strayer acc403 week 4 (discussion +assignment +homework +quiz)

strayer acc403 week Discusison
“Evidence Collection
Procedures” Please respond to the
following:
·
According to an article in the CPA
Journal, the auditor considers reliability of audit evidence collected and the
reliability of that evidence to reduce the risk of financial statements
containing undetected material errors. Compare and contrast at least two (2)
types of evidence, and make a recommendation as to which you believe is the
most reliable in reducing risk. Support your position.
·
From the e-Activity, analyze the primary
ways in which auditors would use the information from downgrades to assess
business risk or evaluate the likelihood that the downgrades would impact the
auditor’s assessment of the client’s business environment. Ascertain the major
ways in which this information would impact the audit risk model equation.
Support your position.Assignment 1 Auditors and Regulatory OversightDue Week 4 and worth 240 pointsThe
Securities and Exchange Commission (SEC) regulates public companies. The
SEC has found that some of these companies have violated GAAP by using
creative accounting practices to mislead investors and creditors
regarding the health of their company.Use the Internet or
Strayer Library to research a recent accounting scandal within the last
five (5) years where the SEC accused public companies of accounting
irregularities.Write a three to four (3-4) page paper in which you:Analyze
the audit report that the CPA firm issued. Ascertain the legal
liability to third parties who relied on financial statements under both
common and federal securities laws. Justify your response.Speculate
on which statement of generally acceptable auditing standards (GAAS)
that the company violated in performing the audit.Compare the
responsibility of both management and the auditor for financial
reporting, and give your opinion as to which party should have the
greater burden. Defend your position.Analyze the sanctions
available under SOX, and recommend the key action(s) that the PCAOB
should take in order to hold management or the audit firm accountable
for the accounting irregularities. Provide a rationale for your
response.Use at least two (2) quality academic resources in this assignment.Note:Wikipedia and other Websites do not qualify as academic resources.Your assignment must follow these formatting requirements:Be
typed, double spaced, using Times New Roman font (size 12), with
one-inch margins on all sides; citations and references must follow APA
or school-specific format. Check with your professor for any additional
instructions.Include a cover page containing the title of the
assignment, the student’s name, the professor’s name, the course title,
and the date. The cover page and the reference page are not included in
the required assignment page length.Week 4 Homework Submission
Click the link above to submit your assignment.

Chapter 7: Problems 7-29(a-g) and 7-33(a-b)
Chapter 8: Problems 8-29(a-d) and 8-32(a-b)quiz 3Question 12 out of 2 pointsCorrect The principal issue to be resolved in cases involving
alleged negligence is usually:Question 22 out of 2 pointsCorrect The laws that have been developed through court decisions
are called:AnswerQuestion 32 out of 2 pointsCorrect The preferred defense in third party suits is:Question 42 out of 2 pointsCorrect To succeed in an action against the auditor, the client must
be able to show that:Question 52 out of 2 pointsCorrect A(n) ________ failure occurs when an auditor issues an
erroneous opinion because it failed to comply with requirements of auditing
standards.Question 62 out of 2 pointsCorrect The standard of due care to which the auditor is expected to
adhere to in the performance of the audit is referred to as the:Question 72 out of 2 pointsCorrect The principal issue in cases involving alleged negligence is
usually:AnswerQuestion 82 out of 2 pointsCorrect If an auditor fails to fulfill a certain requirement in the
contract, they may be guilty of:Question 92 out of 2 pointsCorrect The Foreign Corrupt Practices Act (FCPA) of 1977:AnswerQuestion 102 out of 2 pointsCorrect Which of the following most accurately describes fraud?AnswerQuestion 112 out of 2 pointsCorrect In an action against a CPA in a jurisdiction that follows
the Ultramares doctrine, lack of privity is a viable defense provided the
plaintiff:AnswerQuestion 122 out of 2 pointsCorrect Fraud occurs when:AnswerQuestion 132 out of 2 pointsCorrect Under the laws of agency, partners of a CPA firm may be
liable for the work of others on whom they rely. This would not include:AnswerQuestion 142 out of 2 pointsCorrect The expectation gap:AnswerQuestion 152 out of 2 pointsCorrect A common way for a CPA firm to demonstrate a lack of duty to
perform is by use of a(n):AnswerQuestion 162 out of 2 pointsCorrect When an auditor believes that an illegal act may have
occurred, the auditor should first:AnswerQuestion 172 out of 2 pointsCorrect Which of the following assertions is described as “this
assertion addresses whether all transactions that should be included in the
financial statements are in fact included”?AnswerQuestion 182 out of 2 pointsCorrect “The auditor should not assume that management is
dishonest, but the possibility of dishonesty must be considered.” This is
an example of:AnswerQuestion 192 out of 2 pointsCorrect In testing for cutoff, the objective is to determine:AnswerQuestion 202 out of 2 pointsCorrect When dealing with laws and regulations that do not have a
direct effect on the financial statements, the auditor:AnswerQuestion 212 out of 2 pointsCorrect If a short-term note payable is included in the accounts
payable balance on the financial statement, there is a violation of the:AnswerQuestion 222 out of 2 pointsCorrect Fraudulent financial reporting is most likely to be
committed by whom?AnswerQuestion 232 out of 2 pointsCorrect If the auditor believes that the financial statements are
not fairly stated or is unable to reach a conclusion because of insufficient
evidence, the auditor:AnswerQuestion 242 out of 2 pointsCorrect A questioning mindset:AnswerQuestion 252 out of 2 pointsCorrect Which of the following is the auditor least likely to do
when aware of an illegal act?AnswerQuestion 262 out of 2 pointsCorrect The most important general ledger account included in and
affecting several cycles is the:AnswerQuestion 272 out of 2 pointsCorrect The auditor has no responsibility to plan and perform the
audit to obtain reasonable assurance that misstatements, whether caused by
errors or fraud, that are not ________ are detected.AnswerQuestion 282 out of 2 pointsCorrect Auditors accumulate evidence to:AnswerQuestion 292 out of 2 pointsCorrect Which of the following statements is the most correct
regarding errors and fraud?Question 302 out of 2 pointsCorrect The responsibility for adopting sound accounting policies
and maintaining adequate internal control rests with the: