Case 5 7 diamond foods accounting for nuts

Case 4-10 Navistar International & Case 5-7 Diamond Foods: Accounting For Nuts

Home Work (1)

Summary:

Please read the assigned case, answer the questions in the textbook, and create one multiple choice question (no true/false accepted) with four answer choices. Include the correct answer.

Case 4-10 Navistar International

1. Would you characterize the Deloitte audit of Navistar a failed audit? Answer based on the ethics rules of conduct in the AICPA Code as they pertain to audit engagements and the facts of the Navistar case.

2. Evaluate the deficiencies in internal controls and corporate governance at Navistar. Do you believe external auditors should be expected to discover fraud when a company, such as Navistar, is so poorly run that its personnel did not have the necessary training and expertise, its internal controls were deficient, and it relied too heavily on Deloitte to determine GAAP compliance? Explain.

3. What is the purpose of the PCAOB audit firm inspection program with respect to ensuring that auditors meet their ethical and professional responsibilities and obligation to place the public interest above all else?

Homework Assignment Policy (Course Syllabus)

The homework assignments include answering the assigned case questions from the textbook and creating one multiple choice question (no true/false accepted) with four answer choices based on the cases (include the correct answers). Please use your own words when completing the homework assignments. There is no required homework format, but you must write in organized paragraphs with complete sentences. Do not use bullet points or direct quotes. I do not allow any direct quotations. Please do not rewrite case information from the textbook to avoid a high similarity score from Turnitin. It is best to paraphrase rather than to include directly quoted case material in your writing. Turnitin on iLearn will be used to check for plagiarism. Please refer to the Turnitin policy below. You can only upload word/text files to iLearn or copy and paste text into the text/content area. Do not upload pdf/pages files.

Minimum Word Requirements: Students are required to write at least 300 words. However, this does not count multiple choice question and homework questions. Please include the word count at the top of your homework. I require minimum word counts to give students an idea of how much work is expected. Otherwise, students may do much less than they need to do in order to develop their critical and analytical thinking skills.

Home Work (2)

Summary:

Please read the assigned case, answer the questions in the textbook, and create one multiple choice question (no true/false accepted) with four answer choices. Include the correct answer.

Case 5-7 Diamond Foods: Accounting for Nuts

1. Use the Fraud Triangle to analyze the business and audit risks that existed at Diamond Foods during the period of its accounting fraud.

2. How would you characterize Diamond's accounting? Did they commit an error in recording walnut grower payments? Was it an illegal act? A fraudulent act? For each one, explain the reporting requirements for Deloitte assuming they were aware of the transactions.

3. What are auditors' obligations with respect to accounting estimates and judgments made by management? Explain any concerns that should have existed about these areas of the audit. Assume that Deloitte was aware of these issues. Would any of them rise to the level of a critical audit matter? Explain.

4. Do you think non-GAAP information, such as that provided to financial analysts, should be audited? Consider the value of such information to the users of financial reports in answering this question.

======= Homework Assignment Policy (Course Syllabus) =====================

The homework assignments include answering the assigned case questions from the textbook and creating one multiple choice question (no true/false accepted) with four answer choices based on the cases (include the correct answers). Please use your own words when completing the homework assignments. There is no required homework format, but you must write in organized paragraphs with complete sentences. Do not use bullet points or direct quotes. I do not allow any direct quotations. Please do not rewrite case information from the textbook to avoid a high similarity score from Turnitin. It is best to paraphrase rather than to include directly quoted case material in your writing. Turnitin on iLearn will be used to check for plagiarism. Please refer to the Turnitin policy below. You can only upload word/text files to iLearn or copy and paste text into the text/content area. Do not upload pdf/pages files.

Minimum Word Requirements: Students are required to write at least 300 words. However, this does not count multiple choice question and homework questions. Please include the word count at the top of your homework. I require minimum word counts to give students an idea of how much work is expected. Otherwise, students may do much less than they need to do in order to develop their critical and analytical thinking skills.