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The following are five independent situations.
1. The audit firm, Weaver and Jones, LLP, received a subpoena for its documentation related to the audit of Westbrook Corporation's financial statements. The Firm has refused to respond, alleging that the documentation is considered privileged communication between the firm and its client.2. Spencer Cullen, CPA, is a defendant in a lawsuit alleging that Cullen should be held legally liable for gross negligence for a fraud involving the valuation of securities included in the financial statements of one of his clients. Cullen was uncertain how to establish a correct valuation for the securities and decided to rely on the price estimation supplied by management.3. Joanie Brogan is a partner in an audit firm that operates as a limited liability partnership (LLP). The firm has been sued for an alleged audit failure related to an audit engagement handled by a different partner in the firm. While Joanie had no involvement in the engagement, she is concerned that the plaintiff may successfully sue her seeking restitution from her personal assets.4. A lawsuit has been filed against Carter Hockaday, CPA, charging him with constructive fraud in the audit of Broughton Company's financial statements. Hockaday has examined all the audit documentation in his files and reviewed all relevant auditing standards. He is convinced that his audit fully complies with standards of the profession but is uncertain what he should use as his primary defense tactic.5. Eastman Kodak filed for bankruptcy in January 2012. A recent blog suggested that Kodak's external auditors should be sued for failing to qualify the firm's opinion on the financial statements issued before the bankruptcy, even though the fair presentation of the financial statements is not being disputed.Required: Analyze each situation and provide your assessment of the potential resolution of each scenario, including potential liability for the auditor or audit firm involved.
What is the two-tier test used to determine if a fixed asset has suffered impairment and to calculate the amount of the impairment loss?
How well you present logical arguments and gap analysis and how well you defend your recommendations and conclusions. The ability to justify your position with use of supporting references
The concept of valuing Inventories at the "Lower of Cost or Market" and the estimated "full absorption cost" of manufacturing 100 stag horn buttons
Below and on page 278 are statements of earnings and financial position for Wexler Industries.
Describe the substantive tests that you would perform on transactions in the acquisitions cycle of this system to gain adequate assurance over the assertions of completeness, cut off and accuracy.
1- answer the following two questions in good essay form following apa format. this assignment should be 500-750
Who performed the audit of the financial statements? What type of audit opinion was received? If other than unqualified, please provide explanation.
for each of the subsequent independent situations show the reason for and the type of audit report that you would
What are the expected rates of reimbursement for this time frame for each payer? What is your expected accounts receivable? What is the rate that you should charge for these services (using one charge rate for all payers)? Find the total charges for ..
Consider a health care organization with which you are familiar with and explain the difference between cash and accrual accounting in health care setting. Be sure to include a discussion of the revenue recognition and matching principles.
Which an auditor or audit firm was deemed to be liable for some form of misconduct in an audit. For what were they considered guilty and what was the penalty or punishment placed on the auditor?
Identify four types of control mechanisms (ways controls are applied) used in Wal-Mart organization. Compare and contrast these control mechanisms. Determine the effectiveness of these control mechanisms.
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