Develop client accounting system and remain independent

Assignment Help Other Subject
Reference no: EM132742321

Question: Victoria Lilly is a practicing CPA. A long-time audit client has asked

Lilly to design and implement a computer-based accounting information system. The fees associated with this opportunity are very attractive. However, Victoria is concerned that she will not be able to maintain objectivity in future financial statement audits if she was responsible for the design and implementation of the client's accounting system. Furthermore, Victoria knows that professional standards require her to remain independent in "fact" and "appearance" from her auditing clients.

1. In regards to financial statement audits, what is the difference between independence in "fact" and independence in "appearance"?

2. Why do professional standards require that an auditor remain independent of their audit clients?

3. Do you believe that Victoria can accept the engagement to develop the client's accounting system and still remain independent? (Support your answer)

Reference no: EM132742321

Questions Cloud

How many additional units must sell : How many additional units must it sell? (Round any intermediate calculations to two decimal places and your final answer up to the nearest whole unit.)
What will be the interest rates on a four-year bond : Using the expectations theory, what will be the interest rates on a four-year bond, a six-year bond, and an eight-year bond?
What is the sensitivity of the npv to changes : The tax rate is 34 percent, and the cost of capital is 9 percent. What is the sensitivity of the NPV to changes in the quantity of the new clubs sold?
Calculate the npw of alternatives : A company is considering reconfiguring an existing production line to produce medical personal protective equipment for healthcare professionals
Develop client accounting system and remain independent : Do you believe that Victoria can accept the engagement to develop the client's accounting system and still remain independent? (Support your answer)
What is the initial price of the bond : Suppose you purchase a 10-year bond with 6% annual coupons and $100 face value. You hold the bond for four years, and sell it immediately after receiving
Find the amount of money in the account immediately : Suppose we make a deposit into a savings account at the end of each quarter, Find the amount of money in the account immediately following the final deposit.
What will be bnc cost of equity : BNC wants to be levered at a debt-to-value ratio of .6. The cost of debt is 9 percent, the tax rate is 35 percent, and the cost of equity for an all-equity firm
Receive a payment every three months : Rochelle wants to buy a bond, but she wants to avoid interest rate risk. She also prefers to receive a payment every three months instead of the traditional six

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

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