This would not be the case for ABC because the financial statements are not accurate and the do not follow all of the accounting rules and regulations set forth by GAAS and GAAP. 2. Unqualified opinion with an explanatory paragraph – This is an unqualified opinion along with a paragraph that includes further explanation of the auditor’s opinion. 3. Qualified opinion – This opinion states the auditor’s concerns or doubts concerning the reliability in different areas of the financial statements (Mintz & Morris, 2011).
That would be due to that the fact that the inspections were to have been assumed to be passed during the work. The main focus of the case is whether or not the Estelle’s made their complaints known throughout the process. If the complaints were made known and Allen then decided to ignore the complaints and go about his own building plans then he could be held liable for this tort. However, if Allen was completed the work under the assumption that he had been passing the periodic inspections without any complaints then his corporation should not be liable because their work was assumed to be correct and acceptable until the end. “A corporation is a creature of statute, an artificial “person.” Most states follow the Model Business Corporation Act (MBCA) or the RMBCA that are model corporation laws.” Corporation is owned by the shareholders and managed by a board of directors.
True 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. False 3. The primary governmental body that has influence over the FASB is the SEC. False 4.
Another element that must be established beyond a reasonable doubt so as to secure a conviction is that When the US government provides any section of money or property that is essential or demanded, or the state decides to return a contractor, grantee or recipient the requested or demanded money, false claim documents do not need to be submitted directly to the government as the provision virtually covers everything that is of value. 5. Lastly, the false claim is also founded on the element an individual has possession, custody, or control of a property or money used by the government, and lastly, intending to defraud the government. 2. HIPAA privacy standards were designed to accomplish what three broad objectives?
This also decreases fraud by ensuring that many different people in different departments are handling company business. Segregation of Related Activities states that making one individual responsible for related activities increases the potential for mistakes. This again decreases the potential for fraudulent activity. Segregation of Record Keeping from Physical Custody states that the accountant should never have physical custody of an asset nor should they have access to it. In addition, the custodian of the asset should not have access to accounting records.
Segregation of duties. The concept underlying segregation of duties is that individuals should not be put in situation in which they could both perpetrate and cover up fraudulent activity by manipulating the accounting records” (Knapp, Rittenberg, Johnstone, & Gramling, 2011, p.205). Duties within a function of a charitable organization should be separated so that one person does not perform processing from the beginning to the end of a process. The principle of segregation is important with regard to both income and expenditure, and capital transactions. Organizations should ensure that no single individual is responsible for receiving, recording, securing and depositing incoming funds, or writing and signing checks (Cuomo, 2005).
(1) Prejudicial exemption and public information－J.P. Morgan concerns that the ED doesn’t make clear exemption from disclosing information that may do harm to companies. (2) Attorney-client privilege－J.P. Morgan thinks that the existing disclosing requirement of claim amounts is generally appropriate. Too much additional information of claim amounts would allow the opposing parties to use this information and waive attorney-client privileges.
The seal must be kept in a locked and secured area, under the direct and exclusive control of the notary public, and must not be surrendered to an employer upon termination of employment, whether or not the employer paid for the seal, or to any other person. Because of the legal requirement that the seal be photographically reproducible, the rubber stamp seal is almost universal. However, notaries public may use an embosser seal in addition to the rubber stamp. The legal requirements for a seal are shown below. (Government Code section 8207) The seal must: • Be photographically reproducible when affixed to a document; • Contain the State Seal and the words “Notary Public”; • Contain the name of the notary public as shown on the commission; • Contain the name of the county where the oath of office and notary public bond are on file; • Contain the expiration date of the notary public’s commission; • Contain the sequential identification number (commission number) assigned to the notary public, as well as the identification number assigned to the seal manufacturer or vendor;
Every company distributes a product or service to a customer. When that customer uses the product or service, it is not under the pre-text of buyer beware (Jennings, 2006). This type of thinking is not occurring in the business world nor when the case gets to the court system. Regulatory agencies are available to ensure that compliance with rules and regulations are maintained. But keeping up to date with the regulations does not eliminate the liability involved.
The states cannot pass bills of attainers, enter into any treaties, and enacting ex post facto laws and laws impairing the obligated contract (Hornberger, 2005). This is why our system has lasted so long laws can be enacted within states as long as they do not cut the governments