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.
The consultation involves a determination on whether financial statement reporting follows regulations and guidelines established in the Sarbanes-Oxley Section 404. The consultation also includes identity of internal risks detected within Apollo Shoes. A brief synopsis of our responsibility concerning the detection and reporting of fraudulent activity follows at the end of this engagement letter. Sarbanes-Oxley Section 404 An integral part of a financial audit includes an evaluation of the internal controls in the company's financial reporting. As an auditor, understanding and testing internal control over financial requires knowledge of standards applicable to the corporation established by GAAP or IFRS.
| SOX was enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. | GLBA | The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit the practice of pretexting (accessing private information using false pretenses). The Act also requires financial institutions to give customers written privacy notices that explain their information-sharing practices. | GLBA helps to protect private financial information of financial institution’s customers. | HIIPA | This act gives the right to privacy to individuals from age 12 through 18.
Going concern principle: The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless the evidence shows that it will not continue. Objectivity principle: The accounting guideline that requires financial statement information to be supported by independent , unbiased evidence rather than someone’s opinion; objectivity adds to the reliability, verifiability, and usefulness of accounting information. Cost principle: The accounting principle that requires financial statement information to be based on actual costs incurred in business transactions; it requires assets and services to be recorded initially at the cash or cash equivalent amount given in exchange. Revenue recognition principle: Provides guidance on when revenue should be reflected on the income statement; the rule states that revenue is recorded at the same time it is earned regardless of whether cash or another asset has been exchanged. Business Organizations Single proprietorship: A business owned by one individual, which is not organized as a corporation; also called a sole
* http://www.thecompleteuniversityguide.co.uk/london-school-of-economics | The skills and experience I will gain through studying business accountants is that with my extra curriculum, the degree will help me stand out and beat my competitors in the workplace. The activities will involve part-jobs, attending special lecture or voluntary work. After I finished I would have gained employed in a range of jobs such as HR management, business operations and financial management. Therefore University of London School of Economics and Political Science requires 280 traffic point and BTEC National Diploma (18units). As this course will require a 3 year as a full-time student and the qualification you will be working towards is a BA (Hons).
2-7. Who is responsible for establishing audit ing standards for audits of public companies? Who is responsible for establishing auditing standards for audits of private companies? Explain. The Public Company Accounting Oversight Board (PCAOB), is reposible for establishing auditing standards for audits of public companies. The PCAOB was established by the Sarbanes-Oxley Act and appointed and overseen by the Securities and Exchange Commission (SEC).
“Determined by the FASB, U.S. generally accepted accounting principles are standards that determine how accountants in the U.S. conduct and format their reports. Accounting records must be seen by a number of people outside of the organization for transparency purposes. If each company created its own accounting reporting methods, comparing financial statements would be inefficient and hiding information would be easier. According to the FASB, entities such as the U.S. Securities Exchange Commission and the American Institute of Certified Public Accountants recognize FASB's authority to set standards.” There are some simple objectives in which a company
The Requirements For and Expectations of a Career in Accounting Melanie Henke Everest Online CCI SLS1105-106 June 19th, 2012 The Requirements For and Expectations of a Career in Accounting My career of choice is audit CPA. An audit CPA is an individual who has completed all state requirements and passed the Unified CPA exam who specializes in checking the financial statements and records of corporations or governments.I have not yet determined if I want to work for an accounting firm or open my own accounting service. No matter how I choose to practice, many of the requirements and expectations remain the same. Some common characteristics of successful accountants include punctuality, courteousness, honesty, integrity, self-confidence, a positive attitude, and a well groomed appearance (essortment.com, 2012). To be a successful accountant requires some sales, communication, and synthesizing skills.
When I first chose this as my major four years ago, I did not have a clear goal. After four years in college, there is no doubt that Finance is the area that I want to pursue graduate studies in and Boston College is the institution. My short-term career goal is to work as a business consultant in an investment bank that has a global presence, such as Morgan Stanley. In the long-term, I expect that I can be transfer to the China branch of the company; and it is one of the reasons that I prefer globalized companies. My short-time internship experience in Bank of Nanjing gave me the chance to know about how the investment-banking department operates, and it interested me.
The abacus was created about 5,000 years ago, to do basic calculations such as addition and subtraction (The history of, 2010). Accounting is very different today; I am only limited by my education and experience. To start my career in accounting the first step is to gain my associates degree. Once I have my degree I would like to acquire my Certified Public Accountant (CPA) license. Growing a business in accounting will take special characteristic, like self-confidence, but not over barring, integrity, time, patience, and organization (Cohn, M.).