Essay about Accountant: Certified Public Accountant and Internal Control

Submitted By jennyni
Words: 1291
Pages: 6
Open Document
Part 1 – 1.54 Internet Exercise: Professional Certification (worth 6 points)Read the instructions on page 34 of your textbook. Your answer to this exercise must set forth all of the following information:
(a) The names and websites of the state board of accountancy and the licensing agency for CPAs in Illinois.
The names of the state board of accountancy in Illinois is Illinois Board of Examiners, and the website is http://www.ilboa.org. The licensing agency for CPAs in Illinois is Illinois Department of Financial and Professional Regulation.

(b) The educational requirements that must be met to sit for the CPA Exam in Illinois after July 1, 2013. (Summarize; do not simply copy/paste.)

Beginning July 1, 2013, the requirement of sit for the CPA Exam in Illinoise is as below: A) an applicant must provide proof of successful completion of
1)150 semester credit hours, as defined, of college or university study that includes an accounting concentration or equivalent
2) a baccaluaureate or higher degree,
3) the requirements set out in subsection (C)(3)
B) Applicant who have taken the Uniform Certified Public Accountant Examination at least once before July 1 2013 may take examination under the qualifications in effect when the examination was first taken

(c) The requirement(s) that must be met before a CPA certificate can be issued.
The Illinois CPA certificate is issued upon successful completion of the CPA examination and “Professional Ethics: the AICPA’s Comprehensive Course.”

(d) The work experience and residency requirements, if any, that must be met before a CPA can be licensed in Illinois.
In order to perform the audit and attest function in Illinois, you must fulfill a one-year experience requirement to qualify for a license to practice as a Licensed Certified Public Accountant.

(e) The additional requirement(s) that must be met before someone can hold themselves out as a CPA in Illinois (i.e., use the letters “CPA” after their name on resumes, business cards, websites. etc.).
Two licenses are issued to individual CPAs in Illinois, one is Registration License, another is Certisfied Public Accounting License, someone MUST hold at least one license in order to hold themselves out t an as a CPA.

Part 2 – 11.61 Subsequent Events––Internet Exercise (worth 4 points)
Read the instructions on page 486 of your textbook and complete the first four requirements (parts a through d) of the exercise a) what is a subsequent event?
Events occurring between the date of the financial statements and the date of the auditors’ report. b) Access Dole’s 2009 10-k (filed in 2010) from the SEC’s website( www.sec.gov)
1 what is Dole’s fiscal year-end?
Fiscal year end is Dec, 31.
2. what is the date of the auditors’ report?
The date of the auditors’ report is Feb, 24, 2010
3.when was Dole’s 10-k filed with the SEC
The date of Dole filed with the SEC is Feb, 24, 2010 c) Given your answers in (b), does it appear that this event meets the definition of a “subsequent event”? why or why not?
The event is not meet the definition of a “subsequent event”. Because the earthquake is happened on Feb, 27, the date after the date that the audit report issued. d) Assuming that this event did meet the definition of a subsequent event, would you classify it as a subsequent event that relates to a condition that existed at the date of the financial statements or one that arose after the date of the financial statemet?
The subsequent event that relates to a condition that existed at the date of the financial statements is be classified as subsequent events , but it would not be indicative at the balance-sheet and the adjustment of the financial statements would not be adjustment.
If the earthquake arose after the date of the financial statement, it should be indicative in the disclosure or footnotes. It should be classified as subsequent event. * Part 3 – 12.55 & 12.56 (worth 20 points)
Read
Show More

Related Documents: Essay about Accountant: Certified Public Accountant and Internal Control

Accountants: Auditing and Management Accountants Essay

Management Accountants and Internal Auditors “The three things I like most about my career are the variety of projects that I am involved in, the frequent interaction I have with others in pursuit of a common goal, and the problem-solving nature of my job.” (C. Johnson, Controller) Management accountants and internal auditors are watchdogs of efficiency, effectiveness, and compliance. Management accountants study and interpret business numbers, such as earnings and salaries. While Internal auditors…

Words 619 - Pages 3

Essay Building Conceptual Frameworks

with gaining information about financial systems and the financial records of a company or a business. Financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system's internal control. The goal of an audit is to express an opinion of the person / organization / system (etc.) in question, under evaluation based on work done on a test basis.[citation needed] Due to constraints, an audit seeks to provide only reasonable assurance…

Words 1831 - Pages 8

Ethics Essays

In addition, the client may get into trouble hiring, this is not proof audit of the company. Abreu, John D, another certified public accountant whose CPA license got suspended, and was permanently prohibited from performing audits. Mr. Abreu was involved in performing an audit of Western Sierra Medical Center for the year of 2004. Mr. Abreu failed to perform the audit in accordance…

Words 1582 - Pages 7

Accounting Information For Decision Making

accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 Topic You as a user of accounting information Real World: Boeing Company, California Public Employees Retirement System, China…

Words 5833 - Pages 24

Business Plan Essay

which is in turn related to the Vulgar Latin word computare, meaning "to reckon". The base of computare is putare, which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think."[13] The word "accountant" is derived from the French word compter, which is also derived from the Latin word computare. The word was formerly written in English as "accomptant", but in process of time the word, which was always pronounced by dropping the "p", became gradually…

Words 1955 - Pages 8

Career Opportunities for B.S. Accountancy Students Essay

profession because they have their own body of language and they also use terminology peculiar to the profession. The demand for accounting services has increased with the increase in number, size and intricacy of businesses all over the world. Accountant is the…

Words 6096 - Pages 25

Essay on Finman

organizations, which allows them to better manage and perform control functions ------------------------------------------------- Definition[edit] IFAC Definition of enterprise financial management embracing three broad areas: cost accounting; performance evaluation and analysis; planning and decision support. Managerial accounting is associated with higher value, more predictive information.[1] Copyright July 2009, International Federation of Accountants One simple definition of management accounting is…

Words 2582 - Pages 11

Auditing: Auditing and Financial Statements Essay

block selection c) systematic selection d) random number generator selection 3) Which of the following sampling techniques is typically used for tests of controls? a) mean-per-unit sampling b) difference sampling c) attribute sampling d) probalitity- proportion to size sampling. 4) where is sampling helpful? a) tests of internal control b) account balances c) inquiry d) both a and b e) a,b and c 5) Audit sampling is used to test which of the following assertions by management? a) existence…

Words 3740 - Pages 15

Forensic Accounting In Practice

such action. Forensic accountants usually work closely with attorney and corporations, although there are other potential positions. Forensic accountants audit and watch over many different industries and situations. Within criminal legal proceedings, the testimony of such accountants is often of importance. Forensic accounting is necessary to sift through the mountains of data that can be evidence in contemporary courtrooms. The requirements to become a forensic accountant can be relatively difficult…

Words 1242 - Pages 5

Listed Company's Accounting Fraud of the Causes and Prevention Essay

(D) low level of Certified Public Accountants Management 90's onward, as the domestic market economic system have been established and improved, in particular the expansion of the securities market to adapt to the needs of the CPA profession has been rapid development. However…

Words 1946 - Pages 8