ACCT 555 DeVry Complete Homework Package
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<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> <strong>Complete</strong> <strong>Homework</strong> <strong>Package</strong><br />
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<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> <strong>Complete</strong> <strong>Homework</strong> <strong>Package</strong><br />
<strong>ACCT</strong><strong>555</strong><br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 1 <strong>Homework</strong><br />
Chapter 2, pages 41–44: Problems 2-16, 2-17, 2-19, and 2-20<br />
Chapter 3, pages 67–69: Problems 3-23, 3-25, and 3-26<br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 2 <strong>Homework</strong><br />
4-18, 4-21, 4-22, 5-17, 5-19, 5-21, 5-26, 11-19, 11-20<br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 3 <strong>Homework</strong><br />
6-19 (Objective 6-1) The following questions concern the reasons auditors do audits. Choose the best response.<br />
Which of the following best describes the reason why an independent auditor reports on financial statements?<br />
Because of the risk of material misstatement, an audit should be planned and performed with an attitude of<br />
The major reason an independent auditor gathers audit evidence is to<br />
6-20 (Objective 6-3) The following questions deal with errors and fraud. Choose the best response.<br />
An independent auditor has the responsibility to design the audit to provide reasonable assurance of detecting errors<br />
and fraud that might have a material effect on the financial statements. Which of the following, if material, is a fraud as<br />
defined in auditing standards?<br />
What assurance does the auditor provide that errors, fraud, and direct-effect illegal acts that are material to the financial<br />
statements will be detected?<br />
6-27 (Objectives 6-6, 6-7) The following are specific transaction-related audit objectives applied to the audit of cash<br />
disbursement transactions (a through f), management assertions about classes of transactions (1 through 5), and<br />
general transaction-related audit objectives (6 through 11).<br />
Specific Transaction-Related Audit Objective<br />
Recorded cash disbursement transactions are for the amount of goods or services received and are correctly recorded.<br />
7-25 (Objectives 7-3, 7-4) The following questions concern persuasiveness of evidence. Choose the best response.<br />
Which of the following types of documentary evidence should the auditor consider to be the most reliable?<br />
Which of the following statements concerning audit evidence is true?<br />
Audit evidence can come in different forms with different degrees of persuasiveness. Which of the following is the least<br />
persuasive type of evidence?
Which of the following presumptions is correct about the reliability of audit evidence?<br />
7-26 (Objectives 7-5, 7-6) The following questions concern audit documentation. Choose the best response.<br />
Which of the following isnota primary purpose of audit documentation?<br />
During an audit engagement, pertinent data are compiled and included in the audit files. The audit files primarily are<br />
considered to be<br />
Although the quantity, type, and content of audit documentation will vary with the circumstances, audit documentation<br />
generally will include the<br />
The permanent file of an auditor’s working papers most likely would include copies of the<br />
7-27 (Objective 7-4) The following are examples of documentation typically obtained by auditors:<br />
7-28 (Objective 7-4) The following are examples of audit procedures:<br />
8-25 (Objectives 8-1, 8-3) The following questions concern the planning of the engagement. Select the best response.<br />
Which of the following is an effective audit planning procedure that helps prevent misunderstandings and inefficient use<br />
of audit personnel?<br />
8-28 (Objectives 8-2, 8-3, 8-4, 8-5) The following are various activities an auditor does during audit planning.<br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 4 <strong>Homework</strong><br />
9-22 (Objectives 9-1, 9-2) The following questions deal with materiality. Choose the best response.<br />
9-23 (Objectives 9-6, 9-8) The following questions concern audit risk. Choose the best response.<br />
· Some account balances, such as those for pensions and leases, are the result of complex calculations. The<br />
susceptibility to material misstatements in these types of accounts is defined as<br />
9-24 (Objective 9-9) The following questions deal with audit risk and evidence. Choose the best response.<br />
10-30 (Objectives 10-1, 10-2, 10-7) The following are general questions about internal control. Choose the best<br />
response.<br />
· When considering internal control, an auditor must be aware of the concept of reasonable assurance, which<br />
recognizes that the<br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 5 <strong>Homework</strong><br />
Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27<br />
Chapter 13, pages 429–430: Problems 13-22, 13-23, and 13-24<br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 6 <strong>Homework</strong><br />
Chapter 14 Problems 14-21, 14-22, 14-23 14-24,<br />
Chapter 15 Problems 15-22, 15-24, 15-25,<br />
Chapter 16 Problem 220,21,22,24,28<br />
Chapter 17 Problem 28<br />
<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> Week 7 <strong>Homework</strong><br />
20-17
a. A factory foreman at Steblecki Corporation discharged an hourly worker but did not notify the human resources<br />
department. The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the<br />
checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure<br />
for preventing this activity is to<br />
An auditor found that employee time records in one department are not properly approved by the supervisor. Which of<br />
the following could result?<br />
The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the<br />
20-20<br />
· Identify whether each of the procedures is primarily a test of control or a substantive test of transactions.<br />
· Identify the transaction-related audit objective(s) of each of the procedures.<br />
21-17<br />
Which of the following controls will most likely justify a reduced assessed level of control risk for the occurrence<br />
assertion for purchases of inventory?<br />
21-18<br />
When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that<br />
21-19<br />
Which of the following procedures is the auditor least likely to perform on the actual date the physical inventory count<br />
is observed?<br />
21-20<br />
For each of the preceding questions, state the purpose of the internal control.<br />
For each internal control, list a test of control to test its effectiveness.<br />
For each of the preceding questions, identify the nature of the potential financial misstatement(s) if the control is not in<br />
effect.<br />
For each of the potential misstatements in part c, list a substantive audit procedure to determine whether a material<br />
misstatement exists