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hi, see you again. If you are available right now, can you give me a favor? I have an exercise of auditing report in ACC
hi, see you again. If you are available right now, can you give me a favor? I have an exercise of auditing report in ACC class. The following attached is the guideline. If you are able to help me with this plz let me know ASAP thanks.
Student's Name (first, last): Student's ASU Email: @asu.edu Auditing Standards Exercise SEC, AICPA, PCAOB, IAASB (3 points) Fall 2017 This exercise is intended to provide you with general familiarity with (1) the contents of reports filed with the SEC and (2) the auditing standards of three organizationsthe AICPA's Auditing Standards Board, the Public Company Accounting Oversight Board (PCAOB) and the International Auditing and Assurance Standards Board (IAASB). It should not take a long time. But make sure that your report is professional in appearance; related, each subsection requirement should have a heading so that it is easy to find (e.g., your reply for part A-2 should have a heading saying A-2, and its subsections a, b, and c clearly marked). Use Word to complete the entire exercise, using some cut/paste as appropriate (Part A). PART ASEC Use the SEC's EDGAR system (Electronic Data Gathering Analysis and Retrieval) to select and analyze one company's most recent Form 10-K, Form 10-Q, and Form 8-K. Notes: It's best to determine the accurate name of a company prior to using EDGAR; it is even better to find its \"ticker symbol\" to input into EDGAR rather than the company name (Google \"[your company's name] ticker\"). Some companies file forms (e.g., 10-K) without an \"index\" or \"table of contents\" at the very front. Completing Part A will be harder with these companies. Some companies do not include their financial statements in the 10-K and refer to them being filed in their annual report (e.g., IBM). You may use them by going to the annual report if you can find it. You can use one of these companies for the exercise, it will just be harder. If you find a company that does not have a 10-K, 10-Q and 8-K - select a company that does. Also, make sure that it has exactly these forms (for example, don't pick one with something like a form 10-KA instead of a 10-K). Steps: Access EDGAR via this link: http://www.sec.gov/edgar.shtml Go to \"Search for Company Filings.\" Then select \"Company or fund name...\" link. You will then have an option of searching by name (on the left of the screen) or by ticker (on the right of the screen). Either one works. Find the company you want to use. You will then get to a page that will look something like this: Fill in the following information: Company's name: Company's most recent 10-K date: Company's most recent 10-Q date: Company's most recent 8-K date: Note: When viewing a document, you may be given a choice of \"document\" or \"interactive data\"unless you are adventuresome, go with \"documents.\" Answer the following questions: A-1. From the index (or table of contents) of the 10-K, how many \"Parts\" are included in the 10-K filing (ordinarily there are 4)? For each Part, write one sentence to describe the nature of the information included in the part. NOTE: As per earlier, if you have selected a company with a document without a table of contents, or one without explicitly detailed \"Parts\" you may either select another company, or search your way through it to find the parts. Note that the easiest to work with are the ones with a \"Part I, Part II, etc.\" Beware: If you choose one without parts, things might get ugly. A-2. Locate, copy, and paste into your report, the audit report(s) filed with the annual financial statements in the 10-K report. There may be one audit report on the financial statements and one on the internal control, or they may be combined as one report; so your report may include either one or two reports. Indicate what type of opinion was issued on: a. The company's financial statements (e.g. standard unqualified, qualified due to a scope limitation, etc.); and b. The company's internal control (e.g., unqualified, adverse, disclaimer, etc.) c. Were there separate reports on the financial statements and the internal control, or were these combined into one report? Warning: Be careful here. PCAOB separate reports each refer to the other in a final paragraph. See page 47 of text example (We also have audited...). That is not a combined report as it simply is referring to the IC report (see final paragraph). A-3. Select the latest 10-Q. Are the quarterly financial statements audited or unaudited? If there is a CPA report (probably there isn't), copy and paste it into your report. A-4. Scan your company's data for the most recent 8-K filing. In 1-2 sentences summarize what event or condition this filing is about. 8-Ks are often on audit or accounting treatments. PART B--AICPA Review the textbook section on Auditing Standards in Chapter 2 (pages 35-40). Pay particular attention to the paragraph on the relationships between SASs and AU sections. Note: the textbook sometimes uses AU, where we are going below uses AU-Cthey are the same thing. Access the AICPA Professional Standards online as follows: 1. Log in into ASU Online Library by going to https://lib.asu.edu/ and clicking on SIGN IN link at the top right corner. 2. Click (or copy/paste) the following https://checkpoint-riagcom.ezproxy1.lib.asu.edu/app/main/srchFrame? usid=2542bam16f890&feature=tcheckpoint&iploc=arizonaunivdept&lastCpReqId=15e5 069&practice=7&tabPg=40 3. Go to the \"Home\" tab (towards top of page, far left). 4. Change \"Current View\" to Accounting & Auditing in the drop-down box at the upper top part of the page. 5. Under \"Standards & Regulations,\" (on right side of screen), you will see links to AICPA and PCAOB Standards, among other things. 6. Click AICPA. 7. Click on Professional Standards. 8. Click on US Auditing Standards (AICPA Clarified). Among other things you will see the AU-C sections (standing for Auditing StandardsClarified) List the names of the seven overall sections (hint: they start with \"AU-C Section...\"). PART C--PCAOB Now go to the PCAOB website (pcaobus.org) and find the professional auditing standards. C-1. Provide the title of AS No. 8 of the PCAOB Auditing Standards (not interim standards). C-2. Provide the title of the \"interim standard\" AU 342. C-3. In 2-3 sentences, what is the relationship between the PCAOB \"Standards\" and \"interim standards\"? PART D--IAASB Now find the International Standards on Auditing by googling \"International Auditing and Assurance Standards Board.\" Go to that organization's website and find its auditing standards (Clarity Center The Clarified Standards). Provide the title of ISA 530. PART E--APPLICABILITY When auditing financial statements, when do the following standards apply? E-1 AICPA Auditing Standards Board Standards. E-2 PCAOB Auditing StandardsStep by Step Solution
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