Merliss wants to be sure that all reporting for this transaction is proper and transparent. The company asks you to research disclosure requirements related to its capital structure. A .Identify the authoritative literature that addresses disclosure of information about capital structure. Statement of Financial Accounting Standards (SFAS) No. 129 This statement sets standards for disclosing information about an entity’s capital structure.
Finally, SAS 94 addresses the need for the auditor, and its firm, to fully understand the programming and technology that is being used for any given company. This audit is going to address the IT systems themselves and the control risk that it presents. The auditor is going to work directly with the programmers and IT department to thoroughly at the software and hardware that is being used by the organization to keep its systems and stored data secure and accessible only by those parties that have the permissions to do so (Hunton, 2004, p. 219).
Written / Oral Questions 1 - What is the purpose of the standard known as AS/NZS ISO 31000:2009 Risk Management? The purpose of the standard known as AS/NZS ISO 31000:2009 is to provide principles and guidelines on effective risk management. ISO 31000 provides a universally accepted theorem for companies implementing risk management processes to replace currently implemented strategies that vary between industries. 2 - There are a number of key provisions of relevant legislation and regulations from all levels of government that that may affect aspects of business operations, such as: ◦duty of care ◦company law ◦contract law ◦environmental law ◦freedom of information ◦industrial relations law ◦privacy and confidentiality laws ◦legislation relevant to the organisation’s operations ◦legislation relevant to operation of a business entity ◦anti discrimination legislation ◦ethical principles ◦codes of practice ◦health and safety legislation Why is it necessary to have a working knowledge of the legislation involved in business? It is necessary to have a working knowledge of the legislation involved in business to ensure that the laws protecting consumers, suppliers & workers are implemented and complied by.
JIT2 Task 1, Part C - Risk Management Recommendations for Gregory Welteroth Advertising Sharon K. Smith Western Governors University Now that there has been a Business Contingency Plan (BCP) developed for Gregory Welteroth Advertising (GWA), the plan must be executed to make certain that the BCP can be seamlessly integrated into the day-to-day operations at GWA. The primary purpose of the BCP was to spotlight concerns regarding the protection of company and client data. The principal solution that resonated throughout the BCP was to develop at least one off-premise data center in order to protect data that is deemed to be sensitive in nature. There are several considerations regarding the development of an off-premise data center. 1.
These procedures will be similar to the ones utilized in the other cycles. First, the audit engagement team will understand the internal controls to formulate the audit objectives of occurrence, completeness, accuracy, and timing. Second, the team will design tests of controls and substantive tests of transactions to meet those objectives (Arens, Elder, & Beasley, 2014). The following question will address the objective of the audit with examinations of test of controls and substantive tests of transactions: Objective Questions Test of Controls Substantive Test of Transactions Is there proper authorization for the issues of new notes Review note agreements for board of directors and executive management signatures. Review cash receipts and disbursements for large changes or unusual amounts All notes are recorded?
Discussion/analysis generally reflects adequate understanding of principles presented in course readings/materials. Where relevant, discussion/analysis employs proper APA style. Length limitations and other form/format requirements (if any) are generally followed.
This position is responsible for implementing and maintaining accounting collection policies and updating process documentation as needed. This position will also be responsible for assuring accounting transactions follow General Accepted Accounting Principles (GAAP). Job responsibilities include (but are not limited to): process documentation, cross training, preparing journal entries, reconciling ledger accounts, posting of cash, foreign tax, royalty processing, analyzing account balances, data validity, sending collections letters and working with/escalating to collection agencies when needed. We are looking for an individual who is able to identify inconsistencies and propose solutions to correct
Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows. All of which are reviewed as well to provide a complete understanding of accounting in today’s society. Accounting consists of identifying, recording, and communicating the economic events of an organization to interested users (Jerry J. Weygandt, 2008, p. 4). The purpose of accounting is to keep track of all financial events in the company for the internal users or management to make sound decisions regarding the business and also for external users such as investors
Ethics Case 1-8 Discussion should include these elements. What is the Auditors' Role in Examining Financial Statements: Auditors’ role is systematic process of objectively obtaining and evaluating the accounts or financial records of a governmental, business, or other entity based on established criteria. Auditors check to make sure that businesses are not causing any fraud actions. Who is affected? Name as many as possible.
Case 2-2. a. i. The Conceptual Framework Project is an attempt by the FASB to develop concepts useful in guiding the board in establishing standards and in providing a frame of reference for resolving accounting issues. Over the years this project first attempted to develop principles or broad qualitative standards to permit the making of systematic rational choices among alternative methods of financial reporting. Subsequently the project focused on how well these overall objectives could be achieved. The FASB has stated that it intends the Conceptual Framework Project to be viewed not as a package of solutions to problems but rather as a common basis for identifying and discussing issues, for asking relevant questions, and for suggesting avenues for research.