ACC 490 week 3 Learning Team Assessing Materiality and Risk Simulation
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Resources: Assessing Materiality and Risk simulation on student website
Complete the Assessing Materiality and Risk simulation
Resources: Assessing Materiality and Risk simulation on student website
Complete the Assessing Materiality and Risk simulation located on the student website.
Prepare a 350-word response to following questions after completing the simulation:
• 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 inter-related?
• Week 3 – DQ 1
• What are the two types of audit tests? What are some examples of each of these two types of tests? How will the auditor use the data gathered from these tests?
Week 3 – DQ 2
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?
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ACC 490 Week 4 Learning Team Apollo Shoes Case Assignment
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Resources: Apollo Shoes Case materials located on the student website
Complete the Internal Control audit section of the case using the Apollo Shoes Case materials, available under the Assessment section of Week Three on the student website.
Review the Planning section, with emphasis on the Apollo Accounting and Control Procedures Manual and the Apollo Shoes Minutes, before completing the Internal Control audit section.
Week 4 – DQ 1
Why do auditors find it...