Homework Assignment #6
Using IDEA to Perform an Aging Analysis
For this assignment, you will need the IDEA Workbook PDF and the Acc_rec2015.accdb file,
both of which are posted on TRACS. (Note: if you are using IDEA version 9 i
Using IDEA to Identify Duplicate Payments
For this assignment, you will need the IDEA Workbook PDF, the ACCPAY2015.txt file, and the
Supplier.xls file, all of which can be found on TRACS. (Note: if you are using IDE
PCAOB Inspection Reports
Obtain and analyze the 2014 PCAOB inspection report for Deloitte dated May 12, 2015 (from
pcaob.org). Please respond to the questions below.
1. What are the dates that the PCAOB conducted their fieldwor
For this assignment, please read the Satyam litigation brief from the SEC (available on TRACS).
You do not have to read the whole brief. Please focus on paragraphs 1-5, 19-22 and 27-33 and
respond to the following q
Howard Street Jewelers, Inc.
Read the Howard Street Jewelers, Inc. case. This case is part of the materials purchased
Answer the following questions:
1. What key risks are faced by the Levi family in operat
Audit Risk Model Exercises
1. The audit firm of Quincy & Co uses a quantitative approach to implementing the audit risk
model. Calculate detection risk for each of the following hypothetical clients.
IT General Controls Exercise
For each of the following examples of general controls, classify the control based on appropriate category: (1) program development
controls, (2) program change controls, (3) computer operations cont
Sarbanes-Oxley Act of 2002
Which new rules stick out to you as the
Which do you think had the biggest
Acquisition and Expenditure Cycle
Show those numbers to the damn auditors and Ill throw you out the $%*@
window. (Buddy Yates, director of WorldCom, Inc. general accounting, to an
employee asking for an explanation of a large accounting discrepa
Global Business Etiquette
Sarah Henderson Hilary Phillips
Samantha Pehlke Nika Simone Smith
You May Think Youre Polite,
But How Much Do You Really
Know About Global Etiquette?
What is etiquette?
Office Etiquette Reebok Commercial
Module E Sampling
Materiality an amount that would influence the
decisions of users (i.e., an amount that would make a
difference). The emphasis is on the user, rather than
management or the audit team.
Chapter 3 Quiz!
Why Do We Audit?
Management Assertions (PCAOB)
Existence or occurrence Assets included in acco
ACC 5320 Professor Cannon
(whether General or IT)
Audit objectives are still exactly the
1.Obtain understanding of internal controls
2.Identify key controls to rely on
ACC 4313 / 5320 Auditing
skills do great auditors
What is an Auditor?
What is an Auditor?
Guide to Public Company Auditing
10K Scavenger Hunt
Dont be intimidated by the 10K!
What looks familiar to you? Useful? Interesting?
What does an audit have to do with this filing?
What is the role
Accounts in the
What journal entries are
associated with the revenue
Accounts Receivable Bad Debt Expense
Cost of Goods Sold
Sales Returns and
Employee Fraud and
the Audit of Cash
Management Fraud vs. Employee
Employee Fraud (misappropriation of
use of fraudulent means to take money
or other property from an employer.
To educate a person in mind and
not in morals is to educate a
menace to society.
What is ethical behavior? (Philosophy)
1. That which produces the greatest good
2. That which con