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Embed code for: ACCT 444 DeVry Week 7 Complete Work Latest
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ACCT 444 DeVry Week 7 Complete Work Latest
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ACCT 444 DeVry Week 7 Discussion 1
Smackey Dog Food (graded)
This week, we will be using the You Decide Activity (located under its own tab this week) as a focus of this discussion topic. First, we will begin with a quick revie
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This week, we will be using the You Decide Activity (located under its own tab this week) as a focus of this discussion topic. First, we will begin with a quick review of audit reports and what you learned from your eBook reading, course lecture, and Becker material. What five circumstances are required for a standard, unqualified opinion to be issued? Please respond to the You Decide Activity questions as requested by the instructor.
ACCT 444 DeVry Week 7 Discussion 2
Contingent Liabilities (graded)
Class, let's discuss the final work needed to complete the audit. In completing the audit, the auditor reviews potential contingent liabilities. What is a contingent liability? Describe the three ranges of loss contingencies outlined in SFAS No. 5, including a brief summary of the accounting and disclosure requirements. Later in the week, we will take a look at Problem 24-27.
ACCT 444 DeVry Week 7 Homework Latest
Solve the following questions
Chapter 3: 3-27, 3-32
Chapter 24: 24-26, 24-28
Chapter 25: 25-22
Name your document, and include your first and last initials of your name. For example, if your name is Jane Smith, the file name will be ACCT444_W1_HW.
Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments & Exams" for due date information.
ACCT 444 DeVry Week 7 Quiz Latest
1. Question : (TCO 2) When a misstatement in the financial statements exists, but is unlikely to affect the decisions of a reasonable user, it would be appropriate to issue
an unqualified opinion.
a qualified opinion.
an adverse opinion.
a disclaimer of opinion.
Question 2. Question : (TCO 2) When a client has not applied GAAP consistently from the prior year to the current year, the auditor does not concur with the appropriateness of the change, and the change in GAAP has a material effect on the financial statements, the auditor should issue a(n)
Question 3. Question : (TCO 2) When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the:
Auditor’s Responsibility Paragraph
Notes to the Financial Statements
Question 4. Question : (TCO 2) Jules, CPA, is reporting on comparative financial statements, but Shah, CPA conducted the previous year's audit. Which of the following is not true in this situation?
Dual dating may be used to indicate the appropriate dates for each audit.
If Shah's report is not presented, an other-matter paragraph should be included to describe this situation.
If Shah's report was qualified due to a scope limitation, Jules may still issue an unmodified opinion on the current year's financial statements.
If Shah's report will be presented, management will need to provide a representation letter to Shah.
Question 5. Question : (TCO 11) Which of the following is not a purpose of the client letter of representation?
To impress upon the audit firm its responsibility for the audit
To impress upon management its responsibility for the financial statement assertions
To remind management of potential misstatements or omissions in the financial statements
To document the responses from management to inquiries about various aspects of the audit
Question 6. Question : (TCO 2) Under U.S. auditing standards, when an auditor believes there is substantial doubt about the ability of an entity to continue as a going concern, all of the following should be included in the audit documentation, except:
The conditions that gave rise to the substantial doubt.
The auditor's conclusion about whether substantial doubt remains or is alleviated.
Management's conclusion regarding whether substantial doubt remains or is alleviated.
The effect of the auditor's conclusion on the auditor's report.
Question 7. Question : (TCO 2) Which of the following statements is a basic element of the auditor's report under U.S. auditing standards?
The disclosures provide reasonable assurance that the financial statements are free of material misstatement.
The auditor evaluated the overall internal control.
An audit includes evaluating significant estimates made by management.
The financial statements are consistent with those of the prior period.
Question 8. Question : (TCO 11) The audit step most likely to reveal the existence of contingent liabilities is
a review of vouchers paid during the month following the year-end.
accounts payable confirmations.
an inquiry directed to legal counsel.
Question 9. Question : (TCO 2) In which type of report would you read the following statement: "We believe that our examination provides a reasonable basis for our opinion."?
Question 10. Question : (TCO 2) Which of the following reporting options is least likely with regard to supplementary information that is required by GAAP?
The auditor's report on the financial statements includes an other-matter paragraph stating that the auditor has applied the required procedures.
A disclaimer of opinion is issued on supplementary information.
The auditor's report on the financial statements includes both an opinion on the supplementary information and a statement restricting the use of the report.
The auditor's report on the financial statements includes an opinion regarding whether the supplementary information is fairly stated in all material respects in relation to the financial statements taken as a whole.tently from the prior year to the current year, the auditor does not concur with the appropriateness of the change, and the change in GAAP has a material effect on the financial statements, the auditor should issue a(n)