4 page essay for Accouting

ACCT301 Individual Research Project

Total: 40 points

Goals: • To understand and analyze important line items in the financial statements of a real-world

public company.

• To understand and follow professional skepticism in auditing the financial statements, which can be an intangible concept to grasp and put into practice in your future career.

Instructions: • Part I and Part II are separate and independent. You may work on both parts simultaneous or

at different times or different orders.

• Part I: Financial Statement Project (20 points) - DUE: 12/8 (Tuesday) 23:59PM o It is available and submitted through WileyPlus titled “Financial Statement Project”. o This is NOT a timed project. You can always start it, save it, and come back to it later.

However, you can only submit it ONCE. o It is composed of 4 questions (5 points each) with the similar format as the homework

questions. o Your score will be ZERO when you submit. Your real score and the corrected answers

to this project will be disclosed on WielyPlus on 12/9, 12:01AM.

• Part II: Professional Skepticism Project (20 points) - DUE: 12/3 (Thursday), 23:59PM o Answer the questions listed in the Case: Skeptical Lens o The case: Skeptical Lens is posted separately. o There are 4 questions in total, 5 points for each question. o Your report with the answers to all the questions has be typed in Microsoft Word

format up to 4 pages. Additionally, prepare a title page listing your name and student ID. All text should be 12-point font and double-spaced.

o Your written report is expected to be grammatically correct and use proper citing and referencing (see the suggested references as follows).

o Submit your report through iLearn under the section of “Research Project”. Suggested Professional Pronouncements for Accounting Professional Skepticism: When providing quotes, you do not need to copy and paste the entire paragraph. Only the citations and brief summary are needed.

An example is provided below:

According to Paragraph 07 of PCAOB AS 1015, due professional care requires the auditor to exercise professional skepticism. ….

• PCAOB Auditing Standard 1015, Due Professional Care in the Performance of Work (PCAOB AS 1015)

• PCAOB Staff Audit Practice Alert No. 10, Maintaining and Applying Professional

Skepticism in Audits (PCAOB Staff Audit Practice Alert 10)

• AICPA AU-C Section 200B, Overall Objectives of the Independent Auditor and the

Conduct of an Audit in Accordance With Generally Accepted Auditing Standards (AICPA AU-C Sec. 200B)

• Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal

Control — Integrated Framework (COSO Framework)

• PCAOB Auditing Standard 2401, Consideration of Fraud in a Financial Statement Audit (PCAOB AS 2401)

• AICPA AU-C Section 240, Consideration of Fraud in a Financial Statement Audit

(AICPA AU-C Sec. 240)

• AICPA Quality Control (QC) Section 10, A Firm’s System of Quality Control

• PCAOB Ethics & Independence (ET) Section 100, Interim Independence, Integrity, and Objectivity Standards

• AICPA Code of Professional Conduct (Revised 2014)

• PCAOB QC Section 40, The Personnel Management Element of a Firm’s System of

Quality Control-Competencies Required by a Practitioner-in-Charge of an Attest Engagement

• IFAC Code of Ethics for Professional Accountants

• ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements