The AICPA Special Committee on Assurance Services identified five global “mega trends” that can affect a CPA’s business. Which of the following is not one of these mega trends?a. The decreasing supply of natural resources.b. Information technology.c. New social structures.d. Demands for transparency

The AICPA Special Committee on Assurance Services identified five global “mega trends” that can affect a CPA’s business. Which of the following is not one of these mega trends?a. The decreasing supply of natural resources.b. Information technology.c. New social structures.d. Demands for transparency

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 16.6EC

See similar textbooks

Similar questions

In his first address as Chairman of the Board of the American Institute of Certified Public Accountants (AICPA), Robert K. Elliott said: Knowledge leveraging will shape a wide range of CPA services. CPAs will be able to identify relevant information and its sources, perform modeling, devise and apply performance measures of all kinds, design systems to obtain needed information, advise on controls and security, and otherwise ensure relevance and reliability. CPAs will identify and deploy knowledge needed for strategic planning and investments, for marketing decisions, for monitoring internal and external conditions, for conducting daily operations, for maximizing the productivity of employee behavior, and for measuring the effectiveness of operations, personnel and processes. All this and more.17 Write a paper (your professor will tell you how long the paper should be) to discuss ways in which this chapter agrees with this quote. Discuss any disagreements. Do you think that the CPA should be performing these services? Why or why not?
The top three issues for asset managers and their institutional customers, according to the US SIF, are: Conflict risk CEO dismissals Corporate governance Tobacco Securities fraud Climate change
Discuss three major financial risks that companies face today. regulatory instability, public health vs operational needs, and remote management integration.
Technology has evolved significantly throughout the years and plays an ever-increasing role in supporting business operations to help companies achieve strategic advantage. For some companies, technolgoy risks can present an existential threat. You have scheduled a meeting with the Chief Information Officer of your company to review the proposed IT audit plan for 2023. Explain how you would use the IT audit function to add value to the organization
What are some of the drivers leading management to need more frequent information technology related audits? [SELECT ALL THAT APPLY]: a) Electronic infrastructure and digital communication systems are tightly integrated with key business processes, including high risk financial processes. b) Corporate senior management recognized the increasing importance of information systems and therefore recognized the need for assurance. c) Boards are under greater scrutiny by various stakeholders to gain a more informed understanding of risk, including IT risk. d) Legal and regulatory changes require ongoing audits of key IT processes and systems.
According to the Institute of Internal Auditors (IIA), Internal Auditors should play a key role in developing and implementing enterprise risk management program for their companies. Compare and contrast what roles an auditor should and should not play against Institute Internal Auditors recommendations for the development of Enterprise Risk Management program for his/her company
In the rapidly evolving technological landscape, how can companies ensure that their chosen computerized accounting systems are scalable to accommodate business growth and adaptable to emerging technologies? What considerations should organizations take into account to future-proof their accounting systems against technological obsolescence and changes in regulatory requirements?
Risk is defined by some as the possiblity of danger or the possible exposure to danger. Whereas, risk management is viewed as a systematic process of assessing the potential risk to a business which incorporates identifying, evaluating, monitoring/tracking and reporting risk to the board/senior management. Risk management processes are evolving with the focus on all of the following EXCEPT: Question 1Answer a. Development of regulator guidelines for imposing risk-based techniques to reduce systemic risks. b. Examining the different components of the risk management framework. c. Emergence of new organizational processes for better integrating these advances. d. Developing risk-based techniques to meet risk-based capital requirements
What is the most likely system acquisition method in-house, turnkey, backbone, or vendor-supported for each of the following situations?1. A plumbing supply company with 12 employees that sells standard products to wholesale customers in a local community needs a system to manage its affairs.2. A major oil company with diverse holdings, complex oil leases, and esoteric accounting practices needs a system that can coordinate its many enterprises.3. A municipal government needs a system that complies with standard government accounting practices but can be integrated with other existing systems.
Financial systems are the hub of any establishment, and with the pandemic crisis still ongoing, most companies are facing multiple likelihood of threats that could adversely impact them. Identify and explain TEN (10) controls that can be adopted to counter these negative impacts.
Nobel Ltd has recently implemented a new environmental management accounting system. According to contingency theory, the new system was likely introduced due to: a. it being a good fit for the organisation's strategy and objectives. b. pressures from non-governmental organisations and the media. c. societal expectations for organisations to be environmentally conscious. d. competitors implementing environmental management system
1. This is the evaluation of activities, systems, and controls within an enterprise for efficiency, effectiveness, and economy. * a Financial audit b. Compilation review c. Compliance audit d. Operations audit 2. The objectives of an operations audit are established based on the following, except: * a. the scope and potential risks. b. characteristics of products, processes, projects, and any changes to them. d. management systems, contractual, and legal requirements management goals and priorities 3.These performance measures draw attention to unfairness of potential social irresponsibility in terms of corporate policy and practice. * a. Efficiency performance measures b. Economy performance measures c. Effectiveness performance measures d. Equity performance measures 4. One of the activities of management to promote operations audit of efficiency is project and…