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Accounting and Auditing Research
Written Term Paper Requirements
Overview
As described in the course outline, all students are required to submit written term papers. Each term paper
MUST be no less than 5 FULL (not partial) pages and no more than 10 pages per PART. Your assigned topic
has been divided into two parts, a part A and a part B. Part A is the accounting research portion of your assigned
topic and Part B addresses the auditing research portion of your assigned topic. Each term paper represents 25%
of your final grade, and therefore both papers represent 50% of your final grade. The highest grade you may
receive for each term paper is a grade of 25 points. Please remember to check your spelling and read your
papers before submitting them in for grading.
General Information Regarding the Assigned Companies and Topics
How the assigned companies were selected: The instructor reviewed several annual public company
filings with the SEC (10-Ks) and selected 50 public companies.
How the assigned topics were selected: After reviewing the 10-K of each of the 50 selected companies
the instructor chose topics specific to that public company.
How the companies and applicable topics will be assigned to the students: Companies will be randomly
assigned to students and NO two students will have the same company. 50 individual slips of paper will
be placed into an envelope and each student will select a piece of paper from the envelope. Therefore
the company assigned will be based entirely on chance.
Learning How to Research
The research necessary to complete each term paper will be illustrated in class and therefore students
need to attend each class. The course outline details each research topic scheduled for discussion.
There is no specific term paper format other than the requirements described in this document. Students
may use their creativity providing they answer all the term paper requirements. The instructor will show
a term paper example in class
The instructor is available to guide students as they perform the research for their applicable topics. It is
suggested that each student meet one on one with the instructor at least once to discuss their progress5.
Part A –FASB and IFRS Accounting Research Term Paper Due November 21, 2015
In order to receive full credit for the PART A term paper a student’s paper/approach must include the
following:
A summary of the assigned public company that describes who they are and what they do. (Note – this
summary can NOT be longer than one page. If the summary is longer points will be deducted)
The approach taken to assist the student in addressing the research topic:
a. Pretend you are the controller of a company and the CFO has asked you to perform this research
project. The CFO is interested in learning about the company that you have been assigned and in
particular the specific accounting issue relating to that assigned company. The CFO wants you
research the accounting issue, noting how that issue in reported in you assigned company’s most
recent annual 10K filing. The CFO would like to know how the issue was addressed using
guidance issued by the FASB and then asks that you address the same issue using guidance
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ECO 490 Accounting and Auditing Research – Fall 2015
Written Term Paper Requirements
issued by the IASB (IFRS accounting). The CFO is concerned about receiving the correct
answer and because the CFO will be reviewing your work, you don’t’ want to submit any
incorrect information to your boss.
b. You will be required to include all of the authoritative references to support the positions taken
in your paper.
c. The CFO has limited time and only wants the facts and what supports the facts and therefore
cutting and pasting portions of the applicable accounting guidance into this report will only
annoy the CFO, and may result in you losing you job (you will not receive full credit in your
term paper if you cut and paste guidance. Only authoritative references are needed).
How to approach your research:
a. Obtain a copy of the applicable public company’s most recent 10-K filing (annual report filed
with the SEC). Finding a company’s SEC filing on the SEC’s website is discussed in class and
generally you will also find a copy of the company’s most recent 10-K filing on their website.
b. Once you have the company’s most recent 10-K filing begin to look for areas where your
accounting issue is discussed, presented, and disclosed. Meaning, the financial statements,
accounting policies and other applicable footnotes (Do NOT address the discussion of your
accounting issue outside the audited financial statements, for example, if the issue is
addressed in the Management and Discussion Analysis (MD&A) portion of the 10K that
discussion would be excluded).
c. Support the significant accounting issue with the applicable authoritative guidance (BOTH
FASB AND IFRS).
Part B – PCAOB and AICPA Auditing Standards Term Paper – Due December 19, 2015
Using the same accounting issue described in Part A of YOUR specific assigned public company:
Describe how you would audit the specific accounting issue.
Support the auditing of your specific accounting issue with the applicable authoritative guidance (BOTH
PCAOB auditing Standards and Statements on Auditing Standards issued by the AICPA)
Suggested approach – Pretend that you are the auditor assigned to audit this specific area of the
company. How would you begin? Would you need to enlist the use of a specialist? Should you design
your tests based upon relevant financial statement assertions? Should you send out confirmations?
Compare estimates to industry standards? Would you test internal controls? What substantive tests
should be performed? Etc.
Keep in mind that you are asked to audit this specific accounting issue. Including generic auditing
guidance such as obtaining an engagement letter or management representation letter is NOT sufficient.
Don’t forget that auditing standards are GAAP neutral, meaning that it is irrelevant if your entity’s
financial reporting framework is FASB, IFRS, GASB, or a special purpose framework.
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ECO 490 Accounting and Auditing Research – Fall 2015
Written Term Paper Requirements
Term Paper Dos and Don’ts
Include you name and company on your term paper (applicable to both parts A & B)
Don’t forget to include the applicable authoritative references in your term paper (applicable to both
parts A & B)
Don’t cut and paste authoritative content into your term paper. You are required to provide the
applicable authoritative reference only. Students that cut and paste a lot of guidance into their term paper
will either lose points or not receive any credit. (applicable to both parts A & B)
For Part A only– provide research and references to the applicable FASB guidance along with the
applicable IFRS guidance (Research and reference to guidance issued by the SEC is not required
but feel free to include them if you would like extra credit – providing your research and
references are correct)
Use current authoritative guidance unless instructed otherwise (applicable to both parts A & B)
Don’t provide transitional and/or pending guidance. Assume all applicable guidance is fully effective.
Do provide your term paper in hardcopy. Electronic papers (sent via email) will NOT be accepted.
(applicable to both parts A & B)
For Part A only – ALONG WITH YOUR TERM PAPER, SUBMIT THE APPLICALBE PAGES OF
YOUR COMPANY’S 10-K (DO NOT SUBMIT THE ENTIRE 10K – ONLY THE NECESSARY
PAGES, for example, the company’s financial statements, and applicable footnotes.). STUDENTS
WHO FAIL TO SUBMIT THE APPLICABLE 10-K PAGES WILL LOSE AT LEAST 5 POINTS
BEFORE THE PAPER IS GRADED
