ACC 491 - Week 3 - Complete

ACC 491 - Week 3 - Complete
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  • ACC 491 - Week 3 - DQ 1.doc
    ACC 491 - Week 3 - DQ 2.doc
    ACC 491 - Week 3 - Industry and Corporate Risk.doc
    ACC 491 - Week 3 - Materiality and Risk Simulation.doc
    ACC 491 - Week 3 - MCQ's.doc
    ACC 491 - Week 3 - Quiz.doc
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ACC 491 - Week 3 - Complete

DQ1.What is the auditor’s responsibility with regard to errors, fraud, and illegal acts in audit planning?


DQ2.What are some internal controls in place at your organization? Can you share an example of an internal control failure at your organization? Why did this failure occur?


Assessing Materiality and Risk Simulation Assignment:

Resources: Assessing Materiality and Risk located on the Week Two Materials page

Complete the simulation and prepare a 350-word response to the following questions:

• Why do certain accounts have to be audited 100%?

• Why is materiality allocated only to those accounts that are sampled?

• Is any component of audit risk within the control of the auditor? Explain.

• How are the three risks that make up audit risk interrelated?


Learning Team Assignment

            Work on the following paper as a team and then have one member of your team post a collective paper from the team in the Assignments folder of the responsible team member.

 Industry and Corporate Risk Paper.  Select an organization to serve as the basis for this and subsequent Learning Team assignments.  Review the organization's industry and its corporate risks.  Then, prepare a 700-1050-word paper identifying factors that determine the organization's business risk and the risk of material misstatement based on the audit risk model.  In your paper, be sure to delineate the form, components, applications, and limitations of the audit risk model as they apply to your selected organization.

Take a quiz on topics covered in the assigned readings for Week.

Answer the Multiple Choice Questions in the Assignments tab.