Identify accountor, accountee, and account in each of the following accountability instances
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The conceptual work of Accountability:
In an accountability relationship, the accountor is to give an account to the accountee on what the accountor did. If the accountor refuses to give the account or the account is not satisfactory, the accountor would be sanctioned by the acccountee.
Required:
Identify accountor, accountee, and account in each of the following accountability instances
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(i) A farmer sells meat to local residents.
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(ii) A teacher delivers lectures in the class.
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(iii) A student submits the assignment report to the teacher.
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- A client asks a CPA for attest engagement services relating to the assertion that the client has the lowest overall prices of all the groceries stores in the city. The client is not stating that they have the lowest price on all items they sells, but "on the whole" their prices are lower than those of the competition. The client plans to use the results of the atttesation engagment for marking purposes. Is such an attestation engagement acceptable especially when the resulting report is to be used for advertising purposes? What engagement criteria would be suitbable?Justine is an accountant in the accounting department of Modern Industries, Inc. Justine has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the understanding and acceptance of the basic principles and concepts of ethical conduct, what should Justine do upon discovering this evidence? a. Notify the marketing managers involved. b. Notify the controller. c. Ignore the evidence because she is not part of the Marketing Department. d. Notify the president of the corporation.Tana Thorne is an accountant who aspires to become a partner in a public accounting company. Thorne is invited by Allnet Company's management to submit a proposal to audit Allnet's financial accounts. When considering the audit charge, Allnet's management offers a price range based on Allnet's reported earnings. The more the profit, the greater the audit fee payable to Thorne's business. What ethical considerations apply to this situation? Explain.
- Which of the following is the best and most convenient safeguard against cheating?a. Adapt take-home tests and give the accounting students enough time to answer themb. Create three or more equivalent sets of testsc. Deploy five proctors to watch a class of 50.d. Give essay type of examinatione. Structure the seating arrangement such that accounting students would not look over answers of othersOther Responsibilities and Practices Cases. Read the following cases. For each, statewhether the action or situation shows a violation or potential for violation of the AICPACode of Professional Conduct; if so, explain why, and cite the relevant rule.a. CPA Ron Stout completed a review of the unaudited financial statements of Wolfe Gifts.Arvida Wolfe was very displeased with the report. An argument ensued, and she toldStout never to darken her door again. Two days later, she telephoned Stout and demandedthat he return (1) Wolfe’s cash disbursement journal, (2) Stout’s documentation scheduleof adjusting journal entries, (3) Stout’s inventory analysis documentation, and (4) allother documentation prepared by Stout. Wolfe had not yet paid her bill, so Stout repliedthat state law gave him a lien on all of the records and he would return them as soon asshe paid his fee.b. CPA O’Dell May teaches a CPA review course at the university. He needs problem andquestion material for students’…Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee, Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. Who are the parties potentially affected by this audit and the fee plan proposed? What are the ethical factors in this situation? Explain. Would you recommend that Thorne accept this audit fee arrangement? Why or why not? What are some ethical considerations guiding your recommendation?
- Tana Thorne works at a public accounting business and aspires to be a partner one day. Thorne is invited to create a proposal to audit Allnet's financial accounts by the company's management. When considering the audit charge, Allnet's management offers a price range in which the amount relies on Allnet's reported earnings. The larger the profit, the higher the audit fee paid to Thorne's business. Describe any ethical factors that influenced your recommendation.Marysol works for an accounting firm. One of her client's work papers was selected for review by a state CPA's society voluntary quality review panel. Is Marysol required to obtain the client's permission before allowing the panel to review the work papers? Explain rules or regulations governing when work papers can be shared.Tana Thorne works for a public accounting company and aspires to be a partner one day. Thorne is invited by Allnet Company's management to create a proposal to audit Allnet's financial accounts. When considering the audit charge, Allnet's management offers a price range in which the amount is determined by Allnet's reported earnings. The more the profit, the greater the audit fee paid to Thorne's business. Describe some of the ethical concerns that influenced your recommendation.
- Which of the following is true?a. Members of an audit engagement team cannot speak with audit client officers about matters outside the scope of the audit while the audit engagement is in progress.b. Audit team members who leave the public accounting firm for employment with auditclients can provide audit efficiencies (next year) because they are very familiar with thefirm’s audit plans.c. Audit team partners who leave the public accounting firm for employment with auditclients can retain variable annuity retirement accounts established in the person’s formerfirm retirement plan.d. The public accounting firm must discuss with the audit client’s board or its audit committee the independence implications of the client’s having hired the audit engagement teammanager as its financial vice president.Which of the following MOST likely indicates a clear violation of an NFPO’s code of conduct? John Adams, a volunteer for the local pet shelter, also owns a pet store and has offered a discount on pet food to the local shelter. Cecilia Lam used inappropriate language on her Facebook page when referring to the NFPO for which she worked. Mark Adams, an employee for a legal society, used the organization’s computer to research a new job. Hanpreet Kaur, the accountant for a sports rehabilitation society, offered the society’s services to his sister free of charge without her needing to qualify.A distressed student is suing his college, claiming that his accounting instructor is a sorceress of evil trickery. The school's legal advisors cannot reasonably estimate the amount the school may have to pay in damages for the student's extreme pain and suffering. The advisors do believe there is a high probability the college will lose the case and need to pay damages to the traumatized student. This represents a: a.necessary part of taking any college-level accounting class. b. known liability that should be ignored. c. contingent liability that should be journalized. d. contingent liability that should be disclosed in the financial statement notes.
