Embed Size (px)
Citation preview
ACC 695 Module Four Case Study Guidelines and Rubric Overview: After reading The Runner’s Shop case study in your textbook, respond to questions one through four. These questions will provide the opportunity to practice reviewing audit documentation to support management assertions. Use examples from the case and at least one scholarly source (other than your textbook) to support your responses. Prompt: Specifically, the following critical elements must be addressed:
Describe the purposes of audit documentation and explain why each purpose is important.
Review Green and Brown LLP’s audit documentation guidelines and explain why an audit firm would want to include each of the listed items in its audit documentation.
Review the audit documentation prepared by Green and Brown LLP, related to Transaction Reporting System’s (TRS) notes payable, and list deficiencies on the enclosed schedules.
Green and Brown LLP would not be required to comply with the auditing standards of the Public Company Accounting Oversight Board (PCAOB) for the TRS audit because TRS is a private company. Setting this fact aside for the moment, go to the PCAOB website and review Standard No. 3: Audit Documentation (see www.pcaob.org). This standard requires that documentation of audit work contain sufficient information to enable an experienced auditor not involved with the engagement to achieve two objectives. What are these two objectives? Explain whether you believe the audit documentation in this case achieves these objectives.
Reference:
Beasley, M. S. (2016). Auditing Cases: An Interactive Learning Approach (6th ed.). Upper Saddle River, NJ: Pearson. Requirements of Submission: The Module Four case study must be 2 to 3 pages in length. Use double spacing, 12-point Times New Roman font, one-inch margins, and citations in APA format.
Rubric Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value
Audit Documentation:
Purpose
Meets “Proficient” criteria and justifies reasoning with relevant examples from the case and scholarly sources
Describes the purpose of audit documentation, including why each purpose is important and why an audit firm would want to include each listed item in the documentation
Describes the purpose of audit documentation but does not explain why each purpose is important or why an audit firm would want to include each listed item in the documentation
Does not describe the purpose of audit documentation
23
Audit Documentation:
Items
Meets “Proficient” criteria and justifies reasoning with relevant examples from the case and scholarly sources
Explains why an audit firm would want to include each of the listed items in its audit documentation
Explains why an audit firm would want to include each of the listed items in its audit documentation, but explanation is missing key items
Does not explain why an audit firm would want to include each of the listed items in its audit documentation
23
Audit Documentation:
Deficiencies
Meets “Proficient” criteria and justifies reasoning with relevant examples from the case and scholarly sources
Identifies deficiencies in the audit documentation related to the notes payable
Identifies deficiencies in the audit documentation related to notes payable, but identification is missing key components
Does not identify deficiencies in the audit documentation related to notes payable
23
Audit Documentation:
Objectives
Meets “Proficient” criteria and justifies reasoning with relevant examples from the case and scholarly sources
Describes the two objectives related to audit documentation and explains whether the audit documentation in this case achieves the objectives
Describes the two objectives related to audit documentation but does not explain whether the audit documentation in this case achieves the objectives
Does not describe the two objectives related to audit documentation
23
Articulation of Response
Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy to read format
Submission has no major errors related to citations, grammar, spelling, syntax, or organization
Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas
Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas
8
Total 100%
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
3ULQWLQJ�LV�IRU�SHUVRQDO��SULYDWH�XVH�RQO\��1R�SDUW�RI�WKLV�ERRN�PD\�EH�UHSURGXFHG�RU�WUDQVPLWWHG�ZLWKRXW�SXEOLVKHUV�SULRU�SHUPLVVLRQ��9LRODWRUV�ZLOO�EH�SURVHFXWHG�
