1. Why would the owners of Lakeside‚ as well as the company’s banks‚ require that an annual audit may be made by an independent CPA firm? Auditing in general‚ is necessary because of the existence of Information risk or the risk of unreliable information. Owners of lakeside may own the company but they are not closely involved in managing the business with the exception of Rogers‚ the only owner involved actively in the business’ day to day operations. So‚ an independent audit for non-managing owners
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places primary emphasis on The adequacy of the disclosure of the related party transactions. Subsequent to issuing a report on audited financial statements‚ a CPA discovers that the accounts receivable confirmation process omitted a number of accounts that are material‚ in the aggregate. Which of the following actions should the CPA take immediately? Perform alternative procedures to verify account balances. An auditor might consider the procedures performed by the internal auditors because
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recording methods: Accounting information is deal with in 2 systems: + single entry book – keeping: only debit or credit + double entry book – keeping: both debit and credit. ❖ Based on fields of accounting: a. Public accounting (CPA & its services): It is a professional service rendered by a Certified Public Accountant and his employees to the public for fee. Most common services: auditing‚ management advisory services‚ tax services - Auditing: the principal service. In
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1. Identify the fraud risk factors at Peregrine‚ especially control environment factors and the tone at the top‚ using the fraud triangle. The fraud risk factors could be identified as incentives/pressures‚ opportunities‚ and attitudes/rationalization in fraud triangle. According to the case‚ Peregrine’ control environment had an essential issue on separation of duties. In PFG‚ only Russell Wasendorf could open the real bank balance‚ which gave the opportunity to Wasendorf. Peregrine was suffer from
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(Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where you reside. This means that you are‚ as a certified public accountant‚ able to express‚ officially‚ an unbiased opinion
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constrained to capital accessible from accountants and loans. 3) The certified public accountants (CPAs) own 51 percent stock‚ which restricts any probable negative effects on the quality of the service that might have resulted from non-accountant participation. 4) From the view point of the public accounting firm‚ the likelihood of liability that is restricted to corporate assets is appealing. 5) CPAs compete globally‚ and they do not serve the interest of this country to restrain their capacity
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co-trainees‚ thank you for becoming my companions and friends as I accomplish the assigned responsibilities. All of the skills and knowledge that I had acquired during this internship will surely be used during my job after I graduated and become a CPA. And it is all thanks to all of the people that help me. This internship will not be possible without the help of all of this people. CHAPTER ONE Company Profiles History PUNO ORTALEZA
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------------------------------------------------- The differences between public and private accounting In order to understand the difference between public and private accounting‚ we must first understand what accounting is. Accounting is simply an information system used to identify and communicate financial information to users of that information. Accurate‚ reliable and pertinent information is extremely important in evaluating a company’s financial position in order to attract investments
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II. Accounting and Auditing in the Philippines T his chapter presents an overview of Philippine accounting and auditing arrangements. It provides context for the following chapters on professional infrastructure‚ accounting and auditing standards‚ accounting and auditing training‚ and government budgeting and accounting arrangements. The chapter comprises eight sections‚ as follows: Part One: Accounting 1 – Introduction – identifies historical factors that have influenced accounting arrangements
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References: Brody‚ R‚ Miller‚ M‚ & Rolleri‚ M Outsourcing income tax returns to India: legal‚ ethical and professional issues. The CPA Journal‚ Retrieved May 15‚ 2009‚ from http://www.nysscpa.org/cpaj/2004/1204/p12.htm. Mintz‚ Steven (March 2004). The ethical dilemmas of outsourcing. The CPA journal‚ Retrieved May 14‚ 2009‚ from http://www.nysscpa.org/cpajournal/2004/304/perspectives/nv1.htm Sivaswany‚ Ranjini (August 18‚ 2005). Ethics of outsourcing. business/outsourcing
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