ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client. It is expected that a CPA will not engage in an assignment without proper qualifications. Your firm has the ability to bid on two projects: the first is engagement and examination work—not consulting or audit—for a small county hospital. The second is work for a private, not-for-profit nursing home. Prepare a memo of 700-1,050 words for the senior partner.
● ● Requires codes of ethics for senior financial officers. In addition, Section 404 of the Sarbanes-Oxley Act requires public companies to attest to the effectiveness of their internal controls over financial reporting. 29. Some major challenges facing the accounting profession relate to the following items: Nonfinancial measurement—how to report significant key performance measurements such as customer satisfaction indexes, backlog information and reject rates on goods purchased. Forward-looking information—how to report more future oriented information.
The company was unable to maintain and manage the bonus incentive plan that they had in place before the crisis. The employees started to complain about the company’s policies and its situation also by underperforming, which in turn leads to low productivity. The manager Ron Bent had to figure out a way to address these problems, and come up with solutions so that the company can continue operating and supplying its clients. PROBLEM IDENTIFICATION Engstrom Auto Mirror Plant was facing the problem of not being able to keep their employees motivated in both good and bad times. The bonuses were perceived as being part of their regular paycheck, not rewards for high performance, which in long-term lead to de-motivation.
Koss Corporation Case Q1. From the Koss Corporation case, we can see that there are many aspects are not functioned properly in the accounting and internal control systems of Koss Corporation. First, the CEO’s supervision and regulation is weak, which means Michael has not fulfilled his responsibility of internal control. Sue initiate and authorize wire transfers of Koss Corp. funds to Sue’s personal creditors for over $16.3 million without requiring or obtaining Michael’s approval. And because Michael trusted Sue, Michael did not fully review the financials before approving them.
The amount of the lawsuit was $5 million. The Ethical Dilemma The ethical dilemma is that one of the principle owners of this corporation decided to move forward and not disclose the $5 million litigation for a patent infringement lawsuit against Linex Corporation. Bob Jason was instructed by the primary accounting firm that he and his partner had hired that it was proper to report the material of the lawsuit in the financial statements based on the most recent audit. Bob Jason was displeased with this because he wanted to generate capital for the corporation and felt that reporting the lawsuit material could jeopardize the confidence the corporation needed to get the capital they needed. Jason accepted bids from three other accounting firms and ultimately selected a firm that was priced lower with the understanding that they would be awarded consult work for the corporation at a later time.
It was during this time that the American Red Cross could have showed the country that they were an ethical company. However, many began to question their ethical practices because of how they responded to the crisis. As a result of this, their “benefits of business ethics” was destroyed. ARC failed to properly manage and monitor employees and volunteers which lead to the occurrence of fraudulent activities. There was also a lack of communication amongst FEMA and ARC, which contributed to slow response times in both instances (347).
This in turn further delayed the implementation of their regional and centralized inventory management system delay by ten months. Now Captiva is faced with inconsistency in their standards for operating, and their regional and centralized management system is performing poorly. This includes having major discrepancies within their inventory management system. Captiva Conglomerate has gone over budget for an operating platform that is more of nightmare than a help to its business. Lastly, the contract was written in a manner where if would be very difficult for Captiva to sue SOS.
A large number of insurance claims each year can be accredited to fraudulent claims, which cost insurers and other parties billions of dollars. Insurance fraud can range from mild to severe. A mild insurance fraud claim can involve the exaggeration of a claim while a severe claim can involve employer defrauding employee. Insurance fraud can be committed by applicants for insurance, policyholders, third-party claimants or professionals who provide insurance services to
Stearns Spring 2008 Great Depressions and the Middle Class: Experts, Collegiate Youth and Business Ideology, 1929-1941. By Mary C. McComb (New York: Routledge, 2006. viii plus 207 pp. $95.00). Languages of class and discourses about class are minefields through which historians take steps at some risk. This monograph by Mary C. McComb on how college youth and experts negotiate their class identity as "middle class" during the economic crises of the Great Depression enters this conceptual quagmire, but although she occasionally comes close to tripping a fuse, she emerges with some illuminating pathways.
Notably there is a constant high costs in employee benefit expense, a restructuring operation may be needed to deal with this situation. |2010 |2009 |2008 |2007 |2006 |2005 |2004 |2003 | |Employee benefit expense |1849 |1725 |1553 |1288 |1280 |1177 |1154 |1156 | | Another dimension to analyse