CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS‚ (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE‚ (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS‚ (D) DEGREE OF CORRESPONDENCE‚ (E) ESTABLISHED CRITERIA‚ (F) COMMUNICATING THE RESULTS‚ AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining
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Chris Fowlks Student ID: 000433225 Legal Issues for Business Organizations Task 1 SOLE PROPRIETORSHIP: A sole proprietorship is the easiest and most simple business form to operate under. The sole proprietorship itself is not a legal entity. In a sole proprietorship‚ the person who owns the business is personally responsible for the business debts. • Liability: The business owner is personally liable for any claims/lawsuits against the business. If a sole proprietorship is defeated in a lawsuit
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Ethical and Legal Viewpoints Geneva Moore Grand Canyon University Abstract Professional counselors are always confronted with “ethical dilemma” that arises from conflicts in maintaining standards of right or wrong in specific counseling practice. Therefore‚ counselors must be alerted to the professional ethical standard and use it as a guidance in rendering services to the clients. This paper will discuss volunteerism; the legal issues that can surface from volunteering‚ the legal
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Overview In order “to offer high-quality accounting services”‚ Arthur Andersen (AA)‚ a Northwestern accounting professor started a business to offer services to clients promoting “integrity and sound audit opinions over higher short-run profits”. The company’s “four cornerstones” was good service‚ quality audits‚ well-managed staff‚ and profits for the firm. Their strategy was to focus on quality and high standards of audits rather than profits‚ a very successful strategy that led to consistent
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Ethical Issues in Management Performance evaluations are important to ensuring all employees are performing as expected‚ and if not the manager is providing proper feedback. Managers may encounter moral and ethical issues in the process of performance evaluations‚ and must do his or her best to evaluate fairly each employee. Ethically responsible management practices and social issues can be directly tied to performance evaluations‚ and managers may even come across legal issues surrounding an
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CadMex Pharmaceutical Memorandum To: Mr. Jack Brandt‚ CEO; Kera Sawyer‚ International Legal Counsel From: Dan‚ Vice President of International Business Development Date: March 9‚ 20XX Subject: Current Gentura Status I would like to take this opportunity to bring everyone up to date on the status of our relationship with Gentura. We have been working in partnership with Gentura a biotechnology company based in Candore since 2007. Candore‚ a small developing island country in South East Asia‚
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ARTHUR ANDERSEN LLP CASE STUDY DUE: Sunday‚ May 12‚ 11:59pm 1. Discuss the environment‚ strategic‚ and organizational changes that occurred over the life of Andersen in the context of figure 11.1. 2. Evaluate Andersen’s claim that their problems on the Enron audit were due to a few “bad partners” in the organization. If you disagree with this claim‚ discuss what you think were the root causes of the problem. 3. Suppose you were Andersen’s managing partner in the early 1990s. Would
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Auditing Introduction Letter Lareina Mirabella ACC/546 November17‚ 2014 Kelly Oleary Auditing Introduction Letter November 17‚ 2014 Larry Lancaster President and CEO Apollo Shoes‚ Inc. Shoe town‚ Maine Dear Larry Lancaster Based on the accounting department meeting below is an outline of the primary assurance and attestation services offered by Mirabella Auditing Firm. This outline will provide the company with additional information regarding key distinction between these services offered as
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Auditing Exam 1 Review Ch 1 Nature of Auditing: * Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence b/w the information and established criteria. * Auditing should be done by a competent‚ independent person. Information and Established Criteria: * To do an audit‚ there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information. Accumulating
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Legal Issues Main legal issues and conforming to these: 1. Copyright Act – this act has existed since 1911 and in alternative forms even before this. It was amended in 1992 so that computer programs and digital work was included within other areas of the same act. In particular all the rules governing Literary work became applicable to Computer Software. Latest Copyright Act – Copyright Designs & Patents Act 1988 was updated in 1992 and more recently in 2009 What is actually covered by the
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