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In their review of the public accounting profession, Lou Harris and Associates warn that an audit report too often is viewed as a "certificate of health" for a company: The report states:
The most serious consequences stemming from such a misunderstanding are that the independent auditor can quickly be portrayed as the force that represents all good in financial accounting and the guarantor of anything positive anyone wants to feel about a given company.
1. Why is public accounting often viewed as a guarantor of results or even as a provider of assurance that one's investment is of high quality?
2. To what extent is it reasonable to view the auditor as a guarantor? Explain.
3. How does the auditing profession work to create or communicate a reasonable set of expectations that users should hold?
4. To what extent do you believe that user expectations of the public accounting profession appear to you to be unwarranted? Explain.
Willie purchased a whole-life insurance policy on his brother, Benny. under the policy, the insurance company will pay the named beneficiary $100,000 upon the death of the insured, benny.
Identify the limitation of the internal control system. Provide at least 3 limitations. Provide at least 2 examples of internal control procedures and explain how these procedures can be implemnted. Identify symptoms of a lack of internal control.
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
Rieger International is attempting to evaluate the feasibility of investing $ 95,000 in a piece of equipment that has a 5- year life. The firm has estimated the cash inflows associated with the proposal as shown in the table at the right. The firm..
Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.
What makes a CPA license valuable? a. Time, effort and education it takes to get the license. b. Continuing education after receiving the license. c. Monopoly on public accounting services.
It was estimated that $400,000 would be collected during the next 60 days of 2008 and that $240,000 would be collected after that. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements ..
1) Examine the need for auditing, including its importance and its impact on business. 2) Compare and contrast audit services and assurance services.
The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..
Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
JC Accounting performs two types of services, Tax and Consulting. JC's overhead costs consist of computer support, $200,000; and legal support, $100,000. Information on the two services is:
Accounting and __________ components manage accounting data and financial processes within the enterprise with functions such as general ledger, accounts payable, accounts receivable, budgeting, and asset management.
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