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. When a client will not allow the auditor to gather evidence needed to perform a correct auditor then the opinion can be affected. The auditor cannot attest to the fairness of the financial statements if the evidence is lacking or
The owner is held personally liable for any debts or obligations of the business and liabilities of any of its employees. Stock cannot be sold in the business and banks are hesitant to lend because of lack of credibility when it comes to repaying if the business fails, so raising money can be tough. * Income Taxes: The owner and the business are one in the same so the business is taxed collectively with the owner’s income. It is the responsibility of the owner to report income, losses and expenses in their personal tax form. * Longevity or continuity of the organization: The life of the business is limited to the life of the owner.
Material participation is a concept used by the law to determine what qualifies as a passive activity. A passive activity is defined as any business or trade activity that the taxpayer does not materially participate in running. Therefore, material participation as a concept helped with the difficulty in dealing with such a subjective issue. It is important to distinguish passive income from active income, since losses are treated differently under each classification on the taxpayer’s tax return. Problems:
In general, all expense reports must be supported by receipts to determine the true nature of the expenses. Expenses incurred should be related to normal business activities in order to be a deemed legitimate expense. We are concerned with lack of detail on some of the attached receipts relating to purchases made from high-end clothing and jewelry stores that we part of the Chair’s expense report. The accountant described these as “gifts” to for its volunteers, however we have not seen these types of purchases over the past years. We are aware that the Chair’s wife is also a volunteer, and these “gifts” could be for her and completely non-business related.
Even if you think it’s just 1 dollar I can take it, if everyone thought that way then everyone would take just 1 dollar and then the store would lose a lot more then just 1 dollar. So you should never steal even if it seems like it won’t make a difference every small amount of money counts. Stores have to put up with shoplifting all the time and it is something that they shouldn’t have to deal with. If everyone would understand why it is wrong to steal then shoplifting wouldn’t be as big of a problem as it is right now. It’s sad that all the effort stores go through to stop shoplifting doesn’t discourage some people from shoplifting.
In exchange for the deposit insurance provided by the federal government, depository banks are highly regulated and expected to invest excess customer deposits in lower-risk assets. Because of the Glass-Steagall Act commercial firms were not allowed to own banks
Establishing an annual Buy Nothing Day punishes everyone for the few idiots’ problems. Not everyone has a problem with consumerism. Creating a day that ‘helps’ people tackle their overconsumption problems only helps a minority of the population. And overall, it is not the governments’ job to monitor citizens’ personal problems.
It is a federal law which is known to protect one’s job although it does not pay you (Bennett-Alexander, 2007). It is Cost Club law that you cannot use sick leave to care for your children, it would be discrimination based on family relations. You can’t discriminate for or against. Cost Club will allow you the opportunity to use FMLA or prepare adequate accommodations in taking care of your children. The company does not release employees on the basis of your children being ill, although any job can dismiss an employee for missing too much work.
If the current society were based on moral principles, then there would be no need for a central bank to manage our finances. Contracts would be upheld, there would be no need for insurance policies and interest rates, and words such as “fraud” and “embezzlement” would be unknown to the human language. Unfortunately the American government does not practice moral behaviors. Members of Congress overlook these heinous acts because of the benefits they receive from it, just as the public overlooks Congress’s oversight because of the benefits that they receive from the government (loans, lines of credit, etc.). Ron Paul states very blatantly in his book “End the Fed” that “cooperation of the people, the politicians, and the counterfeiters at the Fed is based on the immorality of fraud, deceit, and ignorance
However, people should have the notion that the life does not work in the idea of "I want", but more of in the idea of "I am able to". The main factors that contribute to a person falling into debt are failure of control of ones personal finance and loans in banks with interest. The absence of control in the budget is the first step to having problems with debt and