RLG210Y1 Lecture : February 15, 2012 Lecture

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pucecaribou972

27 Mar 2012

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2/15/2012 4:13:00 pm: god is infinitely good and merciful father man eternal damnation or hell. Not a punishment imposed externally by god make life hell. Rather than a place hell indicated the state of those who freely and definitively separate themselves from god the source of all life and joy. Eternal damnation therefore is not attributed to gods initiative. Feuerbach : heaven is the key to the deepest mysteries of religion. Heaven in the sky sanctions hell (exploitation, oppression) on the earth . To offer consolation for suffering with the promise of amends or justice in the life to come afterlife beliefs a regulative for worldly existence: endure poverty, oppression, injustice, inequality, persecution, ascetic renunciation . Afterlife beliefs are regulative for worldly existence: endure poverty, oppression, injustice, inequality, persecution, ascetic renunciation . Earth is a different place, when it lies between a heaven and a hell . Some of these developed as religions of salvation.

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Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:

Purpose (all reasoning has a purpose â goals, objectives)

Question at issue

Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)

Point of View

Information (data, evidence)

Concepts and Theories

Interpretation and Inference (conclusions, solutions)

Implications and Consequences

When defining a subject, Nosich (2012) believes it starts with a âfundamental and powerful conceptâ.

The fundamental and powerful concept of Auditing is âInvestigationâ.

Auditing involves an analysis (or an âinvestigationâ) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.

Required: In several paragraphs, answer the following questions.

âInternal Controlsâ are discussed throughout the Auditing course. We will examine various methods of âinvestigatingâ internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:

The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):

The sale

Shipping

Billing

Collection

As the auditor, how would you determine whether the process is working correctly?

What actions or events would occur if you assume the process is working correctly when it is not?

What actions or events would occur if you assume the process is not working correctly when it is actually doing so?

taupetrout471

Which of the following statements is most correct regarding the independent auditor's reliance on the tests of controls performed by the internal auditors to reduce their substantive testing?

1-The independent auditor must obtain assurance of the independence of the internal auditors but need not test their work.

2-It is not acceptable for the independent auditor to rely upon the work of the internal auditors.

3-There are no restrictions in relying upon the work of internal auditors.

4-The independent auditor must evaluate the competency and objectivity of the internal auditors and must test a sample of the work of the internal auditors in order to rely upon their work.

The term "materiality" as used in auditing is best described as the

1-substance of the auditing procedures.

2-amount of misstatement on the financial statements that would influence a decision maker.

3-underlying evidence upon which the audit opinion is based.

4-amount of material the auditor gathers as evidence to support the audit opinion.

Prior to accepting an audit client an auditor has a professional obligation to

1-contact the predecessor auditor.

2-perform preliminary analytical review procedures.

3-do all of the listed actions.

4-obtain approval for the audit engagement from the SEC.

Which of the following best represents financial statement fraud?

1-The transfer agent issues 40,000 shares of the company's stock to a friend without authorization by the board of directors.

2-The controller of the company decreases a contingent liability by $3 million so the company will meet analysts' expectations this quarter.

3-The in-house attorney receives payments from the French government for negotiating the development of a new plant in Paris.

4-The accounts receivable clerk covers up the theft of cash receipts by writing off older receivables without authorization.

Sampling risk is the risk that

1-errors are inherent and may be present in the population without regard to the internal controls.

2-the population will not contain characteristics representative of the sample such that inferences made about that sample will be incorrect.

3-internal controls are not adequate to prevent or detect material errors.

4-the sample will not contain characteristics representative of the population such that inferences made about that population will be incorrect.

Control risk that is assessed excessively high (i.e. the auditor believes control risk is high when in reality it is moderate or low) leads to:

1-audit inefficiency.

2-a less expensive audit.

3-reduced substantive testing.

4-errors that are more likely to occur than anticipated.

The purchasing process consists of each of the following phases except

1-receipts of goods and services.

2-approval of items for payment.

3-authorized request for goods and services.

4-cash receipts.

Find an Excel tutorial online, and complete the tutorial. Writea paper that meets the criteria above and explains what you learnedby completing the tutorial and how this will help you in youraccounting career. Be sure to include the link to the specifictutorial that you complete, and if a certificate of completion isavailable, embed the certificate in your paper.

Each assignment is worth a maximum of 25 points and must bebetween 750 and 1,000 words. The paper may be written in the firstperson, and the writing must be grammatically correct. At least twoexternal sources should be cited. Papers must be submitted withinone week of the event date.

Prepare this assignment according to the guidelines found in theAPA Style Guide, located in the Student Success Center. An abstractis not required.

This assignment uses a rubric. Please review the rubric prior tobeginning the assignment to become familiar with the expectationsfor successful completion.

You are required to submit this assignment to Turnitin. Pleaserefer to the directions in the Student Success Center.

Career Preparation 2

	1 Unsatisfactory 0.00%	2 Less than Satisfactory 75.00%	3 Satisfactory 85.00%	4 Excellent 100.00%
80.0 %CONTENT
40.0 %Career PreparationExplanation	An explanation of the career preparation activity is notpresented.	The explanation of the career preparation activity is presented,but does not demonstrate a clear understanding of the activity.	The explanation of the career preparation activity is presented,and demonstrates a clear understanding of the activity.	The explanation of the career preparation activity is presented,and the student demonstrates a clear understanding of the activityand provides additional supplemental information regarding therelevance of the activity.
40.0 %Career PreparationAlignment	An explanation of how the career preparation activity willinfluence the career path of the student is not presented.	An explanation of how the career preparation activity willinfluence the career path of the student is presented, but theexplanation does not demonstrate a clear understanding of careerintegration.	An explanation of how the career preparation activity willinfluence the career path of the student is presented, and theexplanation demonstrates a clear understanding of careerintegration.	An explanation of how the career preparation activity willinfluence the career path of the student is presented, and theexplanation demonstrates a superior understanding of careerintegration.
20.0 %FORMAT
8.0 %Use of Language	Language uses jargon or conversational tone.	Language lacks clarity or includes the use of some jargon orconversational tone.	Language is clear and precise; sentences display consistentlystrong, varied structure.	Language is specific and varied in ways that enhance the majorpoints of the author.
4.0 %References	Two outside references are not provided.	Fewer than the required two references are provided, thereference formats are not properly prepared, or in-text citationsare not properly used.	Two references are provided and properly formatted, and in-textcitations are properly used.	More than two references are provided and properly cited withinthe body of the paper. The format of the reference page and in-textcites are correct.
4.0 %Use of APA	The paper is not prepared using the required template.	The paper is prepared using the required template, but alltemplate features are not properly used.	The paper is prepared through proper use of the requiredtemplate.	The paper is prepared through proper use of the requiredtemplate, and the user demonstrates superior use of APA formattingguidelines.
4.0 %Length of Paper	Paper is considerably below or above the required length.	Paper is below or above the required length.	Paper is the appropriate length as described in the assignmentcriteria.	Paper is appropriate length as described in the assignmentcriteria, and is sufficient to adequately explore conceptspresented.
100 %Total Weightage

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RLG210Y1 Lecture : February 15, 2012 Lecture

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