ACC 562 Slingshot Academy / acc562edu.com

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ACC 562 Slingshot Academy / acc562edu.com
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Final Exam Guide
1.Developing an understanding of the client's
business and industry is essential to proficiency
as discussed in the general standards of GAAS.
(Points 4) True False     2. Ratio
analysis only involves a year-to-year comparison
of account balances. (Points 4) True
False
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Midterm Exam Guide
Question 1 CPAs are licensed by the

Question 2
The Certified Internal Auditor program is
administered by the

Question 3 The objective
of an operational audit is to

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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 1 DQs
Analyze the need for unbiased financial
reporting. Based on your analysis, determine at
least two (2) drivers that may cause financial
reporting to be biased. Provide a rationale to
support your response. Analyze the audit opinion
formulation process and suggest at least one (1)
improvement to the process to strengthen audit
opinions. Provide a rationale to support your
suggestion.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 2 DQs
Analyze the changes made to corporate governance
rules since the implementation of the
SarbanesOxley Act of 2002. Based on your
analysis, formulate an opinion on whether or not
these changes are sufficient in preventing
financial fraud. Provide a rationale for your
response. Debate it! Audit committees are an
effective tool for detecting and preventing
fraud. Provide a rationale for your response.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 3 Assignment 1 Madoff Securities (2
Papers)
This Tutorial contains 2 Different Papers
Determine the regulatory oversight that was in
place while the Ponzi scheme was operating, and
speculate on the main reasons why they did not
discover the scheme. Assume you are an auditor
for a firm that had 10 million dollars invested
in Madoff Securities. Determine the fundamental
audit procedures that you should have applied to
this investment.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 3 DQs
From the case study, use the ethical framework to
propose a course of action that you would take
concerning the audit. Provide a rationale for
your response. Imagine that you work for an audit
firm and the firm selected you to assess its
auditor independence and the potential threats to
the firm. Determine at least two (2) potential
threats to auditor independence and recommend one
(1) strategy for the firm to eliminate or
mitigate those threats you determined.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 4 DQs
From the first e-Activity, determine at least two
(2) AICPA Professional Conduct principles that
are most likely to be violated. Provide a
rationale to support your response. From the
second e-Activity, recommend at least two (2)
additional responsibilities that the audit
committee should take in order to improve its
effectiveness in detecting or preventing
financial fraud. Provide a rationale to support
your recommendation.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 5 DQs
Imagine you work for an auditing firm. Your most
recent task is to determine whether or not your
firm should bid to perform the auditing services
of a public company. Determine the fundamental
kind of information that you need in order to
make an informed decision as to whether or not to
bid on the audit. Provide a rationale to support
your response. From the case study, analyze the
key risk areas associated with an audit of
Lincoln Federal Savings and Loan. Next, recommend
at least two (2) risk areas that should be
included in the audit plan. Provide a rationale
to support your recommendation
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 6 DQs
From the e-Activity, support or critique the idea
that the Committee of Sponsoring Organization of
the Treadway Commission (COSO) transition would
strengthen internal controls over financial
reporting in publicly traded companies. Provide a
rationale to support your response. From the
case study, determine the fundamental control
deficiencies associated with the credit function.
Next, propose at least one (1) control
improvement that the credit department management
could make in the process. Provide a rationale to
support your response.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 7 Assignment 2 Cardillo Travel
Systems, Inc. (2 Papers)
This Tutorial contains 2 Different Papers
  Review the Cardillo Travel Systems case,
located in Chapter 6 of your textbook. Write a
four to five (4-5) page paper in which you
Explain the Securities and Exchange Commissions
rationale to charge Cardillo executives with each
of the following violations a. making false
representations to outside auditors b. failing to
maintain accurate financial records c. failing to
file prompt financial reports with the SEC
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 7 DQs
From the e-Activity, determine the main reasons
why several members of top management in Phar-Mor
perpetrated the financial statement fraud. Next,
recommend one (1) strategy that the auditors
might have taken to detect or prevent the fraud.
Provide a rationale to support your
recommendation. From the case study, analyze
the financial data as presented. Next, choose at
least one (1) pattern within the data that
appears to be inconsistent, and propose one (1)
strategy that one could use to audit this
pattern. Provide a rationale to support your
response
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 8 DQs
From the e-Activity, analyze the auditors
responsibility to determine if a company can
continue as a going concern. From your analysis,
propose at least two (2) key factors that the
auditor should consider when determining an
entitys ability to continue as a going concern.
Provide a rationale to support your
proposal. From the case study, analyze the
inquiry letter sent by C.R. Brown. Next,
determine at least one (1) omission that you
believe occurred within the letter, and suggest
one (1) way to improve the letter so that
Consolidate ds outside attorney may corroborate
the information in the case. Provide a rationale
to support your response
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 9 DQs
From the case study, determine the main potential
ethical dilemmas. Next, use the seven (7) steps
in the ethical decision-making framework to
recommend one (1) course of action you would take
in order to avoid the ethical dilemmas. Provide a
rationale to support your recommendation. 1.
Identify the ethical issue 2. Determine who
are the affected parties and identify their
rights 3. Determine the most important rights
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 10 Assignment 3 Freescale
Semiconductors, Inc (2 PPT)
This Tutorial contains 2 Different PPT Review
the Freescale Semiconductor case, located in
Chapter 9 of your textbook. Prepare a twelve to
twenty (12-20) slide PowerPoint presentation with
speaker notes in which you 1. Give your
opinion as to whether or not additional laws and
harsher penalties on financial fraud can
eliminate or mitigate financial fraud. Support
the rationale.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 10 DQs
From the case study, evaluate the quality of
REDTOPs internal audit function. Based on your
evaluation, recommend at least two (2) changes
that you would make in order to improve the
quality of REDTOPs internal audit function.
Provide a rationale to support your
response. From the case study, give your opinion
as to whether or not your external audit
engagement team could use REDTOPs internal audit
function in another fashion, as opposed to merely
relying on existing internal audits in order to
perform the overall audit of REDTOP Sports
Company. Recommend one (1) alternative to using
the work that the internal audit has already
yielded as part of your external audit. Provide a
rationale to support your response.
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ACC 562 Slingshot Academy / acc562edu.com
ACC 562 Week 11 DQs
Discuss one (1) way in which you anticipate using
what you have learned from this course in your
current or future career. Provide one (1)
specific example to support your
response. Speculate on one (1) specific auditing
area presented in this course that you believe
may be eliminated, added, or changed in the next
ten (10) years. Provide a rationale to support
your response
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