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Kirk Kennedy works as a security guard at TOWN parking in Des Moines. Kennedy has a master key to the cash box where customers pay for parking.
Gary Chapman Construction policy calls for construction supervisors to request the equipment needed for their jobs.
Explain how these threats impact on the Auditor's independence and any other implications for yourself and your firm.
Professional Judgment and Professional Skepticism - Is there a difference? Explain.
Analyze the actions taken by Cardillo's outside auditors and evaluate the level of efficiency of the audit risk management .
Explain how the data breach occurred and what could have been done to prevent the breach/fraud from occurring.
What internal controls can be implemented using information systems to safeguard an organization's electronic assets?
If the error is not corrected in the current year and is discovered by the auditors during the following year's audit, how will the error be reported.
Comment on materiality implications of the Sarbanes-Oxley Act as it relates to control weaknesses.
Accountants (auditors) are often included as defendants in lawsuits that relate to the financial statements. Speculate as to why this is the case.
Will forward-looking statements as provided by the Private Securities Litigation Reform Act aid users of financial reports in decision making?
The Board also censured two former partners in the firm, finding that they participated in the misconduct but noting that they promptly alerted the PCAOB .
Land is listed on the balance sheet at its market value of $1,000,000. It cost $670,000 to purchase 12 years ago.
Comment on the responsibility of private companies under the Sarbanes-Oxley Act.
Accounting reports must be accurate in order to serve a useful function. Discuss.
Assume that the accounting report was prepared using generally accepted accounting principles.
Describe prohibited activities of the independent auditor. Can the independent auditor perform tax services for an audit client?
The charter provided an objective of assessing the regulatory system for smaller companies under the securities laws of the United States .
What is the purpose of the SEC's integrated disclosure system for financial reporting?
Will the accountant express an opinion on reviewed financial statements? Describe the accountant's report for reviewed financial statements.
Under Sarbanes-Oxley, the auditing firm will include which two reports with the audited statements?
You see that the company has changed from the straight-line to the double-declining-balance depreciation method at the beginning of the year.
Discuss whether the actions of the Department of Justice were fair with regard to the employees of Arthur Andersen.
During the investigation, assess the most significant red flags which would have been an indication of possible fraud needing corrective action by management.
Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws.