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auditing
Questions and Answers of
Auditing
Consult Paragraphs 14-15 of PCAOB Auditing Standard No. 13. If you were auditing Waste Management, what type of documentary evidence would you require to evaluate the propriety of a top-side
Consult Paragraph 14 of PCAOB Auditing Standard No. 5. Based on the case information, do you think this paragraph relates to the use of top-side adjusting journal entries at an audit client like
Consult Paragraphs 26-27 of PCAOB Auditing Standard No. 5. Do you believe that the period end financial reporting process should always be evaluated by auditors as a significant and material process
Consult Paragraphs 71-72 of PCAOB Auditing Standard No. 12. Identify one specific control procedure that could be designed to prevent or detect a misstatement related to a top-side adjusting journal
Consult Paragraphs 4-8 of PCAOB Auditing Standard No. 15. Based on your understanding of audit evidence, did Arthur Andersen rely on sufficient appropriate audit evidence in auditing the valuation
Consult Paragraph 10 of PCAOB Auditing Standard No. 15. Next consider the series of comparisons prepared by the Denver office of Arthur Andersen of prices charged by the King group to FOF, King
Consult Paragraphs 24-27 of PCAOB Auditing Standard No. 14. Based on the case information presented, do you believe that the management of FOF exhibited bias in their estimates? Why or why not? Next,
Do you believe Andersen had a duty of client confidentiality to KRC that would prohibit the firm from disclosing to FOF any relevant knowledge it may have had related to KRC’s costs? Why or why not?
Based on your understanding of the information presented in the case, how did Enron’s Chewco SPE fail to meet the outside equity requirement for non consolidation? Did Enron meet the control
Consult Paragraphs 4-8 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 the Chewco
Consult Section 401 of SARBOX. How would Section 401 apply to the Enron audit? Do you think Section 401 would have improved the presentation of Enron’s financial statements? Why or why not?
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one or more relevant financial statement assertions about at least one financial statement account related to the Chewco
Consult Paragraphs13-21 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?
This case describes a situation where a company overstated its recorded expenses in 1996 (as compared to understating recorded expenses). Why would a company choose to overstate its expenses and
Describe specifically why the up-front revenue recognition practices for sales of IRUs by Qwest were 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 3, identify a specific internal control activity that would help
Consult Paragraphs 4-6 of AU Section 334. Explain why gains recorded on transactions with related parties would have greater inherent risk of being overstated in the financial statements.
Consult Paragraphs 23-25 of PCAOB Auditing Standard No. 12. Define what is meant by a company’s control environment. Comment on the impact that BFA’s related party disclosure practices would have
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. What is the most relevant financial statement assertion(s) about the related party transaction activity at BFA? Why? Please provide support
Consult Paragraphs 39-41 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. For the assertion identified in Question 3, identify a specific internal control activity that would help
Consult Paragraphs 65-69 of PCAOB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs (i.e., the fraud
Consult Paragraphs 26-27 of PCAOB Auditing Standard No. 5 and Paragraph 41 of PCAOB Auditing Standard No. 13. Do you believe that the period-end financial reporting process deserves special attention
Consult Sections 204 and 301 of SARBOX. What is the role of the audit committee in the financial reporting process? Do you believe that an audit committee can be effective in providing oversight of
Consult Sections 302 and 305and Title IX of SARBOX. Do you believe that these provisions will help deter fraudulent financial reporting by a top management group such as that of Waste Management? Why
Describe why the recognition of revenue for IRU swaps for fiber-optic assets that were not actually needed by Qwest is inappropriate under GAAP. As an auditor, what type of evidence would allow you
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. 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 2, identify a specific internal control activity that would help
Next, for the assertion identified in Question 2, identify a specific internal control activity that would help detect a misstatement related to the recognition of revenue for IRU swaps.
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
Consult Section 103 of SARBOX. Do you believe that the engagement leader of an audit (like David Duncan on the Enron audit) should have the authority to overrule the opinions and recommendations of
After Carl Bass was removed from the Enron account, he indicated to his boss that he did not believe Enron should have known about internal discussions regarding accounting and auditing issues. Do
Consult Section 203 of SARBOX. Do you believe that this provision of the law goes far enough? That is, do you believe the audit firm itself (and not just the partner) should have to rotate off an
Consult Paragraph #7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of inherent risk assessment and the case information, identify three specific factors about Enron’s business
Paragraphs 5-7 of PCAOB Auditing Standard No. 13. Comment about how your understanding of the inherent risks identified at Enron (in Question 13) would influence the nature, timing, and extent of
Consult Paragraphs 28–30 of PCAOB Auditing Standard No. 5. Next, consider how the change in industry regulation and Enron’s resulting strategy shift would impact your inherent risk assessment for
Consult Paragraphs # 52-53 of PCAOB Auditing Standard No. 12.Consider how a revenue recognition fraud might occur under Enron’s strategy in the late 1990s. Next, identify an internal control
Consult Paragraphs 65-69 of PCAOB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs (the fraud
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
Consult Paragraphs 21-22 of PCAOB Auditing Standard No. 5. Comment on how your understanding of Enron’s control environment and other entity-level controls would help you implement a top-down
Refer to Section 201 of SARBOX. Identify the services provided by Arthur Andersen that are no longer allowed to be performed. Do you believe that Section 201 is needed? Why or why not?
Consult Sections 204 and 301 of SARBOX. What is the role of the audit committee in the financial reporting process? Do you believe that an audit committee can be effective in providing oversight of a
Consult Sections 302 and 305 and Title IX of SARBOX. Do you believe that these new provisions could help deter fraudulent financial reporting by an upper management group? Why or why not?
Based on your understanding of the information presented in the case, how did Enron’s Chewco SPE fail to meet the outside equity requirement for non consolidation? Did Enron meet the control
Consult Paragraphs 4-8 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 the Chewco
Consult Section 401 of SARBOX. How would Section 401 apply on the Enron audit? Do you think Section 401 would have improved the presentation of Enron’s financial statements? Why or why not?
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one or more relevant financial statement assertions about at least one financial statement account related to the Chewco
Consider the role of the Enron employee who was responsible for applying MTM accounting rules to electric power contracts, like the Eli Lilly contract. Assuming the employee knew that the use of MTM
Refer to Sections 203 and 206 of SARBOX. How would these sections of the law have impacted the Enron audit? Do you believe that these sections rewere needed? Why or why not?
Refer to Section 301 of SARBOX. Do you believe that Section 301 is important to maintaining independence between the auditor and the client? Why or why not?
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
Consider the Sithe Energies contract described in the case. Does the accounting for this contract provide an example of how Enron violated the revenue recognition principle? Why or why not? Please be
Consult Paragraph 14 of PCAOB Auditing Standard No. 5 and Paragraph 68 of PCAOB Auditing Standard No. 12. Based on the case information, do you believe that Enron had established an effective system
Consult Paragraphs 4–8 of PCAOB Auditing Standard No. 15. As an auditor, what type of evidence would you want to examine to determine whether Enron was inappropriately recording revenue from the
Consult Paragraphs 3-6 of Quality Control Standard No. 20 (QC 20).Explain why an accounting and auditing research function (like Andersen’s PSG) is important in the operations of a CPA firm. What
What is auditor independence, and what is its significance to the audit profession? In what ways was Arthur Andersen’s independence potentially affected on the Waste Management audit, if any?
Consider the practices of basketing and bundling. Briefly explain why each practice is not appropriate under GAAP.
Consult Paragraphs 6–7 of PCAOB Auditing Standard No. 13.Describe why netting write-offs against other gains would be effective for Waste Management’s management team in trying to cover up their
Consult Paragraph 10 of PCAOB Auditing Standard No. 15. As an auditor, what type of evidence would allow you to detect whether your client was engaging in behaviors that are designed to mask
Consult Paragraphs 14-15 of PCAOB Auditing Standard No. 13. If you were auditing Waste Management, what type of documentary evidence would you require to evaluate the propriety of a top-side
Consult Paragraph 14 of PCAOB Auditing Standard No. 5. Based on the case information, do you think this paragraph relates to the use of top-side adjusting journal entries at an audit client like
Consult Paragraphs 26-27 of PCAOB Auditing Standard No. 5 and Paragraph 41 of PCAOB Auditing Standard No. 13. Do you believe that the period-end financial reporting process should always be evaluated
Consult Paragraphs 71-72 of PCAOB Auditing Standard No. 12. Identify one specific control procedure that could be designed to prevent or detect a misstatement related to a top-side adjusting journal
Consult Paragraphs 65-69 of PCAOB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs (i.e., the fraud
Consult Sections 204 and 301 of SARBOX. What is the role of the audit committee in the financial reporting process? Do you believe that an audit committee can be effective in providing oversight of a
Consult Sections 302 and 305 and Title IX of SARBOX. Do you believe that these provisions will help to deter fraudulent financial reporting by a top management group such as that of Waste Management?
Consult Paragraphs 3-6 of Quality Control Standard No. 20 (QC 20). Considering the example in the Waste Management case, please explain why a review by the practice director and audit division head
Consider the role of the Waste Management employee who was responsible for calculating depreciation expense and recording the proper amount in the financial statements. Assuming the employee knew
Consider the decision by CFO James Koenig and Corporate Controller Thomas Hau to phase in the new GAAP method to capitalize interest expense over three years. Do you believe that this decision was in
Consult Paragraph 7 of PCAOB Auditing Standard No. 13.Do you believe that Andersen’s final decision regarding the PAJE’s was appropriate, under the circumstances? Would your opinion change if you
Refer to Sections 203 and 206 of SARBOX. How would these sections of the law have impacted the Waste Management audit? Do you believe that these sections are needed? Why or why not?
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the matching principle and explain why it is important to users of financial
Based on the case information provided, describe specifically how Waste Management violated the expense recognition principle. In your description, please identify a journal entry that may have been
Consult Paragraph 2 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. Do you believe that Waste Management had established an effective system of internal control over financial
Consult Paragraphs 5–6 of PCAOB Auditing Standard No. 15. As an auditor, what type of evidence would you want to examine to determine whether Waste Management’s decision to change the useful life
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). What is the specific definition of an asset?
Consult PCAOB Ethics and Independence Rule 3520. What is auditor independence, and what is its significance to the audit profession? Based on the case information, do you believe that Andersen
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the matching principle, and explain why it is important to users of financial
Based on the case information provided, describe specifically how WorldCom violated the matching principle. In your description, please identify a journal entry that may have been used by WorldCom to
Consult Paragraph 2 and Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. Do you believe that WorldCom had established an effective system of internal control over financial reporting
Consult Paragraphs 13–21 of PCAOB Auditing Standard No. 15. As an auditor at WorldCom, what type of evidence would you want to examine to determine whether the company was inappropriately releasing
Consult Paragraphs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of risk assessment and the case information, identify three specific factors about WorldCom’s strategy that
Consult Paragraphs 5-7 of PCAOB Auditing Standard No. 13. Comment about how your understanding of the risks identified at WorldCom (in Question 14) would influence the nature, timing, and extent of
Consult Paragraph 33 and Paragraph B10 (in Appendix B) of PCAOB Auditing Standard No. 5. If you were conducting an internal control audit of WorldCom, comment on how WorldCom’s acquisition strategy
Consult Paragraphs # 65-66 of PCAOB 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
Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5. Based on your understanding of WorldCom’s internal audit department, do you believe that the department could have been
Consult Paragraph 56 of PCAOB Auditing Standard No. 12 and Sections 204 and 301 of SARBOX. Based on the case information, do you believe that WorldCom’s audit committee was effective in its
Consult Paragraphs 5-7 of PCAOB Auditing Standard No. 13. Given the reluctance of WorldCom’s management team to communicate with Andersen, do you believe that Andersen exercised due care and
Consult Paragraphs .04-.08 of AU Section 322. Do you believe that auditors should be allowed to use the work of other professionals as evidence to support their own internal control audit opinions?
Consult Paragraphs 18-19 of PCAOB Auditing Standard No. 5. What specific factors must external auditors consider before using the work of other professionals as evidence to support their own internal
Consult Paragraphs 1–2 of Ethics Rule 102 (ET 102). Next, consider the roles of Ron Lomenzo and Lisa Taranto. Assume that these employees knew that the entries being proposed by Scott Sullivan were
Consult Paragraphs 13-21 of PCAOB Auditing Standard No. 15. In terms of audit effectiveness and efficiency, briefly explain the difference between substantive analytical procedures and substantive
Consult Paragraph 14 and Paragraph A8 (in Appendix A) of PCAOB Auditing Standard No. 5. Provide examples of both a preventive control and a detective control that could address the risk that a
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
Provide one specific example of how WorldCom violated the revenue recognition principle in this situation. In your description, please identify a journal entry that may have been used by WorldCom to
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 WorldCom had established an effective system of internal
Consult Paragraph 25 of PCAOB Auditing Standard No. 5. Define what is meant by control environment. Explain why the control environment is so important to effective internal control over financial
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