Qualify or Not?
Acc/260
November 3, 2013
Qualify or Not?
Viccio and Martin staff accountant Jane Ashley was assigned to work on an audit team with one senior auditor Frankie Small. The audit they were to perform was on the top paying client of Viccio and Martin, Models Inc.. Jane had spent time working for the firm while finishing her academics, and had been present for many other audits. This left her excited to show her employer all she had learned during this first assignment. Jane was away at school when the yearend inventory count was made for Models Inc., so she decided to brush up before the audit began by studying the financials, audit notes, previous audits, and the inventory counts performed. Upon doing so,
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The next stakeholder is the clients themselves, the decision made on handling the discrepancies will affect the future of the company and its employees, as they could be out of work if the company closes. Another stakeholder is the accounting firm; If they decide to do the right thing it could cost them current and future revenue, again possibly affecting employees and their future earnings as well. The last stakeholder affected by the decision is Jane herself; she has her morals and reputation to consider as well earnings potential for the future.
The decision-making process for Jane should include looking at several approaches and stakeholder impact analysis. The stakeholders should be prioritized and the impacts on each looked at thoroughly before a decision is made. There is not any scenario where signing off on the false information will have a positive impact on any of the most important stakeholders. With that said, Jane should tell her superiors that she is not comfortable signing off on the audit as it stands. In doing so she runs the risk of losing her job, on the other hand she is taking a stand for herself and the two top stakeholders, the bank and the suppliers. Jane must be careful in how she proceeds as confidentiality is expected. Reporting the issue to the appropriate entities is considered a breach of that confidentiality in the US. However, this case is in Canada, where it is the duty of all chartered accountants, and Auditors to report
The company dose not use a third party designee and the tax returns are signed by the president, Carlos Cruz.
Due to the information, 20 acres of land equal 80 sheep according to the exchange rate of last year, a one-room cabin equal 3 acres of land and equal 12 sheep finally, a plow equals 2 goat and equal 2/3 sheep according to last year’s exchange rate and 2 carts which were traded with a poor acre of land equals 8 sheep plus 400 sheep. So Deyonne’s total assets are 500(2/3) sheep. Deyonne’s liabilities and assets deduction are 35 sheep plus 3 sheep, which will come to 38 sheep,
Describe at least two (2) career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.
cognizant of the fact that the choices he makes can affect the price a buyer pays
3. A) If I were put in this situation as an equity investor, I would absolutely pursue legal actions against the auditors. If there was a
The auditing firm has been in engagement with the company throughout the period when the fraud was being committed. One of the common and clear indicators of possible fraud was the company’s cash flow statement. The company experienced positive growth in its profits from the year 1996 through to the year 1998. However, a close analysis of the cash flow statement shows that the company had experienced negative figures of cash flow from both operating and investing activities and positive cash flow from financing activities which would not sufficiently offset the negative cash flows from operating and investing. It is therefore evident
Either of Brent’s alternatives would probably work out fine for the present situation. The problem would be in the future. Changing the auditing plan would probably have the least negative outcome. The accounts payable audits have been fine for the last few years and chances are this year wouldn’t be any different. Both of Brent’s alternatives are unethical because they are both deceitful and both could cause potential problems down the road – one lie leads to another and the snowball keeps getting bigger. What Brent should do and how I would handle the situation is to talk to John. Explain to him
only business activity is to sell pod racers imported from PD. ID pays a 20% import duty based on
To over view the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to people’s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner.
No man can be certain beyond a shadow of a doubt how he will react in any given situation. One can know how he would hope to react; however, until the circumstances are in place behavior can not be entirely predicted. A person’s reaction in the direst of moments is in fact the heart of who they are. While reactions are spontaneous, actions are not and the decisions to act or not to act
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Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients. The accounting profession also demands a high level of integrity and morality because the financial data prepared by accountants is used by business managers to run their
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MC Wells ‘A Revolution in Accounting Thought’. The Accounting Review. V.LI. No.3. July 1976. pp471-82. The article does not have an abstract – write an abstract of no more than 400 words. A short guide to writing an abstract is provided. ----Answered by Wenxin
Accounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles. Throughout these next few paragraphs, I will be giving you the history and evolution of accounting, and I will be explaining who the stakeholders are and what type of information they require, and I will be explaining the role of accounting in business. There will be many examples and type of business