02 Jan Your final tasks of the

ACCT444 Week 3 Course Project Latest 2017 August

Part 1—Problem 8-40 (Due Week 3, 20 points)

Part 1 requires your group to calculate and analyze ratios. To assist you, our firm uses a standard worksheet for common ratios; you can download a copy here (Links to an external site.) Links to an external site. The problem directs you to the publisher’s website; however, you may download the required files from the link above. You will also prepare a common-size income statement, using the information from the Excel worksheet named pinnacle financials, found in the zip file that you downloaded. You are asked to estimate potential misstatements, and your group should discuss methods for this estimate and the accounts that are at risk.

ACCT444 Week 4 Course Project Latest 2017 August

Part 2—Problem 9-37 (Due Week 4, 20 points)

Part 2 presents information that will help your team assess the business and audit risks associated with your audit. This evidence, together with your analysis from Part 1,will be the basis of your written risk assessment.You may wish to use a risk matrix similar to Figure 9-6 aspart of your presentation.The risk assessment should be presented as a memo to file.The memo should identify the users of thefinancial statement and their reliance on the financial statements, the likelihood of the client having financial difficulties, and the integrity of management. Next, your memo will establish the acceptable audit risk as low, medium, or high, with a justification for your selection. The memo should then address the inherent risk and the associated account(s) with each of the 11 situations discussed in the problem.

Part 3—Problem 10-43 (Due Week 4, 20 points)

This part of the project requires your team to review the internal control flowchart presented in the case to identify the existing internal controls over the acquisition and payment cycle. You will then identify weaknesses, if any, in those controls and assess the control risks that the weaknesses present. Your team will then complete the control risk matrices workpaper included in the zip file downloaded from the above link. A model of this worksheet is presented on page 309 for a sales cycle audit.

ACCT444 Week 5 Course Project Latest 2017 August

Part 4—Problem 11-34 (Due Week 5, 20 points)

In this part, you will have an opportunity to participate in brainstorming related to fraud as part of the audit planning stage. The purpose of this part is to identify risks and to address those risks in the audit.

You will begin by using the fraud triangle and information from Parts 1 through 3 to identify incentives and pressures, opportunities, and attitudes and rationalizations. Then you will identify risks and accounts that will be affected. You will then look at revenue and identify at least two ways that fraud can happen and how you would find it in the audit.

You will finish up by looking back to Parts 1 and 2 and identifying fraud risks related to all areas covered there.

Part 5—Problem 14-34 (Due Week 5, 20 points)

This task requires your team to plan a phase of an audit around the internal controls that you identified in Part 3. You will use the worksheet contained in the zip file designated for this problem. For each control, you will complete columns for the transaction-related audit objective, list a test of controls, and a substantive test of transaction. Next, your team will list a substantive test of transaction for each of the audit-related objectives for the acquisition and cash disbursement cycle. These tests may or may not be included in the final program. At this step, we are matching tests to audit objectives, and our final selection of tests will be based on a final risk analysis. Your team will select those tests that will best meet the planned audit risk.

ACCT444 Week 6 Course Project Latest 2017 August

Part 6—Problem 15-35 (Due Week 6, 20 points)

Here, your team will complete the sampling data sheet included in the zip file. The planned audit variables are judgmental and should be decided upon as a team in your meeting area. For random selection using Excel, the command to select numbers randomly from the population is =RANDBETWEEN(4614, 31612)

The command for selecting the random number can be entered directly onto the spreadsheet, or can be selected from the function menu (math and trig) under the insert menu. It may be necessary to add the analysis tool pack to access the RANDBETWEEN function.

The final step is to use the data presented in D to complete theactual resultssection of the acquisition schedule. Note: You will not be completing the cash disbursement section of actual results.

ACCT444 Week 6 Course Project Latest 2017 August

Part 7—Problem 16-35 (Due Week 7, 20 points)
Your final tasks of the project will be will consist of a professional and entertaining presentation (narrated PowerPoint) that will be delivered using some form of participative technology (VoiceThread, Cisco Spark). The presentation will begin a recap of prior week’s problems and continue with Week 7. Week 7 will begin with the depiction of the performance of analytical procedures in accounts payable. The team will next design tests of details of balances in accounts payable. The problem then presents your team with the results of testing in Sections D, E, and F. You will use this information to complete the worksheet for this problem included in the zip file. You will calculate an estimated error. Again, the team must make a judgement on the amount to include as an estimate of sampling error. The presentation should conclude with the fairness of the accounts payable balance.