Accounting and Auditing Research Tools and Strategies 9th edition Thomas Weirich, Thomas Pearson, Natalie Tatiana - Solutions

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Which of the following statements concerning audit evidence is correct?a. Appropriate evidence supporting management’s assertions should be convincing rather than merely persuasive.b. Effective internal control contributes little to the reliability of the evidence created within the entity.c. The
An auditor who uses the work of a specialist may refer to and identify the specialist in the auditor’s report if thea. Specialist is also considered to be a related party.b. Auditor indicates a division of responsibility related to the work of the specialist.c. Specialist’s work provides the
When auditing merchandise inventory at year-end, the auditor performs a purchase cutoff test to obtain evidence thata. All goods purchased before year-end are received before the physical inventory count.
An abnormal fluctuation in gross profit that might suggest the need for extended audit procedures for sales and inventories would most likely be identified in the planning phase of the audit by the use ofa. Tests of transactions and balances.b. A preliminary review of internal control.c.
Which of the following matters is an auditor required to communicate to an entity’s audit committee?
Which is least likely to be a question asked of client personnel during a walk-through in an audit of the internal control of an issuer (public) company?a. What do you do when you find an error?b. Who is most likely to commit fraud among your coworkers?c. What kind of errors have you found?d. Have
Which of the following statements best describes the ethical standard of the profession pertaining to advertising and solicitation?a. All forms of advertising and solicitation are prohibited.b. There are no prohibitions regarding the manner in which CPAs may solicit new business.c. A CPA may
Further audit procedures consist of which of the following?
In obtaining an understanding of a manufacturing entity’s internal control over inventory balances, an auditor most likely woulda. Review the entity’s descriptions of inventory policies and procedures.b. Perform test counts of inventory during the entity’s physical count.c. Analyze inventory
The independent auditor selects several transactions in each functional area and traces them through the entire system, paying special attention to evidence about whether or not the controls are in operation. This is an example of a(n)a. Application test.b. Test of a controls.c. Substantive test.d.
The auditors of a nonissuer (nonpublic) company must perform a test of the operating effectiveness of a significant controla. In all audits.b. When the control relates to a significant asset.c. When substantive procedures alone will not provide sufficient evidence about the related assertion.
One reason that an auditor only obtains reasonable, and not absolute, assurance that financial statements are free from material misstatement isa. Comprehensive basis reporting.b. Employee collusion.c. Material misstatements.d. Professional skepticism.
Which of the following is correct concerning allowing additions and deletions to audit documentation after the documentation completion date under requirements of the Public Company Accounting Oversight Board?
Independence is required for which of the following types of engagements?
Which of the following statements best describes the primary purpose of Statements on Auditing Standards?a. They are guides intended to set forth auditing procedures that are applicable to a variety of situations.b. They are procedural outlines that are intended to narrow the areas of inconsistency
Which of the following is ordinarily considered to be a fraud risk factor?a. The company’s financial statements include a number of last minute material adjustments.b. Management regularly informs investors of forecast information.c. The company has experienced increasing earnings over the
Go to ACL.com and click on their blog link. Summarize a current blog post.
Locate four websites on fraud, and briefly describe their contents.
Access a recently issued SEC Accounting and Auditing Enforcement Release related to a fraud action (www.sec.gov). Click on enforcement and determine incentive(s)/pressure to commit the fraud, accounting issue(s), and the motive for the fraud.
Acquire information about the Bernie Mad off investment management scandal via the Internet. Integrate the theory presented in this chapter with the facts of the case to explain the scandal. Why were government investigators so slow to uncover this record-breaking $50 billion fraud?
Access the Fraud Information Center (www.fraud.org), and locate and describe three types of fraud reported by the Fraud Information Center.
Access Zoominfo.com, and search for a major public company. What were your results?
Access the Instant Checkmate website and enter a search. Discuss what you searched for and what you found. Provide two examples of how the fraud examiner/investigator can utilize this site.
Access the AICPA.org website and locate the ASB under auditing and attestation standards. Examine the approved highlights of the ASB. What were the last three auditing standards issued by the ASB?
Identify what other significant accounting and business databases your library provides. Select one valuable database for accountants, business advisors, or economists not discussed in this text. Provide a few PowerPoint slides and a research example explaining it.
Use a commercial database to examine IBM’s first footnote in its financial statements for 2016. Compare and contrast the advantages or disadvantages in assessing IBM from a commercial database as compared to using the SEC website with its EDGAR database.
What does the Statement of Federal Financial Accounting Standard No. 49 discuss? When was Standard No. 49 promulgated? What was the purpose of the Standard?
What is the title of GASB Concept Statement No. 6? What is the purpose of the reporting discussed in the Concept? When was GASB Concept Statement No. 6 last modified?
Go to your library’s website. Find the library’s location of one AICPA’s reference books. If your library does not have it, suggest where you should go to view this important research tool and explain the book’s location within the library.
Find the title of GAAP Concept Statement No. 5. What is the purpose of the reporting discussed in the Concept? When was this Concept Statement last modified?
Find the growth rate for Yahoo! from January 2015 until it was sold to Verizon in 2016. What helps to explain the change in the company’s stock price during that time period?
Locate the insurance company State Farm Group. Using an appropriate database available to you, summarize the key financial ratios that you can find on the company. Compare that information to any information provided on the company’s website.
What are the advantages and disadvantages of using a new emerging legal database?
Examine the private company Uber, headquartered in San Francisco. Summarize the corporate history of Uber. What legal concerns does this company face? Where did you find this information?
What does the Nexis Uni™ database include and how does it compare to the Lexis Advance® database?
Find 2016 stock prices on one of the largest private equity firms, the Blackstone Group. How much did their stock price change during that year? Explain why. What sources of information did you use to find this answer? Why is information on this private equity firm more readily available than
Where are financial ratios found in the LexisNexis databases: Lexis Advance® or Nexis Uni™?
Besides going to review sites such as Yelp, how should one research whether a local construction company is reliable to remodel one’s house?
What does the Guide star database provide?
Explain how one might conduct international business research.
Use the topic guide in an article index database or legal database. Research “Theranos.” Explain the rise and fall of this company.
When would a researcher use ABI/lnform or Business Source Premier?
Find the profitability ratios for the bank Wells Fargo for the most recent year. Provide an analysis of what these ratios indicate for Wells Fargo’s operations and use of its assets. How has Wells Fargo performed since 2015, a year before its management crisis?
Access the AICPA IFRS resource page (www.IFRS.com). What are two featured IFRS news items?
Zimmer Chemical Co. has chemical manufacturing facilities around the world. Recently, Zimmer erected a new facility in South Korea at a cost of $48 million and plans to operate the new facility for a period of fifteen years. The South Korean government requires that, at the time Zimmer concludes
Jim: This year has been great for business with fantastic customers. This should definitely help our net income and bonuses for the year!Nancy: Exactly what do you mean, Jim? Jim: Well, with great customers who should pay their bills, we will not need to establish an allowance for doubtful
Your firm has received a request from an international company client as to a certain accounting issue. Access the IASB website (www.iasplus.com), and briefly explain the role of the IASB and the standards issued by the Board.
List the primary auditing guidelines for public sector auditing.
Locate Revenue Rulings 2016-15 and 2017-2, identify the topics, and find the dates of the Revenue Ruling. What are the applicable Code sections for each revenue ruling? Give the proper citations for these revenue rulings in the Internal Revenue Bulletin.
Discuss how professional tax work is changing.
Discuss how to use Checkpoint® to find relevant cases.
Besides Revenue Rulings and Revenue Procedures, identify two other administrative sources from the IRS.
Find the NAICS code for the property and casualty insurance business.
Access an overview of the Korean company Samsung’s products. Then explain the significance of its Galaxy Note 7 line of products. Can you determine how many of those products were sold and what happened to this product? Explain where you acquired your information and why you went there.
Go to the Global EDGE resource desk and identify at least two international business resources recommended for statistical sources.
Find the title of a recent article from the Journal of Accountancy that discusses “money laundering.”
Find the legal case SEC v. Wyly, 56 F. Supp. 3d 260 (S.D.N.Y. 2014) [Note that chapter 7 discusses case citations]. Discuss the court’s decision in that case.
Illustrate the potential use of data analytics for an accountant using a legal database.
Identify five tax planning concepts.
Identify the general content and topic of each of the following Internal Revenue Code sections:a. §62(a)(2)b. §162(e)(4)c. §262(b)d. §482e. §501(c)(7)f. §751(a)(flush language)g. §6702(a)
Identify the general content and topic of each of the following sub chapters and parts of the Code:a. Subtitle Ab. Subtitle A, Chapter 2c. Subtitle A, Chapter 1, Sub chapter Cd. Subtitle A, Chapter 1, Sub chapter K, part 1e. Subtitle A, Chapter 1, Sub chapter Sf. Subtitle A, Chapter 6g. Subtitle D
Identify the primary goal(s) for tax research.
Use a tax research database and answer the following questions. Then repeat answering the problem using either a different tax research database or an Internet search, and compare their ease of use and success in finding relevant sources for a comprehensive sophisticated solution.a. Conduct a
List the major Code sections for the following topics:a. Estate taxesb. Capital gainsc. Stock dividendsd. Business energy creditse. Passive lossesf. Depreciationg. Substantial understatement penalty
Discuss typical challenges in tax research.
List the following topics for IRS Publicationsa. Pub 15b. Pub 225c. Pub 504d. Pub 535e. Pub 901f. Pub 925g. Pub 946
Compare or contrast the work completed for tax compliance and tax litigation.
Discuss the topic of the following federal tax forms:a. 990b. 1040Ac. 1065d. 1099-OIDe. 1120EZf. Schedule SEg. Form W-2
Under Treas. Reg. §1.6011-4, how is a report able transaction described?
Identify the topic of the following Treasury Regulations, Revenue Rulings or Revenue Procedures:a. 26 C.F.R. sec. 601.601(d)(2)(iii).b. Reg. § 301.6333-1c. 26 CFR Part 514.5d. Treas. Reg. 1.482-7(b)(1)(iii).e. 1.956-1T(e)(5).f. Rev. Proc. 89–14, 1989–1 C.B. 814g. Rev. Rul. 2015-25, 2015-49
Clarify the meaning of the term precedent for tax research.
Apply your knowledge of tax law to other areas of the United States Code, given that sometimes an accountant might need to access other parts of the United States law:a. 15 U.S.C., chapter 2B, section 78j-1(b)(1)b. 26 U.S.C., subtitle f, chapter 73, section 7101c. 31 U.S.C., subtitle B, chapter Xd.
What does it mean when the IRS announces a non-acquiescence?
Research what are the top ten major federal tax expenditures. For 2016, you can go to the Taxpayer Advocate Service Annual Report to Congress and find a table with the estimated cost of providing that tax benefit.
Identify the sources that are published in the IRB.
Explain when a tax adviser would encourage a client to go to federal district court, rather than Tax Court.
Identify what types of cases are provided in AFTR and USTC.
Compare and contrast regular Tax Court decisions with Tax Court memorandum decisions.
Diagram the court hierarchy, identifying the three courts of original jurisdiction on the bottom, the two different courts in the middle, and the ultimate court on top.
Identify and explain the five basic steps of the tax research process.
Discuss the structure of a tax research memo, as shown by the typical subheadings.
Which Treasury Regulation provides rules for foreign-owned U.S. corporations and foreign corporations engaged in a trade or business within the United States (reporting corporations)? What IRS form is a reporting corporation required to file that relates to report able transactions with a related
Locate three different websites that a tax professional should periodically view, and identify at least three types of items on each website.
Locate Ballard v. Commissioner, 544 U.S. 40; 95 AFTR 2d 1302 (2005). What was the main issue before the Supreme Court? What did the Supreme Court do with the appellate court’s decision?
Describe the qualities establishing sophisticated analysis and reasoning in a tax research memo.
Summarize what tax was at issue in the Direct Marketing Association case mentioned in this chapter. Explain what happened on its appeal to the Supreme Court. Provide a proper citation including both the Supreme Court’s decision and the 2016 decision in the Tenth Circuit Court of Appeals.
What tax case by the Supreme Court recognized same-sex marriage?
Locate Revenue Procedures 2016-11 and 2017-3, identify the topics, and find the dates of these revenue procedures. What are the 3-5 most applicable Code sections for each one? What IRS tax forms (if any) address the same topics?
Locate a revenue ruling that defines a married couple. What is the citation for that revenue ruling? How and why does the revenue ruling define a married couple?
What were the issue(s) involved in Brinks Gilson & Leone, T.C. Memo 2016-20? What was the court’s holding in this case?
Use a tax service to find the definition of a material adviser in the Code. What type of list must the material adviser maintain? Give the authorities for your answers, using proper citation format.
Find an example of data analytics in tax, one that is not discussed in the text.
Young & Co., CPAs is auditing Express Inc. for the current year. Express Inc. has thousands of purchase orders each month. The CFO in discussion with the auditors raised the concern whether certain employees are utilizing company purchase orders to obtain merchandise for personal use.Young
You have been requested by a potential client to conduct an agreed-upon procedures engagement related to the client’s pension plan. Access the AICPA database and determine what type of service this is: audit, attestation, or consulting engagement. Also identify the specific standard governing
Springer & Jones, CPAs, LLP, is currently auditing Worldwide Electronics Inc. that manufactures electronic equipment utilized around the world. The audit client purchases in bulk large quantities of various inventories of stock material to produce various specialized parts used in electronic
When is it appropriate to issue an adverse audit opinion? Cite the specific Professional Standard section used for your answer.
Identify three other attest services in addition to the normal financial statement audit.
Locate the Audit & Attest link and click on Clarified Statements on Auditing Standards, and determine the AU section number that discusses the forms of confirmations.
Differentiate between auditing standards and attestation standards.
Locate the Valuation Services Standards, and explain the 2 types of valuation engagements to estimate a value.

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Accounting and Auditing Research Tools and Strategies 9th edition Thomas Weirich, Thomas Pearson, Natalie Tatiana - Solutions

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