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Category: Accounting

Identify one or more fraud risks that you believe exist due to the nature of Pinnacle’s industry. Indicate the accounts most likely to be affected by the identified fraud risks.

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TASK In Parts I (pp. 267–269) and II (pp. 302–303) of this case, you performed preliminary analytical procedures and assessed acceptable audit risk and inherent risk for Pinnacle Manufacturing. The auditor also assesses fraud risk as part of risk assessment procedures performed during audit planning. You have been invited by the audit partner on the […]

Describe the type of fraud risk that is likely associated with the need for this audit procedure.

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TASK The following audit procedures are included in the audit pro- gram because of heightened risks of material misstatements due to fraud. 1. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related parties. 2. Search sales databases for missing bill of lading numbers. 3. […]

What is the auditor’s responsibility for discovering this type of embezzlement?-What evidence can the auditor use to uncover the fraud?

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TASK Each year near the balance sheet date, when the president of Bargon Construction, Inc., takes a 3-week vacation to Hawaii, she signs several checks to  pay major bills during the period she is absent. Jack Morgan, head bookkeeper for the company, uses this practice to his advantage. Morgan makes out a check to himself […]

List the most important weaknesses in their processes and state the misstatements that are likely to result from the weakness.

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TASK The Kowal Manufacturing Company employs about 50 production workers and has the following payroll procedures.The factory foreman interviews applicants and on the basis of the interview either hires or rejects them. When applicants are hired, they prepare a W-4 form (Employee’s Withholding Exemption Certificate) and give it to the foreman. The foreman writes the […]

What suggestions do you have for changing the process to reduce the future potential for fraud?

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ASSIGNMENT The following misstatements are included in the accounting records of the Dillon Manufacturing Company: 1. Cash paid on accounts receivable was stolen by the mail clerk when the mail wasopened. 2. A sales invoice was miscalculated by $1,000 as a result of a key-entry mistake. 3. Cash paid on accounts receivable that had been […]

Create a bar graph of the number of restatements announced by year (extract the year from the Disclosure Date column).

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0-24 (OBJECTIVES 10-2, 10-6) The Art Appreciation Society operates a museum for the ben-efit and enjoyment of the community.When the museum is open to the public, two clerks who are positioned at the entrance col-lect a $10.00 admission fee from each nonmember patron. Members of the Art AppreciationSociety are permitted to enter free of charge […]

What is the purpose of the audit team’s brainstorming session?-What is the role of the two staff auditors in the brainstorming session?

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DISCUSSION QUESTIONS AND PROBLEMS Based on AICPA question paper, American Institute of Certified Public Accountants.Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditor responsible for […]

Which of the following circumstances would most likely cause an auditor to suspect that there are material misstatements in an entity’s financial statements?

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MULTIPLE CHOICE QUESTIONS FROM BECKER CPA EXAM REVIEW The following questions concern auditor responsibilities related to the identification and assessment of fraud risk. Choose the best response. a. While performing a preliminary assessment for a new client audit, the auditor determines that the client has had excessive growth over the past several years due to […]

Which of the following internal controls will best detect the theft of valuable items from an inventory that consists of hundreds of different items selling for $1 to $10 and a few items selling for hundreds of dollars?

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TASK. If an independent audit leading to an opinion on financial statements causes the auditor to believe that a material misstatement due to fraud exists, the auditor should first (1) request that management investigate to determine whether fraud has actuallyoccurred. (2) consider the implications for other aspects of the audit and discuss the matterwith the […]

Which action regarding fraud is an activity related to performance of risk assessment procedures?

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QUESTIONS The following questions address fraud risk factors and the assessment of fraud risk.a. Which action regarding fraud is an activity related to performance of risk assessmentprocedures? (1) Document the results of procedures used to address the risk of fraud. (2) Discussions among the engagement team members regarding the risks of material misstatement due to […]

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