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Reflection
1) What is your opinion on the questions below?
A solid set of accounting standards is also part of an economy's infrastructure. Investors don't want to put up capital unless there's a system that communicates financial results. There also must be an element of trust in that system. In addition, external reporting is expanding covering more than the basic financial information. Stakeholders want more information as evidenced by the Global Reporting Initiative.
A lot of accounting related tasks used to involve the bookkeeping function, i.e. the recording and summarizing of transactions. Technology has freed up accountants to become more involved in analysis and planning. Accounting is also becoming a truly global profession. The skill is easily transferrable and the CPA designation has value even outside our own borders. Many accountants in large organizations function as consultants to, for example, development teams and production teams.
A few questions for reflection:
Have the knowledge you acquired changed your view of the role of accounting in business and the economy?
How do think accounting will change in the future?
Do you think you'll have any personal involvement with accounting?
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
Should rent new equipment and continue to make its subassemblies internally, or whether it should discontinue production of its subassemblies and buy them from an outside supplier.
A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation.
Mesa Electronics, located in Phoenix, is attempting to determine if it should set up a lockbox collection system for its Northeastern customers. Currently the firm receives an average of 350 payments per working day (assume 250 working days per ye..
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
Identify the four types of control mechanisms that are used in Delta Airlines. I need 1 slide for each type of control mechanisms with speaker notes. That's a total of 4 slides + a references slide for me to look at.
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
Code of Ethics for Professional Accountants
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