Team Assignment

 Team Assignment

Learning Team assignments build upon each other from Weeks 2-5.

The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course.

Consider and discuss the specific risks and nature of the company you will be auditing.

Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles.

Submit a 1,400- to 1,750-word document that includes:

• Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.
• A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

ACC 492 WEEK 2 Team

Learning Team assignments build upon each other from Weeks 2-5.

The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course.

Consider and discuss the specific risks and nature of the company you will be auditing.

Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles.

Submit a 1,400- to 1,750-word document that includes:

• Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.
• A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

Coca-Cola and PepsiCo

Complete, as a team, the Coca-Cola/PepsiCo Comparative Analysis Cases on p. 72 and 145. Your responses should be approximately one to two sentences for each segment (a-d, a-c).

Compile all team member’s input.

Click the Assignment Files tab to submit your assignmen

Paper US GAAP Versus IFRS

Write a 1,050- to 1,400-word paper that addresses the following scenario and questions:

Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with “generally accepted accounting principles.” She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting.

• Go to the FASB website and access the FASB Concepts Statements and use the IASB website to respond to the following items. (Provide paragraph citations.) When you have accessed the documents, you can use the search tool in your Internet browser.
  • Explain how “materiality” is defined by both FASB and IASB.
  • The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identity at least two of these examples. Do you think the materiality guidelines should be quantified? Why or why not?
  • The concepts statements discuss the concept of “articulation” between financial statement elements. Briefly summarize the meaning of this term and how it relates to an entity’s financial statements.