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

What guidelines exist for the performance of accounting and review services?
Locate the Preparation, Compilation & Review Standards, and locate SSARS No. 21 to explain briefly the scope of this standard.
Discuss the relationship between Statements on Auditing Standards (SAS) and auditing interpretations.
Discuss the difference in “must” and “should” in complying with ASB standards.
Access the PCAOB website (www.pcaobus.org), and list two new or proposed auditing standards issued by the PCAOB.
What is the PCAOB? What standards does it issue?
Locate the AICPA Professional Standards via Checkpoint, and click on Personal Financial Planning Services’ link. Locate Section 100 and provide four examples of PFP services.
Explain the 3 categories of professional responsibilities that the PCAOB requires for an auditor of a public company.
Access the AICPA Professional Standards via Checkpoint, and click on By-laws. Under Section 730, determine when can a member receive disciplinary action without a hearing?
Explain the importance of the Code of Professional Conduct in the performance of an audit.
Explain the significance of the Accounting Principles Rule of the AICPA Code of Professional Conduct.
How may accounting or auditing research aid the practitioner in complying with the Accounting Principles Rule of the Code of Professional Conduct?
Access the International Federation of Accountants website (www.ifac.org/IAASB/), and briefly describe the following two International Auditing Standards: ISA 500 and ISA 505.
Define professional skepticism, and explain its importance in an audit.
What authoritative auditing literature that has general applicability in practice is considered primary authoritative support?
What authoritative body exists as to the development of international auditing standards?
What skills are needed for professional practice and the CPA exam?
What are some of the complexities in international practice?
How will you remain current on authoritative accounting standards?
Describe and assess the effectiveness of the FASB’s disclosure project. Identify and Explain what areas of accounting were effected by the project. Assess whether there are other areas that the Disclosure project should study and explain why.
What is the purpose of a research memorandum?
Select another country, and explain their accounting and auditing standard setters and tax authorities. Consider using a browser which can translate websites from a foreign language.
Does a tax treaty exist between the United States and Japan? If so, when was the most recent version signed?
Locate SEC Accounting and Auditing Enforcement Release No. 3834. Write at least two paragraphs explaining what that SEC release discussed.
What is the three-part approach used to identify the problem or precise issue?
What is the focus of accounting, auditing, and tax research?
What are the three components of the fraud triangle? Of what concern are they to the fraud examiner?
What is a risk factor or red flag?
Differentiate between management fraud and employee fraud.
Identify the basic steps of a fraud examination.
Provide two examples of a business/due diligence investigation.
Describe three computerized tools used by the fraud examiner/ investigator.
How is Hoover’s Online distinguishable from other databases providing corporate information?
What financial ratios are provided in the Mergent Online database? Compare (identify the similarities) and contrast (identify the differences) in this result to the financial ratios presented in S&P Capital IQ.
When would one use the Factiva database?
Conduct research to describe a major financial fraud that the SEC announced in the first half of 2016 and find a recent case involving cyber fraud or fraud that used technology. What database and parts of the database did you use?
Conduct an Internet search about the Audit Analytics database. Give an example of how one can use the potential analysis through this database.
What especially valuable information has the Thomson ONE database historically included?
Review Walmart’s financial reports for the last three years, and perform a ratio analysis of them. In one paragraph, discuss the company’s financial situation. What databases and parts of that database did you use to find the answer?
When would a researcher use Mergent Online?
What are the advantages of using S&P Capital IQ?
What exposure drafts are currently available from the FASAB?
What is included in CCH® Accounting Research Manager?
Can firms capitalize research and development costs under IFRS? If so, in what circumstances? Provide specific citation to support your answer.
Use the glossary to locate the definition of materiality.a. What it the definition?b. What authority can it be found in?
Can the completed contracted method of revenue recognition be used under IFRS? Provide specific citation to support your answer.
Does IFRS have specific criteria (that is, bright lines) in determining whether to classify a lease as a capital lease? Provide specific citation to support your answer.
How are the IFRS Foundation and IASB funded?
Which authority discusses reclassification of long-term debt?What are the requirements?
Do all IFRS (IFRSs, IASs, SICs, IFRICs) have equal authority?
Use eIFRS to identify the accounting authority (citation) governing each of the following:a. Customer loyalty programsb. Operating lease incentivesc. Operating segmentsd. Treasury share transactionse. Agriculture
If a researcher could not find the answer to the research question in a specific IFRS, where should the researcher look next?
How many IFRICs have been issued?
If you were a new country setting up an agreement with the IASB to converge to IFRS, which organization would examine whether you were in compliance with your agreement or not?
Has the SEC come to a decision regarding the Work Plan? Explain.
Accounting Term IFRS and #a. Construction contracts
Access the IESBA website (www.ethicsboard.org). Click on Projects and list three active projects and three 2009 completed projects.
Access the European Union website (www.europa.eu). How many member states comprise the EU?
Sandy: Do you know if standards between the IFRS and U.S. GAAP have converged?Lori: No, I don’t know if the standards have converged but I think the two are almost identical.Sandy: Is there a way we can quickly check the differences?Lori: Let’s investigate!Required: Use a secondary source
Jason: I did not realize that our company enters into barter transactions.Jill: I did not either. But I assume we remove the cost of the asset given up and replace it with the same value for the bartered item received.Jason: I wonder though, since some of the barter transactions are with foreign
Clever Manufacturing Co., a public company that files various forms with the SEC, has recently been considered to be a very attractive growth stock and has been touted as a “buy” recommendation by various stock analysts. However, there have been recent disagreements among the members of its
As CFO of New Era Financing, you have requested staff to evaluate the appropriate method of recognizing revenue from finance charges. In applying data analytics utilizing character recognition software to read hundreds of loans, you determined that a significant amount of finance charges is
The SEC requires companies to file various forms for specific financial reporting purposes. Below are listed various forms required to be filed with the SEC. Utilize the SEC’s website and describe what each form is used for.Form #
Currently, Sampson Industries a large conglomerate with a normal calendar year operating cycle has one centralized warehouse for inventory. Inventory Item No. 2704 is near the end of its product life cycle. Sampson wants to divest the business unit that exclusively sells Item No. 2704. However,
Hopper company is preparing its Cash Flow Statement. The accountant preparing the statement is presented with the following information:Bank Account A..................... $35,000Bank Account B..................... $16,500Bank Account C..................... $(1,200)Requirement: What amount
James Co. manufactures and sells t-shirts. It has been in business for three years and is contemplating raising capital. Being everyone you know owns at least five t-shirts, you are considering investing in James Co. To help you make a decision, you want to examine the financial statements. When
List and describe three SEC regulations.
Scientific Laboratories, Inc., is contemplating a sale of the business to an unrelated third party. During the current year, Scientific has incurred substantial amounts of research and development (R&D) costs related to some drugs with a very high probability of future success.Scientific’s
List and describe three common SEC forms.
A&R Construction Company has been very successful over the past five years and now has decided that it needs to construct a building to house all of its equipment. The company’s controller has notified management that any interest costs on funds obtained to construct the new building can be
Tires R Us is a wholesaling and retailing company that deals in automotive tires for foreign cars. During the year-end audit, heated discussion occurs between management and the independent auditors.Management’s accounting policy for valuing the inventory of imported tires reads as
Nelson Industries, a U.S.-based company, has over the years issued 1 million shares of common stock to shareholders. Currently, in evaluating ownership, Nelson has entered into a stock repurchase agreement to buy a significant block of its stock from a major stockholder that represents a
Michelle: How did you do on that accounting exam?Nicole: I just missed a “B” by two points.Michelle: At least you passed the exam!Nicole: I know. But I was hoping for a higher grade since I studied so hard for this exam.Michelle: Maybe there were some questions that the professor graded
Kyle: I heard you recently left public accounting for a new job.Matt: After 60- to 70-hour weeks, I decided to accept a fantastic offer from one of our clients.Kyle: What company did you decide to go with?Matt: American Insurance Company. I will be dealing with the accounting of insurance
Jason: I did not realize that our company enters into barter transactions.Jill: I did not either. But I assume we remove the cost of the asset given up and replace it with the same value for the bartered item received.Jason: I wonder though, since some of the barter transactions are with foreign
National Drilling is a manufacturer of drill bits for large oil rigs that operate around the world. A major component in the manufacturing of the drill bits is diamonds. As a result of an increase in oil drilling due to the increase in oil prices, National Drilling has received, and is expected to
Johnson Industries, which is having a very successful year, suggests to the Board of Directors that it issue a dividend to the stockholders. In the discussion with management, the members of the Board of Directors conclude that, in order to conserve cash for plant expansion, they will declare a 3
Better Community, a new local not-for-profit entity, has been recently formed. The organizers of the entity have formalized operations in such a way that they will charge membership dues, but will not provide any specific services in exchange for the dues. In discussion with a local accountant, who
Jettison Manufacturing has been planning an expansion of its manufacturing facilities. As a result, in year 1, it obtained a $2 million long-term loan from National Bank. According to the debt agreement between the two parties, Jettison Manufacturing is required to maintain a current ratio of 2:1
Access the IOSCO website (www. IOSCO.org), click the About IOSCO section, click the most recent annual report, go to the table of contents and list the working committees.
What level of authority does the Framework have?
JB Company recently acquired 100% of Sampson Company for $150,000 cash. Both companies are located outside of the United States and JB needs to prepare consolidated financial statements. JB provided the following information regarding the Sampson€™s account values at
North wood Industries, a U.S.-based public company, has two subsidiaries located in Europe. These two subsidiaries are required to prepare their individual financial statements in accordance with IFRS. North wood, contemplating that the SEC will soon requires U.S.-based public companies to file
Access the SEC website (www.sec.gov), click Information For to expand the list. Click International, International Enforcement Assistance, and list the four types of enforcement cases.
Access the IASB website (www.ifrs.org) and list three of its active projects.
What is the predecessor Board/committee to the IASB? How many standards did the predecessor issue? What are the standards called?
Use your library sources to access the Journal of Accounting Education (http://www.sciencedirect.com/science/journal/ 07485751). Click on Volume 37 (December 2016). List the four educational cases appearing in this volume. Read the abstracts and summarize objectives for each case.
Go to the Electronic Code of Federal Regulations (www.ecfr .gov).a. What Part of Title 17 (Code of Federal Regulations— CFR) applies to the form and content and requirements for financial statements?b. If a firm is filing consolidated balance sheets with the SEC for the first time and has only
Go to the SEC website (www.sec.gov).a. Click on the “Enforcement” tab and then on “Accounting and Auditing.” Determine how many AAERs were issued in the current year.b. Open AAER 3824. Briefly summarize the charges against JP Morgan Chase & Co. Was the company fined? If so, how much?
Use the Internet to access the SEC EDGAR System. List the methods to search for a company.
The Codification combines all relevant literature on a topic in one location. Identify the number of different issues/subsections related to post retirement benefits other than pensions. Provide citations for each.
Does the Codification contain SEC authorities? If so, what authority does the Codification have over SEC content?
Where does the researcher finda. Authoritative sources?b. Non-authoritative sources?
How are secondary sources on U.S. GAAP used to help the researcher?
Does the Codification contain all U.S. GAAP authorities? Explain.
Use the topical categories in the left navigation panel to identify the capitalization of interest code section (topic, subtopic).
Where can one find Original Pronouncements?
Summarize one industry accounting issue related to the motion picture industry.
Which topical categories comprise Financial Statement Accounts?
What are the topical categories that the FASB Accounting Standards Codification Research System (the Codification) divides related guidance into?

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

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