Xacc/280 Week 4 Summary

With different industry definitions and viewpoints, fraud can be a tough issue for audit committee members to grasp for oversight purposes. The legal obligations of audit committee members have intensified because their standard duty of care and loyalty to the entity has increased in light of management fraud activities.

Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff securities. What audit procedures should the investment firm’s independent auditors has applied to those assets?

As a retail manager, we had numerous projects that had to be completed. We had weekly floor sets that had to be executed weekly. Having a given time frame with and so much to do, I scheduled adequate store coverage so that I could work undisturbed on completing my project. With written directions and even pictures of demonstrations I easily executed and even excelled in the floor sets. I got them done in a timely fashion, with minimal clutter and the store still running smoothly.

I did best at numerical insight (80%), and my results for the rest of the categories was at 60%. I am very surprised, because math is actually my weakest subject (as shown by standardized testing scores, and the fact that I haven’t taken a math course in 3 or 4 years). I actually forgot how to carry a one the other day, so I’m not sure how I managed this. I expected to be best at spatial abilities since I am a design student, and I often have to think about space in 3 dimensions in order to understand how to make models. I can think of a few reasons for my strange results:

I passed two different tests and got almost the exact same results. The first test shows me that I have four clearly expressed intelligences: Kinesthetic, Logical, Intrapersonal and Visual/Spatial. The second test gave me three top intelligences: Kinesthetic, Logical and Intrapersonal. I can say that all results correspond to reality. It is true that I love sports. I play tennis around 11 years. Also, I like math because of it I chose accounting discipline. In addition, it is completely true that I am an intrapersonal. Using these results I may think about my future career. However, I already have chosen one and it is correct decision this test proved my thoughts. Also, Kinesthetic intelligence provides me a chance to go in for sport. Logical intelligence supports my decision to be an accountant or an economist. However Intrapersonal intelligence shows me that I may reach successes working as CEO, an entrepreneur or even a psychologist.

Raising maximum distributor order, more than customer demand is one good choice made in the three games. According to the supply chain order, the maximum distributor order totals to 15units compared to a maximum demand of 9units. These figures prove that backordering costs will not occur during business operations. Good inventory management techniques require placing adequate orders to reduce backordering costs. The cost and time of backordering affects operations and hence the need to adequate inventory to match demand changes. An average customer order of 7units compared to average distributor order of 5units points to low backordering costs. A minimum customer order of 4units means that market demand is under control from

* Precautionary Motive - cash is a relatively safe investment.  Cash investments rarely lose value (as can stocks or bonds) and are therefore held for safety reasons in a balanced portfolio.

According to your budget, will you earn enough to finance the lifestyle that you want?

Diagnostic Services Inc. (DSI) is a company that has been in business for only a year. Additionally, their company offers diagnostic services to physicians in the Tampa/St. Petersburg, Miami and Orlando area. Diagnostic Services carries the lasts technology, including magnetic resonance imaging (MRI) machines, computerized tomography (CT) scanners, and electron beam tomography (EBT) scanners. Outstandingly, the company plans to expand its market base with the state of the art technology that the electron tomography scanner provides, this scanner can detect potential health problems earlier than any other technology on the market. However, Diagnostics Services has been operating without a sales manager. They do have six sales representatives,

Let us start off by calculating the interest earned over the four years of the mortgage:

The purpose of this paper is to discuss the SEC’s influence on auditing a private company and the essential activities involved in the initial planning of an audit. Next the discussion will delve into four stages of the audit and tasks performed by the auditors as well as internal control findings and various aspects of the audit.

Accountants also ensure that organized financial statements are put out so that their company’s investors and lenders can accurately evaluate how a business is doing. One of the fundamental financial statements is the balance sheet. This

The two principal reasons for holding cash are for transac¬tions and compensating balances. The target cash balance is not equal to the sum of the holdings for each reason because the same money can often partially satisfy both motives.

The decision of firms to hold substantial cash reserves has lately been put under the spotlight in the corporate finance

The decision of firms to hold substantial cash reserves has lately been put under the spotlight in the corporate finance