUPPLEMENT: Week One Mind Map SUPPLEMENT: Week One Student Road Map SUPPLEMENT: Sample Final Exam EBOOK COLLECTION: Auditing and Assurance Services, Ch. 1 EBOOK COLLECTION: Intermediate Accounting, Ch. 19 EBOOK COLLECTION: Intermediate Accounting, Ch. 22 EBOOK COLLECTION: Advanced Accounting, Ch. 7 EBOOK COLLECTION: Financial Accounting Theory and Analysis, Ch. 17 Assessment Individual Assignment: CPA Report As the CPA for a large organization, your manager has asked you to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them...
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...Q 1-1 Discuss the role of each of the following in the formulation of accounting principles: * a.American Institute of Certified Public Accountants The AICPA’s mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those areas where public reliance on CPA skills is most significant. To achieve this mission, the AICPA develops standards for audit and other services provided by CPA; provides educational guidance materials to its members; creates and grades the Uniform CPA Exam; and monitors and enforces compliance with the profession’s audit, technical and ethical standards. * b.Financial Accounting Standards Board The goal of financial accounting standards is to help stakeholders make informed investment decisions based on honest financial statements. The standards are designed to promote transparency in financial reporting. When information is transparent, it is visible and understandable to the public. This enables potential investors and creditors to make accurate evaluations of the businesses' finances. Accounting standards also help the board of directors to assess management's effectiveness. Financial statements identify areas that need improvement and enable the boards to take early corrective actions. * c.Securities...
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...2013-2014 CPA, CMA Candidate’s Guide 2013-2014 Candidate’s Guide Note to Readers Dear Candidates: You have chosen the CPA profession, one of the most demanding and enriching that there is. We congratulate you and promise to do everything we can to make this the best choice for your professional development. Specially designed for you, this guide provides detailed descriptions of all components of the CMA Strategic Leadership Program, at the end of which all conditions for obtaining the CPA designation should be fulfilled. This guide is an essential tool that you should read carefully since it outlines all of the rules governing the Program. These rules are intended to ensure, on the one hand, that all candidates master the skills necessary to practice the profession and, on the other hand, that everyone is treated equally. It is in this spirit that the moderators, correctors and staff of the Order make sure that they are respected. Note: Wherever there is a difference in interpretation, the French version of this Guide will prevail over the English version. o Happy reading! 2 2013-2014 Candidate’s Guide Table of contents Note to Readers Chapter 1 CMA Strategic Leadership Program (SLP) 1.1 1.2 SLP objectives and basics The SLP in steps 1.2.1 Phase 1 - Development 1.2.1.1 Learning activities 1.2.2 Case Examination 1.2.3 Phase 2 - Application 1.2.4 Report to the Board 1.2.5 Practical experience Evaluation methods for learning activities and national...
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...ACC 492 Week 4 Individual Multiple Choice Quiz To Buy This material Click below link http://www.uoptutors.com/ACC-492/ACC-492-Week-4-Individual-Multiple-Choice-Quiz 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. b. Unqualified opinion or qualified opinion. c. Emphasis paragraph with unqualified opinion or an adverse opinion. d. Qualified opinion or adverse opinion. 2. An auditor determined that the company is suffering financial difficulty and the going concern status is seriously in doubt. Even though the company has placed adequate disclosures in the financial statements, the auditor must choose between which of the following audit report alternatives? a. Unqualified report with a going-concern explanatory paragraph or disclaimer of opinion. b. Standard unqualified report or a disclaimer of opinion. c. Qualified opinion or adverse opinion. d. Standard unqualified report or adverse opinion. 3. A company accomplished an early extinguishment of debt, and the auditors believe that literal application of SFAS No. 98 would cause recognition of a loss that would materially distort the financial statements and cause them to be misleading. Given these facts, the auditor would probably choose which reporting...
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...Auditing Week 1 Assignment – Assurance Services Professor Foster To: Apollo Shoes From: Small Firm CPA, Chris Matthews, Lead Auditor RE: Assurance Services Based on the accounting department meeting on January 10, below is an outline of the primary assurance and attestation services offered by Small Firm CPA. This outline will provide the company with additional detail regarding key distinction between these service offerings as well as their intended use. In addition to highlighting each of the areas of service, the attached brief summary includes some of the requirements for providing the different levels of service offered by Small Firm CPA. Services Offered As a part of providing accounting service to our clients, Small Firm CPA offers a wide range of assurance and attestation service that are intended to provide surety surrounding a company’s financial statements, accounting functions, and business operations. To provide this level of surety, Small Firm CPA offers services with vary levels of scope, review, and focus. Below is a summary of the primary assurance and attestation service offerings: * Financial Statement Audits – Financial statement audits are generally the most comprehensive review of a company’s financial position and assertions. These engagements are designed to provide the highest level of assurance regarding the company’s financial reports using generally acceptable accounting procedures. The financial statement reports includes...
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...ACC202: Principles of Managerial Accounting: Week 5 – Assignment: 3 Final Paper September 24, 2012 Esther Lopez Instructor: Paul Verlasky (Name of University or School) ACC202: Principles of Managerial Accounting: Week 5 – Assignment: 3 Final Paper September 24, 2012 Esther Lopez Instructor: Paul Verlasky (Name of University or School) Application in Managerial Accounting Looking back to the beginning of this course, these few weeks have been a great challenge, confusion, and knowledge. Before starting the Accounting course, seeing it as a world of numbers, solving mathematic problems, spreadsheets, and journals. I found myself learning a new world of knowledge of financial reports, assessing tools of management in understanding financial concepts which will allow to be organized, efficient, and productive. In the First week, we learn the differences between Managerial and Financial Accounting. Financial accounting is design as an informational tool for business managers and limited to the needs of external users for investors and creditors. Managerial accounting focuses on information used by executives, managers, and employees who within the business it allows them to plan, direct, and control business operations. Also, reviewing the cost behavior, operating leverage, and profitability analysis. “To plan and control business operations effectively, managers need to understand how different costs behave in relation to changes in the volume of activity...
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...CPA Program The practical experience guide and logbook If you require further information about the practical experience requirement, or would like to notify us of a change, please contact CPA Australia: practicalexperience@cpaaustralia.com.au or contact your local office – details can be found on the inside back page of this guide. Disclaimer The material used in this booklet has been designed and prepared for CPA Australia’s practical experience requirement. It provides tailored guidance for mentors who are registered in CPA Australia’s practical experience requirement. The booklet and contents should not be used for any other purpose. CPA Australia, the publisher and the author of this booklet take no responsibility for any loss incurred by any person who relies on guidance offered in this booklet. Legal notice Copyright CPA Australia Ltd (ABN 64 008 392 452) (“CPA Australia”), 2010. All rights reserved. Save and except for third party content, all content in these materials is owned by or licensed to CPA Australia. All trade marks, service marks and trade names are proprietory to CPA Australia. For permission to reproduce any material, a request in writing is to be made to the Legal Business Unit, CPA Australia Ltd, 385 Bourke Street, Melbourne, Victoria 3000. CPA Australia has used reasonable care and skill in compiling the content of this material. However, CPA Australia and the editors make no warranty as to the accuracy or completeness of any information in these...
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...Becker CPA Review, PassMaster Questions Lecture: Financial 6 CPA PassMaster Questions–Financial 6 Export Date: 10/30/08 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Becker CPA Review, PassMaster Questions Lecture: Financial 6 Pension Plans CPA-00679 Type1 M/C A-D Corr Ans: D PM#1 F 6-01 1. CPA-00679 FARE R02 #8 a. b. c. d. Page 19 Which of the following disclosures is not required of companies with a defined-benefit pension plan? A description of the plan. The amount of pension expense by component. The weighted average discount rate. The estimates of future contributions. CPA-00679 Explanation Choice "d" is correct. Although pension accounting has extensive disclosures, projections of future contributions into a pension plan are not required. "a", "b", and "c" are required disclosures. CPA-00681 Type1 M/C A-D Corr Ans: C PM#2 F 6-01 2. CPA-00681 FARE R99 #13 Page 9 Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows: "A" will retire after three years. "B" and "C" will retire after five years. "D" will retire after seven years. What is the amount of prior service cost amortization in the first year? a. b. c. d. $0 $5,000 $20,000 $25,000 CPA-00681 Explanation Choice "c" is correct. Amortization of unrecognized prior...
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...[pic] |Course Syllabus School of Business ACC/544 Internal Control Systems | |Copyright © 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description In this course, students gain a broad perspective of accounting and control that considers attainment of all goals of the organization, including those concerned with financial objectives. Topics include an overview of control, risk management, internal control systems, controls for current asset functions, controls for other accounting classifications, controls for information technology systems, and reporting on controls. Policies Students will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Louwers, T. J., Ramsay, R., Sinason, D., & Strawser, J. (2007). Auditing and assurance services: A look beneath the surface (2nd ed.). New York, NY: McGraw-Hill. McCarthy, M. P. & Flynn, T. P. (2004). Risk from the CEO and board perspective: What all managers...
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...Effectively Communicating with Clients By J. David Strother, CFP®, AIFA®, financial advisor at DSF Wealth Management, LLC Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right. The fact is that the vast majority of advisors want to sell, but very few know how to effectively communicate with their clients to successfully conclude the process. In order to strengthen your relationships with current clients and continue to bring in new ones, communication needs to be a priority of your firm’s day-to-day operations. It is very difficult to execute effective communication over longer periods of time unless it's part of your business model, part of the DNA of your firm. In my experience, advisors who establish effective communication principles within their practices will see immediate results, while those who do not come off as erratic and anecdotal. Communication is not an event, it is a process that is lived day by day. Why Effective Communication is Important Communication has the potential to become the ultimate differentiator in prospecting efforts and then in client retention. In our industry, there is a lot of competition for affluent clients and the frequency and quality of your communication can make all of the difference when it...
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...Applied Payroll Management (APM) Online Learning Course Outline Total Hours: 5 – 8 hours per week Prerequisites: Introduction to Payroll Management, Organizational Behaviour Management, Managerial Accounting, and Compensation & Benefits Management Course Description: This course is the final core payroll course in the Certified Payroll Manager (CPM) certification program. Applied Payroll Management provides professionals with the opportunity to apply relevant management processes in a payroll department context. Benchmarking, best practices development and human resources skills - such as monitoring, motivating, assessing and supervising personnel - are utilized to enable the payroll professional to achieve organizational and career goals. Upon completion of Applied Payroll Management, you should be able to: Define the legislative compliance role of a payroll professional, including how payroll can expand its role in an organization Analyze payroll's relationship with the finance, human resources and information technology departments in an organization Participate in continuous improvement strategies through benchmarking and the application of best practices Identify the processes required for evaluating, implementing and maintaining new payroll systems Participate in the development of payroll employees through the use of cascading objectives, job design, professional development, succession planning and performance measurement ...
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