DEVRY ACCT 555 Entire Course

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Howard Cunningham & Co., CPAs, designates its firm as Members of the American Institute of Certified Public Accountants. All of the partners of the firm are CPAs. However, one of the partners has recently chosen to allow her membership to lapse because of personal reasons. 5. (TCO C) Under the provisions of the Sarbanes-Oxley Act of 2002 (SOX), the audit committee of a public company has specific guidelines to which employees must adhere. Discuss some of the mandated features of the audit committee of a public company under SOX. 6. (TCO D) Discuss some of the steps the AICPA and the accounting profession as a whole can and are taking to reduce practitioners’ exposure to lawsuits. You answer should provide at least five steps. 7. (TCO F) Match nine of the terms (A–K) with the definitions provided below (1– 9). A – Foot B – Compute C – Scan D – Inquire E – Count F – Trace G – Recompute H – Read I – Examine J – Observe K – Compare _____ 1: A calculation done by the auditor independent of the client _____ 2: Addition of a column of numbers to determine if the total is the same as the client’s _____ 3: A comparison of information in two different locations _____ 4: A use of the senses to assess certain activities _____ 5: Following details of transactions from original documents to journals _____ 6: A less detailed examination of a document or record to determine if there is something unusual warranting further investigation _____ 7: Obtaining information from the client in response to specific questions _____ 8: A determination of assets on hand at a given time _____ 9: An examination of written information to determine facts pertinent to the audit 8. (TCO G) Discuss the essential activities involved in the initial planning of an audit.
<strong>ACCT</strong> <strong>555</strong> Final Exam 1. (TCO B) An auditor was unable to obtain sufficient appropriate audit evidence concerning certain transactions due to an inadequacy in the entity’s accounting records. The auditor would choose between issuing a(an): (Points : 5) 2. (TCO K) An auditor should consider which of the following when evaluating the ability of a company to continue as a going concern? (Points : 5) 3. (TCO A) An auditor’s independence is considered impaired if the auditor has: (Points : 5) 4. (TCO H) Which of the following should be included as a written representation from management? (Points : 5) 5. (TCO E) An auditor would most likely be concerned with internal controls that provide reasonable assurance about the: (Points : 5) 1.(TCO A) In performing an ATTEST Engagement A CPA would be required to do what as part of the engagement? (Points : 19) 2.(TCO B) When a CPA performs an Audit the Client is always looking to receive a “CLEAN OPINION” or an Unqualified Opinion. Explain what your client must do for a CPA to justify that Unqualified Opinion? (Points : 19) 3.(TCO C) – Based upon the below 4 situations – explain your position of “why” or “why not” the following circumstances would have violated the professions ethical standards when you are a practicing CPA? 4.(TCO D) Discuss five steps individual practicing auditors can take to minimize their legal liability.(Points : 19) 5.(TCO F) Sarbanes Oxley requires that per Section 404 that Internal Controls within a publicly held company are to be reviewed, evaluated and tested at year end to insure that adequate controls are in place. In addition to understanding the Internal Controls present within your client’s company, the auditor must also evaluate whether these controls are in place, and implemented. How does an auditor evaluate these controls to see that they are working and in place?(Points : 19) 1. (TCO E) What is COSO? Describe the 5 elements of COSO’s Internal Control- Integrated Framework. Provide an example of each of those components and explain
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DEVRY ACCT 555 Entire Course

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