DEVRY ACCT 555 Entire Course
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5.(TCO J) One of the major problems in a computer system is that incompatible<br />
functions may be performed by the same individual. Identify from the below choices<br />
the control compensating for inadequate segregation of duties in a computer system.<br />
Explain why you have selected your response.<br />
(a) Echo Checks<br />
(b) A check digit system<br />
(c) Computer-Generated hash totals<br />
(d) A computer access log (Points : 30)<br />
6.(TCO K) You are the Senior Auditor for WWZ Co. and you have completed the<br />
testing of all the accounts. However, prior to issuing your report, what are at least<br />
five other procedures or reviews that must be performed prior to issuing your<br />
report? Explain your responses(Points : 30)<br />
<strong>ACCT</strong> <strong>555</strong> Week 8 Final Exam<br />
1. (TCO A) There are ten generally accepted auditing standards, divided into three<br />
categories. What are the standards of reporting?<br />
2. (TCO A) Distinguish between generally accepted auditing standards (GAAS) and<br />
generally accepted accounting principles (GAAP). What professional organization<br />
establishes GAAS? What professional organization establishes GAAP?<br />
3. Assume you are the partner in charge of the audit of Franklin Corporation’s<br />
2002 financial statements. The audit report has not yet been prepared. In each<br />
independent situation following, indicate the appropriate opinion you should issue<br />
and why you would issue that opinion<br />
4. State whether there is any violation of the AICPA Code of Professional Conduct,<br />
and the nature of the violation. Where there is a violation, evaluate the potential<br />
legal liability the accountant may face. Justify your position<br />
5. Discuss at least five of the actions that can be taken by individual CPAs, to<br />
protect themselves from legal liability<br />
6. (TCO E) Bobby Thigpen, waiter at Relief Stop, has been taking cash from the<br />
restaurant. Thigpen prepares a customer’s check from which the customer pays.<br />
Thigpen then destroys the check, and prepares a new one with different items of