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Question :
Independence is taken the cornerstone of the accounting profession. In relation to the audit the auditor could be independent in both fact and in appearance. Usually accepted auditing standards (GAAS) prohibits an auditor from issuing a report if they are not independent. This will lead to an interesting situation if a member of the audit team loses independence shortly before the report is issued, even if it is through no fault of her/ his own, (i.e,. a family member becomes employed by a client). Do you think that the rules about independence are too strict? Should they be more fair? Should the audit firm be punished if an auditor related to the audit is not independent?
The Sarbanes Oxley Act prohibits the similar CPA firm from give both consulting and audit services to a client. Some argued, and continue to argue, that auditors will never be independent as long as they receive a fee from the audit client. Do you agree or disagree? Why? How could you suggest this issue be resolved?
Prepare the 2011 Federal Individual Income Tax return for Adam & Mary Smith, based on the information supplied above. You may use tax software, OR you may manually prepare the return using the correct IRS forms for 2011.
What could be the income tax consequences to real estate owners of receiving the rebate in 2012 and When Wally died in 2011, the life insurance policy was still in force, and Lime received $3,500. Is $3,500 of life insurance proceeds received by Li..
What annual depreciation expense will be reported on the income statement for the center and what annual depreciation expense will be reported for tax purposes?
What portion(s) of individual income tax brought this theme/principle/concept to light?
Prepare a written opinion addressed to your client, Water-Jet Ferries - WaterJet has requested your company to provide them with an opinion as to the correctness of this claim by the engine manufacturer. Your opinion must be supported by reference ..
Is the purpose of Religious Publications a tax exempt purpose? Would it make any difference if Religious Publications had been established by a definite religious group and worked only for that group?
Does Owl have to include the dividends in its computation of ACE, thus avoiding any AMT? Write a memo for the tax files in response to Ms. Bell.
prepare a compound journal entry to record the income tax expense for the year 2011.
The decedent died on March 12, 2013. The longest first income tax year the decedent’s executor can choose for the estate will end on a.December 31, 2013. b. January 31, 2014. c. February 28, 2014. d. March 31, 2014.
What is Terry's basis in her remaining common and preferred shares after the sale and when does her holding period for the preferred shares begin?
Compute price and usage variances for direct materials and compute the direct labor rate and labor efficiency variances - compute the fixed overhead spending and volume variances. Intercept the volume variance
Brief statement in your own words of the facts of the cases.
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