Identify at least three significant assertions, WCGWs, and explain how these assertions might be at risk. Develop an audit strategy that lists the appropriate audit procedures for each risk of the assertion.

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Identify at least three significant assertions, WCGWs, and explain how these assertions might be at risk. Develop an audit strategy that lists the appropriate audit procedures for each risk of the assertion. You may also need to use provided datasets. Although the most critical information is provided in the text, explain at what stage of the audit and using which audit procedures, an auditor would obtain this information. What special audit considerations need separate attention from an auditor?

Prepare a FLEXBLE budget that adjusts revenues and expenses given the actual level of sales activity that occurred.

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Due to global warming, demand for milk shares was much larger than expected. The amount of large milk shakes actually sold in January were 85,000 (10,000 over budget) while the amount of small milk shakes actually sold in January were 45,000 (5,000 under budget).

The budgets prepared above were planned prior to the beginning of the year and are valid for the planned level of sales activity.

If the actual level of sales activity differs from the planned level, comparing our budgets above with actual results may lead to incorrect conclusions about performance. Prepare a FLEXBLE budget that adjusts revenues and expenses given the actual level of sales activity that occurred.

Who is the best person in Dr. Conrad’s office to reconcile the bank statement? Would a bank reconciliation uncover this office fraud? What are some procedures to detect this type of fraud? Suggest additional internal controls that Dr. Conrad could implement

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Harriet Knox, Ralph Patton, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has segregated the cash receipt duties as follows. Knox opens the mail and prepares a triplicate list of money received. She sends one copy of the list to Patton, the cashier, who deposits the receipts daily in the bank. Diamond, the recordkeeper, receives a copy of the list and posts payments to patients’ accounts. About once a month the office clerks have an expensive lunch they pay for as follows. First, Patton endorses a patient’s check in Dr. Conrad’s name and cashes it at the bank. Knox then destroys the remittance advice accompanying the check. Finally, Diamond posts payment to the customer’s account as a miscellaneous credit. The three justify their actions by their relatively low pay and knowledge that Dr. Conrad will likely never miss the money.

Who is the best person in Dr. Conrad’s office to reconcile the bank statement?
Would a bank reconciliation uncover this office fraud?
What are some procedures to detect this type of fraud?
Suggest additional internal controls that Dr. Conrad could implement

Conduct research to find out one or more differences that exist between balance sheets that are prepared using U.S. GAAP and those prepared using International Financial Reporting Standards (IFRS). Explain the difference and if there seems to have been a move in recent years toward convergence of the two systems.

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In this week’s discussion, we will be looking at some of the differences between U.S. GAAP and IFRS, which is the set of accounting rules followed by just about every industrialized nation outside the U.S. While there are many similarities between the two systems, there are also some significant differences. After learning a little bit about some of the similarities and differences, reflect somewhat on how these differences might impact financial statement analysis, or if you think they actually would.

Conduct research to find out one or more differences that exist between balance sheets that are prepared using U.S. GAAP and those prepared using International Financial Reporting Standards (IFRS). Explain the difference and if there seems to have been a move in recent years toward convergence of the two systems. Finally, discuss how such a difference might have an impact on financial statement analysis, or if you believe that it would.

Evaluate the conditions and contributors affecting corruption and fraud in Saudi Arabian public enterprise. Further identify those factors preventing more rigid control measures and assesses the viability of formalized audit and control standards for mitigating future incidences of corruption.

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In the 1970s, British Ambassador Willie Morris recounted that the oil fortune in Saudi Arabia had ‘led to a corruption of character’, whereby government agents maintained a ‘corrupt interest in all contracts’, resulting in a system which ‘is at best an infernal nuisance and potentially explosive’ (Leigh & Evans, 2011).  In spite of decades of history, development, and governance, a recent report by the Al-Hayat newspaper indicated that more than 500 cases of corruption had been recorded in Saudi Arabia between 2012 and 2013, with more than 92% of Saudi nationals indicating the nepotism was the direct cause of domestic corruption (Press TV, 2014). Further, Khatib (2011) and Sullivan (2013) report that in spite of increasing oil revenues and Saudi wealth, poverty affecting between 2 and 4 million of Saudi citizens has taken a significant toll on public welfare. Following government reforms and publicized efforts to quell corruption and anti-competitive activities, particularly since the 2011 Arab Spring uprising, statistical indicators suggest that corruption remains prevalent and impactful.  With no singular solution identified for this problem, there is a need for more robust and targeted auditing and control techniques. The current study seeks to critically evaluate means and mechanisms that could be used to inhibit the effects of corruption, focusing on a diversified spectrum of auditing and control techniques that are increasingly implemented throughout the broader global community.

Prior investigation indicated a continued and increasing level of corruption prevalence and its impact on economic, political, and social sectors in Saudi Arabia. There is a need to emphasize on a critical and system-based assessment of potential reform measures within the Saudi Arabian public sector.  Thus, this research aims to critically evaluate the conditions and contributors affecting corruption and fraud in Saudi Arabian public enterprise. Further identify those factors preventing more rigid control measures and assesses the viability of formalized audit and control standards for mitigating future incidences of corruption.

Economic theory suggests that technological innovation is an important factor of economic growth. The article, on the other hand, opines that new technologies destroy more jobs than they create. Is this statement true?

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The purpose of this problem is to make you acquainted with Statistics Canada’s website. Open http://www.statcan.gc.ca/start-debut-eng.html and look for “Real gross domestic product, expenditure-based, by province and territory.” Answer the following questions based on this table.
Which three provinces had the greatest real GDP per capita in 2017?

Calculate the shares of each of these provinces in Canada’s real GDP in 2017.

Now, look for another table “Inter-city indexes of price differentials in consumer goods and services.” In which city was the consumer price index the highest in both of the years 2017 and 2018? Can you think of an explanation for that? (3 marks)

Read the article “Are jobs obsolete?” by Douglas Rushkoff, Special to CNN September 7, 2011(http://goo.gl/0aUXL).

What are the main points of the article?

One of the principles of economics is that a country’s standard of living depends on the country’s ability to produce goods and services, while one of the main points of the article suggests that productivity is no longer a goal in the U.S. because the American economy is already able to produce enough for all its people. Does the author’s opinion contradict the economic principle?

Economic theory suggests that technological innovation is an important factor of economic growth. The article, on the other hand, opines that new technologies destroy more jobs than they create. Is this statement true? (Look for extra information that might or might not support this statement.) Does this statement contradict economic theory? (14 marks)

 

Read the Powers Report, found in the Reading section of this week, and write at least a 5 page paper identifying the errors, framework for minimizing risk, and proposal for both the solution to the problem and legislation to prevent this type of situation from occurring in the future.

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Read the Powers Report, found in the Reading section of this week, and write at least a 5 page paper identifying the errors, framework for minimizing risk, and proposal for both the solution to the problem and legislation to prevent this type of situation from occurring in the future.

Your paper should include the following.

Description of the related party transactions reported on by Arthur Andersen & Co.
Description and evaluation of the flaw in the accounting firm’s logic.
Proposed checklist for special projects performed by external auditors to limit errors and risks.
Proposed rules or laws to prevent similar occurrences in the future.

 Explain the difference between the Perpetual and Periodic inventory systems and let us know why anyone would use Periodic inventory in this computerized age.

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You are an accounting student at Berkeley College and will not graduate for another year. But because of your excellent grades so far, you have been able to land a job in the purchasing department of a retailer. One of the purchasing agents in your company is negotiating for the receipt of a very large order of uninsured goods from a supplier. The purchasing agent is able to get a better deal on the goods if they are shipped FOB shipping point rather than FOB destination. The agent doesn’t know the difference between these two concepts. He also doesn’t understand why choosing one over the other should make any difference to the company. As a student of accounting at Berkeley College, you know well the difference between these 2 concepts and you know why one would be a better choice over the other in the case of uninsured goods. Explain these two concepts in this discussion and tell the purchasing agent which shipping method is preferable and why. In addition to your response, please comment to at least one classmate’s post including information from Chapter 6 in your eText.

Explain the difference between the Perpetual and Periodic inventory systems and let us know why anyone would use Periodic inventory in this computerized age.

Is there any information that you find particularly interesting or unique to this entity? What do you consider to be the most useful statistical information, and why?

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Obtain a copy of a Comprehensive Annual Financial Report (CAFR) for a state or local government for which you would have an interest. Answer the following questions regarding that report:

What information is included?
Is there any information that you find particularly interesting or unique to this entity?
What do you consider to be the most useful statistical information, and why?
Overall, do you feel that this section allows you to better understand the financial status of the governmental entity, or do you feel the information is marginal and should be eliminated?

What are some unique elements of the financial statements in comparison to those of a for-profit entity?Discuss whether it appears for-profit or non-profit companies have information requiring disclosure and/or reporting

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You will be provided the financial statements and tax return for the United Way of Connecticut covering the same fiscal year. If you wish to select another charitable organization, you must have permission from the instructor but it should serve the Connecticut area and have readily available tax and financial statements. You will then compare these tax and financial documents with those you may have seen with for-profit entities. You may refer to the EDGAR database for a publicly traded company’s financial statements if you want to re-familiarize yourself with them. You may also search for Form 1120 for a comparison for-profit tax form.
You will prepare a paper (APA format) of at least four pages but no more than ten, and a presentation of less
than eight minutes that discusses the following matters:
• What are some unique elements of the financial statements in comparison to those of a for-profit entity? Select two or three items for discussion, although many more differences exist. Considerations can include differences in the independent auditor’s report, individual financial statements, terminology and presentation differences, and unique disclosures, etc.
• What are some unique elements of the tax returns in comparison to those of a for-profit entity? Select two or three items for discussion, although many more difference exist. Considerations can include public disclosure, nature of items disclosed, classification of items, and extent of disclosures, and number of schedules, etc.
• Conclude by discussing whether it appears for-profit or non-profit companies have information requiring disclosure and/or reporting. Considering the fundamental differences between for-profit and non-profit organizations, does this make sense? Why or why not?