Reminder – I do not allow direct quotes in student’s work in this class.  You need to paraphrase and cite your outside sources.  “Outside sources” do not include the text and so you don’t need to cite it.

1)           State whether you believe each of the following are true or false statements about acceptable audit risk (AAR) and why.

Hint:  The purpose of this question is to explore the definition of AAR and what factors affect where an audit firm would set AAR on a given audit.  Keep in mind that AAR is the risk, going into the audit, that the auditor is willing to accept that the audited financial statements still contain a material misstatement and not the risk that they actually do after the audit is finished.  That is, it is a planning tool and not a measure of the actual final risk that the financial statements are misstated after the audit has been completed. 

a) A CPA firm should attempt to achieve the same level of AAR for all audit clients when the client’s circumstances are similar.

b) A CPA firm should decrease AAR for audit clients when external users rely heavily on the statements.

c) A CPA firm should decrease AAR for audit clients where engagement risk is high.

d) Different CPA firms should attempt to achieve reasonable similar audit risks for clients with similar circumstances.

2)           For each of the following items mentioned in the text in the section on Understanding the Auditee discuss an example of information about each category might affect auditing planning by linking your example to changes in acceptable audit risk or inherent risk. 

a) Industrial and external environment

b) Business operations and processes

c) Management and governance

d) Objectives and strategies

e) Performance measures

Discussion: Connecting and Disconnecting Online

Post a response (at least 200–300 words) to the following:

How might professional social networking assist you in meeting your own goals and building mentor relationships? Use social media to find a working professional in the same field as you are hoping to enter or currently advancing within.  What things can you learn from their profile?  Are there things you would like to strive toward?  Do you have any new thoughts about the field or your own goals after looking through this virtual profile?

Based on the “How to find a career mentor more easily” resource, discuss a tip you could immediately implement to begin building mentor relationships.

Assignment 1: Put Your Best Profile Forward

Option A. Evaluate Sample Profiles

You will review sample student profiles, evaluate and make recommendations for improving them.

·         Review and critique at least two of the sample online profiles using the ‘Professional Profile Guidelines and Rubric document-Option A’ that can be found in this week’s Learning Resources.

·         Explain in detail your scoring for both profiles

By Day 7

Submit a 1- to 2-page written review and critique of the profiles. If you were the hiring manager who reviewed these two profiles, would you hire the candidates? Why or why not? Make sure to reference the scoring rubric in the Professional Profile Guidelines and Rubric document and to make specific recommendations about how the profiles could be improved.

Assignment 2: Weekly Journal Entry

The objective of this Assignment is to provide you with a private place to think on the page; “thinking on the page” is a phrase used to describe writing as a form of thinking. Some of us process our thoughts out loud as we describe them to others. In an academic environment, you will be asked to record your ideas in writing or “thinking on the page” to show the new knowledge that you’ve acquired through reading and listening to the resources and completing the assignments. The journal is not a formal type of writing and only you and your Instructor will see the journal entry.

The weekly journals will be used to develop a personalized academic writing plan that will fit into the Week 6 Personal Success Plan Assignment.

Each journal must be at least three paragraphs long, but you are allowed to write as much as you would like. These entries are meant to be free writing, but you should revise before submitting. Your journal entries will be graded on participation and do not have rubrics.

To prepare for writing yourJournalentry:

·         Review the Montante article in the Week 3 Learning Resources.

·         Review the Academic Writing Expectations Checklist to guide your writing.

·         Review sample journal entries posted in an Announcement.

Assignment Instructions:

Think about the material you encountered in the course this week, and describe one aspect of the classroom resources (Assignments, Discussions, or assigned readings) that surprised you. Make sure to describe why the material interested you as a thinker.

Set a timer (on the stove, a clock or on your phone) and write for ten minutes without stopping. The prompts will remain the same each week, but you will reflect about a different aspect of each week’s resources.

By Day 7

Post an entry that addresses each of the following:

·         Observe. Describe the week’s content and resources to a person who has not seen/heard or observed it.

·         Process. Answer the question: “What does this content/topic mean?”

·         Reflect. Answer the question: “What is the value in understanding this?”