ACC 491 Week 1 Assignment Help

ACC 491 Week 1 Assignment Help | Quiz 2 | University Of Phoenix 

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1-20 (Objective 1-7) Five college seniors with majors in accounting are discussing alternative career plans. The first senior plans to become an internal revenue agent because his primary interest is income taxes. He believes the background in tax auditing will provide him with better exposure to income taxes than will any other available career choice. The second senior has decided to go to work for a CPA firm for at least 5 years, possibly as a permanent career. She believes the variety of experience in auditing and related fields offers a better alternative than any other available choice. The third senior has decided on a career in internal auditing with a large industrial company because of the many different aspects of the organization with which internal auditors become involved. The fourth senior plans to become an auditor for the GAO because she believes that this career will provide excellent experience in computer risk assessment techniques. The fifth senior would like to ultimately become a certified fraud examiner but is not sure where the best place is to begin his career so that he can achieve this long-term goal.

a.      What are the major advantages and disadvantages of each of the four types of auditing careers?

 

b.      What are the major advantages and disadvantages of each of the four types of auditing careers?

 

c.       What other types of auditing careers are available to those who

are qualified?

 

2-18 (Objective 2-6) Sarah O’Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class and it was clear that he didn’t understand the nature of the audit process as he asked the following questions:

 

(a)   What is the primary objective of the audit of an entity’s financial statements?

 

(b)   The audit represents the CPA firm’s guarantee about the accuracy of

the financial statements, right?

 

(c)    Isn’t the auditor’s primary responsibility to detect all kinds of fraud at the client?

 

(d)   Given the CPA firm is auditing financial statements, why would they need to understand anything about the client’s business?

                            (e)  What does the auditor do in an audit other than verifying the

                           mathematical accuracy of the numbers in the financial statements?

 

2-18 (Objective 2-6) Sarah O’Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class and it was clear that he didn’t understand the nature of the audit process as he asked the following questions:

 

a.      What is the primary objective of the audit of an entity’s financial statements?

 

b.      The audit represents the CPA firm’s guarantee about the accuracy of

the financial statements, right?

 

c.       Isn’t the auditor’s primary responsibility to detect all kinds of fraud at the client?

 

d.      Given the CPA firm is auditing financial statements, why would they need to understand anything about the client’s business?

 

 

e.       What does the auditor do in an audit other than verifying the

mathematical accuracy of the numbers in the financial statements?