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auditing

Questions and Answers of Auditing

Consult Paragraphs 6–7 of PCAOB Auditing Standard No. 13. If you were auditing WorldCom, what type of documentary evidence would you require to evaluate the validity and propriety of a top-side
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the revenue recognition principle and explain why it is important to users of financial
Consult Paragraphs 29 and 32 of PCAOB Auditing Standard No. 5. Briefly identify the types of revenue earned by Sunbeam. Do you believe that any of the different types of revenue earned by Sunbeam
Consult Paragraphs 52-53 of PCOAB Auditing Standard No. 12. For one of Sunbeam’s revenue types (please choose one), brainstorm about how a fraud might occur. Next identify an internal control
Consult Paragraphs 13-21 of PCAOB Auditing Standard No. 15. What is meant by a restructuring reserve? As an auditor, what type of evidence would you want to examine to determine whether a company was
Consult Paragraphs 29 and 32 of PCAOB Auditing Standard No. 5. As an auditor, do you believe that the different components of the restructuring reserve might be subject to significantly differing
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify at least one relevant financial statement assertion related to the restructuring reserve account. Why is it relevant? Discuss.
This case describes a situation in which a company overstated its recorded expenses in 1996 (as compared to understating recorded expenses). Why would a company choose to overstate its expenses and
Consider a customer who receives extraordinary discounts and terms to purchase merchandise at the end of the year (e.g., the wholesaler that purchased grills from Sunbeam). Do you believe that the
Provide one specific example of how Sunbeam violated the revenue recognition principle in this situation? In your description, please identify a journal entry that may have been used by Sunbeam to
Consult Paragraph 2 of PCAOB Auditing Standard No. 5. Do you believe that Sunbeam had established an effective system of internal control over financial reporting related to revenue recorded in its
Consult Paragraphs 4-8 of PCAOB Auditing Standard No. 15. Next, consider the alleged accounting improprieties related to increased expenses from the 1996 audit. If you were auditing Sunbeam, what
For the excessive litigation reserves and excessive cooperative advertising amount, identify the journal entry that is likely to have been proposed by Andersen to correct each of these accounting
Consult Paragraphs 17-23 of PCAOB Auditing Standard No. 14. As discussed in the case, during both the 1996 and 1997 audit, Phillip Harlow allegedly discovered a number of different accounting entries
Consult Sections 204 and 301 of SARBOX. In the post-Sarbanes audit environment, which of the issues that arose in 1996 and 1997 would have to be reported to the audit committee at Sunbeam? Do you
Consult Paragraphs 5-8 of PCAOB Auditing Standard No. 8 and Paragraphs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of inherent risk assessment and the case information,
Consult Paragraphs 8-10 of PCAOB Auditing Standard No. 13. Comment about how your understanding of the inherent risks identified at Sunbeam (in Question 8) would influence the nature, timing, and
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the full disclosure principle and explain why it is important to users of financial
Consult Paragraphs 5-8 of PCAOB Auditing Standard No. 8 and Paragraphs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of inherent risk assessment and the case information,
Consult Paragraphs 8-10 of PCAOB Auditing Standard No. 13. Comment on how your understanding of the inherent risks identified at Qwest (in Question 10) would influence the nature, timing, and extent
Consult Paragraphs 29 and 32 of PCAOB auditing standard No. 5. Next consider revenue earned in the construction services and the communication services businesses. Do you believe that any of the
Describe specifically why the up-front revenue recognition practice for sales of IRUs by Qwest was not appropriate under Generally Accepted Accounting Principles (GAAP).
Consult Paragraphs 4-6 of PCAOB Auditing Standard No. 15. Based on your understanding of audit evidence, did Arthur Andersen rely on sufficient appropriate audit evidence in its audit of Qwest’s
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one relevant financial statement assertion related to revenue recognized for IRU sales by Qwest. Why is it relevant?
Consult Paragraphs 39-41 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. For the assertion identified in Question 15, identify a specific internal control activity that would help
Describe why the recognition of revenue for IRU swaps for fiber-optic assets that were not actually needed by Qwest is inappropriate under GAAP. Next, consult Paragraphs 7-8 of PCAOB Auditing
Consult Paragraphs 11-12 of PCAOB Auditing Standard No. 15. Identify one relevant financial statement assertion related to the revenue account that is impacted by an IRU swap. Why is it relevant?
Consult Paragraphs 39-41 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. For the assertion identified in Question 18, identify a specific internal control activity that would help
Explain specifically why Qwest’s failure to disclose the extent of nonrecurring revenue violated the full disclosure principle.
Next, for the assertion identified in Question 18, identify a specific internal control activity that would help detect a misstatement related to the recognition of revenue for IRU swaps.
Do you believe it is ethical for a CEO to establish a company’s earnings expectation at an unreasonably high number and then require the company’s employees to meet or exceed that expectation to
Consider the role of an upper manager at Dex. Do you believe that a “point of publication” method of accounting is allowable under Generally Accepted Accounting Principles? Whether you do or not,
Consult Paragraph 67 of PCAOB Auditing Standard No. 12. Do you believe that Qwest had established an effective system of internal control over financial reporting related to the presentation and
Consult Paragraph 25 of PCAOB Auditing Standard No. 5. Define what is meant by control environment. Why does the “tone at the top” have such an important effect on internal control over financial
Consult Paragraph A4 (in Appendix A) of PCAOB Auditing Standard No. 5. What is the auditor’s responsibility related to information disclosed by management at the time of an earnings release, if
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the revenue recognition principle and explain why it is important to users of
Describe specifically why the revenue recognition practices of Dex were not appropriate under GAAP. Discuss.
Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5 and Paragraph 68 of PCAOB Auditing Standard No. 12. Do you believe that Qwest had established an effective system of internal
Consult Paragraphs 65-66 of PCOAB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs (that is, the
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the conservatism constraint and explain why it is important to users of financial
Consult Sections 204 and 301 of SARBOX. What is the role of the audit committee in the financial reporting process? Can you provide an example of how the audit committee might have been helpful in
Consult Paragraph 56 of PCAOB Auditing Standard No. 12. What is meant by the term whistleblower within the context of the financial reporting process? Do you think that all whistleblower complaints
Consult Paragraph 5 of PCAOB Auditing Standard No. 10. Do you believe the Arthur Andersen auditors responded appropriately to the information received from BFA’s former accountant, Karen Paetz? Why
Consult Section 401 of SARBOX. How would Section 401 apply to the BFA audit? Do you believe that Section 401 would have improved the presentation of BFA’s financial statements?
Define what is meant by a transaction being executed on an arm’- length basis. Next, consult Paragraphs 52-53 of PCAOB Standard No. 12. Explain why gains recorded on transactions with related
Consult Paragraphs28-30 of PCAOB Auditing Standard No. 5. What is the most relevant financial statement assertion about the related party transaction activity at BFA? Why?
Consult Paragraphs 39-41 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. For the assertion identified in Question 15, identify a specific internal control activity that would help
Consider the role of president at BFA. Next assume that as president you are representing the upper management team at the Foundation’s annual meeting. During the question-and-answer session, an
Consider the significant year-end transactions consummated by BFA. Do you believe that the accounting for these transactions violated the conservatism constraint? Why or why not? Please be specific.
Consult Paragraph 14 of PCAOB Auditing Standard No. 5. Do you believe that BFA had established an effective system of internal control over financial reporting related to its significant year end
Consult Paragraphs #12–15 of PCAOB Auditing Standard No. 13. Consider the sale of the Santa Fe Trails Ranch II stock by Foundation Investments to Friend. Do you believe that the auditor should have
Consult Paragraphs 5-8 of PCAOB Auditing Standard No. 8 and Paragraphs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of inherent risk assessment, identify three specific factors
Consult Paragraphs .04-.06 of AU Section 334. Comment on why the existence of related parties (such as ALO and New Church Ventures) presents additional risks to an auditor. Do you believe that
Assume you are an investor in BFA. As an investor, what type of information would you be interested in reviewing before making an investment in BFA? Do you believe that BFA should have been exempt
Consult Paragraph 7 of PCOAB Auditing Standard No. 9. Consider the planning phase for the audit of BFA’s trust department operations. As an auditor, what type of evidence would you want to collect
Consult Paragraphs 23-25 of PCAOB Auditing Standard No. 12. Define what is meant by control environment. Based on the information provided in the case, explain why the control environment is so
Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP). Define the conservatism constraint and explain why it is important to users of financial
Consult Paragraphs 7-10 of PCAOB Auditing Standard No. 12.Based on your understanding of inherent risk assessment; identify three specific factors about IOS and/or FOF that would be likely to impact
Consult Paragraphs .04-.06 of AU Section 334. Given that all of FOF Prop’s investments in natural resources had also been owned (or were currently owned) by a member of the King group, please
If you were auditing one of the transactions between King Resources and FOF, what type of evidence would you seek to examine to determine whether the transaction was consummated on an “arm’s
Consult Paragraphs 4-8 of PCAOB Auditing Standard No. 15.Based on your understanding of audit evidence; did Arthur Andersen rely on competent and sufficient audit evidence in auditing the valuation
Consider the series of comparisons prepared by the Denver office of Arthur Andersen of prices charged by the King group to FOF, King affiliates, and other knowledgeable industry purchasers. Can you
Consult Paragraphs .09-.10 of AU Section 329. Please explain the primary purpose of substantive analytical procedures (i.e., the type of procedures that are completed during the testing stages of an
Do you believe Andersen’s contention that they had a duty of client confidentiality to KRC that would, indeed, prohibit the firm from disclosing to FOF any relevant knowledge it may have had
Explain why FOF’s decision to record substantial increases in its natural resource assets violated the conservatism constraint. Please be specific.
Consult Paragraph 2 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. Do you believe that FOF has established an effective system of internal control over financial reporting related
Consider the valuation assertion related to the natural resources assets. Do you think it is reasonable for an auditor to rely on a recent sale of a 10 percent interest as evidence to justify a
Consult Paragraphs 7-8 of PCOAB Auditing Standard No. 15.What other evidence could an auditor seek to justify the valuation of an asset where there is no active trading market? Comment on whether
Consult PCAOB Ethics and Independence Rule 3520. What is auditor independence and what is its significance to the audit profession? What is the difference between independence in appearance and
Consider that both KRC and FOF, including its NRFA, were audited by Arthur Andersen. In addition, Arthur Andersen audited King’s personal accounts. Do you believe these relationships impair the
Would your answer be any different if the fact pattern changed so that different partners were assigned to both the KRC audit and the NRFA audit? Please assume that both audit teams were completely
Refer to Sections 201 and 203 of SARBOX. Based on your understanding of the FOF audit, do you believe these sections were needed? Why or why not? Be specific.
Your local veterinarian is complaining about all of the “accountants” he has had to work with—the government has been in to look at his income taxes, the bookkeeper has been sick so he has had
Briefly describe the accounting organizations that exist in Canada and identify the professional designations they award. What roles do these organizations play for their members?
What are the major differences in the scope of the audit responsibilities for public accountants, auditors from the Auditor General’s Offices, Canada Revenue Agency auditors, and internal auditors?
Daniel Charon is the loan officer of the Georgian Bay Bank. Georgian Bay Bank has a loan of $540,000 outstanding from Regional Delivery Service Ltd., a company specializing in the delivery of
Vial-tek has an existing loan in the amount of $1.5 million with an annual interest rate of 9.5 percent. The company provides an internal company-prepared financial statement to the bank under the
Projections indicated that there would be record numbers of homeless over the next few years, so the city decided that it was important to make shelters available. Accordingly, contracts were signed
Wu, a PA, is planning her first audit of a closely held small business. In prior years, Wu compiled the financial statements of the company. She also helped to set up its accounting system and
A small, but expanding, specialty home- products retailer recently implemented an internet portal that allows customers to order merchandise online. In the first few months of operation, their
A large conglomerate is considering acquiring a medium-sized manufacturing company in a closely related industry. A major consideration by the management of the conglomerate in deciding whether to
Explain what is meant by determining the degree of correspondence between information and established criteria. What are the information and established criteria for the audit of Glickle Ltd.’s tax
Mont Louis Hospital, which is affiliated with a leading university, has an extremely reputable research department that employs several renowned scientists. The research department operates on a
Jim and Cecilia were having lunch at the public accounting firm cafeteria downtown and discussing the future. They had both been recently promoted to managers, with incomes approaching six figures.
Explain why the auditor needs to know how to conduct a risk assessment.
What is the relationship between the risk assessment process and the collection of audit evidence?
Describe the different types of assurance engagements that could be provided for a hospital.
What are the differences and similarities among audits of financial statements, compliance audits, and operational audits?
Using a law firm as an example, describe the different audit, attestation, and assurance services that could be provided to the firm, with examples.
Explain why auditors need to be knowledgeable about e-commerce technologies.
What are the advantages and disadvantages of practicing as a large public accounting firm rather than a small one?
How did business failures by Enron and WorldCom affect quality control procedures for public accounting firms in Canada and the United States?
How has Sarbanes-Oxley affected the Canadian regulatory environment for PAs?
What is the role of the CPAB?
Describe the role of International Standards on Auditing. Discuss whether a PA who conducts an audit in accordance with generally accepted auditing standards simultaneously complies with
What is meant by the term “quality control” as it relates to a public accounting firm?
State what is meant by the term “practice inspection.” What are the implications of the term for the public accounting profession?
A local PA, who has been in practice for several years, recently met with representatives of an internet service provider that is interested in developing a website for the PA’s practice. The PA
For each of the following procedures that are taken from the quality control manual of a public accounting firm, identify the applicable element of quality control from Table 2-2 on page 39 and
The following comments summarize the beliefs of some practitioners about quality control and practice inspection: Quality control and practice inspection are quasigovernmental methods of regulating

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