Management 303 SWOT Analysis
This outline is provided to help you organize your SWOT Analysis paper. Do NOT turn in
an outline for your SWOT assignment. You must submit a written SWOT Analysis PAPER,
properly formatted, cited and grammat
CASE APPLICATION 2 Spotting Talent
Attracting and selecting the right talent is critical to a companys success. For tech companies,
the process is even more critical since its the knowledge, skills, and abilities of their employees that
determines these c
AUDITING AND ATTESTATION
PROBLEMS AND SOLUTIONS
The Auditing and Attestation Exam is scheduled for four and one-half hours. Based on information released by the
AICPA, candidates should expect three multiple-choice testlets of approximately thirty questio
Auditor Reporting Requirements and Other Communication
Considerations of Government Auditing Standards
NOTE: The reports contained in this document are from the AICPA Audit Guide,
Government Auditing Standards and Circular A-133 Audits (GAS-A133
Existence or occurrence to determine whether inventories
actually exist and if transactions related to inventory occurred
compiled and invento
Which of the following auditor concerns most likely could be so serious that the auditor
concludes that a financial statement audit cannot be performed?
Internal control activities requiring segregation of duties are rarely monitored by
Which of the following internal controls most likely would prevent direct labor hours from being
charged to manufacturing overhead?
a. Reconciliation of work-in-process inventory with periodic cost budgets.
Periodic independent counts of work-in-process
Janus Company, a client of Peterman, CPA, has recently automated its accounting system. While
Peterman has been the auditor of Janus for several years, this will be the first audit encompassing
the new system. Which of the following is most likely a resul
The audit plan usually cannot be finalized until the:
a. Consideration of the entity's internal control has been completed.
Search for unrecorded liabilities has been performed and documented.
Significant deficiencies in internal control have been
The work of internal auditors may affect the independent auditor's:
Procedures performed in
understanding of internal
Procedures performed in
assessing the risk of
An auditor would express an unmodified opinion with an emphasis-of-matter paragraph added to
the auditor's report for:
When there has been a change in accounting principle that materially affects the comparability of
the comparative financial statements presented and the auditor concurs with the change, the
For an entity's financial statements to be presented fairly in accordance with an applicable
financial reporting framework, the framework selected should:
a. Be approved by the Auditing Standards Board or the appropriate industry subcommittee.
Be U.S. G
According to the ethical standards of the profession, which of the following acts by a CPA is
a. Purchasing a product from a third party and reselling it to a client.
An auditor may express an opinion on an entity's accounts receivable balance even if the auditor
has disclaimed an opinion on the financial statements taken as a whole provided the:
a. Auditor also reports on the current asset portion of the entity's bala
An auditor concludes that client management has been involved in noncompliance with a certain
law and that this fact has not been properly accounted for or disclosed. The auditor should
withdraw from the engagement if the:
Noncompliance is serious enou
The auditor's report on compliance and internal control over compliance designed to meet the
requirements of Government Auditing Standards (the Yellow Book), should include:
The scope of the auditor's
testing of internal
Which of the following statements is correct concerning an auditor's responsibilities regarding
An auditor's responsibilities for audited financial statements are confined to the expression
of the auditor's opinion.
b The adoption
The first paragraph of the standard report on the entity's financial statements is referred to as the scope
The introductory paragraph of the auditors' report indicates that an audit has been conducted and
An audit partner is developing an office training program to familiarize his professional staff
with statistical decision models applicable to the audit of dollar value balances. He wishes to
demonstrate the relationship of sample sizes to population size
Which of the following factors should an auditor consider in making a judgment about whether a
control deficiency is a significant deficiency?
The likelihood that a
control will fail to prevent
Which of the following is not true regarding audit documentation for a specific audit?
Audit documentation should be sufficient to enable members of the audit team with
a. supervisory responsibilities to understand the nature, timing, extent, and results
Which of the following matters would an auditor most likely communicate to those charged with
The effects of significant accounting policies adopted by management in emerging areas
for which there is no authoritative guidance.
Which of the following best describes the auditor's responsibility with respect to fair values?
The auditor should determine whether management has the intent and ability to carry out
courses of action that may affect fair values.
The auditor should
To measure how effectively an entity employs its resources, an auditor calculates inventory
turnover by dividing average inventory into:
a. Gross sales.
c. Net sales.
Cost of goods sold.
Choice "d" is correct. The app
On receiving a client's bank cutoff statement, an auditor most likely would trace:
a. Prior-year checks listed in the cutoff statement to the year-end outstanding checklist.
Deposits recorded in the cash receipts journal after year-end to the cutoff sta
Which of the following is a true statement regarding documentation requirements for analytical
When an analytical procedure is used as the principal substantive test of a significant
a. financial statement assertion, the auditor is required to
Which of the following procedures most likely would provide an auditor with evidence about
whether an entity's internal control activities are suitably designed to prevent or detect material
a. Vouching a sample of transactions directly rel
The purpose of tracing a sample of inventory tags to a client's computerized listing of inventory
items is to determine whether the inventory items:
a. Included on the listing were properly counted.
Included in the listing were properly valued.