ACC 497 Week 4 knowledge Check
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ACC 497 Week 4 knowledge Check

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1. A public entity changed from the straight-line method to the declining balance method of depreciation for all newly acquired assets. This change has no material effect on the current year’s financial statements but is reasonably certain to have a substantial effect in later years. The client’s financial statements contain no material misstatements and the auditor concurs with this change. If the change is disclosed in the notes to the financial statements, the auditor should issue a report with a(n): unqualified opinion. “except for” qualified opinion. explanatory paragraph. consistency modification. 2. The single audit requirement applies to: All audits of state and local government reporting entities. Most audits of state and local governments expending federal grant funds. Financial audits of all not-for-profit entities. Only those governments and not-for-profit entities that are audited by a federal audit agency. 3. For each of the following independent situations, indicate the reason for and the type of financial statement audit report that you would issue. Assume that all companies mentioned are private companies and that each item is at least material. a. Thibodeau Mines, Inc., uses LIFO for valuing inventories held in the United States and FIFO for inventories produced and held in its foreign operations. b. Walker Computers is suing your client, Super Software, for royalties over patent infringement. Super Software’s outside legal counsel assures you that Walker’s case is completely without merit. c. In previous years, your client, Merc International, has consolidated its Panamanian subsidiary. Because of restrictions on repatriation of earnings placed on all foreign-owned corporations in Panama, Merc International has decided to account for the subsidiary on the equity basis in the current year. You concur with the change d. In prior years, Worcester Wool Mills has used current market prices to value its inventory of raw wool. During the current year, Worcester changed to FIFO for valuing raw wool. e. Upon review of the recent history of the lives of its specialized automobiles, Gas Leak Technology justifiably changed the service lives for depreciation purposes on its autos from five years to three years. This change resulted in a material amount of additional depreciation expense. f. During the audit of Brannon Bakery Equipment, you found that a material amount of inventory had been excluded from the company’s financial statements. After discussing this problem with management, you become convinced that it was an unintentional oversight. Management appropriately corrected the error prior to your finalization of field work. g. Jay Rich, CPA, holds 10 percent of the stock in Rothenburg Construction Company. The board of directors of Rothenburg asks Rich to conduct its audit. Rich completes the audit and determines that the financial statements present fairly in accordance with generally accepted accounting principles. h. Ramamoorthi Savings and Loan’s financial condition has been deteriorating for the last five years. Most of its problems result from loans made to real estate developers in Saint Johns County. Your review of the loan portfolio indicates that there should be a major increase in the loan-loss reserve. Based on your calculations, the proposed writedown of the loans will put Ramamoorthi into violation of the state’s capital requirements. The client refuses to make the adjustment or to disclose the possible going concern issue in the notes to the financial statements. 4. When reporting on comparative financial statements for a private company, which of the following circumstances should ordinarily cause the auditor to change the previously issued opinion on the prior year’s financial statements? A departure from generally accepted accounting principles caused an adverse opinion on the prior year’s financial statements, and those statements have been properly restated. The prior year’s financial statements are restated following the purchase of another company in the current year. A change in accounting principle causes the auditor to make a consistency modification in the current year’s audit report. A scope limitation caused a qualified opinion on the prior year’s financial statements, but the current year’s opinion is properly unmodified. 5. Which of the following best describes the relationship between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS)? Audits of state and local governments always require that the audit be conducted in accordance with both GAAS and GAGAS. GAAS apply to independent CPA auditors; GAGAS apply to governmental auditors. Audits conducted in conformity with GAGAS may also require the auditor to conform to GAAS. Audits done in accordance with GAAS must also be done in accordance with GAGAS. 6. Under the existing GAAP hierarchy for state and local government financial reporting, the GASB Implementation guides are: More authoritative than the AICPA state and local government audit guide. Less authoritative than GASB Technical Bulletins. More authoritative than GASB Statements. Equally authoritative to AICPA Practice Bulletins. 7. Collier County had the following federal award activity during the most recent fiscal year. Required a.&b. Based upon the size and information provided select "X" if the programs are Type A with low risk and high risk or Type B with low risk and high risk programs. 8 Which of the following would be considered Category (b) GAAP for state and local government auditees? GASB Technical Bulletins. GASB Statements and Interpretations. GASB Implementation Guides. AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA and cleared by the GASB. 9. Audits of state and local governments may be performed by all of the following except: State audit agencies. Independent CPAs. The Office of Management and Budget (OMB). Federal grantor agencies. 10. One of the primary purposes of the Single Audit Act of 1984 (amended in 1996) is to: Promote the efficient and effective use of audit resources. Detect fraud, waste and abuse in government entities. Allow federal auditors greater access to government entities receiving federal funds. Make audit activity legal at the federal level

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