Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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What are Financials Factors that could lead to failure of a water treatment plant?
The Environmental Protection Agency (EPA) would like to adopt some new rules regarding environmental impact statements, but it is afraid that if too many people know about them ahead of time, the adverse publicity will force the agency to amend them. To avoid any public comment, the agency seeks to adopt the rules without publishing them. Which of the following statements is true regarding the agency's actions?
a. The agency is seeking to adopt the rules by a procedure that violates the rulemaking procedures set forth in the APA.
b. The agency has a right to act in this way and a duty to be efficient with taxpayer money.
c. The rules in this instance are procedural in nature and therefore are not required to be published.
d. The agency has no rulemaking authority, because only Congress can make legislative rules.
Conclude and explain, with reference to the IPPF (code of ethics or standards) whether it is permissible or not permissible. Provide reason for your conclusion;
1.The CAE resolved not to report a significant finding about an illegal environmental activity to the audit committee because management had indicated that they would handle the issue.
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- What is the role of stakeholders in environmental impact assessment in any proposal.? and is it good to involve public interest.?arrow_forwardThe following are typical questions that might appear on an internal control questionnaire relating to plant and equipment: Has a dollar minimum been established for expenditures to be capitalized? Are subsidiary ledgers for plant and equipment regularly reconciled with general ledger controlling accounts? Describe the manner in which each of the above procedures might be tested.arrow_forwardThe following are typical questions that might appear on an internal control questionnaire relating to plant and equipment: Has a dollar minimum been established for expenditures to be capitalized? Are subsidiary ledgers for plant and equipment regularly reconciled with general ledger controlling accounts? State the purpose of each of the above controls.arrow_forward
- The following are typical questions that might appear on an internal control questionnaire relating to plant and equipment: Has a dollar minimum been established for expenditures to be capitalized? Are subsidiary ledgers for plant and equipment regularly reconciled with general ledger controlling accounts? Assuming that the operating effectiveness of each of the above procedures is found to be inadequate, describe how the auditors might alter their substantive procedures to compensate for the increased level of risks of material misstatements.arrow_forwardexplain. If, after obtaining an initial understanding of a client's internal control, the auditor wishes to further reduce the assessed level of control risk relating to plant asset transactions, the auditor should next Make extensive substantive tests of plant asset balances. Establish the physical existence of current year additions. Complete the plant asset section of the internal accounting control questionnaire. Further test those internal control procedures relating to processing and recording plant asset transactions.arrow_forwardWhich of the following best describes why auditors audit leased assets in conjunction with the audit of property, plant & equipment? Multiple Choice (B & D are incorrect) A. Most leased assets should be capitalized. B. Repairs and maintenance expense is affected by leased assets. C. Management may choose to lease assets rather than buy them. D. Leased assets have a higher risk of misstatement.arrow_forward
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