ACCT3708 Week 3 Tutorial Q1. What is the link between audit risk and engagement risk? How does the audit risk model allow the auditor to deal with these risks in the most cost effective manner? Audit risk is the risk that the auditor gives the wrong opinion – this can either be stating errors when there are none or when there are errors stating that there are none. This risk cannot be eliminated as auditors can only provide a reasonable assurance and not absolute‚ but instead this can only be managed
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How has the Sarbanes-Oxley Bill influenced reporting by governmental agencies and not-for-profit organizations? Does the Public Company Accounting Oversight Board have authority to establish auditing standards for not-for-profits? What specific steps might governmental agencies or not-for-profits take to comply with the requirements of the Sarbanes-Oxley Bill? 1. Reporting for governmental agencies and not-for profits has become more detailed including management representations related to the
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Team Paper Outline Week 3 Candice Richardson‚ Sharon De Jesus‚ Tina Frank‚ Tommy Moody‚ Traci Minor‚ Victoria Bhola MGT/434 October 5‚ 2014 Brian La Hargoue Intro I. The history and evolution of Title VII and its amendments (EEOC‚ n.d) A. 1965 – How Title VII began Who participated What was covered B. Amendments PDA – Pregnancy Discrimination Act - 1978 ADA – Age Discrimination Act – 1990 ADEA – Age Discrimination in Employment Act - 1967 II. The application of Title VII and amendments in the
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Transactions Accounting Principles General Journal Cash Account Purchases ledger Sales ledger General ledger Trail Balance Jan 1 Started business by borrowing a loan of $50 000 from the Centrex Commercial Bank which was invested into the business along with his personal savings of $50 000. The loan carries an interest rate of 12% per annum. The following transactions took place during the year. 1 Purchased the following assets and paid for them by cash: Furniture and Fittings
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13. Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? I believe that a professional accountant is a fiduciary that is to act in the public interest instead of a businessperson pursuing profit. Accountants have schooled for many years and are licensed through the State. As a professional accountant there are many rules and regulations that must be understood and followed. Professional accountants are morally and ethically required
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Managerial accounting principles are utilized on a daily basis by managers and accounting professionals to assist them in making sound decision for companies. The company’s management collects and analyzes data to meet specific needs in different areas of operations. Four important areas management and accounting professionals concentrate on include budgeting‚ forecasting analysis and projection. Budgeting takes place at the onset of the fiscal year. Managers and accountants work in tandem
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Week 3 individual assignment Comprehensive problem 67 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business‚ understock.com. Though Ken is retired‚ he is still very active. Ken reported the following financial information this year. Assume Ken’s modified adjusted gross income for purposes of the bond interest exclusion and for determining the taxability of his Social Security benefits is $70‚000 and that Ken files as a single taxpayer. Determine Ken’s 2009 gross
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Epigenetics Paper Week 3 Assignment The field of epigenetics is “the study of heritable changes in gene activity which are not caused by changes in the DNA sequence” (“Wikipedia”; n.d.). One can adopt a healthy lifestyle to change the impact of the genes inherited by an offspring. Ornish states that changing eating habits‚ loving more‚ and getting more exercise can cause a large increase in brain cells. (“ted.com/speakers”; n.d.) These changes could
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Kubler- Ross 1 RUNNING HEAD: KUBLER-ROSS Eminent Person Paper on Elisabeth Kubler-Ross We are going to first look at Elisabeth Kubler-Ross’s childhood and some of the events that shaped her thinking and eventually her work and career. We will try and list her work experiences and her outlook toward death and dying. Of course I feel that any words that could be conveyed in reference to Elisabeth are not adequate for anyone to get the true picture of just how great a person she was. Elisabeth’s
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WEEK THREE QUESTIONS: 38) What is Utility? "The utility of a consumer is a measure of the satisfaction the consumer derives from consumption of goods and services" (p. 270) 39) What is the Law of Diminishing Marginal Utility? "According to the principle of diminishing marginal utility‚ each successive unit of a good or service consumed adds less to total utility than the previous unit." (p.272) In other words the more one consumes the more they will be satisfied until they reach a
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