Professor Myriam Ormond
Module 6, Short Paper: Audit Sampling
Sampling is the process of choosing part of a population and extrapolating statistical analysis.
The information is then used as a range that gauges me
TAX 655: Final Exam
Solutions to the Exam
Date: April 15, 2015
From: Myrna E. Cotto
Recommendation if your client can deduct ordinary/business cost as business expenses for
insuring and maintaining his yacht.
Types of APA Papers
Academic Paper Writing/ Assignment
Lab Report / Research Paper
* Different lecture will have different preferences , please
check with the lecturer before you start writing your paper.
Prepared by Samantha Yong Soo
What is APA?
Details for Citation & Referencing
WHAT IS PLAGIARISM?
Plagiarism means using another's work
without giving credit. You must put others'
words in quotation marks and cite your
APA Format - Reference List
Provides the information necessary for readers to locate and retrieve any source you cite in the body of paper.
Start the reference list on a new
Include the page header.
Label the new page References and central
APA Format: In-text Citations
Citations in the Text
The information presented in a literature review or research report is a combination of new ideas and data that originate with the writer(s) plus ideas and data that have been
"borrowed" from earlier wor
Trinity Inc. was described as a likely candidate for a material weakness in its first year of
SOX compliance. Trinity was a successful company that was consistently improving. Before the
start of the first year of SOX compliance, they had already switched
Based on the case readings from this module and the previous module, identify at least one common
reoccurring theme. What warnings can you extract from the stories of the individuals we have read
Of the cases we have analysed thus fa
Review the insights slides in the COSO study linked in the module lecture. Are the
findings from this study surprising to you? Discuss the warnings they provide you in your
current/future career as an auditor.
The finding from the study is
Develop a process that you would recommend using for following up on an open audit issue. Discuss
the frequency of follow-up and how you would determine what open issues to escalate to higher
An audit is definitively shut after the greater par
Effective communication in the workplace requires clear, concise, grammatically correct
writing that is also persuasive. There are several internet resources devoted to this topic.
Review a few resources until you find one you like and post
2. Consult Paragraph 25 of PCAOB Auditing Standard No. 5. Define what is meant by
control environment. Why is the control environment so important to effective internal
control over financial reporting at an audit client like Enron?
The control e
What risks, if any, does offshore outsourcing of various information system functions pose to satisfying
the principles of confidentiality and privacy? What do you think an organizations duty or
responsibility to protect the privacy of its
I. Risk/Control Matrix
Customer pricing is
accurate and supports
company goals for
profitability and growth
Pricing is set to a level that does not
meet company goals for pr
On KnowledgeLeader.com you can view Audit Work Programs by Topic.
Under each topic you may find multiple subtopic programs. Explore at least five topics of
your choice and at least one audit program within each topic. Share the topics selected
with your s
Independence and Objectivity
The more controversial standards tend to be those that deal with auditor independence and
objectivity. After studying the text materials and related standards, reflect on what you have learned
about audit roles and th
Blog 1-2- Audit Interest
After studying the audit roles, in a small group reflect on what interests you about each role, the role
you find most interesting, and the skills needed to further develop or pursue a career or promotion
within the role identifie
Internal audit functions are seldom staffed to a level in which they can cover all activities within the
audit universe within a relatively short time cycle. Discuss actions that internal audit functions can
take to address resource constra
Week 1- Discussion 1-1
Based on the readings and your own web-based research, list at least two skills that are required by all
auditors, regardless of the role. Next, list at least one skill that is unique to a specific audit role. Justify
Control/Audit of Accounting Info Systems
Trinity Industries Inc is an industrial incorporated company that provides products and services
to the energy, transportation, chemical and construction sectors. Some of its products include
From the IIA website, select an internal audit standard other than independence/objectivity
that you find interesting. Find the comparable external audit standard on the PCAOB website.
Briefly summarize the theme of the standards. Identify
Trinity industries Inc is corporation that provides services and products to industrial,
transportation, energy and con
Chapter 19: Case19-34
1.) Adrian did not violate any independence rule since he is not employed in a
financial reporting oversight role at Swiss Precision Tooling. According to the
SEC, a financial reporting oversight role is a role in which a person is i
A. The elements necessary to establish negligence include the following:
A legal duty to protect the plaintiff, Musk, from any arbitrary risks.
An actual loss occurred as a result of the defendant, Apple & Company, CPAs,
not exercising due care.
A. Weaknesses in internal control include the following:
1. The employees should not be allowed to maintain their own time records or
submit their time records without approval. An appropriate authority should
approve the factory employees time records an
Five Accounting & Auditing Resources
AICPA (American Institute of Certified Public Accountants) It contains
information concerning the ethical standards in accounting and auditing standards
for the private, non-profit, and government sectors. Also, the as
A statistical sample in the test of controls should not eliminate professional
judgment by Baker.
If Baker intends to assess control risk at low level, a tolerable rate of deviation at
20% is too high.
Since Baker decided to apply an attribute sampling te
A. According to FASB ASC Topic 450, Contingencies, States that when a contingent
liability exists, the likelihood that the future event will result in a loss is to be
assessed using the following three categories [Mes14]:
Probable: The future event is lik
The identification and explanation of the systems and control weaknesses are as
The purchase requisition is not approved and should have been approved by the
stores department. Once the approval is granted, the approver should confirm
The strengths of Preview Companys control environment include the following:
Hires competent employees.
Implements code of conduct.
Corporate management is of high integrity.
Management is conservative with accounting principles and practices.