Homework Answers
1. An accountant specializing in government accounting can do the job for the county.
2. SEC should hire a forensic accountant for the job to unearth the frauds.
3. An external auditor must be hired for the job prior to the issuance of the financial statements to the public.
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You should refer to the "Specialties in Accounting" topic in your textbook on pages 4 and...
Option #2: Bernie Madoff Reference the Scam of the Century?: Bernie Madoff and the $50 Billion Heisto video. A Ponzi...
Option #2: Bernie Madoff Reference the Scam of the Century?: Bernie Madoff and the $50 Billion Heisto video. A Ponzi scheme occurs when a fraudster uses deposits of new investors to payoff previous investors; no real investing is happening. A Ponzi scheme will collapse if new clients don't invest, or their investments are too small to fund a decent return to previous investors. Ponzi schemes are based on trust and greed. The fraudster develops trust by building a relationship with...
Question 5 (20 marks)Your firm, WWW LLP, is the auditor of Walnut Ltd. The auditor’s report...
Question 5 (20 marks)Your firm, WWW LLP, is the auditor of Walnut Ltd. The auditor’s report below was drafted by Beanie Junior, a staff accountant at the firm. Walnut Ltd. is a publicly-held company (incorporated under the Canada Business Corporations Act and traded on the Toronto Stock Exchange) with a year end of December 31, 2018. The report was submitted to the engagement partner who reviewed the audit working papers and properly concluded that an unmodified opinion should be issued....
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Please read the attached case: Navistar International and prepare answers to the following four questions In...
Please read the attached case: Navistar International and prepare answers to the following four questions In a bizarre twist to a bizarre story, on October 22, 2013, Deloitte agreed to pay a $2 million penalty to settle civil charges—brought by the PCAOB—that the firm violated federal audit rules by allowing its former partner to continue participating in the firm’s public company audit practice, even though he had been suspended over other rule violations. The former partner, Christopher Anderson, settled with...
I need help Principles of Professional Conduct Responsibilities--in carrying out their responsibilities as professionals, members should...
I need help
Principles of Professional Conduct Responsibilities--in carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgments in all their activities. The public interest --Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism Integrity - To maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity. There are six fundamental principles that...
A non-public company, has asked your CPA firm to audit the complete financial statements for Year...
A non-public company, has asked your CPA firm to audit the complete financial statements for Year 2. Your partner has recently asked you to draft an engagement letter for this engagement. This is your first engagement letter and you have referenced other engagement letters as a starting point for drafting the engagement letter. From the list of statements below, click in the associated cell and select the statement that most likely would be included in the engagement letter. You may...
Assume that you are auditing Paradox, Inc., a manufacturer of hand-held personal digital assistants (PDAs). The...
Assume that you are auditing Paradox, Inc., a manufacturer of hand-held personal digital assistants (PDAs). The following is information that you have extracted from the audit working papers. • The market for PDAs is very competitive with several companies battling for market share, which in turn has put downward pressure on profit margins. • Rapid advances in technology have further reduced the product life cycle. In the race to remain competitive a number of companies, including Paradox, have significantly increased...
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Case Study 2 Improper accounting for sales Outline of the case You are one of three...
Case Study 2 Improper accounting for sales Outline of the case You are one of three partners in a firm of accountants. Five years ago the firm was appointed as external accountants to a young successful and fast-growing company, engaged to prepare year end accounts and tax returns. The business had started trading with a handful of employees but now has a workforce of 200, while still remaining below the size of company requiring a statutory audit. Due to your...
The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the...
The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the needed changes/additions directly on the Engagement Letter. LILTS BERGER & ASSOCIATES 4-1 Certified Public Accountants CW 11/23/2018 Ocean City, Florida 33140 October 30, 2018 Mr. Donald Phillips, President 36 Clearwater Lake Road Ocean City, Florida 33140 Dear Mr. Phillips: You have requested that we audit the financial statements of Oceanview Marine Company, which comprise the balance sheet for December 31, 2018, and the related...
Option #2: Bernie Madoff Reference the Scam of the Century?: Bernie Madoff and the $50 Billion Heisto video. A Ponzi scheme occurs when a fraudster uses deposits of new investors to payoff previous investors; no real investing is happening. A Ponzi scheme will collapse if new clients don't invest, or their investments are too small to fund a decent return to previous investors. Ponzi schemes are based on trust and greed. The fraudster develops trust by building a relationship with...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
I need help
Principles of Professional Conduct Responsibilities--in carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgments in all their activities. The public interest --Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism Integrity - To maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity. There are six fundamental principles that...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Case Study 2 Improper accounting for sales Outline of the case You are one of three partners in a firm of accountants. Five years ago the firm was appointed as external accountants to a young successful and fast-growing company, engaged to prepare year end accounts and tax returns. The business had started trading with a handful of employees but now has a workforce of 200, while still remaining below the size of company requiring a statutory audit. Due to your...
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