Week 2 Individual Text Assignment Week 2 Individual Text Assignment Ch. 1: Comprehensive Question 1-23 Organizations associated with the public accounting profession 1-23 (Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. Required: Indicate the organization or organizations associated with each activity. 1.
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
Merliss wants to be sure that all reporting for this transaction is proper and transparent. The company asks you to research disclosure requirements related to its capital structure. A) Identify the authoritative literature that addresses disclosure of information about capital structure. Statement of Financial Accounting Standards (SFAS) No. 129 This statement sets standards for disclosing information about an entity’s capital structure.
Merliss wants to be sure that all reporting for this transaction is proper and transparent. The company asks you to research disclosure requirements related to its capital structure. A .Identify the authoritative literature that addresses disclosure of information about capital structure. Statement of Financial Accounting Standards (SFAS) No. 129 This statement sets standards for disclosing information about an entity’s capital structure.
# 1-23 Question from Modern Auditing Textbook ACC/491 March 20, 2013 1-23 Question from Modern Auditing Textbook 1-23 (Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. Required Indicate the organization or organizations associated with each activity. 1. License individuals to practice as CPAs.
Internal Controls XACC/280 October 7, 2012 Vaunda Davis Internal Controls Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Internal Controls are needed to ensure the proper account of revenue under the guidelines of GAAP .These controls are aimed at ensuring compliance with revenue recognition guidelines and safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control. There are six principles of internal controls. These control principles establish responsibility, using physical, mechanical, and electronic controls; segregate duties, and perform independent internal
This determines whether requirements for specific agreements are maintained to be in compliance with specific needs. This can minimize a costly error if not items are not followed to agreed upon measures. An example can me requirements established when a note was developed with a national bank. Lastly, the most widely known type of audit is of the financial statements, these are reviewed and compared to the Generally Accepted Account Procedures (GAAP). This allows outside investors and shareholders to maintain confidence in your company.
Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
1. Why do organisations need accurate and timely financial information? What information is required to manage the organisation’s finances? Who is usually responsible for an organisation’s financial management? Organisations need accurate and timely financial information as this information is analysed to produce information that can be used by management and employees in the organisation.
The notes to the financial statements provide basic details about the statements, on the Marriot International, Inc’s 10-K provided detailed & extensive notes. These notes explain important aspects not shown with financial numbers and calculations, allowing investors to fully understand the reasons for certain strategies taken by the company. Notes