Complete The Homework Assignment Outlined Below And Save You
Completethe Homework Assignment Outlined Below Andsaveyour File As La
Complete the homework assignment outlined below and save your file as " LastnameFirstinitial-ACCT400-1 ". Chapter 1, Problem [LO 1, 2] R&R is a public corporation that, as of December 31, 2009, is subject to a year-end integrated audit by its independent auditing firm, Young & Young. An excerpt of Young & Young’s audit opinion states: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of R&R and its subsidiaries as of December 31, 2009, and the results of their operations and their cash flows for the fiscal year ended December 31, 2009 in conformity with U.S. GAAP. Also in our opinion, R&R maintained, in all material respects, effective internal control over financial reporting as of December 31, 2009, based on criteria established in Internal control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Required: (a) What kind of opinion did Young & Young give R&R for its 2009 year-end financial statements?
(b) Under which set of financial reporting standards does R&R report? Which set of auditing standards does Young & Young use in its audit of R&R?
(c) Under which financial reporting standards might R&R report if it were a corporation based in Germany?
Chapter 1, Problem [LO 4]
Your professor has asked you to complete a research paper concerning the link between the auditing profession and financial reporting standard setters and regulators.
Required: For each independent situation, determine which regulating or standard-setting body you should research:
Chapter 2, Problem [LO 5]
Given the following stages of an audit, identify in which stage the following audit activities occur.
Audit Stages
- (1) Preliminary engagement activities
- (2) Planning and risk assessment
- (3) ICFR controls testing
- (4) Substantive procedures
- (5) Completion, wrap-up, and reporting
Audit Activities
- (a) Vouching whether the amount at which a transaction is recorded agrees to the underlying document
- (b) Identifying who should work on the audit engagement
- (c) Determining whether the audit firm is independent of an audit client
- (d) Communicating with the client’s outside attorney
- (e) Checking to see whether the cashier’s office reconciles the bank account properly once a month
- (f) Coming to a final decision on whether the ICFR is effective
- (g) Determining the complexity of the different kinds of transactions that are handled at each of a company’s places of doing businesses
Assigned problems must demonstrate an understanding and thorough application of chapter objectives. Complete your assignment in Microsoft Word, APA 6th ed. format. Responses must be well organized. Save your assignment file as 'LastnameFirstinitial-ACCT305-1", and submit by midnight EST, Day 7. Please complete the following homework assignment:
- Problem 1..8. Information technology enables organizations to easily collect large amounts of information about employees. Discuss the following issues:
- a. To what extent should management monitor employees’ e-mail?
- b. To what extent should management monitor which Web sites employees visit?
- c. To what extent should management monitor employee performance by, for example, using software to track keystrokes per hour or some other unit of time? If such information is collected, how should it be used?
- d. Should companies use software to electronically “shred†all traces of e-mail?
- e. Under what circumstances and to whom is it appropriate for a company to distribute information it collects about the people who visit its Web site?
- Problem 2..3. What kinds of documents are most likely to be turnaround documents? Do an Internet search to find the answer and to find example turnaround documents.
- Problem 2..5. Some individuals argue that accountants should focus on producing financial statements and leave the design and production of managerial reports to information systems specialists. What are the advantages and disadvantages of following this advice? To what extent should accountants be involved in producing reports that include more than just financial measures of performance? Why?