ACC 421 mod 5 1 assignment

Assignment 1: Individual research/essay You are a newly hired fraud examiner. You have been asked to write a preliminary report on the Paving Company Case scenario based on the information presented in Units 1 to 4 and findings from your additional research.  Your report should not exceed 2,000 words. The word limit is not inclusive of the bibliography and cover page.  In your response, the following points must be addressed fully: a)      Determine the type of fraud committed and describe the symptoms of fraud that might be evident to an investigator.  b)      As discussed in units 1 to 4, all frauds involve key elements. Identify and describe using examples the elements of the Sharp's fraud.  c)       In the scenario, Sharp’s employer has been putting more emphasis on controlling costs for the various businesses. With the slowing of overall spending in the construction sector, Travolta had ordered managers to closely monitor expenses. He had sold several companies and has given vice…

Briefly explained the following key concepts below: A. Forensic Accounting B. Financial Accounting C. Auditing D. Fraud Examination E. Fraud Examiner F. Professional standards, legislation and regulatory requirements   NB: Answer questions A-F

10 What is the name of the individual that carries out auditing for a company or client called? ______________   Question 10 options:   a)  Actuarial   b)  Professional   c)  Analyst   d)  Auditor

ll Digicel ? ( 8:20 AM © 49% P Flag question Time left 0:34:28 Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about economic actions and events in order to determine how well they correspond to the established criteria. Developing knowledge of business operations is regarded as a part of which of the following audit processes? а. evaluation of evidence b. collection of evidence С. planning d. communication of results Question 3 A moodle.uog.edu.gy

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7 Any of the parties listed below can be responsible for providing the financial information that will be audited by the auditor, except  _______________   Question 7 options:   a)  Audit committee   b)  The customers   c)  Management   d)  The engaging part

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48 Audit working papers are used to record the results of the auditor's evidence-gathering procedures.  When preparing     working papers, the auditor should remember that working papers should be  Group of answer choices  designed to meet the circumstances and the auditor's needs on each engagement.  the primary support for the financial statements being examined.  kept on the client's premises so that the client can have access to them for reference purposes.  considered as part of the client's accounting records that are retained by the auditor.

Q1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2: Which of the following is normally the most reliable source of audit evidence? a- Banker’s statements b- Minutes of Board Meeting c- Oral confirmation from the management. d- Internal audit reports of the company Q3: Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 only

ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways.Required:Identify and explain the five stages in audit process. Discuss three importance of audit planning. b) You are the audit senior in charge of the audit of Malaika Company and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerk’s own bank account. This clerk has subsequently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department.Required:i) Describe six procedures which should be undertaken during the audit of wages as a result of the manager’s assessment of the increased risk of fraud.

Auditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal…

5 ___________ is a tool for planning, directing, and controlling the audit work. a. Engagement letter b. Audit programme c. Audit report d. Audit evidence

Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?