University of Phoenix ACC 491 Contemporary Auditing I Study

University of Phoenix ACC 491 Contemporary Auditing I Study Guides and Answers
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DESCRIPTION FOR THIS STUDY GUIDE:
Select a Virtual Organization using the student website. Assume your organization is privately held, wants to expand operations, and is faced with three options for expansion:
•	Going public through an IPO
•	Acquiring another organization in the same industry
•	Merging with another organization
Write a 1,050- to 1,400-word paper in which you compare and contrast options and make a recommendation about which strategy the organization must choose. Address the following:
•	Strengths of each approach
•	Weaknesses of each approach
•	Opportunities of each approach
•	Threats of each approach
Also consider the following as it relates to all three options should the organization pursue an international location:
•	Effects of globalization on financial decisions
•	Factors that contribute to exchange rate risks
•	Mitigating exchange rate risk
Format your paper consistent with APA guidelines.

Riordan Manufacturing: THIS TUTORIAL IS 1,1259 WORDS IN CORRECT APA FORMAT
University of Phoenix
ACC 491 Contemporary Auditing I Study Guides and Answers
This course is the first in a two-part series that deals with auditing a company’s financial reports, internal controls, and Electronic Data Processing (EDP) systems. Topics include auditing standards, evidence, audit planning and documentation, materiality and risk, internal control, statistical tools, and the overall audit plan and program.
Auditing and Assurance
Explain the nature and functions of auditing.
Identify the organizations that affect the public accounting profession.
Compare and contrast auditing, attestation, and assurance service standards.
Describe the elements of Generally Accepted Auditing Standards.
Explain the Sarbanes-Oxley Act and its application to audits.
Materiality, Audit Risk, and Evidence
Explain the application of materiality, audit risk, and evidence to an audit.
Explain how an auditor assesses an entity’s business risks.
Analyze the types and reliability of audit evidence.
Prepare an engagement letter.
Formulate audit objectives based on financial statements and management assertions.
Audit Planning and Internal Controls
Use the auditing analytical procedures.
Identify the components of internal control.
Assess control risk.
Analyze tests of controls.
Statistical Tools for Auditing
Explain the importance of sampling techniques in an audit.
Perform sampling tests.
Evaluate the results of an audit conducted through the use of statistical sampling.
Justify the use of statistical and non-statistical sampling when conducting an audit.
Internal Controls and Information Technology
Explain the effect of IT on internal controls.
Identify computer-assisted audit techniques.