Suchergebnisse

ABSTRACTStrong systems of internal control over financial reporting (ICFR) are critical to the production of reliable financial statements. Securities and Exchange Commission (SEC) regulations require that companies design, maintain, and regularly evaluate their systems of ICFR, and Auditing Standard No. 5 requires that auditors evaluate companies' systems of ICFR. Therefore, it is necessary for accountants to be able to (1) describe and classify internal controls and (2) determine deficiencies in internal control. Recent reports suggest that accountants may lack sufficient training and guidance in these respects (e.g., Rapoport 2012). This activity provides an opportunity for students to practice these skills while learning more about the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) 2013 Framework.Provided are a summary discussion of ICFR and the COSO 2013 Framework, an outside-of-class reading assignment, and an activity that requires students (independently or in groups, either in or outside of class) to employ critical-thinking skills to: (1) classify (i.e., map) a listing of controls as being aligned with one (or more) of the COSO 2013 Framework's five components and 17 principles that comprise a well-designed system of internal control, and (2) identify any deficiencies (gaps) in design due to missing or inadequate internal controls.

ABSTRACT
A good investigator, whether it be in the context of an audit or a forensic investigation, recognizes the evidentiary value of digital evidence and can harness its power. The following instructional case introduces students to how digital evidence is incorporated into a forensic accounting investigation and challenges them to learn electronic discovery (eDiscovery) tools and techniques. While performing the early stages of the investigation at Enron, students gain exposure to the electronic discovery reference model (EDRM), learn the differences between structured and unstructured data, and deploy various digital search strategies. After performing their preliminary investigation, students are asked to "scope" the remainder of the investigation by creating a detailed workplan. At the conclusion of the case, students are encouraged to reflect upon their own methods of electronic communication. This encourages students to think before digitizing (and therefore memorializing) their next thought, statement, or action.

ABSTRACTAccounting and auditing professors continually stress the importance of effective judgment and decision making (JDM), yet few accounting programs or textbooks discuss the biases that may impact an individual's ability to exercise high-quality professional judgment. In recent years, KPMG (Ranzilla, Chevalier, Herrmann, Glover, and Prawitt 2011) and the Committee of Sponsoring Organizations of the Treadway Commission (KPMG, Glover, and Prawitt 2012) addressed this gap at the corporate level by publishing guidance for accounting professionals and board members on how to identify and mitigate common judgment biases, yet there remain few resources designed for accounting students. This collection of exercises enables instructors to introduce the topic of effective JDM in the classroom. It provides students with the opportunity to identify bias in their own judgments by highlighting five frequently occurring biases that adversely impact business judgments (i.e., availability, anchoring, overconfidence, confirmation, and rush to solve). This compendium gathers exercises from psychology literature that may be used to pique student interest and encourage discussion of how each bias impacts judgments made by accounting professionals and how individuals may reduce their impact.

ABSTRACTThis case is designed as a comprehensive review of significant differences between accounting principles generally accepted in the United States of America (U.S. GAAP) and International Financial Reporting Standards (IFRS) for specific topics covered during most Intermediate Accounting courses. The task requires you to analyze and evaluate a company's significant accounting policies for compliance with IFRS as you plan and conduct the conversion of a firm's financial statements from U.S. GAAP to IFRS. The skills developed throughout this case are currently in high demand as IFRS is quickly becoming the global norm in accounting standards and many multinational companies based in the U.S. are already affected by these standards. The Securities and Exchange Commission (SEC) has developed a roadmap that may require U.S. companies to begin adopting IFRS in 2015. You will be tested on your knowledge of IFRS on the CPA exam. The case is presented in two phases, allowing you to experience the conversion process from planning to execution.

ABSTRACTDisruptive technology, new business ventures, and increased availability of data are quickly changing traditional financial reporting and assurance processes. As a result, prospective auditors not only need to understand fundamental auditing concepts, but also need to anticipate the influence that disruptive technology will have on the profession. The following case study provides a lens through which prospective auditors can view the coming changes to the profession by asking them to consider how the online lending company, Kabbage, is currently disrupting the lending industry for non-traditional and small businesses. Students contemplate several fundamental auditing concepts such as audit evidence, financial statement assertions, and analytical procedures while also acquiring insight into the effects that new and disruptive technology will have on the profession. The intention is to encourage students to embrace coming changes and become lifetime learners.