5. The confidentiality agreement did limit the scope of the audit performed on ZZZZ Best. It is the job of the auditor to obtain sufficient and appropriate evidence. When Ernst & Whinney were not allowed to follow-up with anyone involved in the restoration process that limited their ability to gather evidence. The company should have been able to follow up with all venders and customers to attest to the validity of the financial statements and they were not able to do this and not able to gather the “appropriate and sufficient evidence” needed.
BYP 1-6 (a) Who are the stakeholders in this situation? The stakeholders in this situation would be the vice-president of finance, the president of Robbin Industries, Wayne Terrago, and the users of Robbin Industries’ financial statements. Each of these stakeholders will be affected by any choices Robbin Industries make that affect the company’s financial statements. These individuals each have something to lose by the company providing falsified or inaccurate financial statements (Weygandt, Kieso, & Kimmel, 2010). (b) What are the ethical issues involved in this situation?
In addition, if a CEO/ CFO do not meet these requirements they can be criminally sanctions; which could include jail time reach up to 20 years if found guilty of willful neglect. Furthermore, a CEO/ CFO must understand the implications of section 303 in that improper influence or misleading of auditors can also render finical statements misleading, it is therefore to the CEO/CFO’s advantage to hire and retain highly capable and ethical auditors to ensure the company’s accuracy financial reporting, it is the CEO/CFO’s responsibility to set up “internal control over financial reporting” (White & Case LLP, 2003). The auditors responsible must ensure the internal controls
The responsibilities of an audit partner in an accounting firm is to review the accounting actions performed by their client and notify them of any corrections that are required. The CFO of a large public company should oversee all of the company’s finances so that it is steered in the right direction. The audit partners role is weighted heavier in that their responsibility is to the public, not just one company. If the CFO is unable to do his/her duties, then the audit partner should find and report those inaccuracies. The stress of the audit partner is tremendous and choosing that profession is one that I would prefer not to undertake.
The final account that is on the balance sheet under the net assets and fund balances of the balance sheet would be the unrestricted net assets account. This account can be a target for the organization for an intentional misstatement because they could show that they have more assets that are unrestricted when realistically they could be restricted. Being able to show the difference would involve a detailed inspection. The auditor should do analytical procedures and substantive tests in order to detect these
There are several ways to prevent overdue accounts. Some ways to prevent an overdue receivable account is You can check the credit history of the customer to see what their repayment history looks like. Review the credit references and give them a call to see if the customer is in good standings with their other accounts. The credit reports shows historical payment data, bankruptcy records, any lawsuits, liens and court judgments against a company, and a risk rating that predicts how likely a customer is to pay their bills. If the customer does have bad credit then it’s up to you to take the chance and offer your services.
(20 points) MGMT 303 Week 6 Case Study Case Study This week, you will be playing the role of a senior manager whose business is growing and is considering bringing on additional staff. However, the HR manager has suggested hiring potential employees on a temp-to-perm basis. Many organizations are recruiting permanent employees using this policy. Read the case: “The Temptations of Temping.” See the case toward the end of Chapter 14. After reading the case, answer Questions 1, 2, and 3.
"This agreement gives us the chance to fix what's broken." In an interview, Perrin Beatty, CEO of the Canadian Chamber of Commerce, said the additional red tape and delays "is a serious issue for businesses" and leaves firms from both countries at a competitive disadvantage to offshore competitors. "We need to have action that makes the border more transparent for legitimate travellers and for legitimate cargo," Beatty
It will tell you the companies holiday year, and what you are entitle to ( including public & bank holidays) . compassionate leave and time off for family emergencies. sick pay, reporting sickness absense It tells you your hours of works, disciplinary rules and procedures, grievance procedure and notice of termination AC2.2 my payslip shows me the companys name how much hours i have worked in that month and how much net pay i have recieved. It also shows me the amount of tax and national insurancet that has been decuted. My pay slip shows me my my tax code, national insurance number and whom i have been paid by AC2.3 The first step of a griennce procedure is to discuss the problem first if it thenhas not been resolved you can make a grievence complaint.
According to Paragraphs 7-10 of PCAOB Auditing Standard No. 12, auditor should understand the company and its environment. As far as I am concerned, the first specific factor is that the industry environment will be affected by the economy, law and technology. In the case, the government made a decision to re-regulate the industry, which made the competition fiercer. Secondly, the auditors also need to take company’s business into account, which including organization, operation and capital structure.