Write a letter to Nayan explaining the concept of reasonable assurance, and how reasonable assurance is determined. Explain why an auditor cannot offer absolute assurance
Q: Suppose you were an employee of an MNC. Recently you resigned from that Co. And joined in a local…
A: To bring the local company to a better standard, I would suggest these changes in the company:…
Q: A portfolio that shows how you've grown as a person while at school is a good thing to have when…
A: The portfolio is brief summary and description about the particular person which includes all the…
Q: Case Scenario As a recent pharmacy graduate, you have been working at a high-volume, large-chain…
A: According to my opinion pharmacy manager is a drug specialist who additionally supervises the…
Q: If you are to give your assessment on the value of AI in business strategy, at what ratio (example,…
A: * Introduction - Before diving deep and understanding the ratio of Artificial intelligence and…
Q: note on “Relationship between corporate governance & auditing”. Please explain in your words and…
A: Corporate governance: Businesses are operated and regulated by a combination and amalgamation of…
Q: Please make a design wherein you are going to use Information technology as a tool in your…
A: Business design is considered to be a structural frame work which explains the ways through which a…
Q: An external provider of finance doesn't care if the organization is capable of respecting deadlines…
A: The external providers of the business are the persons who are interested in the business they use…
Q: Given is a doctor who is forming her own medical practice. She wants her practice to be flexible ,…
A: A group of individuals that form a company or the group of companies that acts as a single entity to…
Q: Add additional rows as needed. Risk Factors Contingency plans and risk management: You should…
A: The business risk could be a growing concern, particularly in today’s economy. Business homeowners…
Q: You have a colleague who decided the organization should pursue a new technology. Nine months into…
A: Decision-making can be defined as the process of deciding to adopt a certain course of action from…
Q: CASE: Put yourself in the position of the CEO of a well‐known Asia–Pacific corporation such as…
A: Ethics are principles that help differentiate between what is wrong and what is right. Thus, they…
Q: Select TWO different organizations of your own choice (MUST be a Reputable, Renowned, & Legitimate…
A: Coca-Cola and PepsiCo both belong to the beverages industry and they compete with each other.…
Q: The “job to do” approach discussed with the Clayton Christensen milkshake example can be useful in a…
A: We are easily irritated by trivial, unimportant things that in the past we would have ignored. To…
Q: Based on the picture below, explain each briefly like you are teaching this to your students. Also,…
A: SCENARIO PLANNING: Scenario planning is the process of creating plans with the help of several…
Q: Which management level does a Finance Manager like Mr. Qusay or a Human Resource Manager like Ms.…
A: The different levels in the management of a business are the division between different managerial…
Q: One of your friends asked you to help him, and provide some professional advice while his company is…
A: In an organization, management plays an important role where it strengths the bond between the…
Q: You began operating a small general electric contracting company two years ago. Originally, it was…
A: To start new businesses, or adopting new technologies, various kinds of risks are associated with…
Q: You have a colleague who decided the organization should pursue a new technology. Nine months into…
A: she seems to be emotional attached to her idea and strongly believes that her decisions cannot go…
Q: What big moments in your life can be affected by your credit score? O A car dealer will run a credit…
A: Credit score is numerical number which represents the creditworthiness of an individual wheather he…
Q: Check My Work Read the following scenario and answer the question in 5–10 sentences. You are the…
A: As a CEO, the individual should be concerned about the following issues: The company is…
Q: It is quiet for a while — three months, six months, maybe even a year — but then, we receive the…
A: Risk management is the most common way of recognizing, evaluating, & controlling risks to a…
Q: Explain the main difference between purchasing licensed software from a software manufacturer and…
A: ANSWER IS GIVEN BELOW:
Q: Mr. Q was considered as one of the best external auditors in your area. Upon joining the company as…
A: Job appointment may be a temporary appointment of an associate degree worker to fill a foothold…
Q: one of the less read aspects of a business plan is the management team and corporate structure
A: A business plan is a document that defines comprehensively how a business especially a set-up…
Q: I'm working on a business law case study and need a sample draft to help me learn. I need a relevant…
A: A valid contract can be defined as an agreement which is enforceabale by law and in this parties to…
Q: Suppose a colleague of yours is gearing up to write a business plan for a business she intends to…
A: A business idea is about a product or service. Thus, the most important part of a business plan is…
Q: What process would you take to address the concerns of your managers? How would you implement the…
A: Salesforce is the representatives of the company who are employed to induce and persuade the…
Q: the importance of a business model and what does it help a fast food like McDonald's
A: Business models allow you to extract value from new ideas. merely having a extremely good innovative…
Q: What are the things you should consider when resigning from a position?
A: Employees at some point in their career quit from the position, as it helps them to grow, seek new…
Q: Complete this in the capacity of an entrepreneur starting a new business. This assignment's first…
A: An entrepreneur is a person who finds a new solution to some problem the customers have. The…
Q: The typical university business school is organized on a functional basis, with departments heads in…
A: For an organization to run smoothly each department must collaborate and communicate with each…
Q: You have an opening in your firm for a junior accountant position and you are in charge of hiring.…
A: Case summary: Opening for junior accountant position A friend of the recruiter is looking for work…
Q: Assume that an amazing job is offered to you by a campus to collect funds for the SZABIST’s sports…
A: Fundraising letters are composed of correspondences that are utilized to request standard gifts,…
Q: While working as a new employee at the Defense Contracting Audit Agency, you noticed that a fellow…
A: Business ethics refers to the set of norms and fundamental principles that need to be followed when…
Q: "Making decisions based on facts and information". This statement proves that the management is: a.…
A: Management as Science, art or profession : Management is studied from various different…
Q: Management plan is really important factor for a successful project, discuss its strength and…
A: Financial Management : Management of the financial aspects of the firm, that takes into account the…
Q: What does the following example relate to: an example of a junior accountant who might take the…
A: In every organization, there are a number of employees working and there are different departments…
Q: Would you like to work for an organization that is committed to something more than just…
A: An individual should always be ready to work for an organization that is committed to do something…
Q: "people are our greatest asset”. Quickly, you will be met with hundreds of matches, which appear to…
A: Human Resource Management: Human resources management is the process of managing the human element…
Q: Explain the corporate characteristic termed “no mutual agency” Explain the corporate characteristic…
A: Note : answer for the first three can be only performance / attempt. Here in the given situation…
Q: Salim would like to set up a business. But his dad advised him to look for a job. What benefit Salim…
A: In order to be a successful entrepreneur, one must possess the following qualities: Innovative and…
Q: As a manager, you are planning to write an annual report on various activities of your organization,…
A: Annual report is a comprehensive and in-depth overview of the financial statement and business…
Q: You have been offered two job positions in HRM. One is a generalist position in smaller organisation…
A: HR generalist position requires roles such as recruitment, training, administration of salaries,…
Q: Based on the picture below, explain each briefly like you are teaching this to your students.…
A: SCENARIO PLANNING: Scenario planning is the process of creating plans with the help of several…
You have recently graduated from your university course and start work with an audit firm. You meet an old school friend, Nayan, for dinner — you haven't seen each other for several years. Nayan is surprised that you are now working as an auditor because your childhood dream was to be a ballet dancer. Unfortunately, your knees were damaged in a fall, and you can no longer dance. The conversation turns to your work, and Nayan wants to know how you do your job. Nayan cannot understand why an audit is not a guarantee the company will succeed. Nayan also thinks that company managers will lie to you in order to protect themselves. As an auditor, you would have to assume that you cannot believe anything a company manager says to you.
Required:
(a) Write a letter to Nayan explaining the concept of reasonable assurance, and how reasonable assurance is determined. Explain why an auditor cannot offer absolute assurance (3 marks). (200 -250 words)
(b) Explain in the letter to Nayan the concept of 'professional scepticism' and how it is not the same as assuming that managers are always trying to deceive auditors (4 marks). (150- 200 words
Step by step
Solved in 2 steps
- While working as a new employee at the Defense Contracting Audit Agency, you noticed that a fellow employee was studying intensely for the Financial Accounting section of the CPA test. You planned to sit for that test section in two months, and your colleague was sitting for that test section next Thursday. On Thursday evening, you phoned your friend to see how she was doing after the test. She thanked you for being considerate and told you that she was emotionally drained. Nonetheless, she then kept you on the phone for 15 minutes, telling you about the “nasty” Statement of Cash Flows and Consolidation problems she encountered. What is the ethical issue? Did either of you commit a discreditable act under the Code of Conduct?Compensation and Benefits Administration You just finished analyzing information for the current compensation and benefits program information. You find that some changes should be made, as the majority of employees (you have 120 employees) are unhappy with what is being offered. In fact, the plan had not been revised in over fifteen years, making it dated and definitely ready for some changes. Here is the current PTO offering 1+ year 7 days 5+years 10 days 10+ years 14 days. Please assist with the following questions. Propose a new plan for the board of directors. The plan should be in the form of a table (spreadsheet), including PTO and other employees.One of your friends asked you to help him, and provide some professional advice while his company is developing their own accounting system. Your friend told you that their management style is proactive rather than reactive so you won’t need to worry about getting information you will need to assess the progress. Is the management style of a company crucial for an accountant so s/he can provide better advices?
- "people are our greatest asset”. Quickly, you will be met with hundreds of matches, which appear to debate and contradict this premise. After reviewing a few, take a stance, and argue why people are or are not the most important asset of an organization. Furthermore, link your argument to how an organization should invest in people through training and professional development programs.The problem listed in the example situation are: There was no proper management in providing training and development of employees. Things were not properly communicated to shareholders and there was discussion of output. No proper management of the budget of the training and development. No proper research was done regarding what exactly needed to be taught to the employees and to which level of employees. The organization does not keep records of when events are due or attended for any except the most essential staff. The course content was boring, so there is a need to improve the quality of content and make it more interesting so that it becomes interesting and interactive for employees. The cost has never been a barrier because money is said to be freely available for development purposes. 1. Put the list in priority order, so that urgent business needs can be addressed first. 2. Consider how you might address the issues on your list.Complete this in the capacity of an entrepreneur starting a new business. This assignment's first instruction is not to write a business plan as you wish, which most likely an essay format. Answer specific questions, keep them in order. To enhance your work, use resources outside resources such as SBA, trade publications, and academic journals when warranted. In this assignment, you will have to start a business from the ground up, no franchise. There are three businesses I want you to stay away from when you are thinking about opening your business. The businesses I will not accept in this assignment are restaurants/bars, nail/hair salons, and gyms. In addition, these businesses have a lower entry barrier where anybody can start any of these businesses and become a direct competitor. Your Business Opportunity Give a summary of your business idea. What are the solutions you will provide your customers with for their needs? What are the important key activities for your business? What…
- Can you answer it in a short answer? please John was thrilled when, after completing his MPA degree, he was hired to work as a management analyst in the state office of management and budget. During his first year on the job, John impressed his supervisor and coworkers with his excellent analytical and writing skills. Even though his time on the job was short, he had proved himself to be an intelligent, hard-working, and reliable employee. At his 1-year performance review, he received an "excellent" overall rating. Shortly after his 1-year anniversary on the job, a new governor was sworn into office. She had many innovative ideas and changes that she wanted implemented to improve the efficiency and effectiveness of state govern- ment. One of the vehicles she instituted to achieve these changes was the introduction of a statewide "management by objectives" (MBO) program to be administered out of John's office. Although John was relatively inexperi- enced, the unit director believed that…Compensation and Benefits Administration You just finished analyzing information for the current compensation and benefits program information. You find that some changes should be made, as the majority of employees (you have 120 employees) are unhappy with what is being offered. In fact, the plan had not been revised in over fifteen years, making it dated and definitely ready for some changes. Here is the current PTO offering 1+ year 7 days 5+years 10 days 10+ years 14 days. Please assist with the following questions. Definition of the compensation What four cost considerations would you take into account when revising the PTO section of your compensation plan? What four other considerations you would you take into account when developing a new PTO plan?An Ethical Dilemma Jayla just landed an internship with Acme Incorporated in the payroll department. She was excited because these internships usually turned into a full time job after graduation. Jayla was hired by Deon, the head of the Payroll Department. He told her about their policies and stressed the need for maintaining strict confidentiality regarding employee salaries and pay scales. “Several years ago we had an intern who violated the confidentiality policy and was given a negative internship summary,” explained Deon. “I understand, sir,” Jayla responded. Jayla was determined to learn as much as she could about the job. She made sure she was always on time, followed all of the policies and procedures, and got along well with her co-workers. She started to feel like she fit in at Acme and dreamed of the day when she worked there permanently. However, one day while studying the books, Jayla began to notice abnormalities in one of the salespeople’s salary. Greg, one of the…
- An Ethical Dilemma Jayla just landed an internship with Acme Incorporated in the payroll department. She was excited because these internships usually turned into a full time job after graduation. Jayla was hired by Deon, the head of the Payroll Department. He told her about their policies and stressed the need for maintaining strict confidentiality regarding employee salaries and pay scales. “Several years ago we had an intern who violated the confidentiality policy and was given a negative internship summary,” explained Deon. “I understand, sir,” Jayla responded. Jayla was determined to learn as much as she could about the job. She made sure she was always on time, followed all of the policies and procedures, and got along well with her co-workers. She started to feel like she fit in at Acme and dreamed of the day when she worked there permanently.…You began operating a small general electric contracting company two years ago. Originally, it was just you and your cousin, but it has grown to five licensed electricians, plus one office manager who takes calls from customers, schedules the work, and orders parts and supplies. Your company handles a wide range of work, including installing new circuit breaker panels, rewiring existing electrical systems for renovations and additions, and installing residential light fixtures, security lighting systems, swimming pool lighting, and ceiling fans.Business has really taken off, and your current manual systems and procedures can no longer keep pace. The office manager has been exploring several options and has identified three different software packages designed for small contractors. Each one of the packages includes software designed for managing parts and supplies inventory, scheduling jobs, and invoicing customers. Two of the software packages are from large, well-known companies, and…You began operating a small general electric contracting company two years ago. Originally, it was just you and your cousin, but it has grown to five licensed electricians, plus one office manager who takes calls from customers, schedules the work, and orders parts and supplies. Your company handles a wide range of work, including installing new circuit breaker panels, rewiring existing electrical systems for renovations and additions, and installing residential light fixtures, security lighting systems, swimming pool lighting, and ceiling fans.Business has really taken off, and your current manual systems and procedures can no longer keep pace. The office manager has been exploring several options and has identified three different software packages designed for small contractors. Each one of the packages includes software designed for managing parts and supplies inventory, scheduling jobs, and invoicing customers. Two of the software packages are from large, well-known companies, and…
