Acc 403 Week 8 Assignment 2

You have been assigned to analyze the accounting information for a Fortune 500 corporation. From the e-Activity, evaluate which tools you would use to analyze its business processes, indicating your rationale.

* From the e-Activity, choose one (1) of the eight (8) steps in the Clarified Auditing Standards–Learning and Implementation Plan. Based on the step you have chosen, analyze support for the action plan proposed, and make at least two (2) recommendations that would improve support of the action plan.

Use appropriate and scholarly sources in order to complete this assignment successfully, such as peer-reviewed literature and web sources that have .edu, .gov, and .org domain addresses. Wikipedia, and most .com sources are not considered to be of sufficient scholarly rigor.

Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

Course Home Work aims to provide quality study notes and tutorials to the students of MAT 510 Week 10 Discussion Question in order to ace their studies.

2.What other factors did you need to control during your investigation? Explain how you controlled each one in your procedure.

Moreover, the auditor should preform test for effectiveness of internal controls. He may interview management by asking questions on the process of the transactions and operational activities. He may discuss with management the process of some transactions from beginning to end and then test it by using sample testing. Also he/she should make sure that there is proper control of activities; policies and procedures for adequate segregation of duties are met.

“Keystone Computers & Networks, Inc. (KCN) is a company that sells and installs computer workstations and networking software to business customers. The CPA firm of Adams, Barnes & Co. has audited the financial statements of KCN for the past three years. The case illustrates selective audit planning working papers that were prepared by the staff of Adams, Barnes & Co. for this year’s audit.” I will be listing the order in which I would perform this audit and I will decide if I should select the client and focus on the key audit objectives while applying the audit risk model.

Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.

Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions?

Use at least two (2) quality academic resources in this assignment. Note:Wikipedia and other Websites do not qualify as quality academic resources.

5. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and

2. Assume that an auditor has accepted an engagement from a new client, a manufacturer of textile materials. Discuss the ways in which the auditor’s observations made during the course of a brief tour of the client’s manufacturing plant, in the initial stages of the audit,

On an ongoing basis Auditors perform methodical and independent reviews of paperwork, financial records, documents and receipts. Due to the complexity and difficulty nature of assessing judgment on audit reports, the necessity to determine if misstatements are material enough to be mentioned in the audit report and if the existing accounting position of the business or industry can be warranted is essential (Sun, 2016). With this information auditors are able to document and determine if the information presented can be verified and if it represents a true and fair standing of the company’s financial statement at that given point in time. Internal control deficiencies occurs in situations where the manner in which financial information that is reported is hindered by restrictions placed upon management and employees. Additionally, these boundaries hinders them from efficiently and accurately identifying misstatements while performing their daily tasks (Graham & Bedard, 2015). Based on established internal controls auditors are able to perform different procedures that are required to follow while performing an audit and also at the conclusion of an audit to detect Internal control deficiencies.

An audit report is an opinion written by an auditor regarding the financial statements of an organization. The report is prepared using a format that is standard and generally accepted. However, there can be variations in the report; it only depends on the circumstances of the work and the engagement of the auditor (Asare & Wright pg. 198). An auditor 's opinion can either be a clean opinion, qualified opinion, adverse opinion or a disclaimer opinion. An honest opinion is given if the financial statements show a fair representation of an organization 's financial position. A qualified opinion is offered if there were any limiting factors imposed on the work of the auditor. An adverse opinion is delivered if there was a