ACC 491 Week 2 Complete (Contemporary Auditing 1) A+ Graded

Week 2

Week 2 DQ 1

What is the purpose of engagement planning?  What critical information should the auditor consider during engagement planning?  How will this information affect the scope of the audit?        

Week 2 DQ 2

What are the components of the audit risk model?  How does the audit risk model affect an audit plan?

Week 2 DQ 3

The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.  In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor.  What presumptions can be made about the following?

Week 2 Assignments:

Contemporary Auditing Presentation (16 Slides)

Auditing, Attestation, and Assurance Services (700+ Words)

Comprehensive Question: 1-23

(Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations.

·         License individuals to practice as CPAs.

·         Promulgate GAAP.

·         Issue Statements on Auditing Standards.

·         Regulate the distribution and trading of securities offered for public sale.

·         Establish its own code of professional ethics.

·         Issue Statements of Financial Accounting Standards.

·         Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA.

·         Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.

·         Issue auditing interpretations.

·         Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.

·         Take punitive action against an independent auditor.

·         Establish accounting principles for state and local governmental entities.

·         Establish GAAS.

·         Suspend or revoke a CPA's license to practice.

·         Establish quality control standards.

·         Operate as proprietorships, partnerships, or professional corporations.

·         Issue government auditing standards.

·         Administer federal tax laws.