Acc 550 - Study guides, Class notes & Summaries

SNHU Acc 550 Module Two 2024 Activity Job-costing or Process Costing Complete

SNHU Acc 550 Module one short paper cost structures 2024 Complete

SNHU ACC 550 7-1 Assignment Activity Budgeting Processes 2024 Complete

Purpose of Audit Documentation - Biggest Reason - ANSWER evidence of the auditor's basis for a conclusion evidence the audit was planned and performed in accordance with GAAS & applicable legal & regulatory requirements Additional purposes of audit documentation - ANSWER assist in planning and performing engagement assist in engagement review and supervision demonstrate accountability for work performed retain record matters for future audits enable quality control reviews enable exte...

How is Information Relevant to Auditing? - ANSWER The financial statements that are audited are comprised of information. The audit report is also info itself. Reduces info asymmetries and info risk. What does it mean to be an audit professional? - ANSWER To be ethical, inquisitive, and professionally skeptical. Expectations are to protect the public interest and be knowledgeable/competent.

Given that internal audit engagements must be performed with proficiency and due professional care, which of the following is true? a. all internal auditors must be proficient in all necessary competencies b. the internal audit activity need not decline an engagement because it lacks the needed competencies c. an internal auditor should have the expertise of a specialist in fraud detection d. an internal auditor should have the expertise of a specialist in IT auditing - ANSWER B? not A

Responses to Address the Risk of Management Override - ANSWER -review accting ests for biases -eval bus rationale for sig unusual trans (internal/external pressures) -test appropriateness of JEs and other adjs AU-C 240 Three Classifications of Journal Entries - ANSWER 1. Standard, recurring entries: procuremt, payroll. Lower risk.

Indications of noncompliance - ANSWER 1) Investigation by governmental agency 2) Violations cited by regulators 3) Unusually large payments made in cash 4) Unexplained payments of gov't officials 5) Improperly recorded transactions 6) Purchasing prices significantly above/below market 7) Adverse media comment 8) Payments to registered tax havens What steps should an auditor take when noncompliance is identified or suspected? - ANSWER 1) Obtain understanding of the nature of the act and...