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From: Jingjing He To: Dr. Mark Linville Date: 1/Feb/2015 Subject: Determine third party liability Recently, I have been appointed Chief Justice of the newly created state of Freedonia. One of my responsibilities is to determine the appropriate third- party liability standards for Freedonia. Third-party liability standards are used by court to determine which parties have the right to seek recovery from the auditor who negligently prepares a faulty audit report. There are four general standards that…
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5-2: ZZZZ Best 1. I think that auditors should be held liable for failing to discover fraud. There are many ways the fraud could have been discovered over the years if the auditors performed an objective audit that followed rules and regulations. It is an auditor’s obligation to perform an audit with objectivity, skepticism, independence, and objectivity. Ernst & Whinney failed to meet these criteria. The auditors did not follow professional skepticism because when Minkow asked them to sign…
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Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC (Securities and Exchange Commission) has a great influence on the audit of Smackey Dog Foods, Inc., which is conducted by Keller CPAs. When auditing a publicly held company, auditors need to observe principles. The ethical principles of the American Institute of Certified Public Accountants (AICPA) Code of…
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overall conclusion as to whether the financial statements are fairly presented. This highly subjective process relies heavily on the auditor’s professional judgment. When the audit is completed, the CPA must issue an audit report to accompany the client’s published financial statements. Q4: Describe Keller CPAs’ responsibilities related to communications regarding internal control matters. What internal controls issues do you identify? Solution: 1. Recorded transactions exist (occurrence). 2. Existing…
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problem is not the lack relevant information, but rather that managers are over overburdened with irrelevant information. Management information systems, he argues, need to be redesigned to focus filtering and condensing information (Ackoff, 1967). I agree with this assessment. Technology has allowed for a far greater capacity to store data while network sharing capabilities have allowed managers unprecedented access to information. Modern day information systems, such as Microsoft Dynamics for…
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topics in advance in the form of homework assignments and by following the action research methods as outlined by McNiff (2002) I have been able to execute, review and measure the effectiveness of the intervention to involve learners to become self-directed and intrinsically motivated in their learning. Whilst delivering a semester module and over a four week period I have introduced the following week’s topic by setting a homework task. This task and its materials were distributed and explained…
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ACAT Certification Bryant Stratton College Ms. Erina Masters Anita Bennett July 26, 2013 ACAT Certification ACAT is the Accreditation Council for Accountancy and Taxation. The Accreditation Council for Accountancy and Taxation is the regulatory and certification board for the Accredited Business Accountant (ABA). (Goodson, 2012) ACAT is proof that you have the knowledge and skills in the area of Accounting and Taxation. A person is giving their credentials if they can provide financial, accounting…
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taxable income and how do you know how much taxes are owed? Taxable income is the portion of someone's income that is the subject of taxation according to the laws the decide what is the income and taxation rate for that income. Initially I thought that the definition of taxable income was going to be more complex and difficult to explain then what it actually is. According to our text section 3.2 of Personal Finance taxable income is defined as the amount of income that is subject to taxes…
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Practice, I did not have an exactly idea that what it is going to talk about and I never think about my future career deeply and do not have clear goals and achievements. But I know that I want to work in accounting area since choose accounting and marketing as my bachelor degree, and I prefer to be a professional accountant which with the CPA license or marketing management, In order to achieve this goal, I brought some materials about this area and focus more in these two area. Initially, I think that…
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L&H should have analyzed the amount of memberships sold to the capacity and nights the members would be allowed to stay and realized that things weren’t adding up. 5. Why do you think audit firms are willing to accept high-risk clients? Audit firms are willing to accept high-risk clients in order to increase their revenues. 6. What analytical and audit procedures could have led to Deloitte and L&H to have…
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