ACCT1059 Assignment (30%) 3-4 students per group. The written part of the assignment needs to be submitted through Blackboard. The team leader needs to submit the assignment on the team’s behalf‚ with a cover sheet listing all team members clearly. Please ensure that you submit only one assignment for your team. Due 29th of September‚ exact time and location ( for hard copies) to be confirmed by the local lecturer. PART A: 10 marks Video capture component ONLY (No written report required):
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in-house CPA can perform all procedural analyses that would be required of an independent audit; however‚ it is extremely unlikely that the CPA could inspire the confidence of users of financial statements outside the company. Because she or he is no longer independent of the company‚ the
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Medium 3. The Ultramares v. Touche case held that auditors could be held liable to any foreseen third party for ordinary negligence. Answer: False Difficulty: Medium 4. The Securities Exchange Act of 1934 offers recourse against the auditors to a far greater number of investors than does the Securities Act of 1933. Answer: True Difficulty: Medium 5. The precedent set by the Hochfelder v. Ernst case is generally believed to have increased auditors
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ch02 Student: 1. Auditors may be independent in fact but not independent in appearance. True False 2. Auditing Standards issued by the PCAOB are the sole source of guidance for audits of public entities. True False 3. Attestation standards provide guidance for a wide variety of engagements different in scope than an audit. True False 4. Generally accepted auditing standards must be followed on all audit engagements. True False 5. The reporting principle relates to a firm’s
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History of Kenny Rogers Roasters Kenny Rogers ROASTERS was originally set up by popular Country and Western singer‚ Kenny Rogers‚ and former Governor of the state of Kentucky‚ John Y Brown Jr.‚ in 1991. Seeing an opportunity to provide healthy and delicious food in a restaurant environment‚ Kenny Rogers ROASTERS opened its first restaurant in Coral Spring‚ Florida in August of 1991. Internationally‚ Kenny Rogers ROASTERS has expanded to various countries around the world and has restaurants
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1. When analyzing the buyer decision process of a traditional Porsche customer I found that they primarily produce sports cars and mainly appeal to a selective market segment of economically stable and target the high class. The company purchases reflect themselves and personal achievement showing the customer why they should buy cars like Porsche. The customers purchase the product because it is a fun car to drive and enjoy and because of the brand name. 2. The traditional Porsche customer decision
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In the film Roger and Me‚ Michael Moore tells the story of the exploitation of the numerous workers in his hometown‚ Flint‚ Michigan. He follows the numerous employees of General Motors who have lost their jobs and consequently‚ tries to contact the power steering CEO of General Motors‚ Roger Smith. Smith closed down a large amount of the auto plants in Flint causing thousands of workers to be unemployed. Moore makes an attempt at demonstrating to Smith the harsh reality of the demise of Moore’s
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We decided to group all the retail companies together by understanding that a retail company will have a relatively low collection period and then break them down further based upon our knowledge and research of industry averages. We believe that the Department store is represented by column K. The first aspect that caught our attention was the fact that there was a very large amount of inventory‚ which makes sense because a department store will need to have a continuous flow of inventory in
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Chapter 1—Auditing and Internal Control TRUE/FALSE 1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion
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The movie "Roger and me" by Michael Moore is a documentary about Roger Smith’s takeover of General Motors in the late 1980’s. Moore documents the transition from prosperity to poverty in the city of Flint‚ Michigan. There are three different angles from which to look at the situation in Flint. These three different angles are a conflict theorist’s view‚ a functional analysis’ view‚ and a symbolic interactionist’s view. The first view‚ conflict theory‚ is looking at who has the power‚ how they’re
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