In the aftermath of corporate scandals and the passage of the Sarbanes-Oxley Act of 2002 (SOX)‚ the audit committee is vested with greater authority to oversee fi nancial reporting and the appropriation of assets. As a result‚ the audit committee is responsible for adequate supervision and reporting and for responding to: • fraud in a fi nancial statement audit; • actual‚ perceived or potential confl icts of interest; • anonymous tips and complaints; and • through interaction with general
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is a symbol of the backwards past. To the white people‚ he is a symbol of black inferiority‚ and the sheriff is more than happy to listen to and publicize his story. Trueblood states that before‚ no one would help him‚ but now curious people are very willing to offer him aid. When the white people of the area found out what Trueblood did‚ they listened intently to his story and offered him help as well. This is what inspired him to embellish his story for his audience. Mr.Norton has a very unusual
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Lack of Information Case Lack of Information (LOI) has 25 warehouses which contain asbestos. LOI has chosen not to recognize an asset retirement obligation for any of the warehouses. There are three different sets of facts as to why LOI is not recognizing an obligation. For each set of circumstances we will determine if LOI is properly omitting an asset retirement obligation or if further action is necessary. 23 of the 25 warehouses reside in states with special asbestos handling and removal laws
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SUBJECT: Deciding the Appropriate Extent of Audit Performed for Billy’s Beats for Asset Valuation Billy’s Beats Inc.‚ an SEC registrant‚ is a new audit client with a fiscal year-end of December 31‚ 2010. Billy’s is a manufacturer of musical instruments. Billy’s acquired Little Drummer Boy Inc. in 2010 for $575 million in cash. Significant assets acquired included property‚ plant‚ and equipment totaling $865 million and other assets totaling $145 million. The useful lives assigned to the property
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cmeasurement date). Because the accounting under Opinion 30 was based on the intended actions of management at a plan date‚ future operating losses and other future costs that did not meet the definition of liabilities were recognized as liabilities under that Opinion. The Board’s conceptual framework‚ which sets forth the definition of a liability‚ was developed subsequent to the issuance of Opinion 30. 111. Under Issue 94-3‚ future costs directly associated with the discontinuance (restructuring)
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Ellison In Ralph Ellison’s Invisible Man‚ the character of Trueblood is unique and well developed. Trueblood is a man who impregnates his wife‚ and at the same period of time commits incest and impregnates his daughter. This character’s reasoning for having sexual relations with his daughter is that he was dreaming when this happened; a feat that while fantastical‚ could also be plausible due to Trueblood’s nature. Trueblood‚ while a moral character aside from his transgression‚ is also oblivious
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Case 09-2 Issue: Decide how to account for the funding of the R&D and royalty payments. Identify the authoritative literature applicable to this funding arrangement and discuss the appropriate accounting for the agreement in accordance with that guidance. Facts: Pharmagen is a pharmaceutical company Company XYZ is an unrelated third-party private equity investor with no prior relationship or business operations related to Pharmagen Pharmagen and Company XYZ have entered into a funding agreement
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Trueblood Case 9-2: Pharmagen 1. State the issue at hand. (Typically this is merely the question you are asked at the end of the case.) How to account for the funding of the R&D and royalty payments 2. State the fact pattern. BRIEFLY present the relevant facts. (Bullet points can be very useful here.) (This can be a challenge‚ given that some Trueblood cases are only a few paragraphs long‚ it can be hard to further summarize them.) • Pharmagen entered into a funding agreement with Company XYZ
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Case 11-3 Master of the Universe Saturn Inc. (“Saturn”) and Venus Inc. (“Venus”)‚ two unrelated parties‚ form Jupiter‚ a joint venture. Saturn owns 51 percent of Jupiter and Venus owns 49 percent of Jupiter. The purpose of Jupiter is to own and operate organic clothing design and manufacturing facilities and sell organic clothing to unrelated retailers. When Jupiter was formed‚ Saturn contributed $561 million to Jupiter and Venus contributed four manufacturing facilities with an assembled
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Assignment: Case No. 2 ACTG 4650‚ Phillips Due date: June 28‚ 2012 Trueblood Case 04-9 Healthcare Depot‚ Part 3 only. You will find the case at the following website. Just pagedown to find case 04-9. http://www.deloitte.com/us/truebloodcases Since we are not doing parts 1 and 2‚ assume that DDC Distribution and HC Holding are aggregated to be one reporting unit. Type your answers using Microsoft Word. “Goodwill is defined as an asset acquired in a business combination
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