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Category: Accounting

Describe how the nature of evidence used to evaluate the control environment differs from the nature of evidence used to evaluate control activities

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REVIEW QUESTIONS What is the auditor’s responsibility for obtaining an under- standing of internal control? How does that responsibility differ for audits of public and nonpublic companies?Jeanne Maier, CPA, believes that it is appropriate to obtain an under- standing of internal control about halfway through the audit, after she is familiar with the client’s operations […]

Describe the four steps performed by the auditor when obtaining an understanding of internal control and assessing control risk.

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TASK 1.Describe the four steps performed by the auditor when obtaining an understanding of internal control and assessing control risk.2. What is the purpose of a control risk matrix?3. What four types of procedures are used by auditors to test whether internal controls are operating effectively. Why are the financial statement audit findings relevant to […]

Is customers’ credit approved by a responsible official and is access to change credit limit master files restricted?

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ASSIGNMENT 1.Is customers’ credit approved by a responsible official and is access to change credit limit master files restricted?2. Is the recording of sales supported by authorized shipping documents and approved customer orders?3. Is there adequate separation of duties between billing, recording sales, and handling cash receipts?4. Are sales invoices prenumbered and accounted for?1. Is […]

Analyze potential multicollinearity issues of the X variables (all variables except for trips). Use threshold=10. What variables are eliminated?

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TASK Boating trips.csv contains a dataset describing the number of boating trips of leisure boat owners. It contains the following variables: Trips: number of boating trips in the survey year Quality: respondent’s rating of the facility’s quality Ski: whether the respondent engages in water-ski activities Income: household income in $1000. Userfee: has the respondent paid […]

Describe the differences in evaluating, reporting, and testing internal control for nonpublic and smaller public companies.

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TASK Obtain and document an understanding of internal control. Assess control risk by linking key controls and control deficiencies to transaction-related audit objectives. Describe the process of designing and performing tests of controls. Explain how control risk impacts detection risk and the design of substantive tests. Explain requirements for auditor reporting on internal control. Describe […]

Briefly describe how the Maxwell Technologies, Inc. 2011 and 2012 financial statements were misstated.

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TASK The SEC issues Accounting and Auditing Enforcement Releases (AAERs) summarizing SEC actions concerning civil lawsuits brought by the SEC in federal court and related settlements from administrative proceedings. Visit the SEC’s website (www.sec.gov) and locate the link to Accounting and Auditing Enforcement Releases (AAERs) under the “Enforcement” tab. Locate AAER-3932 involving Maxwell Technologies, Inc. […]

Divide the five functions among four people in such a way as to maintain the best possible control system.

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ASSIGNMENT You are doing the audit of Phelps College, a private school with approximately 2,500 students. With your firm’s consultation, they have instituted an IT system that separates the responsibilities of the computer operator, systems analyst, librarian, programmer, and data control group by having a different person do each function. Now, a budget reduction is […]

Assume that economic times become so severe for Phelps College that only two people can be employed to do IT functions.

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ASSIGNMENT The following are misstatements that can occur in the sales and collection cycle: 1. A customer order was filled and shipped to a former customer, which had alreadyfiled for bankruptcy. 2. For a sale, a data entry operator erroneously failed to enter the information for thesalesman’s department. As a result, the salesman received no […]

Prepare monthly statements for customers by printing the accounts receivable master file; then mail the statements to customers.

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TASK The following are misstatements that have occurred in Fresh Foods Grocery Store, a retail and wholesale grocery company: 1. On the last day of the year, a truckload of beef was set aside for shipment but was notshipped. Because it was still on hand, the inventory was counted. The shipping document was dated the […]

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