You Decide - Case Study HMO which stands for Health Maintenance Organizations are licensed health plans that place providers‚ as well as the health plans‚ with dealing with HMO’s there is a risk of medical expenses. The downfall with HMO is that patients must stay inside their network and if the go outside the network they will have to pay out of pocket expenses. HMO is very limited; many patients don’t like limitations when it comes to their decision about their health. PPO which stands for Preferred
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Worksheet for You Decide Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods‚ Inc. Solution: Since Smackey is a private company‚ the SEC regulations are not required. The SEC requires only public companies to offer full disclosure on their financial statements. Private companies are not bound to such strict disclosure requirements. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically
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Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods‚ Inc. Solution: The SEC’s influence in Smackey Dog Foods‚ Inc. can be observed in the audit standards that are being upheld. More specifically‚ the SEC developed auditor standards that must be followed. In the case of Smackey‚ we can see that the implementation of SOX has mandated that auditors be independent entities for publically held companies. Privately held companies are subject to these
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The jewelry store sued Software Inc. for the value of the ring The jewelry store cannot recover from Software. Respondeat Superior is A legal doctrine‚ most commonly used in tort‚ that holds an employer or principal legally responsible for the wrongful acts of an employee or agent‚ if such acts occur within the scope of the employment or agency. Here C went to the mall to buy a present for his wife‚ not on the business of Soft. Will Software Inc. be liable to the owners of Jimmy’s Bar? What
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client‚ John. Jimmy’s wasn’t a client of Coleman’s‚ but John didn’t like his customers to see him “doing business.” Coleman was talking with Jimmy about business when he spilled his drink all over the bar. That made him think about this cool trick where you put pure grain alcohol in your mouth‚ blow it out and light it. Coleman took a big drink‚ took out his lighter‚ and said‚ “Watch this!” He lit his lighter‚ blew the liquid and a fireball went through the room. The fireball hit Jimmy and killed him instantly
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sole proprietorship is a small business that is own by one individual who is responsible for running the business. The owner owned all profits and assets but is also responsible for all liabilities and debts. The advantage of a sole proprietorship is you are at complete control of the business and all decisions are at your own will. As for tax wise‚ it is cheaper too (tax savings) and all profits from the business goes directly to your own personal tax return. The disadvantages of a sole proprietorship
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Course Project This paper analyzes a fictional privately held company‚ Smackey Dog Foods‚ Inc. as well as its fictional auditor‚ Keller CPAs. The analysis is based on a Keller Graduate School of Management scenario and a series of questions developed to address concepts learned throughout the External Auditing course. Concepts include: SEC influence‚ audit planning‚ audit stages‚ internal controls‚ confirmations‚ sample size‚ obtaining evidence‚ inventory‚ warehousing cycles‚ Professional Rules of
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Smackey Dog Foods‚ Inc Smackey Dog Foods‚ Inc is a new client to Keller CPAs firm. The nature of business for this company is to produce natural dog food. Keller has never had any experience in the audit on this industry before. Smackey Dog Foods started in a family kitchen‚ experienced explosive growth‚ and have had some troubles handling the accounting side of the business. The auditor identifies that main purpose of Smackey Dog Food to obtain an audit report is to fulfill the bank requirement
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Week 7 You Decide Course Project Keller Graduate School of Management Question 1 The Securities and Exchange Commission (SEC) would only have influence over Smackey Dog Foods‚ Inc. if they are a publicly listed company or if they register to become a publicly traded company. The SEC assists investors by providing reliable information to investors so they can make informed investment decisions. If Smackey Dog Foods‚ Inc. becomes a public company‚ they would need to provide financial statements
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You Decide Page 1 FI561 – Mergers & Acquisitions – Week 3 Scenario Summary This is based on Merck’s Acquisition of Medco: Case 5.1‚ pp. 124-125. Your Role/Assignment You are the Chairman and CEO of Merck. Make a recommendation to the Board of Directors of Merck & Co. regarding this acquisition based on the recommendations of the three associates and your own analysis. You are the Chairman and Chief Executive Officer of Merck & Company‚ and you will make the final “yes” or “no” recommendation
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