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ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
ACC 546 Case 3.3 The Anonymous Caller
Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
ACC 546 Case 3.3 The Anonymous Caller
ACC 546 Assignment Burlington Bees
ACC 546 Week 1 Assignment Avoiding Bias Paper
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ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
ACC 546 Case 3.3 The Anonymous Caller
ACC 546 Assignment Burlington Bees
ACC 546 Lessons in Excellence / acc546.comkopiko31
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Please check All Included Assignments Below ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers ACC 546 Case 3.3 The Anonymous
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Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
ACC 546 Case 3.3 The Anonymous Caller
ACC 546 Assignment Burlington Bees
ACC 546 Week 1 Assignment Avoiding Bias Paper
For more classes visit
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Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
ACC 546 Case 3.3 The Anonymous Caller
ACC 546 Assignment Burlington Bees
ACC 546 Lessons in Excellence / acc546.comkopiko31
For more course tutorials visit
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Please check All Included Assignments Below ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers ACC 546 Case 3.3 The Anonymous
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ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
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Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial
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Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial Forensics" Please respond to the following:
Fraud examination and financial forensic skills have a key role in corporate governance.
Appraise the key roles in corporate governance, indicating how gaps in the roles may lend itself to corporate fraud.
From the e-Activity, identify the various types of career paths that are available to antifraud professionals.
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Acc 571 week 2-7
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Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial Forensics" Please respond to the following
Case 2.2INTRODUCTION 1Apple Inc. (Apple) is a worldwide provid.docxtidwellveronique
Case 2.2
INTRODUCTION 1
Apple Inc. (Apple) is a worldwide provider of innovative technology products and services. Apple’s products and services include iPhone®, iPad®, Mac®, iPod®, Apple TV®, a portfolio of consumer and professional software applications, the iOS and OS X® operating systems, iCloud®, and a variety of accessory, service and support offerings. The Company also sells and delivers digital content and applications through the iTunes Store ®, App Store™, iBooks Store™, and Mac App Store. Net revenue for fiscal 2013 was $170.9 billion and net income was $37.0 billion.
Apple’s common stock is traded on the NASDAQ national market, and Apple is required to have an integrated audit of its consolidated financial statements and its internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Company’s fiscal year is the 52 or 53-week period that ends on the last Saturday of September. As of the close of business on October 18, 2013, Apple had 899,738,000 shares of common stock outstanding with a trading price of $508.89.
INFORMATION ABOUT THE AUDIT
Your firm, Smith and Jones, PA., is in the initial planning phase for the fiscal 2014 audit of Apple for the year ended September 27, 2014. As the audit senior, you have been assigned responsibility for gathering and summarizing information necessary to evaluate Apple’s business risk. Your firm’s memorandum related to the client business risk evaluation has been provided to assist you with this assignment. Assume no material misstatements were discovered during the fiscal 2014 audit.
1 The background information about Apple Inc. was taken from Apple Inc.’s Form 10-K for the fiscal year 2013 filed with the Securities and Exchange Commission.
The case was prepared by Mark S. Beasley, Ph.D. and Frank A. Buckless, Ph.D. of North Carolina State University and Steven M. Glover, Ph.D. and Douglas F. Prawitt, Ph.D. of Brigham Young University, as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of an administrative situation.
REQUIRED
[1] Go to Apple’s website (investor.apple.com) and explore the website. Click on the “SEC Filings” link. Obtain the most recent SEC Form 10-K provided for Apple. Based on the information obtained from the website and your knowledge of the industry, prepare a memo discussing the following items:
[a] Apple’s:
■ Sales
■ Net income
■ Cash flow from operating activities
■ Total assets
■ Number of employees
[b] What are Apple’s products?
[c] Who are Apple’s competitors?
[d] Who are Apple’s customers?
[e] Who are Apple’s suppliers?
[f] How does Apple market and distribute its products?
[g] What is Apple’s basic business strategy (cost leadership or differentiation)?
[h] What are critical business processes for Apple ...
Community PsychologyInstructionsFor this task, select two schoLynellBull52
Community Psychology
Instructions
For this task, select two scholarly articles related to "context and environment" and "support systems as infrastructure."
1. Summarize, evaluate and analyze each article, adding your critique and insights. Be sure to use proper APA citation format for each article.
2. Each article should be added as a separate submission. For each article, include the following:
· A brief summary of the resource
· An evaluation of the resource, including the author’s background, document source, and intended audience
· An analysis of the article, including its relevance to the topic
· Proper citation in APA format
· Correct spelling, grammar, and professional vocabular
Q1-
The chapter encourages analysts to develop forecasts that are realistic, objective, and unbiased. Some firms’ managers tend to be optimistic. Some accounting principles tend to be conservative. Describe the different risks and incentives that managers, accountants, and analysts face. Explain how these different risks and incentives lead managers, accountants, and analysts to different biases when predicting uncertain outcomes.
Development of forecasts is extremely important as various stakeholders rely on them to make important financial decisions. Depending on who is making the forecast, there will be some difference as there will be different incentives and risks associated.
When a manager is making the forecast, he/she/they will be more optimistic as this will make their work and the image of the business positive. Managers can try different ways to give that optimistic outlook in their forecast. After all, it's their own business and it's their duty to be better. They also have incentive for career growth and may be extra bonuses and benefits.
When accountants are making the forecast, they tend to be more conservation as they will use all the rules and regulations strictly as they need to make sure they are protecting the reputation of Their own and the company they work for. It is also professional ethics to report unbiased forecasts and therefore they tend to be more conservation.
When an analyst is making a forecast, they tend to be different from the manager and the accountant as well because they aren’t only using the data from that company alone but are doing the industry analysis, economic analysis, and competitive analysis to make a realistic forecast. They evaluate all the past figures but also compare it and make the forecast. An analyst can’t get emotional and get biased. Therefore, analysts forecast a perfect balance between managers’ optimism and accountants’ conservatism.
Q2-
Six Interrelated Sequential Steps in Financial Statement Analysis
1.Identifying Economic Characteristics Competitive Dynamics in the Industry
One of the major as well as the first step necessary in the valuation process is Industry Analysis. It is very important to know the economic trends, what the competition is doing as well as how ma ...
Acct 504 mart perfect education acct504mart.comwilliamtrumpya
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc.,
Differentiating Depreciation Methods
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Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial Forensics" Please respond to the following:
FOR MORE CLASSES VISIT
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: For this week's checkpoint we had to look up three job postings in the field of accounting. I'm glad that I got this opportunity because it actually opened my eyes and expanded my knowledge in the accounting field. The three job positions are listed below. The first job title was Senior Internal Auditor.
Chapter 1 HW.docx
Insurance Operations Chapter 1 Questions Name ______________________________
Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved. Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.
1. Explain how stock and mutual insurers differ.
2. Explain what it means when an insurer is licensed in a state.
3. Explain how compliance with legal requirements helps an insurer meet its goals.
4. Explain why the goal of meeting customers’ needs can often conflict with the profit goal.
5. Explain why diversifying risk has become an emerging goal for property-casualty insurers.
6. Describe the advantages (representing fewer constraints) that large insurers have over small insurers in meeting their goals.
7. Explain how the external constraint of required regulatory approvals prevents insurers from meeting their profit and customer need goals.
8. Identify the indicators that insurers can use to gauge their success in meeting customers’ needs.
9. Explain the difference between regulators and financial rating agencies.
10. Identify three core functions that exist within the structure of a typical insurer.
Chapter 10 HW.docx
Insurance Operations- Chapter 10 Name _____________________
Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved. Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.
1. What key elements do insurer mission statements often include?
2. Identify the three basic components of strategy formulation.
3. Describe the factors in the general environment that managers should consider as part of an environmental assessment.
4. List the five forces that drive competition within an industry.
5. Identify areas within the company that managers would examine to identify organizational strengths.
6. Describe the levels at which strategy is formulated within an organization.
7. Compare forward and backward integration in a vertical integration strategy.
8. Describe the three key areas for an insurer to evaluate in making a strategic decision about expansion into a global market.
9. And 10. XYZ Insurance Company is a personal lines insurer with headquarters in Chicago and regional offices throughout the Midwest and Northeast. XYZ’s reputation as a strong, reliable organization has engendered loyalty among its employees, many of whom have worked for the company for ten years or more. However, because of heavy competition in the types of insurance it writes, XYZ has lost considerable market share in most of its territories and has experienced steadily decreasing profits. XYZ believes that it is losing market share because it has not kept pace with the needs of its existing customers or the buying preferences of prospective customers. Ad ...
Auditing A Practical Approach 1st Edition Moroney Test BankRooneyStokess
Full download : http://alibabadownload.com/product/auditing-a-practical-approach-1st-edition-moroney-test-bank/ Auditing A Practical Approach 1st Edition Moroney Test Bank
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This Tutorial doesnt contain All week DQs
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Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial
For more classes visit
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This Tutorial doesnt contain All week DQs
Please check Details below
This Tutorial gives you idea about each DQ mentioned below
Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial Forensics" Please respond to the following:
Fraud examination and financial forensic skills have a key role in corporate governance.
Appraise the key roles in corporate governance, indicating how gaps in the roles may lend itself to corporate fraud.
From the e-Activity, identify the various types of career paths that are available to antifraud professionals.
For more classes visit
www.snaptutorial.com
This Tutorial doesnt contain All week DQs
Please check Details below
This Tutorial gives you idea about each DQ mentioned below
Acc 571 week 2-7
For more classes visit
www.snaptutorial.com
This Tutorial doesnt contain All week DQs
Please check Details below
This Tutorial gives you idea about each DQ mentioned below
Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial Forensics" Please respond to the following
Case 2.2INTRODUCTION 1Apple Inc. (Apple) is a worldwide provid.docxtidwellveronique
Case 2.2
INTRODUCTION 1
Apple Inc. (Apple) is a worldwide provider of innovative technology products and services. Apple’s products and services include iPhone®, iPad®, Mac®, iPod®, Apple TV®, a portfolio of consumer and professional software applications, the iOS and OS X® operating systems, iCloud®, and a variety of accessory, service and support offerings. The Company also sells and delivers digital content and applications through the iTunes Store ®, App Store™, iBooks Store™, and Mac App Store. Net revenue for fiscal 2013 was $170.9 billion and net income was $37.0 billion.
Apple’s common stock is traded on the NASDAQ national market, and Apple is required to have an integrated audit of its consolidated financial statements and its internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Company’s fiscal year is the 52 or 53-week period that ends on the last Saturday of September. As of the close of business on October 18, 2013, Apple had 899,738,000 shares of common stock outstanding with a trading price of $508.89.
INFORMATION ABOUT THE AUDIT
Your firm, Smith and Jones, PA., is in the initial planning phase for the fiscal 2014 audit of Apple for the year ended September 27, 2014. As the audit senior, you have been assigned responsibility for gathering and summarizing information necessary to evaluate Apple’s business risk. Your firm’s memorandum related to the client business risk evaluation has been provided to assist you with this assignment. Assume no material misstatements were discovered during the fiscal 2014 audit.
1 The background information about Apple Inc. was taken from Apple Inc.’s Form 10-K for the fiscal year 2013 filed with the Securities and Exchange Commission.
The case was prepared by Mark S. Beasley, Ph.D. and Frank A. Buckless, Ph.D. of North Carolina State University and Steven M. Glover, Ph.D. and Douglas F. Prawitt, Ph.D. of Brigham Young University, as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of an administrative situation.
REQUIRED
[1] Go to Apple’s website (investor.apple.com) and explore the website. Click on the “SEC Filings” link. Obtain the most recent SEC Form 10-K provided for Apple. Based on the information obtained from the website and your knowledge of the industry, prepare a memo discussing the following items:
[a] Apple’s:
■ Sales
■ Net income
■ Cash flow from operating activities
■ Total assets
■ Number of employees
[b] What are Apple’s products?
[c] Who are Apple’s competitors?
[d] Who are Apple’s customers?
[e] Who are Apple’s suppliers?
[f] How does Apple market and distribute its products?
[g] What is Apple’s basic business strategy (cost leadership or differentiation)?
[h] What are critical business processes for Apple ...
Community PsychologyInstructionsFor this task, select two schoLynellBull52
Community Psychology
Instructions
For this task, select two scholarly articles related to "context and environment" and "support systems as infrastructure."
1. Summarize, evaluate and analyze each article, adding your critique and insights. Be sure to use proper APA citation format for each article.
2. Each article should be added as a separate submission. For each article, include the following:
· A brief summary of the resource
· An evaluation of the resource, including the author’s background, document source, and intended audience
· An analysis of the article, including its relevance to the topic
· Proper citation in APA format
· Correct spelling, grammar, and professional vocabular
Q1-
The chapter encourages analysts to develop forecasts that are realistic, objective, and unbiased. Some firms’ managers tend to be optimistic. Some accounting principles tend to be conservative. Describe the different risks and incentives that managers, accountants, and analysts face. Explain how these different risks and incentives lead managers, accountants, and analysts to different biases when predicting uncertain outcomes.
Development of forecasts is extremely important as various stakeholders rely on them to make important financial decisions. Depending on who is making the forecast, there will be some difference as there will be different incentives and risks associated.
When a manager is making the forecast, he/she/they will be more optimistic as this will make their work and the image of the business positive. Managers can try different ways to give that optimistic outlook in their forecast. After all, it's their own business and it's their duty to be better. They also have incentive for career growth and may be extra bonuses and benefits.
When accountants are making the forecast, they tend to be more conservation as they will use all the rules and regulations strictly as they need to make sure they are protecting the reputation of Their own and the company they work for. It is also professional ethics to report unbiased forecasts and therefore they tend to be more conservation.
When an analyst is making a forecast, they tend to be different from the manager and the accountant as well because they aren’t only using the data from that company alone but are doing the industry analysis, economic analysis, and competitive analysis to make a realistic forecast. They evaluate all the past figures but also compare it and make the forecast. An analyst can’t get emotional and get biased. Therefore, analysts forecast a perfect balance between managers’ optimism and accountants’ conservatism.
Q2-
Six Interrelated Sequential Steps in Financial Statement Analysis
1.Identifying Economic Characteristics Competitive Dynamics in the Industry
One of the major as well as the first step necessary in the valuation process is Industry Analysis. It is very important to know the economic trends, what the competition is doing as well as how ma ...
Acct 504 mart perfect education acct504mart.comwilliamtrumpya
FOR MORE CLASSES VISIT
www.acct504mart.com
Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc.,
Differentiating Depreciation Methods
For more course tutorials visit
www.tutorialrank.com
This Tutorial doesnt contain All week DQs
Please check Details below
This Tutorial gives you idea about each DQ mentioned below
Acc 571 week 2-7
Educational Requirements and Professional Organizations for Fraud Examinations and Financial Forensics" Please respond to the following:
FOR MORE CLASSES VISIT
www.acct504mart.com
Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: For this week's checkpoint we had to look up three job postings in the field of accounting. I'm glad that I got this opportunity because it actually opened my eyes and expanded my knowledge in the accounting field. The three job positions are listed below. The first job title was Senior Internal Auditor.
Chapter 1 HW.docx
Insurance Operations Chapter 1 Questions Name ______________________________
Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved. Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.
1. Explain how stock and mutual insurers differ.
2. Explain what it means when an insurer is licensed in a state.
3. Explain how compliance with legal requirements helps an insurer meet its goals.
4. Explain why the goal of meeting customers’ needs can often conflict with the profit goal.
5. Explain why diversifying risk has become an emerging goal for property-casualty insurers.
6. Describe the advantages (representing fewer constraints) that large insurers have over small insurers in meeting their goals.
7. Explain how the external constraint of required regulatory approvals prevents insurers from meeting their profit and customer need goals.
8. Identify the indicators that insurers can use to gauge their success in meeting customers’ needs.
9. Explain the difference between regulators and financial rating agencies.
10. Identify three core functions that exist within the structure of a typical insurer.
Chapter 10 HW.docx
Insurance Operations- Chapter 10 Name _____________________
Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved. Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.
1. What key elements do insurer mission statements often include?
2. Identify the three basic components of strategy formulation.
3. Describe the factors in the general environment that managers should consider as part of an environmental assessment.
4. List the five forces that drive competition within an industry.
5. Identify areas within the company that managers would examine to identify organizational strengths.
6. Describe the levels at which strategy is formulated within an organization.
7. Compare forward and backward integration in a vertical integration strategy.
8. Describe the three key areas for an insurer to evaluate in making a strategic decision about expansion into a global market.
9. And 10. XYZ Insurance Company is a personal lines insurer with headquarters in Chicago and regional offices throughout the Midwest and Northeast. XYZ’s reputation as a strong, reliable organization has engendered loyalty among its employees, many of whom have worked for the company for ten years or more. However, because of heavy competition in the types of insurance it writes, XYZ has lost considerable market share in most of its territories and has experienced steadily decreasing profits. XYZ believes that it is losing market share because it has not kept pace with the needs of its existing customers or the buying preferences of prospective customers. Ad ...
Auditing A Practical Approach 1st Edition Moroney Test BankRooneyStokess
Full download : http://alibabadownload.com/product/auditing-a-practical-approach-1st-edition-moroney-test-bank/ Auditing A Practical Approach 1st Edition Moroney Test Bank
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
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1. ACC 546 All Assignments
For more classes visit
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Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman
Brothers
ACC 546 Case 3.3 The Anonymous Caller
ACC 546 Assignment Burlington Bees
ACC 546 Week 1 Assignment Avoiding Bias Paper
ACC 546 Individual Assignment 1.1 Ocean Manufacturing, Inc
ACC 546 Laramie Wire Manufacturing Assignment
ACC 546 Individual Assignment Case 5.6 SarboxScooter, Inc.
ACC 546 Individual Assignment Case 5.3 Red Bluff Inn & Cafe
ACC 546 Case 4.1 Enron Corporation & Andersen, LLP
ACC 546 Case 7.1 Anne Aylor, Inc
ACC 546 Case 5.1 Simply Steam, Co.
ACC 546 Case 2.2 Apple Inc.
2. ACC 546 Case 10.4 and 10.5 Southeast Shoe Distributor, Inc (Score
100%)
ACC 546 Case 9.7 RedPack Beer Company
ACC 546 CASE 9.1 Wally’s Billboard & Sign Supply
ACC 546 Case 9.3 Longeta Corporation
ACC 546 Case 9.4 Bud's Big Blue Manufacturing
ACC 546 Case 11.1 The Runners Shop
ACC 546 Case 12.2 Auto Parts. Inc
ACC 546 Case 12.4 Surfer Dude Duds, Inc
ACC 546 Case 12.1 EyeMax Corporation
*****************************************************
ACC 546 Assignment Burlington Bees
For more classes visit
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3. [1] Research auditing professional standards and list the
requirements related to developing an expectation and conducting
analytical procedures when those procedures are intended to provide
substantive evidence. What are the advantages of developing an
expectation at a detailed level (i.e., using disaggregated data) rather
than at an overall or aggregated level?
[2] Using the information provided, please develop a precise
expectation (i.e., using the detailed or disaggregated data provided)
for ticket revenues for the 2014 fiscal year.
[3] (A) what are the advantages of using analytical procedures as
substantive tests? (b) If the engagement team decides to use analytical
procedures for the Bees’ audit, how will the audit plan differ from
prior years? (c) Discuss whether you believe analytical procedures
should be used as substantive tests for the Bees 2014 audit?
[4] (A) how close does the Bees’ reported ticket revenue for 2014
have to be to your expectation for you to consider reported ticket
revenue reasonable or fairly stated? (b) If reported ticket revenues
were outside your “reasonableness range,” what could explain the
difference?
*****************************************************
ACC 546 Case 2.2 Apple Inc.
4. For more classes visit
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CASE 2.2 Apple Inc.
Evaluation of Client Business Risk
After completing and discussing this case you should be able to
[1] Describe the implications of an audit client’s business risk on the
audit engagement
[2] Describe the types of information relevant to evaluate an audit
client’s business risk
[3] Identify and evaluate the factors important in assessing an audit
client’s business risk and risk of material financial misstatement
INTRODUCTION1
[a] Apple’s:
■ Sales
■ Net income
■ Cash flow from operating activities
■ Total assets
■ Number of employees
[b] What are Apple’s products?
[c] Who are Apple’s competitors?
5. [d] Who are Apple’s customers?
[e] Who are Apple’s suppliers?
[f] How does Apple market and distribute its products?
[g] What is Apple’s basic business strategy (cost leadership or
differentiation)?
[h] What are critical business processes for Apple given its basic
business strategy (for example, supply chain management)?
[i] What accounting information is associated with the critical
business processes and how does Apple measure up on that
information?
[j] What accounting methods does Apple use to report the accounting
information associated with critical business processes and what is
the risk of material misstatement?
This memo is to be used as a foundation document for the preliminary
business risk assessment. In evaluating Apple’s performance and
assessing the risk of misstatement, please be sure to describe your
reasoning. Your memo should be double-spaced and addressed to the
partner for the engagement (your instructor). Your firm demands
polished, concise, professional analyses and writing. Be thorough, but
get to the issues without unnecessary verbiage. In describing your
analyses and conclusions, please consider relatively short “punchy”
or to-the-point sentences. When appropriate, consider using bullet
point listings.
[2] Professional auditing standards provide guidance on the
auditor’s consideration of an entity’s business risks. What is the
auditor’s objective for understanding an entity’s business risks? Why
does an auditor not have responsibility to identify or assess all
business risks? Provide some examples of business risks associated
6. with an entity that an auditor should consider when performing an
audit.
Smith and Jones, PA. Memorandum: Business Risk Evaluation
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ACC 546 Case 3.3 The Anonymous Caller
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Case 3.3 The Anonymous Caller, p. 63-65
[1] Do you think situations like this (i.e., aggressive accounting or
even financial statement fraud) are common in practice?
[2] Which financial statement assertion related to sales transactions
did management violate when it issued the falsified financial
statements?
[3] The Financial Accounting Standards Board (FASB) and the
International Accounting StandardsBoard (IASB) recently completed
a joint project to develop a common revenue standard for U.S. GAAP
and IFRS to improve revenue recognition practices and to remove
inconsistencies and weaknesses in revenue requirements. The updated
guidance is contained in the Accounting StandardsCodification as
Topic 606, Revenue from Contracts with Customers. Review that
7. guidance to summarize the core principle for recognizing revenue and
briefly describe the five steps needed to achieve the core principle.
Also, describe how the core principle was not achieved in this
situation.
[4] What types of audit procedures could an external auditor perform
that might help the auditor detect this fraudulent activity?
[5] People who study instances of financial statement fraud often note
that three conditions are generally present for fraud to occur. First,
the person perpetrating the fraud has an incentive or pressure to
engage in fraud. Second, there is an opportunity for that person to
carry out the fraud. Third, the person’s attitude or ethical values
allows the perpetrator to rationalize the unethical behavior. Describe
examples of incentive, opportunity, and attitude conditions that were
present in this situation.
[6] In 2014, the AICPA’s Professional Ethics Executive Committee
adopted a revised Code of Professional Conduct that is effective
December 15, 2014. Briefly describe how the new Code is structured
and indicate where would you find guidance about the importance of
integrity.
[7] (a) What would you recommend to the caller if you were Dr.
Mitchell? (b) What are the risks of continuing to work with the
company? (c) What are the risks of resigning immediately?
[8] What responsibility, if any, does the caller have to report this
situation directly to the bank involved? Before you respond, think
about the risks present if the caller does inform the bank and it later
turns out that the caller’s assessment of the situation was inaccurate,
i.e., there was no fraud.
[9] (a) What other parties, if any, should be notified in addition to the
bank? (b) What concerns do you have about notifying the external
auditors?
8. [10] (a) What pressures or factors will executives use to encourage
accounting managers and staff to go along with this type of situation?
(b) What arguments can you use to resist those pressures? (c) How
does one determine whether a company is aggressively reporting, but
still in the guidelines of GAAP, versus fraudulently reporting
financial information?
PROFESSIONAL JUDGMENT QUESTIONS
It is recommended that you read the Professional Judgment
Introduction found at the beginning of the book prior to responding to
the following questions.
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ACC 546 Case 5.1 Simply Steam, Co.
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Commitment to Integrity and Ethical Values
Board of Directors Demonstrates Independence and Appropriate
Oversight
Management’s Philosophy and Operating Style
Management Establishes Structure and Reporting Lines to Achieve
Objectives
Financial Reporting Competencies
9. The Organization Holds Individuals Accountable to Their Internal
Control Responsibility
Evaluation of Simply Steam, Co. as to demonstrating a commitment to
attract, develop, and retain competent individuals
Overall evaluation of the Control Environment
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ACC 546 Case 7.1 Anne Aylor, Inc
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ACC 546 Case 7.1 Anne Aylor, Inc.
[a] Why are different materiality bases considered when determining
planning materiality?
[b] Why are different materiality thresholds relevant for different
audit engagements?
[c] Why is the materiality base that results in the smallest threshold
generally used for planning purposes?
D. Why is the risk of management fraud considered when determining
performance materiality?
10. E. Why might an auditor not use the same performance materiality
amount or percentage of account balance for all financial statement
accounts?
F) Why does the combined total of individual account performance
materiality commonly exceed the estimate of planning materiality?
G) Why might certain trial balance amounts be projected when
considering planning materiality?
[2] Based on your review of the Exhibits (1 and 2) and audit memos
(G-3 and G-4), complete audit schedules G-5, G-6 and G-7.
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ACC 546 CASE 9.1 Wally’s Billboard & Sign
Supply
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CASE 9.1 Wally’s Billboard & Sign Supply
After completing the audit program, answer the following questions:
[1] Why is the audit of cash an important part of the audit?
[2] Bill performed tests of controls for all transaction cycles with
good results. Why is it important to also perform substantive audit
procedures for the ending cash balance even when tests of controls
11. over transactions that affect the cash account indicate that those
controls are operating effectively?
[3] According to AICPA auditing standards, what are the necessary
ingredients for audit evidence to be considered “appropriate”?
[4] For each procedure listed in the audit program (schedule C 2),
indicate the primary assertion(s) targeted by the procedure.
[5] For each error, concern, or adjustment you listed on the Audit
Summary (schedule C 3), briefly describe at least one additionaltest
you could perform to gain evidence as to whether or not the cash
account is materially misstated.
[6] The AICPA and the American Banker’s Association developed a
standardized bank confirmation form—see working paper C 6. What
is the purpose for confirming information in item number two on the
bank confirmation form? Identify the accounts and related audit
assertion(s) to which the information in item number two is relevant.
[7] What audit procedures might you perform if you were to decide
that the risk of fraud involving the cash account was relatively high
for this client?
[8] Perform an online search for “electronic bank confirmations.”
Summarize in one page or less what you learn about recent
developments in the use of web-based bank confirmations. Include a
brief discussion of the advantages of electronic confirmations in your
write-up.
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ACC 546 Case 9.3 Longeta Corporation
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12. Case 9.3 Longeta Corporation
overs auditing revenue contracts.
You want to be thoroughly prepared for the meeting with the audit
manager. Perform the following procedures to be certain you have all
necessary information about the transaction’s treatment.
[1] The Financial Accounting Standards Board (FASB) and the
International Accounting StandardsBoard (IASB) recently completed
a joint project to develop a common revenue standard for U.S. GAAP
and IFRS to improve revenue recognition practices and to remove
inconsistencies and weaknesses in revenue requirements. The updated
guidance is contained in the Accounting StandardsCodification as
Topic 606, “Revenue from Contracts with Customers.” Review that
guidance to summarize the core principle for recognizing revenue and
briefly describe the five steps needed to achieve the core principle.
Also, describe how the core principle was not achieved in this
situation.
[2] In your own words, explain the company’s reasoning for
recording $5.8 million as current revenue while recording the
remaining $1.2 million as deferred revenue. Also, document where on
the financial statements the deferred revenue account would be
presented.
[3] Assess the content of the separate letter issued by Longeta’s vice
president of sales to Magicon. Document your conclusion abouthow
the content of the letter affects or does not affect revenue recognition
for Longeta for the year ended September 30, 2015.
[4] Given that the letter from the vice president of sales was not
attached to or documented in the order letter submitted by Magicon to
Longeta, document your conclusion as to the impact, if any, the vice
president’s letter has on the accounting treatment for the transaction
since it was not part of the order letter.
[5] Research PCAOB Auditing Standards on the PCAOB’s website
(www.pcaob.org) to summarize the guidance for auditors in regards
to their assessment of the risk of material misstatement related to
revenue recognition. What do those standards require of auditors in
regards to their assessment of risk related to revenue recognition?
13. [6] Auditing standards describe three conditions that are usually
found to be present. What are those three conditions and what red
flags, if any, might be present at Longeta?
[7] The separate letter from the vice president of sales was emailed
and faxed to Magicon representatives. What would be the impact if
Longeta’s vice president had only provided that information orally to
Magicon representatives and not forwarded the information in written
form?
[8] As of September 30, 2015, Magicon had only submitted the order
letter. Document your conclusion about the impact on the accounting
for the transaction if Longeta and Magicon (a) sign the reseller
agreement within 30 days or (b) do not sign the reseller agreement
within 30 days.
[9] Document your final conclusion about the accounting treatment of
this transaction between Longeta and Magicon. Be sure to provide a
basis for your conclusion.
PROFESSIONAL JUDGMENT QUESTION
It is recommended that you read the Professional Judgment
Introduction found at the beginning of the book prior to responding to
the following question.
[10] One of the environmental factors affecting judgment is the “rush
to solve” judgment trap. Briefly describe the trap and how it applies
to the situation affecting the recording of the sales transaction.
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ACC 546 Case 9.4 Bud's Big Blue
Manufacturing
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Case 9.4 Bud's Big Blue Manufacturing covers accounts receivable
confirmations
REQUIRED
[1] List the four factors auditors should consider when evaluating the
results of confirmation procedures. Also, what are three of the
characteristics of a reliable confirmation? (For this and other
questions, you may wish to refer relevant auditing standards).
[2] What does it mean to “maintain control” over the confirmation
requests and responses? What could go wrong if the auditor doesn’t
maintain control over the confirmation process?
[3] Complete the audit log provided on the next page for each of the
seven remaining confirmations. Consider whether each confirmation
provides sufficient, appropriate audit evidence, whether sufficient
alternative procedures have been performed for non-responses, and
whether additionalprocedures should be performed before
concluding that the confirmation provides evidence supporting the
client’s account balance. Be as precise and concise as possible.
[4] What is the difference between a positive and a negative
confirmation? What are the advantages and disadvantages of each
type?
[5] Search the internet to identify a real-life situation where an
auditor apparently did not maintain sufficient control over the
confirmation process. Briefly describe the situation you found.
PROFESSIONAL JUDGMENT QUESTION
It is recommended that you read the Professional Judgment
Introduction found at the beginning of this book prior to responding
to the following question.
[6] After completing the confirmations review, your senior asks you to
assess the reasonableness of the allowance for bad debts. Think about
the anchoring tendency discussed in the Professional Judgment
Introduction. How could the anchoring tendency bias your
15. reasonableness assessment? What are some ways that you could
mitigate the possible effects of the anchoring tendency in assessing
the reasonableness of the allowance?
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ACC 546 Case 9.7 RedPack Beer Company
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Case 9.7 RedPack Beer Company covers estimating allowance for
bad debt
[2] Following your analysis of the information in Schedules A-D,
assume that you met with RedPack’s Credit Manager, Katie Henson,
to ask her a number of questions related to specific customer accounts
in the Accounts Receivable Aged Trial Balance. A transcript of your
interview notes is provided as Schedule E. Use that information to
address the following:
[a] Based on your reading of the transcript, do you agree with the
specific reserves established by the credit manager for Distinct Beer
Distributor, Eagle Beverage Group, and Golden Holdings? If yes
why? If no what do you believe the specific reserves should be and
why?
16. [b] Based on your reading of the transcript discussion, would you
have any concerns with other aspects related to the reporting of
revenues and accounts receivable? Explain your answer.
[c] Based on the information you have, develop an estimate of the
account balance for the allowance for bad debts and compare your
expectation to the client’s estimate summarized in Schedule B for the
allowance for bad debts. Does the amount you estimated agree with
the client’s estimate in Schedule B? If it does not agree, by how much
does it differ and is that difference material?
[d] Determine the adjusting journal entry(ies) needed, if any, to
adjust management’s estimate of the reserve to your audited estimate
and post your entries in the Adjustments column in Schedule A.
[e] Based on your reading of the professional standards in
requirement 1 above, what additionalprocedures would you need to
perform to conclude on the adequacy of the allowance for bad debt?
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ACC 546 Case 10.4 and 10.5 Southeast Shoe
Distributor, Inc(Score 100%)
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Week 5 Team Assignment Case 10.4 and 10.5 Southeast Shoe
Distributor, Inc.
10.4 [2] Complete steps 1a-i from the audit program E 1-1
[3] Complete step 4a from the audit program E 1-1
10.5
[1] Complete audit procedure 3a listed on audit program E 2.
[2] Document your adjusting entries for any observed misstatements
that you propose on schedule E 11. Then update the accounts payable
lead schedule on audit schedule E 10
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ACC 546 Case 11.1 The Runners Shop
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Week 6 Team Assignment, 1 Instructions: Review case 11.1 The
Runners Shop p.379-391.
18. CASE 11.1 The Runners Shop Briefly answer, required questions
related to this case: 1-3 with approximately 30 to 45 words.
REQUIRED
[1] Describe the purposes of audit documentation and explain why
each purpose is important.
[2] Review Green and Brown, LLP’s audit documentation guidelines
and explain why an audit firm would want to include each of the listed
items in its audit documentation.
[3] Review the audit documentation prepared by Green and Brown,
LLP, related to TRS’s Notes Payable and list deficiencies on the
enclosed schedules.
Will not accept plagiarized work from other sites, I could have done
the same thing.
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ACC 546 Case 12.1 EyeMax Corporation
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Case 12.1 EyeMax Corporation – evaluating audit differences
19. Assume that you are the auditor responsible for the EyeMax audit. It
is now March 30, and all planned
fieldwork has been completed. Recall that total financial statement
materiality has been set at $625,000.
Taking into account the information provided, please answer the
following question.
[1] Which of the following three alternatives best describes the
conditions under which you
would issue a clean opinion for EyeMax? (select one) ____
a. I would not be willing to issue a clean opinion even if EyeMax is
willing to make adjustments
for items on the Summary of Unadjusted Misstatements. ____
b. I would be willing to issue a clean opinion without any
adjustments. ____
c. I would be willing to issue a clean opinion only if EyeMax is willing
to make some adjustments
to their financial statements for items on the Summary of Unadjusted
Misstatements. Briefly explainyour choice:
[2] If you selected options “a” or “b” in question 1, assume now that
the client has decided that
they will make an adjustment of up to $250,000 to their financial
statements. Please decompose the
total adjustment you would recommend into the individual account
classifications included on the
Summary of Unadjusted Misstatements in the space provided below
(e.g., what adjustment would you
require for warranty expense, repair and maintenance expense, etc?
The dollar values of your individual
account adjustments should sum to no more than $250,000).
If you selected item “c” in question 1, what is the minimum total
adjustment that you would
require before issuing a clean opinion? $________________Please
decompose this total adjustment into
the individual account classifications included on the Summary of
20. Unadjusted Misstatements in the
space provided below (e.g., what adjustment, if any, would you
require for warranty expense, repair and
maintenance expense, etc? The dollar values of your individual
account adjustments should sum to your
required minimum adjustment). Please briefly explain your decisions:
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ACC 546 Case 12.2 Auto Parts. Inc
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Case 12.2 Auto Parts. Inc. – materiality and evaluating accounting
policies and footnote disclosures
[1] Describe whether you agree that capitalization of the tooling
supplies is the preferable method of accounting for Auto Parts, Inc.
[2] In general, how do auditors develop an estimate of financial
statement materiality? For Auto Parts, Inc., what is your estimate of
financial statement materiality? Are there qualitative factors that
might impact your decision about the materiality of the accounting
treatment and the related disclosure?
[3] Assuming the policy change is considered material, how should it
be reported and disclosed in the 2014 financial statements and what
21. would be the effect, if any, of the accounting change on the auditor’s
report?
[4] Do you concur with management’s assessment that the accounting
change is immaterial and, therefore, requires no disclosure? Why or
why not?
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ACC 546 Case 12.4 Surfer Dude Duds, Inc
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ACC 546 Case 12.4 Surfer Dude Duds, Inc
[1] What are Scott’s options?
[2] How might a going-concern explanatory paragraph become a
“self-fulfilling prophecy” for Surfer Dude?
[3] Discuss the importance of full and accurate auditor reporting to
the public, and describe possible consequences for both parties if the
going-concern explanatory paragraph and footnote are excluded.
How might Scott convince George that a going-concern report is in
the best interests of all parties involved?
22. [4] What potential implications arise for the accounting firm if they
issue an unqualified report without the going-concern explanatory
paragraph?
[5] What factors might motivate Scott to be objective in his decision,
despite his personal concern for his friend?
[6] Is it appropriate for an audit partner to have a friendly personal
relationship with a client? At what point could a personal
relationship become an independence issue?
[7] In your opinion, what should Scott do? Briefly justify your
position and explain how you would approach George on Monday.
PROFESSIONAL JUDGMENT QUESTIONS
It is recommended that you read the Professional Judgment
Introduction found at the beginning of this book prior to responding
to the following questions.
[8] How is professional skepticism related to professional judgment?
Describe a few factors that might be clouding Scott’s professional
skepticism.
[9] Consider the judgment trap of solving the wrong problem. What
are some problems that Scott is trying to solve? What is the problem
he should be trying to solve? Describe how he might reconcile the two
objectives so that the problem becomes simpler to resolve?
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ACC 546 Individual Assignment 1.1 Ocean
Manufacturing, Inc
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2. What nonfinancialmatters should be considered before accepting
Ocean as a client? How important are these issues to the client
acceptance decision? Why?
5. (A). Prepare a memo to the partner making a recommendation as
to whether Barnes and Fischer should or should not accept Ocean
Manufacturing, Inc. as an audit client. Carefully justify your position
in light of the information in the case. Include consideration of
reasons both for and against acceptance and be sure to address both
financial and nonfinancialissues to justify your recommendation.
6. (A). How might the confirmation tendency affect the client
acceptance decision?
6. (B). How might the overconfidence tendency come into play in the
client acceptance decision?
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ACC 546 Individual Assignment Case 5.3 Red
Bluff Inn & Cafe
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[1] What are your two biggest concerns relating to possible fraud for
the café part of the business? For each concern, generate two or three
controls that could effectively reduce risk related to your concerns.
Use common sense and be creative!
[2] What are your two biggest concerns relating to possible fraud for
the motel part of the business? For each concern, generate two or
three controls that could effectively reduce risk related to your
concerns. Use common sense and be creative!
[3] Describe the potential impact of your proposed controls on the
morale of the couple in charge of the day-to-day operations. How
might Francisco deal with these concerns?
[4] Briefly describe the impact each proposed control would have on
the efficiency of running the business. Are the controls you generated
both effective and efficient?
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ACC 546 Individual Assignment Case 5.6
SarboxScooter, Inc.
.
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Part A
1. According to AS5:
a) What should the auditor consider when determining whether an
account should be considered significant?
b) What qualitative factors might cause an account that is
otherwise relatively small quantitatively to be considered significant?
c) What qualitative factors might cause an account that is greater
than materiality to be considered not significant?
2. Auditing standards require the identification and testing of entity-
level controls. What are examples of entity-level controls? What are
the auditor’s responsibilities with respect to evaluating and testing a
client’s period-end financial reporting process?
Part B
1. What are the definitions of a control deficiency, significant
deficiency, and material weakness as contained in AS5? Which, if
any, of these deficiency categories must the external auditor include
in the audit report?
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26. ACC 546 Individual Assignment Evaluating the
Case Against Lehman Brothers
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ACC 546 Individual Assignment Evaluating the Case Against Lehman
Brothers
The Case Against Lehman Brothers”. Write a 750- to 1,050-word
evaluation. Analyze and then summarize the responsibilities and
failings of the firm, the firm’s accountants, and government
regulators.
Provide an update in the case against the firm, its top executives, and
accountants.
Apply what you learned to your current or future profession. How will
you integrate this knowledge to make you a better employee
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ACC 546 Laramie Wire Manufacturing
Assignment
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ACC 546 Laramie Wire Manufacturing Assignment
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ACC 546 Week 1 Assignment Avoiding Bias
Paper
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Avoiding Bias Paper - Assessment Activity - Week1 - ACC/546 -
eCampus
Read the pages 1-9 section of Professional
Judgment and distinguish the four tendencies toward professional
judgment bias:
1. Availability Tendency
2. Confirmation Tendency
3. Overconfidence Tendency
28. 4. Anchoring Tendency
In a paper 750 to 1,050 words, evaluate how an auditor can avoid
these bias traps. For the remainder of the course and subsequent
assignments, continue to consider and utilizeyour understanding
ofthese biases.
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ACC 546Case 4.1 Enron Corporation &
Andersen, LLP
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1)What were the business risks Enron faced, and how did those risks
increase the likelihood of material misstatement in Enron’s financial
statements?
2) In your own words, summarize how Enron used SPE’s to hide
large amounts of company debt
(a) What are the responsibilities of a company’s board of directors?
(b) Could the board of directors at Enron-especially the audit
committee-have prevented the fall of Enron?
29. (c) Should they have known about the risks and apparent lack of
independence with the Enron’s SPEs? What should they have done
about it?
(a) Explain how “rule-based” accounting standards differ from
“principle-based” standards.
(b) How might fundamentally changing accounting standards from
“bright-line” rules to principle-based standards help prevent another
Enron-like fiasco in the future?
(c) Some argue that the trend toward adoption of international
accounting standards represents a move toward more “principle-
based” standards. Are there dangers in removing “bright-line” rule?
What difficulties might be associated with such a change?
(a) What are the auditor independence issues surrounding the
provision of external auditing services, internal auditing services, and
management consulting services for the same client?
(b) Develop arguments for why auditors should be allowed to perform
these services for the same client.
(c) Develop separate arguments for why auditors should not be
allowed to perform non-auditservices for their audit clients. What is
your view, and why?
(a) A perceived lack of integrity caused irreparable damage to both
Andersen and Enron. How can you apply the principles learned in
this case personally?
(b) Generate an example of how involvement in unethical or illegal
activities, or even the appearance of such involvement, might affect
your career.
30. (c) What are the possible consequences when others question your
integrity? What can you do to preserve your reputation throughout
your career?
7) Enron and Andersen suffered severe consequences because of their
perceived lack of integrity and damaged reputations. In fact, some
people believe the fall of Enron occurred because of a form of “run
on the bank.” Some argue that Andersen experienced a similar “run
on the bank” as many top clients quickly dropped the firm in the wake
of Enron’s collapse. Is the “run on the bank” analogy valid for both
firms? Why or why not?
8. Why do audit partners struggle with making tough accounting
decisions that may be contrary to their client’s position on an issue?
What changes should the profession make to eliminate these
obstacles?
9. What has been done, and what more do you believe should be done
to restore the public trust in the auditing profession and in the
nation’s financial reporting system?
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