List and describe each of the assertions regarding each financial statement component.    

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Financial statements contain a number of assertions about account balances, classes of transactions, and disclosures.

  1. Identify who makes these assertions.
  2. List and describe each of the assertions regarding each financial statement component.     Comment on the reliability of each of the following examples of audit evidence. Arrange your answer in the form of a separate paragraph for each item. Explain fully the reasoning employed in judging the reliability of each item.Ali has copies of Kipco & Co (client) sales invoices. (Auditors’ independent computation of earnings per share.

Paid checks returned with a bank statement.

Identify five ways in which an independent audit may be beneficial to Hussain.

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Hussain, the sole owner of a small hardware business, has been told that the business should have its financial statements audited by an independent CPA. Hussain, having some bookkeeping experience, has personally prepared the company’s financial statements and does not understand why such statements should be audited by a CPA. Hussain discussed the matter with Ahmed, a CPA, and asked Ahmed to explain why an audit is considered important

  1. Describe the objectives of an independent audit refer to above case.
  2. Identify five ways in which an independent audit may be beneficial to Hussain.
  3. Describe several business situations that would create a need for a report by an independent public accountant concerning the fairness of a company’s financial statements.

Explain how risk assessment contributes to effective internal control and identify four factors that result in increased financial reporting risk.

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Management is responsible for designing and maintaining its organization’s internal control. In designing internal control, management must consider controls related to each of the five major internal control components: the control environment, risk assessment, the accounting information system, control activities, and monitoring.

  1. Management is considering controls for the following three control environment For each, describe how the factor contributes to effective internal control.
  2. Integrity and ethical values.
  3. Commitment to competence.
  • Board independence and effective oversight.
  1. Explain how risk assessment contributes to effective internal control and identify four factors that result in increased financial reporting risk.

(4 marks)

  1. Identify the five major objectives of an accounting information system.
  2. Describe the purpose of the following two types of control activities:
    1. Performance reviews.
    2. Transaction processing.

Create/research the technical specifications and number of users with the IT group’s assistance

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You are an accounting department employee of the State of Wisconsin with a love of all things technology. Because the head of your department knows you are the most technologically oriented person in the group, he has asked you to team up with the purchasing and IT departments to evaluate options for a more efficient accounting software system. The accounting system currently in use by Wisconsin is dated, and the system does not have the capability to perform data analytics. It would also be beneficial to be able to incorporate “machine learning” functionality to streamline the more routine tasks of the accounting function. And even though you didn’t need another reason to evaluate a new system, the software provider called to tell your supervisor that the technical support for your current product is being discontinued at the end of the year! This means you only have a few months to work with the cross-functional team to evaluate and price options.

Overwhelmed with the size of the task, you come up with a suggested plan of attack to present to the team at today’s meeting. The purchasing process requires that your team solicit bids via a Request for Proposal (RFP). There’s a template on the purchasing intranet site which you’ll review in a bit. The biggest challenge in front of the team, it seems, is to narrow down the list of vendors that you will submit the invitation to bid via the RFP. An internet search of vendors quickly informs you that there appear to be endless options in governmental accounting computer software applications. Every option you look at seems to be able to handle the basic accounting functionality, but from your discussion with the accounting department head, there needs to be significant improvements in efficiency and effectiveness for the new software to justify the cost of implementation. While you aren’t sure exactly what he has in mind, you know it will probably require some discussions with your teammates to develop a list of “must haves” and “nice to haves” if budget allows. In addition, you’ll need to find out from the IT group what the technical requirements are in terms of system capacity and data security. Purchasing can tell you about the RFP process as well as if there are any preferred/blacklisted vendors with whom the company has worked in the past.

With all this in mind, you head off to your meeting with the purchasing and IT guys. At the meeting, you are tasked with leading the RFP process with the support of purchasing and IT!

And the race has begun….

1.Locate a short RFP template either within Word or on a governmental entity website (note when you are looking on a government agency website, you are writing the actual RFP, not the entity bidding on the RFP). You are to prepare the RFP document to send to potential vendors.

2. Come up with 2 to 3 vendors that can provide what the department says they need in terms of capability (assume for this exercise that price is not a consideration).

3. Come up with a list of 4 “must have” and 2 “nice to have” features for the package based on feedback from your team (which should be able to be done by looking at the governmental accounting software options from different software providers on the Internet).

4. Create/research the technical specifications and number of users with the IT group’s assistance (again, these can probably be found on the software providers’ websites).

Good luck!

Paper Requirements:

Submit your RFP document and potential vendor list in a 4-page MS Word document.

Choose three not-for-profit organizations of interest to you, and locate their annual report or financial statements.

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Choose three not-for-profit organizations of interest to you, and locate their annual report or financial statements. Annual reports can usually be found on the organization’s website. Once you have ascertained that an annual report is available for these charities, go to the discussion board posting and “claim” the three organizations you will use for the assignment. (Having at least one or two backup choices is critical since there will be a few well-known organizations that will be selected early on.)

Note: If you have difficulty finding some organizations or the annual reports or financials, contact your instructor for assistance.

Once you have been approved by the instructor to proceed with your organizations, find the line item totals for the following in the financial statements/annual report:
Total revenue,
Program service expenses, and
Total expenses.
Calculate the ratio of the program service expenses to the total expenses. Keep track of the results in a chart that includes the name of the organization, the website where the financial information was found, the three items in step 2, and the calculated program expense ratio.
Post your findings on the discussion board along with your comments on the results of your work. For example, you may find an organization with a 70% ratio, and one with a 90% ratio. Is there anything you noticed in the annual report or know about the company that may have contributed to one organization having a lower ratio than the other? What about the ratio of total expenses to total revenue? Conclude your comments with the organization you would most want to contribute to if you were an interested donor.

Evaluate the factors influence following finance functions in an international context:

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The finance function of a firm is not a geospatial activity; instead, it must be capable to deal withcross border uncertainties. Therefore, firms’ financial decision often reflects realties beyond theirnational circumstances. Keeping this fact in mind; evaluate the factors influence following finance functions in aninternational context:

1.Capital structure decisions.

.Capital budgeting decisions.

.Mergers and acquisitions.

Critically analyse and evaluate the Benefits of debts.

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1.Cost-benefit analysis of debt indicates that firms should chose a debt level which minimise itscost and maximises it benefits and ultimately enhances shareholders’ wealth. Critically analyse and evaluate the:a.Benefits of debts. 4 Marksb.Costs of debts. 4 Marksc.Does optimal debt level maximise firm’s value? 2 Marks

2.Despite the empirical significance of MM theorems; firms exhibit preferences in selecting debtand equity as a source of their capital. Using any one of the following theories explain how firms makes this decision.

a.Pecking order theory.

b.Trade off-theory.

What are the primary sources and uses of cash from investing activities?

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Consider the annual reports of Apple for a period of 2 years. Using the different financial ratios, we covered in this course you are required to
1.1. Critically evaluate the financial statements individually across the 2-year period and cross-sectionally and identify their main strengths and
weaknesses,
and
1.2. Make recommendations for future improvement.
Note: Students are expected to comment on the change of company financial performance (income statement) and position (balance sheet)
during the 2-year period of examination by looking at the main accounts and how they have changed (information may be taken from the notes
to the accounts). The aim of this assignment is to familiarize students with the information content of annual reports.
From the balance sheet, income statement, statement of cash flows, and notes to the financial statements, answer the following questions.
2.1. What are the largest assets included in the company’s balance sheet? Why would a company of this type (size and industry) have a large
investment in this particular type of asset?
In a review of the company’s statement of cash flows:
2.2. What are the primary sources and uses of cash from investing activities?
2.3. Did investing activities cause the company’s cash to increase or decrease?
2.4. What are the primary sources and uses of cash from financing activities?
2.5. Did financing activities cause the company’s cash to increase or decrease?
2.6. In a review of the company’s income statement, did the company have a net income or a net loss for the most recent year? What
percentage of total revenues was that net income or net loss?
2.7. Select three items in the notes accompanying the financial statements and explain briefly the importance of these items to people making
decisions about investing in, or extending credit to, this company.
2.8. Assume that you are a lender and this company has asked to borrow an amount of cash equal to 10 percent of its total assets, to be repaid
in 90 days. Would you consider this company to be a good credit risk? Explain

Evaluate the strategy adopted the company by reference to the industrial sector in which it operates and its current position in the life cycle

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a) Evaluate the strategy adopted the company by reference to the industrial sector in which it operates and its current position in the life cycle
b) Based only on its accounts, assess the financial performance of the company with regard to the strategic position identified in part (a). Explain special items/transactions involving significant sums
c) Examining market data, forecasts and independent commentaries, assess the financial potential and risk of the company.
d) Considering the capability of the board of directors, the strategic position in (a), its progress in (b), and the market’s view in (c), form a reasoned judgement as to whether you would invest in this company.

Just need d) part, considering the capability of the board of directors.
(Total 1250 words) — Harvard Reference
You can follow the structure:
– Strategic position
– Financial progress
– Market view
– Governance principles

• The analysis must be based on its annual report.
• It is necessary to comprehensively consider the annual reports of several years (2017, 2018, 2019, 2020).
• Pay attention to the impact of COVID-19.