Accounting Question

The exam covers content from Chapter 1 to Chapter 15 and is worth a total of 100 points, and consists entirely of essay questions. Please note that you will have only one attempt to complete the exam, which will not be proctored. Ensure you submit your answers by the due date.

1. Examine some of the most significant frauds in recent history. How have these frauds influenced the auditing profession, and what implications do they present for auditors today?
2. Under contract law, common law, and statutory law, how is auditor liability defined? Elaborate on potential defenses available to auditors and discuss the remedies and sanctions that could be imposed in cases of auditor misconduct.
3. Describe a situation where the professional and ethical decision-making frameworks would be applied to address issues concerning audit evidence. How would you approach the situation, and what considerations would you prioritize?
4. Given an assessed risk of material misstatement, how would you design an audit plan to address this risk? Discuss the key procedures and steps you would include in your plan to ensure comprehensive coverage.
5. List and explain the various types of marketable securities. For each type, articulate the associated risks, recommend controls to mitigate these risks, and suggest an audit approach tailored to that specific security.
6. When auditing long-lived assets, what are the substantive audit procedures that ensure accuracy and completeness? Discuss the rationale behind each procedure and its importance in the audit process.
7. Describe the key steps and considerations involved in conducting an engagement quality review. How do these procedures ensure the quality and integrity of the audit?
8. Discuss the differences between contract law, common law, and statutory law in the context of auditing. How do each of these legal frameworks impact an auditor’s responsibilities and potential liabilities?
9. Reflect on a hypothetical scenario where the risk of material misstatement is extremely high. How would this risk influence your audit strategy, and what additional precautions would you take to address it?
10. In the realm of auditing, ethical dilemmas can arise concerning audit evidence. Describe a potential ethical scenario and apply the professional and ethical decision-making frameworks to resolve it.

Prepare your answers using Microsoft Word. Ensure that your document is double-spaced and maintains 1-inch margins on all sides. The font to be used should be Times New Roman, size 12. It is crucial to follow APA formatting guidelines throughout your document. This includes proper in-text citations, headings, and a reference list if you refer to any external sources. Proper formatting not only ensures clarity and professionalism but will also be a component of your grade for this final examination.