Wallys Billboard Sign Supply Jeopardy Template

Company Background	Andrea	Arnold	Morgan	Allison
100 Walter Johnson Who Founded Wally's Billboard & Sign Supply?	100 December 31, 2014 What is the Year End of This Audit?	100 General Ledger What Does “G/L” Mean?	100 Cash is a Highly Liquid Asset in a Company and it is an Area of High Inherent Risk Since There is a Relatively High Risk of Misappropriation. What Makes Cash Hard to Audit?	100 Colorado In Which State is the CPA Firm Located?
200 Three How Many Cash Accounts Do They Have?	200 Eight After Completing the Audit Program, How Many Follow Up Questions Were There?	200 Liability/Debt Item Number 2 on the Standard Bank Confirmation Form Relates to What Type of Account?	200 Traced Amount to Physical Count on Audit Workpaper What Does the “T” Tickmark Mean?	200 Agreed to Prior Years’ Workpapers What Does the “PY” Tick Mark Mean?
300 Four How Many Years Ago Was the Company Founded?	300 Existence or Occurrence Completeness/Cutoff Rights/Obligation Valuation/Accuracy Classification What are the Primary Accounting Assertions?	300 Completeness, Accuracy What are the Audit Assertions to Which the Information in Item Number 2 on the Bank Confirmation Form is Relevant?	300 2 Years How Long Have the Auditors Been Working for Wally?	300 Obtain Cut-Off Bank Statements & Confirmations What is the First Audit Procedure in the Audit Program?
400 Taylor & Jones, LLP. What is the Name of the CPA Firm?	400 Footed without Exception What Does the “F” Tick Mark Mean?	400 Control Environment Risk Assessment Control Activities Information & Communication Monitoring What are the Five Components of the COSO Framework?	400 Test of control is just one way to indicate the risk of potential systems involved in the operating process is relatively low. - This cannot eliminate all potential material misstatements in financial statements. - Both intentional conducts (frauds) and unintentional conducts (errors) could cause misstatements in financial statements. - Substantive audit procedures could help identify those misstatements Auditors use two major audit strategies: reliance and substantive. - Reliance is used when tests of controls demonstrate that controls are operating effectively. - Auditing standards require substantive evidence for all significant accounts and assertions. - Reliance strategy reduces the amount of substantive test required but substantive tests cannot be entirely eliminated. Why is it Important to Also Perform Substantive Audit Procedures for the Ending Cash Balance Even When Tests of Controls Over Transactions That Affect the Cash Account Indicate That Those Controls are Operating Effectively?	400 Cash Lead Sheets are Intended to Provide a Summary of a Company’s Cash Accounts What is a Cash Lead Sheet’s Purpose?
500 SunnyDale Banking Co. Brigham National Bank Woodland National Bank What are the Names of the Three Banks Used by the Company?	500 1. Proof of cash 2. Extended bank reconciliation procedures 3. Tests for kitting What Audit Procedures Might You Perform if You Were to Decide That the Risk of Fraud Involving the Cash Account was Relatively High for This Client?	500 Relevance Reliability According to AICPA Auditing Standards, What are the Necessary Ingredients for Audit Evidence to be Considered “Appropriate?"	500 Advantages: - Reduce the risk of human error by inputting inaccurate information - Save valuable time by providing financial information in a more secure way - Cut costs and save time - Locate and scan for specific confirmations using online searches. - Provide presence in the form of clarification of both the gains / losses balance reported by the client and whether or not there are any debt arrangements between the client and the entity not disclosed in the financial statements Please List 2 Advantages of Electronic Confirmations.	500 Bill Thompson Who is the Audit Senior in the Case?

Wally's Billboard & Sign Supply

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