ACC 411 Project One Engagement Letter Template

2019 COBIT Principle 1 Each enterprise needs a governance system to satisfy stakeholder needs and to generate value from the use of I&T. Value reflects a balance among benefits, risk and resources, and enterprises need an actionable strategy and governance system to realize this value. Current Practice Recommendation Principle 2 A governance system for enterprise I&T is built from a number of components that can be of different types and that work together in a holistic way. Current Practice Recommendation

QUESTION 2 Internal audit will typically adopt a medium timeline for strategic planning purposes allowing the Chief Audit Executive (CAE) to balance assurance needs and resources within a defined budget envelope to provide reasonable assurance to audit committee and senior management. Short term or specific skills gaps can be bridged through recruitment, training or co-sourcing.   REQUIRED: Evaluate the importance of training and development particularly on technological advancement that could help to increase the quality and the success of Internal Audit in the future

Question 1 2020 (i) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be designed to minimise agency problems & costs. (ii) Which one of the following statements is not a relevant reason for an accountant to liaise with their predecessor when accepting a professional assignment?A. It is a matter of professional etiquetteB. To avoid the appearance of solicitationC. To determine whether the professional fees charged were adequate to avoid threats to due careD. To identify if there are professional reasons why the appointment should not be accepted. (iii) Which threat can possibly…

19               Item 19 Item 19   Which of the following standard-setting bodies requires a management’s discussion and analysis as a part of the financial report?   Multiple Choice   GASB.   FASB.   FASAB.   Both GASB and FASAB.         20               Item 20 Item 20   On what do the government-wide financial statements report?   Multiple Choice   Operational accountability.   Fiscal accountability.   The cost of government services.   Budgetary compliance.

Question 1 2020 (i) Which one of the following best illustrates the approach adopted by NCCG 2016?A. “apply and explain”B. “apply or explain”C. “comply and explain”D. “comply or explain” (ii) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be designed to minimise agency problems & costs. (iii) Which one of the following statements is not a relevant reason for an accountant to liaise with their predecessor when accepting a professional assignment?A. It is a matter of professional etiquetteB. To avoid the appearance of solicitationC. To determine whether the professional fees…

an external tool Available n Mission Progress You are on question 12 of 12 Management by objectives is Peter Drucker's version of goal setting His concept is that employees commit to goals. A manager should review progress toward individual goals with each employee and then O make the individual responsible for the next steps O reward or punish the employee as appropriate O jointly discuss the implications Previous

Question 3 Garret & Brown CPAs has been in business for over twenty years and has served as the auditors for several companies over the years. Garret and Brown's CPAs manage to retain their audit clients through the high-quality work they perform and the issuing of reports that are appropriate. The firm knows audit reports are essential to audit and assurance engagements because they communicate the auditors' findings. However, recently the firm has been experiencing some challenges in the preparation of reports for some of their audit clients. An audit report prepared by Garrett and Brown, CPAs, is provided below. The audit for the year ended December 31, 2019 was completed on March 1, 2020, and the report was issued to Javlin Corporation, a private company, on March 13, 2020. A. In keeping with a standard unqualified report, highlight the deficiencies in the above report, and make recommendations for how it is to be improved. We have examined the accompanying financial statements…

Case 7.1 Anne Aylor Inc. Determination of Planning Materiality and Performance Materiality by Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt   Please answer what is required number 1 and 2   REQUIRED [1] Review Exhibits 1 and 2; audit memos G-3 and G-4; and audit schedules G-5, G-6 and G-7. Based on your review, answer each of the following questions: [a] Why are different materiality bases considered when determining planning materiality? [b] Why are different materiality thresholds relevant for different audit engagements? [c] Why is the materiality base that results in the smallest threshold generally used for planning purposes? [d] Why is the risk of management fraud considered when determining performance materiality? [e] Why might an auditor not use the same performance materiality amount or percentage of account balance for all financial statement accounts? [f] Why does the combined total of individual account performance materiality commonly exceed the…

Font Paragraph √ Assume that you are an audit senior in charge of planning the audit of an entity that your firm has audited for the previous four years. During the audit planning meeting with the manager and partner in charge of the engagement, the partner noted that the entity recently adopted an IT-based accounting system to replace its manual system. The manager and partner have limited experience with IT-based accounting systems and are relying on you to help them understand the audit implications of the entity's change. Consequently, they have asked you to respond to a few concerns regarding automated accounting systems. Required: a. In previous years, the audit firm has relied heavily on substantive procedures as a source of audit evidence for this entity. Given that the entity now has changed its accounting system, what are some of the factors that you should consider when deciding whether to move to a reliance strategy? b. Under what conditions should the audit firm consider…

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Q-3 The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively. ABCD Limited is concerned about its Internal Audit (IA) function. Recently, ABCD Limited is expanding and reorganizing its Internal Audit (IA) function. Currently the Director of Internal Audit, Shuja Mehboob, reports to the corporate controller, who receives and reviews all internal audit reports. Mehboob forwards copies of the internal audit reports to the audit committee of the board of directors and to the manager directly responsible for the function being audited.   An issue of contention among the management team pertains to which department or function the Director of Internal Audits should report. Martin Stevens the CEO wants to ensure that ABCD Limited complies with the SOX and that the internal audit department is structured such that it strengthens the company’s internal control system. Also, an…

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QUESTION 1  The last decade has seen increased attention paid to internal audit as an integral component of corporate governance mechanisms, which are designed to strengthen risk management systems of organizations and enhance financial reporting quality. Internal audit serves as a crucial resource in corporate governance by providing services to boards of directors, management and external auditors. Internal audit has also transformed from a predominantly appraisal function to a consulting paradigm over the last several decades. REQUIRED: Evaluate the steps audit committee can take to facilitate proper oversight and direction of Internal Audit.

Question 2 Select the correct responses for below: The audit documentation shall include: (a) The overall audit strategy (b) The audit plan (c) Any significant changes made during the audit engagement to the overall audit strategy or the audit plan, and the reasons for such changes. Mettl Online Assessment © 2021-2031 Revisit Later B Need Help? Contact us: Attempted: 1/20 Select an option +1 (800) 265-6038 (a) and (b) (b) and (c) (a), (b) and (c) (a) and (c) +91 80471-89190

23-23 (OBJECTIVES 23-4, 23-8) The field work for the June 30, 2019, audit of Tracy Brewing Company was finished August 19, 2019, and the completed financial statements, accompanied by the signed audit reports, were mailed  September 6, 2019. In each of the highly material independent events (a. through h.), state the appropriate action (1 through 4) for the situation and justify your response. The alternative actions are as follows:1. Adjust the June 30, 2019, financial statements.2. Disclose the information in a footnote in the June 30, 2019, financial statements.3. Request the client to recall the June 30, 2019, statements for revision.4. No action is required.The events are as follows:a. On December 14, 2019, the auditor discovered that a debtor of Tracy Brewing went bankrupt on July 15, 2019, due to declining financial health. The sale generating the receivable had taken place January 15, 2019.b. On December 14, 2019, the auditor discovered that a debtor of Tracy Brewing went…

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Can you please write me about research and analyze of Rio Tinto's latest (2023) Corporate Governance and Sustainability practices. In the absence of specific reports, the 2023 Annual Report or Website Report may be utilized. The assignment requires a critical evaluation of Rio Tinto's corporate governance mechanisms and sustainability/CSR activities during and after the COVID-19 pandemic, integrating theoretical insights from accounting and related disciplines.   Specific Requirements:   A. Background of Rio Tinto's Corporate Governance and CSR/Sustainability Policy. Provide a brief overview (maximum 2 pages) of Rio Tinto's Corporate Governance and CSR/Sustainability policy and strategy. B. Critical Evaluation of Rio Tinto's Corporate Governance Mechanisms Evaluate (maximum 3 pages) Rio Tinto's corporate governance mechanisms, such as Board structure, risk management practices, and effectiveness of the audit committee. Discuss any notable changes observed during and after the COVID-19…

Internal Auditing: ACCT353 Spring 2023 Class Activity 1 (CLO 2) Required: Review the SCA Governance Guide and answer the following questions: 1. What recommendations does the SCA Governance Guide provide on internal audits? 2. What recommendations does the SCA Governance Guide provide on internal controls? 3. What recommendations does the SCA Governance Guide provide on audit committees? Covering page: Name, student ID, assessment name, and date.

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27 As a student of Auditing subject, you are expected to be fully aware of the different types of audits and their purposes. Choose the type of audit which builds confidence in the integrity of corporate reporting for the benefit of stakeholders and society at large. a. Environmental Auditing b. Value for Money c. Internal Auditing d. External Auditing

Analysis of Corporate Governance and Sustainability Report of Rio Tinto please write me based on following criteria Objective: This research-based individual work aims to provide an analysis of a top 200 AGX listed company's latest (2023)  about Rio Tinto Corporate Governance Report and Sustainability Report. In the absence of a Sustainability and Corporate Governance Report, the Company's Annual Report (2023) or Website Report can be used. The assignment requires critical evaluation of the company's corporate governance mechanisms and sustainability/CSR activities during and after the COVID-19 pandemic. The analysis must incorporate theoretical and practical implications of accounting on these COVID-19-related responses.  Specific Requirements need to be answered: A brief background of the selected company's Corporate Governance and Corporate Social Responsibility (CSR)/sustainability policy and strategy. [ max-2 pages]  Critical evaluation of the company's corporate governance…

Chapter 7 of the textbook presents some concerns regarding the current accounting standards for research and development expenditures. Instructions: For this discussion, you will be divided into two groups: Group B: You are assigned to Group B if you have a last name beginning with N-Z.  Assume that you are the FASB member. Write a memo defending the current standards regarding research and development. For both groups, your memo should address the following questions: By requiring expensing of R&D, do you think companies will spend less on R&D? Why or why not? What are the possible implications for the competitiveness of U.S. companies? If a company makes a commitment to spend money for R&D, it must believe it has future benefits. Shouldn't these costs therefore be capitalized just like the purchase of any long-lived asset that you believe will have future benefits? Explain your answer. For your initial post, indicate in the subject line which group you are in (Group A…

P Flag question The methods used by the audit firm to ensure that the firm meets professional responsibilities to clients and others is Select one: a. continuing professional education. b. compliance with international financial reporting standards C. peer review. •d. quality control. The correct answer is: quality control.

> Week 9 Assignment 9.4 Assignment 9.4 - BUSINESS PLAN Upload your assignment through the link provided in this week's assignments folder. The financial and accounting statements provide the information needed to measure the projected success of the business plan. The recipient of the business plan will want to have an understanding of this information in assessing the performance of the proposed business plan. The two questions to answer are the following: a. What information will be needed to develop the accounting and financial statements. b. What information is needed to explain the importance of these statements to the other business functions. The discussion shall be approximately 1½ to 2 pages in length, doubled space, using a size 12 font. Any direct quotes or the paraphrase of unique thoughts of others should be properly cited and referenced using general APA