About three decades ago, 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 anti 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
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? Do you think this quote continues to be relevant in today’s environment?
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- 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 organizationarrow_forwardMetaverse has become one of the most noticed innovations by leaders who consider themselves capable of delivering new experiences that shape the mindset and skills that move the company movement forward. Argo Company, as one of the manufacturing industries, has invested funds in the development of the metaverse, it has adopted the metaverse by using Augmented Reality to support all operational activities, especially helping auditors to identify and analyze all log evidence of the transactions that have been carried out. Through metaverse-based audits, it has provided new opportunities that increase capabilities and support auditors 'activities on an ongoing basis, whereby making the virtual world as a reality, auditors' reach and thinking has been broadened in the future. In its implementation, it conforms to the code of ethics and auditing standards in order to increase success in the proper verification of all data, where the existence of metaverse audits has improved performance…arrow_forwardMetaverse has become one of the most noticed innovations by leaders who consider themselves capable of delivering new experiences that shape the mindset and skills that move the company movement forward. Argo Company, as one of the manufacturing industries, has invested funds in the development of the metaverse, it has adopted the metaverse by using Augmented Reality to support all operational activities, especially helping auditors to identify and analyze all log evidence of the transactions that have been carried out. Through metaverse-based audits, it has provided new opportunities that increase capabilities and support auditors 'activities on an ongoing basis, whereby making the virtual world as a reality, auditors' reach and thinking has been broadened in the future. In its implementation, it conforms to the code of ethics and auditing standards in order to increase success in the proper verification of all data, where the existence of metaverse audits has improved performance…arrow_forward
- Metaverse has become one of the most noticed innovations by leaders who consider themselves capable of delivering new experiences that shape the mindset and skills that move the company movement forward. Argo Company, as one of the manufacturing industries, has invested funds in the development of the metaverse, it has adopted the metaverse by using Augmented Reality to support all operational activities, especially helping auditors to identify and analyze all log evidence of the transactions that have been carried out. Through metaverse-based audits, it has provided new opportunities that increase capabilities and support auditors 'activities on an ongoing basis, whereby making the virtual world as a reality, auditors' reach and thinking has been broadened in the future. In its implementation, it conforms to the code of ethics and auditing standards in order to increase success in the proper verification of all data, where the existence of metaverse audits has improved performance…arrow_forwardMetaverse has become one of the most noticed innovations by leaders who consider themselves capable of delivering new experiences that shape the mindset and skills that move the company movement forward. Argo Company, as one of the manufacturing industries, has invested funds in the development of the metaverse, it has adopted the metaverse by using Augmented Reality to support all operational activities, especially helping auditors to identify and analyze all log evidence of the transactions that have been carried out. Through metaverse-based audits, it has provided new opportunities that increase capabilities and support auditors 'activities on an ongoing basis, whereby making the virtual world as a reality, auditors' reach and thinking has been broadened in the future. In its implementation, it conforms to the code of ethics and auditing standards in order to increase success in the proper verification of all data, where the existence of metaverse audits has improved performance…arrow_forwardThe last decade has seen increased attention paid to internal audit as an integral component of corporate governance mechanisms, which are designed to strengthen risk management systems of organizations and enhance financial reporting quality. Internal audit serves as a crucial resource in corporate governance by providing services to boards of directors, management and external auditors. Internal audit has also transformed from a predominantly appraisal function to a consulting paradigm over the last several decades. REQUIRED Analyze in detail the elements of Independence needed for Internal Audit to operate effectively in ensuring the effectiveness of the services provided by the Internal Auditors.arrow_forward
- The last decade has seen increased attention paid to internal audit as an integral component of corporate governance mechanisms, which are designed to strengthen risk management systems of organizations and enhance financial reporting quality. Internal audit serves as a crucial resource in corporate governance by providing services to boards of directors, management and external auditors. Internal audit has also transformed from a predominantly appraisal function to a consulting paradigm over the last several decades. REQUIRED: Evaluate the steps audit committee can take to facilitate proper oversight and direction of Internal Audit.arrow_forwardForty years ago, Vinfen was founded as a nonprofit company by psychiatrists and social workers at the Massachusetts Mental Health Center and Harvard Medical School to help people with psychiatric conditions transition to group homes for community living. Vinfens strategy map for fiscal 2006 shows how it is building from its mission to accelerating organizational learning and elevating agency performance through its balanced scorecard perspectives to bring value to the customer supported by operational excellence. The following are elements in the balanced scorecard and the four key perspectives. Match the elements with the correct perspectives.arrow_forwardThe American Institute of Certified Public Accountants (AICPA) has stated that accountants will need to have an even better understanding of computer systems in the future. Why do you think computer skills will be more important?arrow_forward
- Carson Wellington, president of Mallory Plastics, was considering a report sent to him by Emily Sorensen, vice president of operations. The report was a summary of the progress made by an activity-based management system that was implemented three years ago. Significant progress had indeed been realized. At the conclusion of the report, Emily urged Carson to consider the adoption of the Balanced Scorecard as a logical next step in the companys efforts to establish itself as a leader in its industry. Emily clearly was impressed by the Balanced Scorecard and intrigued by the possibility that the change would enhance the overall competitiveness of Mallory. She requested a meeting of the executive committee to explain the similarities and differences between the two approaches. Carson agreed to schedule the meeting but asked Emily to prepare a memo in advance, listing the most important similarities and differences between the two approaches to responsibility accounting. Required: Prepare the memo requested by Carson.arrow_forwardBusiness ethics is about managing ethics in an organizational context and involves applying principles and standards that guide behavior in business conduct. According to IFAC, “The decisions and behaviors of accountants should reinforce good governance and ethical practices, develop and promote an ethical culture, foster trust and transparency, bring credibility and value to decision making, and present a faithful picture of organizational health to stakeholders.” Explain how accountants and auditors can meet these expectations in a global environment and protect the public interest.arrow_forwardJohn Ozment, director of special projects and analysis for Ozment’s Corporation, is responsible for preparing corporate financial analyses and monthly statements and reviewing and presenting the financial impacts of proposed strategies to upper management. Data for such financial analyses are obtained from operations and financial databases through direct queries of Ozment’s department staff. Reports and charts for presentations are then prepared by hand and typed. Multiple copies are prepared and distributed to various users. The pressure on Ozment’s group has intensified as demand for more and more current information increases. A solution to this reporting problem must be found.The systems department wants to develop a proprietary software package to produce the reports automatically. The project would require the company to make a considerable programming investment. Ozment is concerned about the accuracy, completeness, and currency of data in automatically produced reports. He has…arrow_forward
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