Questions and Answers of Accounting and Auditing Research

Describe four different examples of fraud engagements.
Explain the difference between data mining software and public databases. The following questions relate to the “ACL in Practice” tutorial:
Before one proceeds with analyzing the data, what ACL commands can be utilized to verify the data?
What is the purpose of a filter in your analysis of the data?
What are the different ways one can utilize the “Analyze” function?
Review i2’s Analyst’s Notebook tutorial if available and view the Financial Fraud segment. Explain how the Analyst’s Notebook was utilized in the investigation.
Review i2’s Analyst’s Notebook tutorial if available and view the Insurance Fraud segment. Explain how the Analyst’s Notebook was utilized in the investigation
View the iBase segment of the Analyst's Notebook tutorial if available and briefly explain how it can be used in an investigation.
Access the KnowX web site (http:/www.knowx.com) and enter a free search.Discuss what you searched for and what you found. Provide two examples of how the fraud examiner/investigator can utilize this
Access Switchboard (http://www.switchboard.com) and search for a business. What were your results?
Access the Fraud Information Center (http://www. fraud.org) and locate and describe three types of fraud reported by the Center.
Review the ACL materials and explain how an auditor can utilize ACL to detect or search for:a. Purchase fraudb. Vendor fraudc. Inventory fraud
Access ACL’s web site (Attp://www.ACL.com) and locate three examples of how ACL assists in fraud detection.
Identify the most authoritative accounting pronouncements of the FASB, AICPA, and GASB.
What is the FASB’s Conceptual Framework Project? Explain the benefit of this Project to the practitioner.
What constitutes generally accepted accounting principles?
What are the implications of GAAP and authoritative support to the researcher?
What two governmental organizations were added to the list of sponsoring organizations of the Financial Accounting Foundation (FAF) due to the establishment of the GASB’s authoritative status?
Discuss how the FASB is addressing the “standards overload” issue.
What standards did the IASB develop?
Utilizing Figure 2-3 (Eight Elements of Reasoning), develop the eight elements for the following issue: Daimler Auto Parts, Inc., headquartered in Munich, Germany, is attempting to register with the
Access the FASB’s web site (http://www. fasb.org) and click on the “FASB Facts” link and name the current FASB Board members.
Access the FASB’s web site (http://www.fasb.org) and identify the three most recent exposure drafts issued by the FASB.
Access the GASB’s web site (http:/www.gasb.org) and list and summarize the GASB Concept Statements.
Access the GASB’s web site (Attp://www.gasb.org) and identify the two most recent exposure drafts issued by the GASB.
What are the major infobases comprising the FASB’s Financial Accounting Research System (FARS Online)?
Which FARS infobase contains:a. FASB Concepts Statements?b. AICPA Practice Bulletins?
What Original Pronouncements are integrated into the Current Text?
Does the Current Text provide complete GAAP research? Explain.
How are secondary sources on GAAP used to help the researcher?
Where does the researcher find:a. GAAP Level 1 sources?b. GAAP Level 2 sources?c. GAAP Level 3 sources?d. GAAP Level 4 sources?e . GAAP Level 5 sources?
Use FARS Online to identify the strongest accounting authority governing each of the following:a. The accounting for prepaid advertisingb. The accounting for negative loan amortizationc. The
Rank the authorities found in the previous problem from strongest to weakest in their GAAP levels.
Use FARS Online to identify the strongest accounting authority governing each of the following:a. The accounting for goodwillb. The accounting for start-up costs, sometimes referred to as
Using FARS Online, find Accounting Terminology Bulletin 4.a. What does it discuss?b. How did you find that authority?c. Using that authority, how is an expense defined in its broadest sense?d.
Using FARS Online, find FASB Interpretation 36.a. What does it discuss?b. How did you find that authority?c. What industry does that authority affect?d. What are the major organizational parts of
Using FARS Online to search GAAP Level 1 authorities, which expenditure qualifies as a Research & Development cost to expense?a. The salaries of the research staff designing new productsb. The
Use FARS Online to search GAAP Level 2 authorities and answer the following.a. What is a “contingency”?b. Precisely where in the authority did you find that definition?c. Under what circumstances
The FASB Statement No. 106 establishes the accounting standard for post-retirement benefits other than pensions. One can recognize the obligation immediately or amortize it over 20 years. Using the
Use the Topical Index in FARS to research the disclosure requirements for the postretirement benefits other than pensions.a. Explain these requirements.b. How many levels of GAAP authorities exist on
In some cases, preferred stock has some characteristics of a debt instrument.a. How should the accountant classify such debt in the financial statement?b. Reference relevant authorities from FARS to
Go to the SEC web site at Attp://www.sec.gov.a. Access the “information for accountant” folder, and then go to the financial reporting information center. Determine how many accounting and
What are the advantages in using Westlaw?
What type of authoritative information is available on LexisNexis?
Identify two newspapers, magazines, or wire services available on LexisNexis.
Identify a publication in LexisNexis that contains corporate earnings.
Where can one find information on the sources in LexisNexis?
How does a specialized search vary from the common research strategy?
What is included in a LexisNexis Company Dossier?
What are the general areas of LexisNexis Academic?
How does the LexisNexis Academic database compare to the LexisNexis database?
What does the Thomson Research database cover?
What is the major type of information in the Westlaw database?
What type of information is available in the CCH Business Research Network?
What insight is offered by the Business and Company Resource Center database?
What is the major source of information in Stat-USA?
When would a researcher use Business Source Premier?
What does ABI/INFORM Global include?
Access LexisNexis Academic. Select Business and then the Accounting link. In the drop-down box, select Miller's GAAP Guide and search using the keyword ‘“derivatives.” What documents were
Access LexisNexis Academic. Select Business and then the Accounting link. In the drop-down box, select AICPA and Auditing Publications and search using the key- word “derivatives.” Give the
Access LexisNexis Academic. Select the business section and see how many possible choices are available to find information about a company that you may be interested in researching. As an example,
Access LexisNexis Academic. Go to the tax law section, and conduct research on the new dividend tax treatment after the 2003 tax reform. What journals were displayed?
Access Thomson ONE Banker. Review Microsoft Corp.’s five-year financial reports and ratio reports and discuss what the company’s financial situation looks like.
Access CCH Business Research Network. Determine the major GAAP’s provisions affecting the financial statement’s presentation of unfunded pension liability.
Access CCH Business Research Network. Conduct a search to find out the federal laws and regulations concerning the environmental liability disclosure requirements on a public company.
Access Stat-USA. Conduct research to find out how much steel the United States traded internationally in Year 2003.
Use Business Source Premier or Factiva to find Alexander & Baldwin. Write a onesentence explanation describing Alexander & Baldwin’s business. Use the full company profile to identify the
Access ABI/INFORM Global. Conduct research to find out what effects the Sarbanes-Oxley Act has had since it was passed in 2002.
Access ABI/INFORM Global. Using the topic guide, conduct research on Google Inc.’s new Gmail system and find out what is the most controversial issue of the new system.
What other accounting and business databases does your library provide? Select one database and provide four PowerPoint® slides explaining it.
Explain the difference between tax evasion, tax avoidance, and abusive tax avoidance.
Identify and explain the basic steps of the tax research process.
Which of the following tax sources are primary authorities?a. Tax servicesb. Tax Court decisionsc. Tax newslettersd. Internal Revenue Codee. Treasury Regulations
What are the three major groups of primary tax authority? Describe what is in each group.
Differentiate between policy-oriented versus application-oriented tax research.
What are the challenges in tax research?
Distinguish between tax compliance and tax planning.
Explain the meaning of the term “precedent” for tax research.
What does it mean when the IRS issues an announcement of nonacquiescence?
Identify the three tools that utilize the computer in conducting tax research.
What is the source of all primary authorities in tax?
Distinguish between two citations when one has “IRB” in it, and the other has a "CB" in it.
Where within a tax research database does one find copies of Revenue Procedures?
Access the Internet and complete the following (you may want to use http://www. taxsites.com to help you find the materials):a. Obtain a copy of your state’s 1040 tax form.b. Obtain a copy of
Access the U.S. Code and answer the following (use either a tax research database or a web site, such as http://uscode. house.gov/usc.htm):a. What is the general content of IRS Code Sec. 61?b. What
Access a tax research database and answer the following questions.Then repeat the problem on a different tax research database and compare the ease of use.a. Conduct a search of the U.S. Treasury
Access the Code of Federal Regulations (CFR) and answer the following (use either on a tax research database or web sites, such as http://www.gpoaccess.govw/cft/index.html):a. How may titles are
Access the Internet and locate the IRS forms page. Download and print IRS form number 2106 entitled “Employee Business Expenses.”
Central Michigan Medical Association (CMMA) is planning on hiring a new cardiologist who currently lives in Dallas, Texas. The cardiologist owns a home in Dallas and due to the depressed housing
Utilize RIA’s Checkpoint or an alternative tax research database and identify the general contents of each of the following Internal Revenue Code sections.a. IRC § 62(a)(2)b. IRC § 162(e)(4)c.
Utilize RIA’s Checkpoint or an alternative tax research database and list the Code sections that highlight the main tax law provisions for the following topics.a. Gift taxb. Capital gainsc. Stock
Utilize LexisNexis or an alternative tax research database and identify the general contents of each of the following subchapters of the Internal Revenue Code.a. Subchapter Ab. Subchapter Dc.
Utilize any tax source to answer the following question. You loaned your roommate $4,500 for next semester’s tuition. Your roommate promised to pay you back next summer from his summer employment.
This exercise requires you to locate the hardbound copies of certain publications and court reporters that are frequently used in tax research. Use your university’s library and provide the call
Using your university’s library or its web site, list five tax journals in your library and identify the publisher of each journal.
Besides Revenue Rulings and Revenue Procedures, identify three other types of documents that the IRS generates.
Utilize RIA’s Checkpoint or an alternative tax research database and determine for each of the following Code sections how many Treasury Regulations have been issued. Give the total number of such
Utilize RIA’s Checkpoint and locate the following court decision: 67 AFTR 2d 91- 718.What court heard the case and what was the issue(s) involved?
Utilize RIA’s Checkpoint U.S. Tax Reporter to determine:a. If your school’s new basketball player receives an athletic scholarship, is it considered gross income when received by the athlete?b.
Utilize RIA’s Checkpoint U.S. Tax Reporter. Locate each of the following topics and provide the first paragraph number listed for each.a. Expenses for educationb. Contributionsc. Medical

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