34 A mortgage loan originator (MLO) learns thatthe employer of one of his applicants is goingout of business after ti any, should the MLOtakesA) Transfer the loan file to another MLOB) Notify the underwriter of the applicant'spotential job lossC) Contact the borrower to verify if thisinformation is accurateD) Nothing, as the applicant will be employedwhen the pre-closing employment verification isperformed

In the context of mortgage lending, a Mortgage Loan Originator (MLO) is a professional responsible…

Answered: 34 A mortgage loan originator (MLO)…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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TRUE/FALSE 1.Summary dismissal might take place where an employee is guilty of a serious crime regarding his employment.2. Human Resource Management is a managerial function that tries to match the needs of an organisation with the skills and abilities of its employees.3. Job description is developed after a job specification.4. Personnel management, unlike the ‘soft' version of HRM, attaches importance to the processes of communication and participation within an employee relations system. 5. Decisions of the Industrial Court create case law because they set precedence6. The Employment Act as amended from time to time lays down minimum conditions of employment for employees, whether citizen or expatriates 7. If the working week is 5 days, then the working day may not be more than eight (8) hours.8. Any two or more registered trade unions may amalgamate together to form a federation.9. An employers’ organisation is an association made up wholly or mainly of employers whose main aims…
Section 404 of the Sarbanes-Oxely Act requires A the establishment of procedures to accept employee compliants B D the principle executive to certify they have reviewed the financial statements C a report of the company's internal control over financial reporting code of ethics requirements for senior officers.
34. Billy submits a claim for a stolen vehicle, and the claims specialist believes the claim may be fraudulent. Which of the following circumstances might cause the specialist to suspect the claim ? a. The insured vehicle is never recovered. B.The insured vehicle is recovered and appears to have been in an accident. C.The insured is two months behind on his auto payment note. D.The insured has never filed a claim.
19.The purpose of a referee in a job application is to a. persuade a potential employer to give you an interview and to speak about your specific skills relevant to the job onoffer b.have neople who know vou, and who are in a responsible position, support your claimsabout professional"competence and experience c.have someone speak positively about you, overestimating your good points and those parts of your experience which will particularly contribute to the vacant job d.use a trusted third party who will speak to a potential employer on your behalf about what you can do and what you Can't do
5. Shelly is an internal audit manager of Air Clean and Safe Express, Inc., a publicly listed company, which provides general air conditioner cleaning and maintenance services to its industrial and residential customers. This will be the first time that the company will be audited. Thus, Shelly does not have any previous working file to review. Shelly recently conducted a preliminary interview with Mr. Norvs Gorgeous, who along with his sister, Ms. May Gorgeous owns the company. Interview with Auditee (Independent Situation) Shelly: And how about your accounting department? How big is it, and who oversees the accounting process? Norvs: The accounting department of the Company consists of five part-time clerks, including the two encoders, who are all paid weekly. Most of them are working students taking accountancy or business-related course. Red trains all new accounting help when they are first hired. Typically, they stay on with us until they graduate which usually covers two…
Sue is a fifty-five year old employee of company A. Her children are out of college and her parents have both died. Company A offers a child care program to all employees along with an elder care program. However, Sue, like many other employees, has no need for these services, neither now or in the future. Should the firm retain these programs? Should alternative benefits for employees who have no use for such services be offered?
2. Sahar was not satisfied with the reply she received from Diam after she submitted a claim to contest her high water bill for the month of April. As a result, she wrote back to Diam to explain why she deserves a more satisfactory response. In this scenario, Sahar wrote a: * A. persuasive request for action B. persuasive presentation of ideas C. persuasive claim and request for adjustment D. persuasive sales and marketing message E. persuasive performance review
ETHICS Pete, an accountant, recommended that several of his clients invest in Competition Aircraft. These clients passed this recommendation on to Arlene, who did invest. Unfortunately, Competition was a fraudulent company that pretended to sell airplanes. After the company went bankrupt, she sought to recover from Pete. Is Pete liable to Arlene? Whether or not Pete faces legal liability, is it a good idea for accountants to recommend investments to clients? Does that practice create any potential conflicts of interest?
Presume the employee gets the promised 11% pay raise, and a grievance is filed. What type of grievance is it likely to be? Explain.
Ann Donnelly is a senior audit manager in an East Coast office ofa public accounting firm. Her prospects for promotion to partner are excellent if shecontinues to perform at the same high-quality level as in the past. Ann was recentlymarried, and she and her husband bought a large home in a prestigious neighborhood.Ann just returned from a vacation and was immediately called into an audit partner’soffice for a discussion related to one of her publicly traded audit clients. This auditengagement, which had been completed with an audit report issued several monthsprior, had been selected for a PCAOB inspection and the partner is concerned. PCAOBinspections can be stressful for the primary engagement partner and often result in theidentification of audit deficiencies by the PCAOB, which are then discussed with the auditfirm. The partner is concerned he will look bad and may even face penalties from the firmif there are serious deficiencies identified.Under PCAOB auditing standards, all…
A CPA’s retention of client records as a means of enforcing payment of an overdueaudit fee is an action that is(1) not addressed by the AICPA Code of Professional Conduct.(2) acceptable if sanctioned by the state laws.(3) prohibited under the AICPA rules of conduct.(4) a violation of generally accepted auditing standards.

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