SAS 106, AUDIT EVIDENCE: Write a report summarizing SAS 106.

Visit the AICPA website at the URL below. http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Authoritative+Standards+and+Related+Guidance+for+Non-Issuers/auditing_standards.htm Print a copy of SAS 106 Audit Evidence. Write a report summarizing SAS 106. Your report should ad ...continues

Sarbanes-Oxley Act and the PCAOB

The following comments summarize the beliefs of some practitioners about the Sarbanes-Oxley Act and the PCAOB. The Sarbanes-Oxley Act is unnecessary regulation of the profession. The costs of requirements such as reporting on the effectiveness of internal control over financial reporting greatly exceed the benefits. These i ...continues

12-56 Auditing Procedures and Objectives: acquisition and payment cycle

12-56 (Audit Procedures and Objectives) The following audit procedures are found in audit programs addressing the acquisition and payment cycle. Required For each audit procedure described: a. Identify the objective of the procedure or the audit assertion being tested. b. Classify the procedure as primarily a substantiv ...continues

Developing responses to assessed risks in terms of staffing and the nature, timing and extent of audit tests

5-35 (Developing responses to assessed risks) Your client, General Television, Inc. manufactures televisions and during the current year acquired Micro Engineering, Inc., which manufactured flat panel plasma screens for computers so that it could compete in the market for flat panel televisions. Following is a list of several ri ...continues

Auditing and CPAs are discussed: possible defense against litigation for deficiency in audit of accounts receivable.

In confirming accounts receivable on December 31, 2007 the auditor found 15 discrepancies between the customers’ records and the recorded amounts in the accounts receivable master file. A copy of all confirmations that had exceptions was turned over to the company controller to investigate the reason for the difference. He, in ...continues

Mutiple Choice Questions

_____ 1. When planning an examination, an auditor should A. Consider whether the extent of substantive tests may be reduced based on the results of the internal control questionnaire. B. Make preliminary judgments about materiality levels for audit purposes. C. Conclude whether changes in compliance with prescrib ...continues

Graduate-level paper on movie 'Catch Me If You Can' regarding frauds depicted

Rent or buy and watch the movie Catch Me If You Can, starring Leonardo DiCaprio and Tom Hanks. Your goal is to write a paper regarding the fraud depicted in the movie. Your paper should discuss one to three specific fraudulent activities illustrated in the movie. For each of your examples of fraud from the movie, your discuss ...continues

Rand & Brink Auditing Procedures: evaluate company ideas

On October 21, Rand & Brink, a CPA firm, was retained by Suncraft Appliance Corporation to perform an audit for the year ended December 31, A month later, James Minor, president of the corporation, invited the CPA firm's partners, George Rand and Alice Brink, to attend a meeting of all officers of the corporation. Mr. Minor op ...continues

Auditing

On May 19, 1987, a short article in The Wall Street Journal reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million insurance restoration project. This project was just the most recent of a series of large restoration jobs obtained by ZZZZ Best (pronounced "zee best") Company. Loca ...continues

Three business situations: How to detect, prevent and deal with employee fraud

1. Yvette, a CEO of a large manufacturing company, recently attended a seminar about fraud prevention. She suspects that frauds have already been committed in her company. She decided one technique she would use to help uncover the fraud and prevent future frauds in her company, is to conduct interviews of employees. She realize ...continues