ConocoPhillips: Asset Retirement Obligation

As des
cribed 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
.
Y
our assigned topic
has been divided into t
wo parts
,
a part A and a part B
.
Part A
is the a
ccounting research portion
of
your assigned
topic
and
Part B
addres
s
es
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
Part B

PCAOB and AICPA Auditing Standards Term Paper

Due December 19, 2015
:

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 Standa
rds 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 fin
ancial 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 i
ssue. Including generic auditing
guidance such as obtaining an engagement letter or management representa
tion letter is NOT sufficient.

Don’t forget that auditing standards are GAAP neutral, meaning that it is irrelevant if your entity’s
financial reporti
ng framework is FASB, IFRS, GASB, or a special purpose framework
Term Paper D
o
s
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 pap
er
(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
e
ither
lo
se 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 requ
ired
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
pendin
g
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)

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