Audit Program Design Part Ii - Acc546 Essay example

i. Does the patient need to use the restroom, urinal or ambulate to bathroom and if so, assist them to prevent falls and stay with them until completed

Thomas Foods is a third party entity that will best benefit working off of a Purchase Order over trying to change their accounting procedures entirely. With a

1. A company’s ending accounts receivable balance and the period’s advertising expense would be found on which financial statements, respectively

Communication, this is the key focus area that is evaluated in this summary. Communication is a key focus area of the joint commission audit and is also a key area in which Nightingale Community can make enhancements. Communications must be a two way free flow of information. The information exchanges occur between providers, staff, and patients or clients. This was an area that needed improvement was noted in the previous accreditation audit. Some noted prior issues from 2 years ago included patient and family education and information not being properly disseminated to the nursing staff. These are areas where we have targeted and currently meet. Some areas that we continue to work on are as follows.

Internal Revenue Code section 1221 defines “capital asset” as “property held by the taxpayer (whether or not connected with his trade or business), but does not include (1) Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business.” As defined, Haig Simmons’ anthracite coal home heating and delivery service business holds anthracite coal in the ordinary course of business and therefore, is not considered a capital asset. Section 64 defines ordinary income as income earned from providing services or the sale of goods (inventory) “which is not a capital asset.” Based on this definition, any asset that does not classify as a capital asset is an ordinary asset. Since Haig Simmons was providing home coal heating services for consumers, any inventory kept was for the purpose of maintaining a steady, stable, and regular supply of coal and not held as a long term asset for future sale gains.

in order to obtain stronger or more persuasive evidence, the “bank balance” reported by the

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

Anderson, Olds, and Watershed rely on Apollo Shoes management for the financial statements. In addition, Apollo Shoes management is responsible for internal control over financial reports, ensuring the company complies with applicable laws and regulations, providing all financial records and other related financial information to the firm, and providing a representation letter at the conclusion of the audit confirming management’s

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Apollo Shoes, Inc. as of December 31, 2008 and the results of its operations and cash in conformity with U.S. generally accepted accounting principles. The financial statements and related foot notes to said statements may be used for investors and management to make informed decisions on the health of the company. Also in our opinion, management’s assessment that Apollo Shoes, Inc. maintained effective internal control over financial reporting as of

The goal of the RAC program is to identify improper payments made for claims for health care services of Medicare beneficiaries, identify and prevent fraud, abuse and waste of Medicare payments paid to health care providers under fee-for-service Medicare plans.(Georgia Medicaid RAC) In order to identify these issues RAC does a review process (audit) to detect these underlying issues.

|1. (TCO A) Alpha Co. owns a 30% interest in Bravo Co. and exercises significant influence. Which of the following results in a |

Merry-Go-Round (MGR) is a clothing retailer that was founded in 1968. The company’s locations were in malls that targeted the youth and teen market. In the late 1980s, the company was listed by Forbes magazine as one of the top 25 companies. By the early 1990s, sales fell due to stiff competition from other retailers. Facing bankruptcy, the company hired turnaround specialists from Ernst and Young (E&Y) to help overcome the financial crisis. However, the company filed for Chapter 11 reorganization and due to that a group of 9,000 creditors filed a lawsuit against E&Y saying they were the main reason for MGR’s decline.

The purpose and responsibility of an audit is to provide reasonable assurance that the financial statements are free from material misstatements whether due to fraud or error. The audit will follow the authoritative guidance provided by the PCAOB and AICPA auditing standards. In relation to Johnson & Johnson Company, it would be a plus if the auditor had experience with the Consumer, Pharmaceutical and Medical Devices, but not necessary since a firm would be able to hire an expert to consult on the audit. The test will cover risk assessment procedures, tests of controls and substantive procedures.

business model may seem, there is plenty of hard work invested and financial risks taken to grow

* On the job training is the primary method for employees to learn policies and procedures.