When a service organization provides services that affect the
initiation, execution, processing, or reporting of a user companys
transactions, those services are:
Considered to be part of the user
companys information sy
Based on new information gained during an audit of a nonissuer, an auditor determines that it is
necessary to modify materiality for the financial statements as a whole. In this circumstance, which of the
following statements is accurate?
a. The auditor i
1.Question: Which of the following accurately depicts the auditor's responsibility with respect to Statements on Auditing Standards?
The auditor is required to follow the guidance provided by the Standards, without exception. The auditor is g
A1 : REPORTS ON COMPARATIVE FIN. STATEMENTS
on May, Year 4, an auditor reissues the auditor's report on the Year 2 financial statements at a continuing
client's request. The Year 2 financial statements are not restated and the auditor does not revise the
Under the ethical standards of the profession, which of the following investments in a client
is notconsidered to be a direct financial interest?
An investment held through a nonclient regulated mutual fund. CORRECT
An investment he
AC559 Course Project
Parent, Inc. is contemplating a tender offer to acquire 80 percent of Subsidiary Corporation's common stock. Subsidiary's s
are currently quoted on the New York Stock Exchange at $100 per share. Parent is
(TCO E) (CPA-04741) Which of the following activities would most
likely be considered an attestation engagement?
Consulting with management representatives of a firm to provide
Issuing a report about a firm's complian
(TCO C) (CPA-02310.B) Which of the following circumstances most
likely would cause an auditor to suspect that material misstatements
exist in a client's financial statements?
The assumptions used in developing the prior year'
(TCOs A and B) (CPA-02803.B) Which of the following is required
documentation in an audit in accordance with generally accepted
A flowchart or narrative of the information system relevant to
Question 1. Question :
(TCO E) (CPA-02900.B) In which of the following situations would an
auditor ordinarily choose between expressing an "except for"
qualified opinion or an adverse opinion?
The auditor did not observe the entity's physi
THIS SHEET IS MEANT ONLY AS A CONVENIENCE. THE ACTUAL FACTS PRESENTED UNDER THE "COURSE HOME" SHOULD BE REFERENCED AND UTILIZED.
2013 PARENT ASSUMPTIONS
Sales will increase by 10% in 2013.
All sales will be on acc
Which of the following accurately depicts the auditor's responsibility with respect to Statements on
The auditor is required to follow the guidance provided by the Standards, without
The auditor is g
AC591 Week 1 Online Quiz
Jules, CPA, is reporting on comparative financial statements, but Shah, CPA conducted the previous
year's audit. Which of the following is not true in this situation?
Dual dating may be used to indicate t
Online quiz 2
Which of the following is not true about quality control standards?
They apply to attestation engagements as well as to audit engagements.
Risk assessment is one of the six interrelated elements of quality
Which is true about the auditors observation of physical
It can provide evidence supporting the
It can provide evidence supporting the
Both of the above.
Week 5 online quiz
An auditor uses an attribute sampling plan to determine whether large expenditures are being properly
approved. The auditor is willing to accept a 2% risk of assessing control risk too low, and has a tolerable
(TCO E) (CPA-03417) The objective of a review of interim financial
information of a public entity is to provide an accountant with a basis
for reporting whether:
A reasonable basis exists for expressing an updated opinion
(TCO D) (CPA-04625) An auditor is selecting vouchers for testing an
entity's internal control activities related to the proper approval of
vouchers before checks are prepared. The auditor is matching
random numbers with voucher numbers to de
Discussion Grading Rubric30 Point Discussions (two graded topics per week)
In the Discussion areas of the course, the Professor and students interact to explore course concepts.
Discussions always close Sunday, 11:59 p.p. mountain time (MT). The discussio
ACCT 559 Course Schedule
Week, TCOs, and Topics
Readings and Class Preparation
Chapter 1: The Equity Method of Accounting for
Professor: David Adu-Boateng
A. An inadvertent data entry error caused an employees wage rate to be
overstated in the payroll master file.
I would say that hash total of employee wage rate must be re
P14-5 (Comprehensive Bond Problem) In each of the following independent cases the company closes its books on December
1 Sanford Co. sells $500,000 of 10% bonds on March 1, 2014. The bonds pay interest on Sep
2 Titania Co. sells $400,000 of 12% bonds on J
E15-15 (Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on Dec
Prepare the required journal entries for the following unrelated items.
a) A 5% stock dividend is declared and distributed at a time wh
(AccountinLeontyne Price Company from time to time embarks on a research
(a) What account should be charged for the $325,000, and how should it be shown in the financial statements?
The $325000 should be charged to research and development
E15-2 (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was orga- nized on January 1, 2014. It is authorized to issue 10,000 shares
500,000 shares of no-par common stock with a stated value of $1 per share. The following s
E16-6 (Conversion of Bonds) On January 1, 2014, Gottlieb Corporation issued $4,000,000 of 10-year, 8% convertible debent
can be converted into eight shares of Gottlieb Corporation $100 par value common stock after December 31, 2015.
On January 1, 2016, $4
This course covers financial accounting practice and theory in relation to
consolidations; foreign currency transactions and financial statement trans
E17-9 (Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2013, the available-for-s
On January 20, 2014, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees.