8/26 Class

Question 1

recommendations

Answer 1

print slides out before class

Question 2

homework

Answer 2

due before class
credit no credit 60% or higher
only multiple choice
2 are dropped

Question 3

teacher gone for first three weeks

Answer 3

:(

Question 4

next class homework

Answer 4

read chapters 1-2, HW multiple choice problems CH 1-2

Question 5

emailing

Answer 5

ALL MATERIALS SUBMITTED FOR GRADING MUST INCLUDE YOUR NAME, ID NUMBER, COURSE NUMBER AND SECTION TO
RECEIVE CONSIDERATION!

Question 6

Cases

Answer 6

5 of them research based using checkpoint, done in groups of 2-3
Format - professional presentation
Appropriate info in the heading
id of issues
research & discussion of issues
references to professional standards - Checkpoint
Conclusions
Bibliography
contribute on each case
1 is dropped

Question 7

Late Work

Answer 7

there is no late work

Question 8

Class Segments

Answer 8

The Assurance Profession
The Assurance Process
Performing Procedures & Conducting the Audit

Question 9

Exams

Answer 9

not cumulative
taken from prior cpa exams
50-60 questions

Question 10

Group Projects

Answer 10

teams of 4-5 students
select your groups
lottery on september 23
evaluation at the end of the semester

Question 11

review in back of chapters

Answer 11

read them they help

Question 12

clicker quizzes

Answer 12

you need a clicker unannounced one clicker quiz is dropped

Question 13

reading

Answer 13

do ahead of time

Question 14

exams

Answer 14

exam 1: 1-5, 25, Case 1
exam 2: 6-13 , Case 2
exam 3: 14,16,18-24, Case 3

Question 15

forms of attestation

Answer 15

examination(audit)
   historical financial statements
   internal control(section 404)
review
agreed upon procedures
compliance
forecasted financial statements
information technology

Question 16

types of public accounting firms

Answer 16

local firms
regional firms
national firms
big 4 firms

Question 17

other assurance service

Answer 17

other jobs that provide assurance such as the oscar ballot counters

Question 18

non assurance services

Answer 18

accounting and bookkeeping
compilation
tax services
consulting services
litigation support
fraud investigation

Question 19

GAAS

Answer 19

generally accepted auditing standards

Question 20

types of auditors

Answer 20

CPA firms
government accountability auditors
internal auditors
internal revenue service agents

Question 21

AICPA

Answer 21

make rules on non public companies

Question 22

PCAOB

Answer 22

make rules on public companies, works under SEC

Question 23

auditing standards

Answer 23

statements on auditing standards (SASs) - rules for all audits of nonpublic companies

Question 24

compilation and review standards

Answer 24

statements on standards for accounting and review standards (SSARS)

Question 25

public accounting firm professional staff

Answer 25

partner
senior manager
manager
senior
staff or associate

Question 26

CPA requirements

Answer 26

150 semester hours
generally an accounting degree
experience requirement
CPA exam
other state exams

Question 27

CPA exam

Answer 27

auditing and attestations
financial accounting & reporting
regulation
business environment & concepts