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ACC 574 – Student Notes

COURSE DESCRIPTION

This course focuses on the assurances given to financial statements and other documents by the independent auditor in the context of auditing organizations and their business strategies. It compares the traditional independent auditing procedures to those found in the emerging new audit process and risk models.

INSTRUCTIONAL MATERIALS

Required Resources

Hall, J. (2011). Information Technology Auditing (3rd ed.). Mason, OH: South-Western Cengage Learning.

Prentice, Robert, & Bredeson, Dean (2011). Student Guide to the Sarbanes-Oxley Act: What Business

Needs to Know Now That it is Implemented. Mason, OH: South-Western Cengage Learning. (Note: This is located in Week 1 of the course shell)

Supplemental Resources

Audit and Attest Standards, Including Clarified Standards (2012). Retrieved from: http://www.aicpa.org/Research/Standards/AuditAttest/Pages/audit%20and%20attest%20standards.aspx

Fan, Q., & Zhang, X. J. (2012). Accounting Conservatism, Aggregation, and Information Quality. Contemporary Accounting Research, 29, 38-56.

McNeal, A. (2010). What’s your fraud IQ? Journal of Accountancy, 209(5), 50-52.

COURSE LEARNING OUTCOMES

1. Assess the impact of the Sarbanes-Oxley Act and other regulatory requirements on the ability of public accounting firms and professionals’ ability to provide advisory services.

2. Evaluate the conceptual framework model that links general controls, application controls, and financial data integrity, and the sufficiency related to establish internal controls.

3. Assess how security and controls processes related to networks, operating systems, and data management are designed and implemented to create sufficient controls over organizational assets.

4. Evaluate the factors that impact the risks, controls, and tests of controls related to information technology governance, including those related to outsourcing.

5. Explore various computer-assisted audit tools and techniques for auditing operating and database systems for establishing a control environment in various business environments.

6. Evaluate the key activities requirements that constitute the system development life cycle (SDLC).

7. Examine the objectives related to the effective implementation of transaction processing and financial reporting systems.

8. Analyze various fraud schemes, determine the implications for the audit, and identify fraud detection techniques.

9. Assess the risks and benefits of implementing operating systems, communication networks, Electronic Data Interchange, and PC-based accounting systems.

10. Evaluate auditing procedures and techniques to audit the revenue and expense cycles to meet various business requirements.

11. Examine Enterprise Resource Planning Systems and the auditing issues related to implementation and control.

12. Analyze issues related to automated procedures, internal control, and audit tests.

13. Use technology and information resources to research issues in emerging auditing technologies.

14. Write clearly and concisely about emerging auditing technologies using proper writing mechanics.

WEEKLY COURSE SCHEDULE

The standard requirement for a 4.5 credit hour course is for students to spend 13.5 hours in weekly work. This includes preparation, activities, and evaluation regardless of delivery mode.

Week

Preparation, Activities, and Evaluation

Points

Preparation

· Reading(s)

· Chapter 1: Auditing and Internal Control

· Student Guide to the Sarbanes-Oxley Act (Note: This is located in Week 1 of the course shell)

· e-Activity

· Visit the Website for the American Institute of Certified Public Accountants (AICPA), located at http://www.aicpa.org/Pages/Default.aspx, and review the qualifications for becoming a CPA under Licensure. Be prepared to discuss.

Activities

· Discussions

Evaluation

· None

Preparation

· Reading(s)

· Chapter 2: Auditing IT Governance and Control

Activities

· Discussions

Evaluation

· Assignment 1: SOX Regulations

240

Preparation

· Reading(s)

· Chapter 3: Security Part I: Auditing Operating Systems and Networks

· Chapter 4: Security Part 2: Auditing Database Systems

· e-Activity

· Visit the Website for the AICPA, located at http://www.aicpa.org/Pages/Default.aspx, and review AICPA News. Be prepared to discuss.

· Discussions

Evaluation

· None

Preparation

· Reading(s)

· Chapter 5: Systems Development and Program Change Activities

· Discussions

Evaluation

· Assignment 2: Operating and Database Systems

240

Preparation

· Reading(s)

· Chapter 6: Transaction Processing and Financial Reporting Systems Overview

Activities

· Discussions

Evaluation

· None

Preparation

· Reading(s)

· Chapter 7: Computer-Assisted Audit Tools and Techniques

· e-Activity

· Review the Website for International Financial Reporting Standards (IFRS) located at http://www.ifrs.org/Pages/default.aspx. Identify which companies are slated to begin using IFRS. Be prepared to discuss.

Activities

· Discussions

Evaluation

· Assignment 3: PWC Audit Scandal and Fraud

320

Preparation

· Reading(s)

· Chapter 8: Data Structure and CAATT’s for Data Extraction

Activities

· Discussions

Evaluation

· None

Preparation

· Reading(s)

· Chapter 9: Auditing the Revenue Cycle

· Chapter 10: Auditing the Expenditure Cycle

· e-Activity

· Research the Internet in order to review emerging issues identified by the Public Company Accounting Oversight Board (PCAOB). Be prepared to discuss.

Activities

· Discussions

Evaluation

· Assignment 4: Emerging Auditing Issues

20 320

Preparation

· Reading(s)

· Chapter 11: Enterprise Resource Planning Systems

Activities

· Discussions

Evaluation

· None

Preparation

· Reading(s)

· Chapter 12: Business Ethics, Fraud, and Fraud Detection

· e-Activity

· Visit the Securities and Exchange Website, located at http://www.sec.gov/, and review the Theft Red Flag Rules. Be prepared to discuss.

Activities

· Discussions

Evaluation

· Assignment 5: Comprehensive Audit Plan

20 300

Preparation

· Reading(s): None

Activities

· Discussions

Evaluation

· None

GRADING SCALE – GRADUATE

Assignment	Total Points	% of Grade
Assignment 1: SOX Regulations	240	15%
Assignment 2: Assignment 2: Operating and Database Systems	240	15%
Assignment 3: PWC Audit Scandal and Fraud	320	19%
Assignment 4: Emerging Audit Issues	320	19%
Assignment 5: Comprehensive Audit Plan	300	18%
Participation (22 discussions worth 10 points apiece)	220	14%
Totals	1,640	100%

Points	Percentage	Grade
1,476 – 1,640	90% – 100%	A
1,312 – 1,475	80% – 89%	B
1,148 – 1,311	70% – 79%	C
Below 1,148	Below 70%	F

ACC 574 – Emerging Auditing Technologies

©2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.

ACC 574 Student Version 1132 (SME1197 11-6-2012) Final Page 1 of 3

Assignment 1: SOX Regulations

Due Week 2 and worth 240 points

Review the Student Guide to Sarbanes-Oxley Act (SOX) located in Week 1 of the course shell, and other current activity or trends related to SOX compliance and implementation for publically traded companies.

Write a five to seven (5-7) page paper in which you:

1. Assess the sections of SOX, indicating the sections that you believe have the most impact on companies. Provide support for your rationale.

2. Assess the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Provide support for your rationale.

3. Evaluate the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Recommend that based option providing a justification for your recommendation.

4. Evaluate the cost / benefit ratio for most companies required to comply with SOX. Indicate whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Provide support for your analysis.

5. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

· Assess the impact of the Sarbanes-Oxley Act and other regulatory requirements on the ability of public accounting firms and professionals’ ability to provide advisory services.

· Use technology and information resources to research issues in emerging auditing technologies.

· Write clearly and concisely about emerging auditing technologies using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Points: 240	Assignment 1: SOX Regulations
Criteria	Unacceptable Below 70% F	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Assess the sections of SOX, indicating the sections that you believe have the most impact on companies. Provide support for your rationale. Weight: 20%	Did not submit or incompletely assessed the sections of SOX, indicating the sections that you believe have the most impact on companies. Did not submit or incompletely provided support for your rationale.	Partially assessed the sections of SOX, indicating the sections that you believe have the most impact on companies. Partially provided support for your rationale.	Satisfactorily assessed the sections of SOX, indicating the sections that you believe have the most impact on companies. Satisfactorily provided support for your rationale.	Thoroughly assessed the sections of SOX, indicating the sections that you believe have the most impact on companies. Thoroughly provided support for your rationale.
2. Assess the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Provide support for your rationale. Weight: 20%	Did not submit or incompletely assessed the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Did not submit or incompletely provided support for your rationale.	Partially assessed the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Partially provided support for your rationale.	Satisfactorily assessed the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Satisfactorily provided support for your rationale.	Thoroughly assessed the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Thoroughly provided support for your rationale.
3. Evaluate the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Recommend that based option providing a justification for your recommendation. Weight: 20%	Did not submit or incompletely evaluated the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Did not submit or incompletely recommended that based option providing a justification for your recommendation.	Partially evaluated the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Partially recommended that based option providing a justification for your recommendation.	Satisfactorily evaluated the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Satisfactorily recommended that based option providing a justification for your recommendation.	Thoroughly evaluated the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Thoroughly recommended that based option providing a justification for your recommendation.
4. Evaluate the cost / benefit ratio for most companies required to comply with SOX. Indicate whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Provide support for your analysis. Weight: 25%	Did not submit or incompletely evaluated the cost / benefit ratio for most companies required to comply with SOX. Did not submit or incompletely indicated whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Did not submit or incompletely provided support for your analysis.	Partially evaluated the cost / benefit ratio for most companies required to comply with SOX. Partially indicated whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Partially provided support for your analysis.	Satisfactorily evaluated the cost / benefit ratio for most companies required to comply with SOX. Satisfactorily indicated whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Satisfactorily provided support for your analysis.	Thoroughly evaluated the cost / benefit ratio for most companies required to comply with SOX. Thoroughly indicated whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Thoroughly provided support for your analysis.
5. 3 references Weight: 5%	No references provided	Does not meet the required number of references; some or all references poor quality choices.	Meets number of required references; all references high quality choices.	Exceeds number of required references; all references high quality choices.
6. Clarity, writing mechanics, and formatting requirements Weight: 10%	More than 6 errors present	5-6 errors present	3-4 errors present	0-2 errors present

Assignment 2: Operating and Database Systems

Due Week 4 and worth 240 points

Imagine that you have been selected as the consultant to design a new computer system for an investment company.

Write a five to seven (5-7) page paper in which you:

1. Discuss the considerations for implementing an operating and database system. Recommend the optimum system, considering the types of revenue and expense transactions for this company.

2. Assess the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Discuss possible strategies to mitigate those risks of installing a database without adequate controls.

3. Analyze the six (6) broad classes of control activities defined by Committee of Sponsoring Organizations (COSO) and determine how they will impact the database design.

4. Recommend the appropriate database structure for the types of transactions that will be entered and whether the computer operations would be more effective if they were centralized or decentralized.

5. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

The specific course learning outcomes associated with this assignment are:

· Assess how security and controls processes related to networks, operating systems, and data management are designed and implemented to create sufficient controls over organizational assets.

· Use technology and information resources to research issues in emerging auditing technologies.

· Write clearly and concisely about emerging auditing technologies using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Points: 240	Assignment 2: Operating and Database Systems
Criteria	Unacceptable Below 70% F	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Discuss the considerations for implementing an operating and database system. Recommend the optimum system, considering the types of revenue and expense transactions for this company. Weight: 20%	Did not submit or incompletely discussed the considerations for implementing an operating and database system. Did not submit or incompletely recommended the optimum system, considering the types of revenue and expense transactions for this company.	Partially discussed the considerations for implementing an operating and database system. Partially recommended the optimum system, considering the types of revenue and expense transactions for this company.	Satisfactorily discussed the considerations for implementing an operating and database system. Satisfactorily recommended the optimum system, considering the types of revenue and expense transactions for this company.	Thoroughly discussed the considerations for implementing an operating and database system. Thoroughly recommended the optimum system, considering the types of revenue and expense transactions for this company.
2. Assess the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Discuss possible strategies to mitigate those risks of installing a database without adequate controls. Weight: 20%	Did not submit or incompletely assessed the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Did not submit or incompletely discussed possible strategies to mitigate those risks of installing a database without adequate controls.	Partially assessed the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Partially discussed possible strategies to mitigate those risks of installing a database without adequate controls.	Satisfactorily assessed the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Satisfactorily discussed possible strategies to mitigate those risks of installing a database without adequate controls.	Thoroughly assessed the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Thoroughly discussed possible strategies to mitigate those risks of installing a database without adequate controls.
3. Analyze the six (6) broad classes of control activities defined by Committee of Sponsoring Organizations (COSO) and determine how they will impact the database design. Weight: 20%	Did not submit or incompletely analyzed the six (6) broad classes of control activities defined by Committee of Sponsoring Organizations (COSO) and did not submit or incompletely determined how they will impact the database design.	Partially analyzed the six (6) broad classes of control activities defined by Committee of Sponsoring Organizations (COSO) and partially determined how they will impact the database design.	Satisfactorily analyzed the six (6) broad classes of control activities defined by Committee of Sponsoring Organizations (COSO) and satisfactorily determined how they will impact the database design.	Thoroughly analyzed the six (6) broad classes of control activities defined by Committee of Sponsoring Organizations (COSO) and thoroughly determined how they will impact the database design.
4. Recommend the appropriate database structure for the types of transactions that will be entered and whether the computer operations would be more effective if they were centralized or decentralized. Weight: 25%	Did not submit or incompletely recommended the appropriate database structure for the types of transactions that will be entered and whether the computer operations would be more effective if they were centralized or decentralized.	Partially recommended the appropriate database structure for the types of transactions that will be entered and whether the computer operations would be more effective if they were centralized or decentralized.	Satisfactorily recommended the appropriate database structure for the types of transactions that will be entered and whether the computer operations would be more effective if they were centralized or decentralized.	Thoroughly recommended the appropriate database structure for the types of transactions that will be entered and whether the computer operations would be more effective if they were centralized or decentralized.
5. 3 references Weight: 5%	No references provided	Does not meet the required number of references; some or all references poor quality choices.	Meets number of required references; all references high quality choices.	Exceeds number of required references; all references high quality choices.
6. Clarity, writing mechanics, and formatting requirements Weight: 10%	More than 6 errors present	5-6 errors present	3-4 errors present	0-2 errors present

Assignment 3: PWC Audit Scandal and Fraud

Due Week 6 and worth 320 points

Read the article about Price Waterhouse Coopers (PWC) and its association with the worst accounting fraud in India related to its audit of Satyam Computer Services, Ltd. titled “Price Waterhouse Auditors Arrested in Satyam Inquiry (Update 1)” and located at http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ar6hB_Hr347E. Search the Internet for other related articles.

Write a six to eight (6-8) page paper in which you:

1. Create an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Provide support for your argument.

2. Evaluate the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Provide support for your rationale.

3. Assess whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Provide a rationale for your recommendation.

4. Analyze whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Provide support for your conclusion.

5. Support your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB.

6. Suggest improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Provide support for your suggestions.

7. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

The specific course learning outcomes associated with this assignment are:

· Analyze various fraud schemes, determine the implications for the audit, and identify fraud detection techniques.

· Use technology and information resources to research issues in emerging auditing technologies.

· Write clearly and concisely about emerging auditing technologies using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Points: 320	Assignment 3: PWC Audit Scandal and Fraud
Criteria	Unacceptable Below 70% F	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Create an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Provide support for your argument. Weight: 15%	Did not submit or incompletely created an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Did not submit or incompletely provided support for your argument.	Partially created an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Partially provided support for your argument.	Satisfactorily created an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Satisfactorily provided support for your argument.	Thoroughly created an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Thoroughly provided support for your argument.
2. Evaluate the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Provide support for your rationale. Weight: 15%	Did not submit or incompletely evaluated the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Did not submit or incompletely provided support for your rationale.	Partially evaluated the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Partially provided support for your rationale.	Satisfactorily evaluated the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Satisfactorily provided support for your rationale.	Thoroughly evaluated the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Thoroughly provided support for your rationale.
3. Assess whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Provide a rationale for your recommendation. Weight: 15%	Did not submit or incompletely assessed whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Did not submit or incompletely provided a rationale for your recommendation.	Partially assessed whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Partially provided a rationale for your recommendation.	Satisfactorily assessed whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Satisfactorily provided a rationale for your recommendation.	Thoroughly assessed whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Thoroughly provided a rationale for your recommendation.
4. Analyze whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Provide support for your conclusion. Weight: 15%	Did not submit or incompletely analyzed whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Did not submit or incompletely provided support for your conclusion.	Partially analyzed whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Partially provided support for your conclusion.	Satisfactorily analyzed whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Satisfactorily provided support for your conclusion.	Thoroughly analyzed whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Thoroughly provided support for your conclusion.
5. Support your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB. Weight: 15%	Did not submit or incompletely supported your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB.	Partially supported your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB.	Satisfactorily supported your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB.	Thoroughly supported your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB.
6. Suggest improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Provide support for your suggestions. Weight: 10%	Did not submit or incompletely suggested improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Did not submit or incompletely provided support for your suggestions.	Partially suggested improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Partially provided support for your suggestions.	Satisfactorily suggested improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Satisfactorily provided support for your suggestions.	Thoroughly suggested improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Thoroughly provided support for your suggestions.
7. 3 references Weight: 5%	No references provided	Does not meet the required number of references; some or all references poor quality choices.	Meets number of required references; all references high quality choices.	Exceeds number of required references; all references high quality choices.
8. Clarity, writing mechanics, and formatting requirements Weight: 10%	More than 6 errors present	5-6 errors present	3-4 errors present	0-2 errors present

Assignment 4: Emerging Auditing Issues

Due Week 8 and worth 320 points

Search the Strayer databases or Internet for hot topics and emerging issues of financial statement fraud and other fraudulent act committed by publically traded companies, including those identified by the PCAOB. Consider the topics, trends, and longevity of those issues identified.

Write a six to eight (6-8) page paper in which you:

1. Create an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Provide support for your position.

2. Assess the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulated. Provide a rationale for your assessment.

3. Evaluate whether or not the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Provide support for your rationale.

4. Determine the impact that SOX regulation has on the internal control environment. Speculate on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Provide support for your rationale.

5. Assess how the System Design Life Cycle model would impact the emerging issue. Provide support for your rationale.

6. Recommend a strategy for dealing with the emerging issue and determine the types of fraud schemes that might go undetected if your recommendations are not implemented. Provide support for your recommendation.

7. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

The specific course learning outcomes associated with this assignment are:

· Evaluate auditing procedures and techniques to audit the revenue and expense cycles to meet various business requirements.

· Use technology and information resources to research issues in emerging auditing technologies.

· Write clearly and concisely about emerging auditing technologies using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Points: 320	Assignment 4: Emerging Audit Issues
Criteria	Unacceptable Below 70% F	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Create an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Provide support for your position. Weight: 10%	Did not submit or incompletely created an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Did not submit or incompletely provided support for your position.	Partially created an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Partially provided support for your position.	Satisfactorily created an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Satisfactorily provided support for your position.	Thoroughly created an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Thoroughly provided support for your position.
2. Assess the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulated. Provide a rationale for your assessment. Weight: 15%	Did not submit or incompletely assessed the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulated. Did not submit or incompletely provided a rationale for your assessment.	Partially assessed the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulated. Partially provided a rationale for your assessment.	Satisfactorily assessed the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulated. Satisfactorily provided a rationale for your assessment.	Thoroughly assessed the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulated. Thoroughly provided a rationale for your assessment.
3. Evaluate whether or not the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Provide support for your rationale. Weight: 15%	Did not submit or incompletely evaluated whether or not the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Did not submit or incompletely provided support for your rationale.	Partially evaluated whether or not the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Partially provided support for your rationale.	Satisfactorily evaluated whether or not the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Satisfactorily provided support for your rationale.	Thoroughly evaluated whether or not the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Thoroughly provided support for your rationale.
4. Determine the impact that SOX regulation has on the internal control environment. Speculate on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Provide support for your rationale. Weight: 15%	Did not submit or incompletely determined the impact that SOX regulation has on the internal control environment. Did not submit or incompletely speculated on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Did not submit or incompletely provided support for your rationale.	Partially determined the impact that SOX regulation has on the internal control environment Partially speculated on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Partially provided support for your rationale.	Satisfactorily determined the impact that SOX regulation has on the internal control environment. Satisfactorily speculated on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Satisfactorily provided support for your rationale.	Thoroughly determined the impact that SOX regulation has on the internal control environment. Thoroughly speculated on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Thoroughly provided support for your rationale.
5. Assess how the System Design Life Cycle model would impact the emerging issue. Provide support for your rationale. Weight: 15%	Did not submit or incompletely assessed how the System Design Life Cycle model would impact the emerging issue. Did not submit or incompletely provided support for your rationale.	Partially assessed how the System Design Life Cycle model would impact the emerging issue. Partially provided support for your rationale.	Satisfactorily assessed how the System Design Life Cycle model would impact the emerging issue. Satisfactorily provided support for your rationale.	Thoroughly assessed how the System Design Life Cycle model would impact the emerging issue. Thoroughly provided support for your rationale.
6. Recommend a strategy for dealing with the emerging issue and determine the types of fraud schemes that might go undetected if your recommendations are not implemented. Provide support for your recommendation. Weight: 15%	Did not submit or incompletely recommended a strategy for dealing with the emerging issue and did not submit or incompletely determined the types of fraud schemes that might go undetected if your recommendations are not implemented. Did not submit or incompletely provided support for your recommendation.	Partially recommended a strategy for dealing with the emerging issue and partially determined the types of fraud schemes that might go undetected if your recommendations are not implemented. Partially provided support for your recommendation.	Satisfactorily recommended a strategy for dealing with the emerging issue and satisfactorily determined the types of fraud schemes that might go undetected if your recommendations are not implemented. Satisfactorily provided support for your recommendation.	Thoroughly recommended a strategy for dealing with the emerging issue and thoroughly determined the types of fraud schemes that might go undetected if your recommendations are not implemented. Thoroughly provided support for your recommendation.
7. 3 references Weight: 5%	No references provided	Does not meet the required number of references; some or all references poor quality choices.	Meets number of required references; all references high quality choices.	Exceeds number of required references; all references high quality choices.
8. Clarity, writing mechanics, and formatting requirements Weight: 10%	More than 6 errors present	5-6 errors present	3-4 errors present	0-2 errors present

Assignment 5: Comprehensive Audit Plan

Due Week 10 and worth 300 points

For the hot topic in emerging issues identified in Assignment 4, identify a company in that industry and respond to the following questions. Consider the concepts covered in the course material and in anticipation of issuing a qualified audit report.

Write a five to seven (5-7) page paper in which you:

1. Make recommendations on the requirements for the feasibility study and discuss the pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage.

2. Make recommendations for the optimal computer operating system to address the emerging issue.

3. Discuss the internal control considerations, and identify issues and risk mitigation strategies.

4. Recommend an optimal revenue and expense cycle to capture transactions, including documentation requirements.

5. Determine what future issues could impact the design of the SDLC and discuss the design features in your proposed SDLC that could be modified to address those issues.

6. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

The specific course learning outcomes associated with this assignment are:

· Assess the impact of the Sarbanes-Oxley Act and other regulatory requirements on the ability of public accounting firms and professionals’ ability to provide advisory services.

· Evaluate the conceptual framework model that links general controls, application controls, and financial data integrity, and the sufficiency related to establish internal controls.

· Use technology and information resources to research issues in emerging auditing technologies.

· Write clearly and concisely about emerging auditing technologies using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Points: 300	Assignment 5: Comprehensive Audit Plan
Criteria	Unacceptable Below 70% F	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Make recommendations on the requirements for the feasibility study and discuss the pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage. Weight: 15%	Did not submit or incompletely made recommendations on the requirements for the feasibility study and did not submit or incompletely discussed the pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage.	Partially made recommendations on the requirements for the feasibility study and partially discussed the pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage.	Satisfactorily made recommendations on the requirements for the feasibility study and satisfactorily discussed the pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage.	Thoroughly made recommendations on the requirements for the feasibility study and thoroughly discussed the pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage.
2. Make recommendations for the optimal computer operating system to address the emerging issue. Weight: 15%	Did not submit or incompletely made recommendations for the optimal computer operating system to address the emerging issue.	Partially made recommendations for the optimal computer operating system to address the emerging issue.	Satisfactorily made recommendations for the optimal computer operating system to address the emerging issue.	Thoroughly made recommendations for the optimal computer operating system to address the emerging issue.
3. Discuss the internal control considerations, and identify issues and risk mitigation strategies. Weight: 15%	Did not submit or incompletely discussed the internal control considerations, and did not submit or incompletely identified issues and risk mitigation strategies.	Partially discussed the internal control considerations, and partially identified issues and risk mitigation strategies.	Satisfactorily discussed the internal control considerations, and satisfactorily identified issues and risk mitigation strategies.	Thoroughly discussed the internal control considerations, and thoroughly identified issues and risk mitigation strategies.
4. Recommend an optimal revenue and expense cycle to capture transactions, including documentation requirements. Weight: 20%	Did not submit or incompletely recommended an optimal revenue and expense cycle to capture transactions, including documentation requirements.	Partially recommended an optimal revenue and expense cycle to capture transactions, including documentation requirements.	Satisfactorily recommended an optimal revenue and expense cycle to capture transactions, including documentation requirements.	Thoroughly recommended an optimal revenue and expense cycle to capture transactions, including documentation requirements.
5. Determine what future issues could impact the design of the SDLC and discuss the design features in your proposed SDLC that could be modified to address those issues. Weight: 20%	Did not submit or incompletely determined what future issues could impact the design of the SDLC and did not submit or incompletely discussed the design features in your proposed SDLC that could be modified to address those issues.	Partially determined what future issues could impact the design of the SDLC and partially discussed the design features in your proposed SDLC that could be modified to address those issues.	Satisfactorily determined what future issues could impact the design of the SDLC and satisfactorily discussed the design features in your proposed SDLC that could be modified to address those issues.	Thoroughly determined what future issues could impact the design of the SDLC and thoroughly discussed the design features in your proposed SDLC that could be modified to address those issues.
6. 3 references Weight: 5%	No references provided	Does not meet the required number of references; some or all references poor quality choices.	Meets number of required references; all references high quality choices.	Exceeds number of required references; all references high quality choices.
7. Clarity, writing mechanics, and formatting requirements Weight: 10%	More than 6 errors present	5-6 errors present	3-4 errors present	0-2 errors present

ACC 574 – Assignments and Rubrics

Weekly Course Schedule

The purpose of the course schedule is to give you, at a glance, the required preparation, activities, and evaluation components of your course. For more information about your course, whether on-ground or online, access your online course shell.

The expectations for a 4.5 credit hour course are for students to spend 13.5 hours in weekly work. This time estimate includes preparation, activities, and evaluation regardless of the delivery mode.

Instructional Materials

In order to be fully prepared, obtain a copy of the required textbooks and other instructional materials prior to the first day of class. When available, Strayer University provides a link to the first three (3) chapters of your textbook(s) in eBook format. Check your online course shell for availability.

Review the online course shell or check with your professor to determine whether Internet-based assignments and activities are used in this course.

Strayer students are encouraged to purchase their course materials through our designated Strayer Bookstore. http://www.strayerbookstore.com If a lab is required for the course, the Strayer Bookstore is the only vendor that sells the correct registration code so that Strayer students may access labs successfully.

Discussions

To earn full credit in an online threaded discussion, students must have one original post and a minimum of one other post per discussion thread.

Please note: Material in the online class will be made available on the previous Thursday. As it is always possible that students could lose their work due to unforeseen circumstances, it is a best practice to routinely save a working draft in a separate file before posting in the course discussion area. Professors hold discussions during class time for on-ground students. Check with your professor if any additional discussion participation is required in the online course shell outside of class hours.

Assignments

A standardized performance grading rubric is a tool your professor will use to evaluate your written assignments. Review the rubric before submitting assignments that have grading rubrics associated with them to ensure you have met the performance criteria stated on the rubric.

Grades are based on individual effort. There is no group grading; however, working in groups in the online or on-ground classroom is acceptable.

Assignments for online students are always submitted through the online course shell. On-ground professors will inform students on how to submit assignments, whether in paper format or through the online course shell.

Resources

The Resource Center navigation button in the online course shell contains helpful links. Strayer University Library Resources are available here as well as other important information. You should review this area to find resources and answers to common questions.

Technical support is available for the following:

· For technical questions, please contact Strayer Online Technical Support by logging in to your iCampus account at https://icampus.strayer.edu/login and submitting a case under “Student Center,” then “Submit Help Ticket.” If you are unable to log in to your iCampus account, please contact Technical Support via phone at (877) 642-2999.

· For concerns with your class, please access the Solution Center by logging in to your iCampus account at https://icampus.strayer.edu/login and submitting a case under “Student Center,” then “Submit Help Ticket.” If you are unable to log in to your iCampus account, please contact the IT Help Desk at (866) 610-8123 or at mailto:[email protected].

TurnItIn.com is an optional online tool to assess the originality of student written work. Check with your professor for access and use instructions.

The Strayer Policies link on the navigation bar in the online course shell contains academic policies. It is important that students be aware of these policies.