ACCT 444 DeVry All Week Discussions

ACCT 444 DeVry All Week Discussions 

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ACCT 444 DeVry All Week Discussions 

ACCT 444 DeVry Week 1 Discussion 1 

Compare and Contrast Standards (graded) 

Let's begin our discussion by identifying what the differences and similarities are, in audits of financial statements, 

compliance audits, and operational audits. 


Beekman Office Supply—Making Ethic Decisions (graded) 

Read the facts relating to the Beekman Office Supply case, which are presented in the 

attached.next.ecollege.com/ec/courses/58092/CRS-zzz-4755444/Documents/iep_beekman_script.rtf">script. Will Gail 

be in danger of a violation of the code of professional responsibility if she agrees to proceed as directed by the 

engagement partner? 


Basis of Claims against Auditors (graded) 

Please review Case 5-27, Part 1 (Whitlow & Company) in your textbook. Based on the facts outlined in the case, what 

liability, if any, does Mitchell & Moss have if Thaxton brought suit based on the Securities Exchange Act of 1934? 


Identifying Risk Factors (graded) 

Please review Case 11-33 (Kent, CPA) in your textbook. Refer to Table 11-2 on page 340. Identify facts that you believe 

may present a risk of fraud at SCS. 


Audit Evidence (graded) 

Please review Case 7-38 (Grande Stores) in your textbook. Identify the management assertions related to each of the 

fictitious supplier credits and unrecorded amounts in accounts payable using the facts presented. 


Risk and Materiality (graded)

Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is 

important in the context of auditing. Materiality is a function of the time, the situation, and the people involved. What is 

material from the point of view of a bank that lends money to the firm? 


Evaluating Internal Controls (graded) 

Please review Case 10-42 (Lady’s Fashion Fair) in your textbook. What are the sales-related audit objectives relative 

to this client? 


Controls in an Automated Environment (graded) 

Please review Case 12-30 (Jacobsons Inc.) in your textbook. How effective are the environmental controls currently in 

place at Jacobson's, the client described in the case? 


The Audit Program (graded) 

Please review Case 13-35 (Gale Brewer, CPA) in your textbook. In this case, we are going to find weaknesses in the 

design of an audit program. What are the major deficiencies in the audit, and why did they take place? Do you see any 

ethical issues with the auditor's behavior?" 


Audits of the Sales Cycle (graded) 

Please review Case 14-33 (Meyers Pharmaceutical Company) in your textbook. This case requires us to document the 

controls over our client's sales process, to describe tests of controls, to do substantive tests, and finally, to design the 

audit program. What are the internal controls over sales for each of the six transaction-related audit objectives? 


Audit Sampling (graded) 

Please review Case 15-34 (Carbald Supply Company) in your textbook. In this case, we are performing our audit tests 

of the sales process, and in reviewing the required procedures, we determine that we will need to decide if the use of 

sampling is appropriate to accomplish our audit objectives. Considering what you have learned from your eBook 

reading, course lecture, and Becker material, choose one of the procedures listed in the case, and discuss whether 

audit sampling for exceptions would be conveniently used to test that procedure. 


Audit of Sales (graded) 

Please review Case 16-34 (Small town Regional Hospital) in your textbook. In this case, we are auditing the sales and 

collection cycle of a nonprofit hospital. Just because it is a nonprofit organization, that does not eliminate the need for 

the auditors to assess risk. What are the major factors affecting client business risk and acceptable audit risk for this 

audit? 

ACCT 444 DeVry Week 7 Discussion 1

Smackey Dog Food (graded) 

This week, we will be using the You Decide Activity (located under its own tab this week) as a focus of this discussion 

topic. First, we will begin with a quick review of audit reports and what you learned from your eBook reading, course 

lecture, and Becker material. What five circumstances are required for a standard, unqualified opinion to be issued? 

Please respond to the You Decide Activity questions as requested by the instructor. 


Contingent Liabilities (graded) 

Class, let's discuss the final work needed to complete the audit. In completing the audit, the auditor reviews potential 

contingent liabilities. What is a contingent liability? Describe the three ranges of loss contingencies outlined in SFAS 

No. 5, including a brief summary of the accounting and disclosure requirements. Later in the week, we will take a look 

at Problem 24-27.

ACCT 444 DeVry All Week Discussions

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