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- Judy Bell, CPA is an independent auditor for a company called Best Products Incorporated. The management of Best Products has asked Judy if she could provide assistance with payroll processing. Judy has accepted this payroll process job and also wants to remain the auditor. Can Judy bell, CPA remain the auditor of Best Products incorporated and perform this nonattest service? If so is there anything that Judy Bell, CPA must consider when accepting and performing his service? Does it matter if Judy Bell, CPA wants to perform this nonattest service of payroll processing while serving as the auditor for a public company or private company?Judy Bell, CPA is an independent auditor for a company called Best Products Incorporated. The management of Best Products has asked Judy if she could provide assistance with payroll processing. Judy has accepted this payroll process job and also wants to remain the auditor.Clara Hudnall is Conosis Incorporated’s payroll accountant. During a casual conversation with co-workers, she learns that Thorben Vinkovic, a co-worker, is deliberately overstating the number of hours worked during each pay period because of a personal economic situation. Which ethical guidelines pertain to this situation?
- Susan Small, CPA has Medium Corporation as an audit client. Medium has asked Small to create and install a new computerized payroll system. Because Small does not have the appropriate level of expertise, she referred Medium to Compusystems, Inc., a local software consulting company. Small has an arrangement where she is paid ten percent of any fee received by Compusystems from her referrals. Small has disclosed this to her client. Required: The situation above involves a possible violation of the AICPA's Code of Professional Conduct. State the rule in question and explain why or why not there is a violation of the code. You need not refer to the rule number, but should clearly describe the rule in question.Oakley is the CFO for Parsons Project Management. They have been notified of an impending audit of all accounting records. What is Oakley's role in the audit? A. They are required to be absent during the audit to avoid influencing the results.B. They must agree to serve on the audit staff for other companies.C. They must be available to answer questions and grant access to payroll records.D. They must prevent privacy breaches by disallowing access to payroll records.Faith Battle operates a health food store, and she has beenthe only employee. Her business is growing, and she is consideringhiring some additional staff to help her in the store.Explain to her the various payroll deductions that she willhave to account for, including their potential impact on herfinancial statements, if she hires additional staff.
- Nardzie Stone was the youngest sibling of a family whose parents owned and operated a small manufacturer of flocculant equipment, Stone Pound Inc. (SPI). Nardzie was part owner and executive officer of the corporation, and she was responsible for all human resources and payroll functions. She approved all payroll timesheets, but an outside vendor generated physical pay- cheques based on Nardzie's reports on employees' net pay. She fraudulently issued payroll cheques to actual SPI employees who had either been absent during the pay period or who had left the company, thereby creating "zombie employees." Nardzie had no trouble falsifying records because she was the only one who ever looked at them. The company paid employees with physical cheques and sent them to Nardzie. Nardzie then fish out the fraudulent cheques, forge endorsements in the zombies' names over to her on the backs of the cheques and deposit them into her personal account. · THREE categories of fraud scheme…Is it an entity inherent risk for the information below? Supervisors working at Marco Inc. interview all perspective employees for positions they supervise. In addition, at least one of the corporate officers also interviews each perspective employee. Most of the key employees, including the officers, have been with Marco for more than ten years. However, due to the high demand for accountants, Stephen Violet an accountant and most of the accounting staff have been employed at Marco for less than 3 years. While Marco checks references for any prospective employee, they do not check criminal records or perform other forms of background checks. If it is an inherent risk, what is the feature of the firm that will possibly affect inherent risk and explain how and why; that is whether it increases or decreases inherent risk. Please address a specific risk to the accuracy of the financial statements with the "how" and whether audit effort should be increased or decreased for specific…Ennis Locatelli is a new payroll accountant at Avata Electronics. In his review of previous manual payroll records, he noted several errors that required the issuance of additional checks to employees for unpaid payroll amounts. What are Ennis’s options to avoid similar problems in the future?
- You have recently been engaged as an accounts officer in a well-recognized organisation and the terms of the employment requires that you serve a six-month probation period before your confirmation or otherwise. Your superior has informed you that your confirmation depends largely on your ability to demonstrate the personal qualities of accountant as required by the International Federation of Accountants Fundamental Code of Ethics of Accountants. You love your new job so much that you cannot afford to lose it for any reason. Required:In a report, discuss specific behaviours you will demonstrated to show that you posses each of the five personal qualities of accountants.Mary Ribukh was hired as a staff auditor of LGY and Company in 2005. In December 2012, he transferred to Quilava and Associates. In 2014, he returned back to LGY and Company until his retirement in 2020 at the age of 55. Question 1: Are the retirement benefits taxable to Anton? Question 2: Suppose he was terminated from employment due to dishonesty. Is the separation pay taxable to Anton? Question 3: Suppose he was terminated from employment due to the merger of the two audit firms Will the separation pay be taxable to Anton? Yes, Yes, Yes No, Yes No No Yes, Yes Yes, No, NoNicole Mahomes is employed as a public sector audit specialist at Canadiens LLP, a large professional services firm. Nicole lives in Newcastle-upon-Tyne (UK) but is required to make regular visits to the firm’s headquarters in London (UK). During the tax year 2020/21, as well as a gross basic annual salary and a performance-related bonus, Canadiens LLP provided Nicole with rent-free living accommodation, a house in London for use during her visits to the firm’s headquarters. The living accommodation is non-job related. Nicole used the house for a total of 27 days during the tax year 2020/21. Canadiens LLP acquired the property for £985,000 in 2017 and it was valued at £1,230,000 on 6 April 2020. An extension was added to the house during 2019/20. The extension cost £109,000 and was completed on 1 March 2020. The annual rateable value of the property in the tax year 2020/21 was £26,650. The official rate of interest is 2.25%.…
