Mayra V cruz
ACCT644-1501A-01 Management Control and Auditing
Task Name: Phase 2 Discussion Board
Deliverable Length: 500750 words
Details:
Primary Discussion Response is due by Wednesday (11:59:59pm Central), Peer Responses are due by Sunday (11:59:59pm Central).
Primary Task Response: Within the Discussion Board area, write 500750 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
The following situations have caused you to become concerned about the quality of the upcoming external audit:
Because of the fact that the audit will not begin until February after the books have been closed, the external auditors will not be able to confirm the accounts receivable cutoff, physically examine the inventory, and examine other important procedures.
You have just been advised that the auditing firm has been acquired by a larger auditing firm, and the auditor that is coming to Bovar Company will be unfamiliar with Bovar Company.
One of the acquiring auditing firm’s principal partners is related to the chief executive officer (CEO) of Bovar Company.
Some areas of control that have been of concern to the auditing department will not be audited because of workload and timing constraints.
Some of the methodology used in the accounting department to compile the financial statements may not comply with generally accepted accounting principles (GAAP).
Generally accepted auditing standards (GAAS) provides three categories of standards and ten standards by which an audit should be performed. You are concerned that some of the aforementioned situations may be in violation of the GAAS standards, and you have decided to review the GAAS standards to detect any possible violations. Complete the following:
List each of these standards in their correct category.
Identify those standards that you believe may be compromised by the aforementioned situations.
Describe specific actions that you believe should be taken to comply with the GAAS standards.
Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:
What did you learn from your classmate’s posting?
What additional questions do you have after reading the posting?
What clarification do you need regarding the posting?
What differences or similarities do you see between your posting and other classmates’ postings?
For assistance with your assignment, please use your text, Web resources, and all course materials.
Course Materials
Course Materials
Points Possible: 75
Date Due: Sunday, Jan 18, 2015
Objective: Assess the practices and procedures of implementing management control systems.
Submitted Files: Discussion Board
Score: N/A
Instructor Comments: No comments have been