What specific client-related matters prompted goldstein

Assignment Help Accounting Basics
Reference no: EM13831986

Q1. Go to www.cfo.com or another financial website and find financial strategies that may be useful for your company and the company that you are acquiring. Go to www.irs.gov or another tax resource website. What tax strategies are available to your company and the company that you are acquiring? Let's divide our postings so that we've made some postings on the financial strategies and some on tax strategies.

Q2. Chapter 17 of the text discusses sources of financing including spontaneous and discretionary sources. Let's discuss these sources of financing and provide examples of each.

Q3. SOX granted the PCAOB investigative and disciplinary power over auditors of public companies. During the course of conducting inspections of auditing firms, the PCAOB may become aware of certain behaviors or other matters that may lead to an investigation. Such was the case when the PCAOB contacted Goldstein and Morris to inform the firm that it would begin an inspection in November 2004. Shortly after being notified of the impending inspection, the firm's managing partner, along with two other partners, determined to conceal certain information from the PCAOB.

Visit the PCAOB's website to learn about the disciplinary proceedings against the firm and the partners involved in this case, and then answer the following questions. You should read two sets of proceedings, one related to the firm of Goldstein and Morris CPAs, P.C., and the other related to Goldberger and Postelnik.

What specific client-related matters prompted Goldstein and Morris's decision to conceal certain information from the PCAOB?

What sanctions were imposed on the firm, the managing partner, and the two other partners involved in the investigation? Were these sanctions fair?

Q4. The AICPA and State Boards of Accountancy are working together to enforce the rules cited in the AICPA Code of Conduct.

Describe some of the methods used by the AICPA and State Boards of Accountancy to enforce the rules of conduct.

Q5. SAS No. 99 requires auditors to conduct a brainstorming session to discuss the potential for fraud and how the auditor might respond to the risk of fraud. The standard does not provide a great deal of guidance on how this brainstorming session should take place. Read "A Primer for Brainstorming Fraud Risks" https://www.journalofaccountancy.com/Issues/2003/Dec/APrimerForBrainstormingFraudRisks by Mark Beasley and Greg Jenkins, published in the December 2003 issue of Journal of Accountancy.

After you read the article, answer the following questions.
What are three common pitfalls that should be avoided during brainstorming sessions? How can these problems be avoided?
What are three important techniques to improve the effectiveness of a brainstorming session?

Q6. Can anyone tell us how many fraud brainstorming sessions the auditors should have, or what are the factors determine the number of sessions. Response should be 100 words minimum.

Reference no: EM13831986

Questions Cloud

Contemporary problems that people in the real world face : Discuss contemporary problems that people in the real world face when problem solving as a result of human cognitive functioning. You might look at lifestyle problems (like lack of sleep) or biological issues (like changes in brain activation)
Evaluate career skills in field of business and management : You will write a researchpaper to synthesize both your pratical and academic learning supported by research. Evaluate how economics, government, and law affect value creation in the global context. Evaluate career skills in the field of business and ..
Read the hypothetical case : Mike Jones had been living at the same address in Springfield, California, for more than 30 years when he discovered that his water was emitting a strong odor.
What did leaders in wichita falls need : What did leaders in Wichita Falls need to do to lay the foundation for tourism growth - What were the key components of the "Pride in the Falls" campaign that supported the image and growth of tourism?
What specific client-related matters prompted goldstein : What specific client-related matters prompted Goldstein and Morris's decision to conceal certain information from the PCAOB. What sanctions were imposed on the firm, the managing partner, and the two other partners involved in the investigation? We..
What is the experimental probability : what is the experimental probability
Write report on company human resources : repare a professionally written report assessing the assessment of the company's human resources competitive position, risks, and opportunities suitable for presentation to the senior executives of the company
What is the financial position of the companies : What is the financial position of the companies in the airline industry including the impact on airline suppliers (lessors), manufacturers, and unions - How do economic issues, politics, and social factors affect the airline industry?
In what direction should the pilot aim the plane : In what direction should the pilot aim the plane so that it will fly due south

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  In large companies treasury will play a critical role in

in large companies treasury will play a critical role in cash management as they are often the primary group that will

  Monterey corporation is considering the purchase of a

monterey corporation is considering the purchase of a machine costing 36000 with a 6-year useful life and no salvage

  Abc company makes and sells a single product each finished

abc company makes and sells a single product. each finished unit requires two pounds of direct materials. the budgeted

  Explain how these costs are associated with the manufactured

You were introduced to three types of costs associated with a manufactured product - direct materials, direct labor, and manufacturing overhead

  Tony is a carpenter who owns his own furniure-manufacturing

tony is a carpenter who owns his own furniure-manufacturing business. during the current year vandals broke into the

  Zollars cane products inc processes sugar cane in batches

zollars cane products inc. processes sugar cane in batches. the company buys a batch of sugar cane from farmers for 70

  What is the basis of each machine

Emma Grace acquires three machines for $80,000 which have FMVs of $32,000 $28,000 and $20,000 respectively. The delivery cost is $500 and the installation costs amount to $2,500. What is the basis of each machine ?

  Complete income statement and balance sheet

Calculate and write in general journal format any entries for accounts needing adjustment. Calculate and write in general journal format closing entries and post to "T" accounts. Complete an Income Statement and Balance Sheet for month end.

  Is negative cash from operating activities a negative

is negative cash from operating activities a negative indicator from a company? why or why not? what about negagitve

  Which of the are temporary differences that are normally

which of the are temporary differences that are normally classified as expenses or losses that are deductible after

  The cost of a machine to be recorded in the machinery

1. the term market as use in the expression lower-of-cost-or-market means replacement cost not retail price.2.

  Prepare the appropriate entry when the options are awarded

lci cable company grants 1.4 million performance stock options to key executives at january 1 2013. the options entitle

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd