Premium Essay

Case 3

In:

Submitted By spunkush
Words 385
Pages 2
1) (a) Professional Skepticism is when a professional has a questioning mind, a person who does not dismiss irregularities, but aims to find more and have an informed and unbiased opinion on a subject. It helps reduce the chance of error and fraud.
(b) When Will first recognizes one of the cash transactions was never deposited in the bank, he recognized that it was an immaterial difference and that he didn’t need to look into such a small occurrence. But he uses his professional skepticism to decide to look more into the problem. Another example of Will exercising professional skepticism was when he got the $320 from Jess. He received the money he was looking for, and the excuse she used made plenty of sense at the moment. But Will stayed skeptical and looked further into the money he was handed. 2) (a) Independence in appearance is when the perception of the auditor-client relationship is impaired. Independence in mental attitude is a bit different because it deals with improper biases when auditing a company. The mind must be kept separate from any preconceived notions or biases that you may have.
(b) The Code of Professional Conduct does address the personal client relationships because it is very important to understand the auditor-client relationship due to many biases that may arise, creating an impaired independence. Family members and financial interests could influence the auditor and impair his independence.
(c) I believe that the factor that plays the greatest role in determining auditor independence would be the relationship the auditor has with the client. It is difficult to write an opinion of a client that you are friends or family with that may hurt that client’s financial status. The relaxed relationships between accountants and clients were part of the reason we saw such huge failures like Enron and WorldCom.
(d) I believe

Similar Documents

Premium Essay

Sony Playstation 3 Case Study

...Sony Playstation 3 Case analysis I. Improving Sales In the time since the release Sony has made numerous attempts at turning around sales. One of the biggest moves was to drop the price drastically. This gave a lot of consumer’s confidence to spend their money on the system. Some consumers rationalize the purchase as a reasonably priced Blu-ray DVD player. Sony also introduced a new peripheral that emulates a lot of the functionality of the Nintendo Wii’s “Wii-mote”, which will most likely sway new buyers away from Wii. Sony has also built a library of very popular games that was a major weak point at the time around release. While many of these moves are a step in the right direction, they were almost expected. For Sony to truly bring back the following they once had with the Play Station 1 and 2, they need to go back to the fundamental mentality of game content. Many of the popular games are now released for all three systems (PS 3, Xbox, Wii), which makes the unique value of having PS3 limited. Sony needs to help developers create highly unique and innovative games that are exclusive to the Playstation 3. While there are a handful of name titles that are sole residents on the PS 3, they do not have the ability to build the brand loyalty in game products that PS 3 needs to convert consumers. Wii has also created opportunity in the market, as they have expanded the consumer market drastically. Sony needs to capitalize on this by creating an alternative brand...

Words: 1138 - Pages: 5

Premium Essay

Case Study 3-5

...Candace Dymally 15 September 2015 Professor Miller ACC 4321 Case Study 3-5 International versus U.S. Standards Financial information presented in financial statements require key elements that make it valuable to users to derive meaningful conclusions about the trends in an entity's financial performance and position over time. The conceptual framework categorizes these elements into fundamental or enhancing qualitative characteristics, depending on how they affect the decision usefulness of information. One of the qualitative characteristics stated is comparability. For accounting information to be comparable, accounting standards and policies must be applied consistently from one period to another and from one region to another. In this case, the financial statements of a company operating in Australia would comparable to a U.S. company’s financial statement. IASB is attempting to bridge the gap between U.S. GAAP and international accounting principles which would make it easier for companies to interact with one another despite the location. Reliability is another characteristic of financial accounting information. Information is reliable when a user can depend upon it to be materially accurate and faithfully represent the information that it claims to present. Significant misstatements or omissions in financial statements reduce the reliability of information contained in them. The amounts reported by U.S. companies for property, plant, and equipment would...

Words: 288 - Pages: 2

Free Essay

Case Study 3-6

...Case Study 3-6 2/19/2012 After the company found out what Jones had been doing it is their responsibility to confront the employee. OHSA should then be called to come and inspect the break room as well as the coffee pot. After, their investigation they need to then let all employees know if they have come into contact with the coffee so if they had drank it they would know. In the case of O’Connor vs Ortega this would be the same outcome because the health and safety of the employees would overrule Jones saying his privacy was invaded. Employees could become ill because of the unsanitary break room. So I think that the courts would rule in favor of Mustapha and Pope setting up the recording device in the break room. I do not think they should be disciplined but I do think that they should be brought in and told that the next time they feel something is going on that is wrong that they should contact OSHA. That way if there is any wrong doing there would not be any loose ends and the could do an inspections and make everything official. Educating everyone on what OSHA is there for and the consequences that employees or employers suffer if they do break the OSHA act of 1970. Also to let employees and employers know the severity of their actions whether it be a practical joke or an act of revenge.\ After seeing Jones filing and seeing that even though he may not have a lot of bad marks knowing that he was turned down for a position would be just...

Words: 332 - Pages: 2

Free Essay

Ctts Case Study Week 3

...|Milestone 1, 2, 3, 4_Week 3 Assignment | | | | | |Class Project: CSC - Coastline Systems Consulting | |Sunset Blvd, Los Angeles, CA | | | | | |IS581_Systems Analysis, Planning, and Control - 7th Edition | | | |Keller Graduate School (DeVry University) | |9/19/2010...

Words: 1716 - Pages: 7

Premium Essay

Case Study 3, Acct 504

...CASE STUDY 3—Cash Budget Template | | | | | | | | | | | | | | | | | | SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS May | June | 65,800 | | 26,850 | 62,650 | | 22,500 | 92,650 | 85,150 | | | | | | | May | June | 117,000 | | 54,000 | 81,000 | | 25,200 | 171,000 | 106,200 | | | | | | | | | | | May | June | $20,000 | $20,000 | | | 92,650 | 85,150 | 33,000 | | | 50,000 | 75,000 | 57,000 | 200,650 | 192,150 | 220,650 | 212,150 | | | 171,000 | 106,200 | 15,000 | 15,000 | 10,150 | 10,150 | 35,000 | | | 20,000 | 231,150 | 151,350 | (10,500) | 60,800 | | | | | 30,500 | | | (31,008) | $20,000 | 29,792 | | | To see all the figures look above | | | Credit Sales | | | May | June | (94000 x70%) | | 65,800 | | May(89500 x 30%), Jun (89500 x 70%) | | 26,850 | 62,650 | (75000 x 30%) | | | 22,500 | Total Cash Collections | | 92,650 | 85,150 | | | | | | | | | | | SCHEDULE FOR EXPECTED PAYMENTS FOR PURCHASE OF INVENTORY | | | Inventory purchases | | May | June | April(195000 x60%) | | 117,000 | | (135000 x 40%), Jun (135000 x 60%) | | 54,000 | 81,000 | (63000...

Words: 555 - Pages: 3

Premium Essay

Case Study 3 Cash Budget

...CASE STUDY 3—Cash Budget Template SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS Credit Sales May June April 94,000 x 70% 65,800 May 89,500 x 30% June 89,500 x 70% 26,850 62,650 June 75,000 x 30% 22,500 Total Cash Collections 92,650 85,150 SCHEDULE FOR EXPECTED PAYMENTS FOR PURCHASE OF INVENTORY Inventory purchases May June April 195,000 x 60% 117,000 May 135,000 x 40% June 135,000 x 60% 54,000 81,000 June 63,000 x 40% 25,200 Total Payments for Inventory Purchases 171,000 106,200 LBJ Company Cash Budget For the Two Months of May and June May June Cash balance $20,000 $20,000 Add: Receipts Collections from customers 92,650 85,150 Sale of plant assets 33,000 Sale of new common stock 50,000 Cash sales 75,000 57,000 Total receipts 200,650 192,150 Total Available Cash 220,650 212,150 Less: Disbursements Purchases of inventory 171,000 106,200 Operating expenses 15,000 15,000 Selling and administrative expenses 10,150 10,150 Equipment purchase 35,000 Dividends 20,000 Total disbursements 231,150 151,350 Excess (deficiency of available cash over disbursements) (10,500) 60,800 Financing Borrowings 30,500 Repayments (31,008) Ending cash balance $20,000 29,792 Please answer the three qualitative questions on the next tab called Qualitative...

Words: 251 - Pages: 2

Free Essay

Week 7- Case Study #3

...What to do with Howard? Week 7- case study #3 Synopsis: Agrigreen, Inc. is a company that manufactures a verity of agricultural fertilizer. With plants located in the western United States and Canada, Agrigreen employees are certified surveyors to make sure the quality and safety of every project is correct. Tad Pierson position at one of Agrigreen plants is a project engineer which he enjoys being. As project engineer Tad is put over the operation of the plant surveying group. Since being there Tad Pierson is becoming more aware of some performance, safety, and conflict issues within the surveyor group. These issues are beginning to escalate in and is causing Tad to become worried and concern in regards to the safety of the employees, the issues are also interfering with the production schedules leaving Tad Pierson to consider possible actions that he may need to take to resolve the issue within the organization. After receiving his surveyor’s certificate from the local civil technologies college, Howard Lineberry had gone to work for the State Highway Department as a chainman but the job hadn’t paid him very well So, when a job for a lead surveyor had opened up at Agrigreen eighteen years ago, Lineberry had been glad to get it. Howard Lineberry became a lead surveyor and has been employed with Agrigreen for eighteen years. Over the years working at Agrigreen he has been supervised by five different managers, and a total of three surveyor helpers. Over the years of...

Words: 288 - Pages: 2

Premium Essay

Amba 610 Case Study Wk 3

...Case Study: The Board Member’s Relative   The text of this case is presenting us with what, often, managers are confronted with: a dilemma, and how after all they have to struggle to make an ethically decision. This response to the conference will be approached in three different phases using two different methodologies or frameworks, and a set of questions accompanying the case study to evaluate and analyze the situation or issue presented in the case in order to make a reasonable judgment and how to proceed to make an ethical decision. The text to be analyzed throughout this discussion is “the Board Member’s Relative” case study (case). 1. Using Browne and Keeley methodology The basis for evaluating the case here is some of the steps (issue, reasons, value assumptions and conflicts or descriptive assumptions, significant omitted information, and possible conclusions) developed by Browne and Keeley (2012) in their book titled: Asking the Right Question: A Guide to Critical Thinking. -          What is the issue? What recommendation should be made? Ellie, the Purchasing manager is confused and confronted with this dilemma. -          What are the Reasons? There are many reasons why Ellie is confused about what to do. Doing the right, the ethical thing, or please her boss. The most important reasons are:          Camille’s Coverings is owned by a board member’s daughter.          Camille’s Coverings is expressly presented and its bid handed to Ellie by the CEO...

Words: 1762 - Pages: 8

Premium Essay

Part 2 of Case Study 3 in Acct504

...Part 2 of Case Study 3 in ACCT504 2. What are the three sections of a cash budget, and what is included in each section? The three major sections of a cash budget are cash receipts, cash disbursement, and financing. A cash receipt includes cash collections from customers; sales to customers, collecting on credit sales, interest made, etc. Cash disbursement is considered anything that is expected to be paid; administrative expenses, inventory purchases, taxes, etc. Financing is the part of the cash budget that is needed in case of a cash deficiency. If a cash budget falls short, the company can borrow money to make up for that amount. Repayment of the financing then also includes the interest that needs to be paid on that amount, (Weygandt, Kieso & Kimmel, 2002). 3. Why is a cash budget so vital to a company? A cash budget is a tool that can be used to manage a company’s cash. This budget will help a company stay focus by determining an appropriate budget, and help the company see if they can or cannot afford a new investment; or if and how much of financing may be needed. 4. What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash? The five principles are: Increase the speed of collection on receivables; which means that the company will be able to use those funds quicker. Next, inventory levels should be kept low, which also keeps the cost of storage lower and prevents from...

Words: 406 - Pages: 2

Premium Essay

Case Study Chapter 6: #1-3

...Case Study Chapter 6 The two values I believe Schwartz created that are affecting Bain & Company, Home Depot and Best Buy include: conformity and universalism. In regards to universalism, Bain & Company and Best Buy began to lower the goals for employees’ sales, which resulted in their receiving bonuses still plausible. In addition, Best Buy tried to keep their employees engaged through the hard time by setting up online surveys for them to give the company general ideas for cost cutting. This showed that the companies understood the employees’ situations, appreciated them the best they could and tried to protect them from losing their jobs. The companies showed restraint and tried not to make the employees upset in their conformity values. For example, instead of firing employees, Steve Ellis began to hire people he thought would be successful for after the recession was over. This gave additional talented people an opportunity to work instead of going through lay offs during this time. During the recession, Ellis used his affective, cognitive and behavioral components of his attitude to show employees that he cared about how they felt, displayed his beliefs and ideas, and how he intended to move forward instead of back. Ellis made it possible to hire more people during the recession. He did not see this as a setback but an opportunity to bring talented workers on board with his company. Best Buy created online surveys for their employees to give their ideas for cutting...

Words: 304 - Pages: 2

Premium Essay

Crj 311 Week 3 Assignment Case Study Analysis

...CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/crj-311-week-3-assignment-case-study-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS CIS 329 Week 4 Quiz 1 CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/crj-311-week-3-assignment-case-study-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS CIS 329 Week 4 Quiz 1 CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/crj-311-week-3-assignment-case-study-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS CIS 329 Week 4 Quiz 1 CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/crj-311-week-3-assignment-case-study-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS CIS 329 Week 4 Quiz 1 CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/crj-311-week-3-assignment-case-study-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS CIS 329 Week 4 Quiz 1 CRJ 311 WEEK 3 ASSIGNMENT CASE STUDY ANALYSIS To purchase this...

Words: 517 - Pages: 3

Premium Essay

Qrb 501 Week 3 Leaning Team Case Studies

...QRB 501 WEEK 3 LEANING TEAM CASE STUDIES A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=qrb-501-week-3-leaning-team-case-studies Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION QRB 501 WEEK 3 LEANING TEAM CASE STUDIES 8-3 The Artist’s Palette Question One The team obtained the trade discount for each supplier and used it to determine the Net List Price for each supplier. The List Price less the trade discount provided the Net List Price. We then compared the two prices to determine that Parma would save $3.87 if they purchase from supplier two. The team did not experience issues completing this question. Question Two The team did not have any issues with this question. The team was able to easily calculate the net decimal equivalent by first finding the complement of each of the discount rates for each supplier (20/10/5 and 18/12/7). To do this the team subtracts each of them from 100% (i.e. 100-.20=.80). After this we multiplied each of the complement to find the net decimal equivalent (i.e. .80*.90*.95=.684). Question Three After finding the net decimal equivalent in question two, the team was able to multiply that number by the Parama minimum supply purchase price of 300 by (1-the net decimal equivalent) to find the trade discount. The team had to place a formula under the nde cell so the template would calculate the correct trade discount. There were no further issues with this problem. Question Four ...

Words: 519 - Pages: 3

Free Essay

International Business Case Study End of Chapter 3

...Give Armor Cheat code: 362-555-0100 Gives Health, Armor And Ammo Cheat code: 482-555-0100 Lower Wanted Level Cheat code: 267-555-0100 Raise Wanted Level Cheat code: 267-555-0150 Weapon Package #1 Cheat code: 486-555-0150 Weapon Package #2 Cheat code: 486-555-0100 Original codes for Lost and the Damned Spawn a Cognoscenti Cheat code: 227-555-0142 Spawn a Comet Cheat code: 227-555-0175 Spawn a FIB Buffalo Cheat code: 227-555-0100 Spawn a Jetmax Cheat code: 938-555-0100 Spawn a Sanchez Cheat code: 625-555-0150 Spawn a Turismo Cheat code: 227-555-0147 Spawn an NRG-900 Cheat code: 625-555-0100 Spawn Annihilator Cheat code: 359-555-0100 Spawn Burrito Cheat code: 826-555-0150 Spawn Double T Cheat code: 245-555-0125 Spawn Hakuchou Cheat code: 245-555-0199 Spawn Hexer Cheat code: 245-555-0150 Spawn Innovation Cheat code: 245-555-0100 Spawn Slamvan Cheat code: 826-555-0100 Original codes for Ballad of Gay Tony Akuma (Bike) Cheat code: 625-555-0200 APC (Tank) Cheat code: 272-555-8265 Buzzard (Helicopter) Cheat code: 359-555-2899 Change Weather Cheat code: 468-555-0100 Floater (Boat) Cheat code: 938-555-0150 Health and Armour Cheat code: 362-555-0100 Health, Armor and Advanced Weapons Cheat code: 482-555-0100 Parachute Cheat code: 359-555-7272 Raise Wanted Level Cheat code: 267-555-0150 Remove Wanted Level Cheat code: 267-555-0100 Sniper Rifle Bullets Explode Cheat code: 486-555-2526 Spawn Annihilator Cheat code: 359-555-0100 ...

Words: 362 - Pages: 2

Free Essay

Case Study Week 3 (Gm 591 Leadership and Organizational Behavior)

...Case Study week 3 GM 591 Leadership and Organizational Behavior March 18, 2012 When becoming a team there are several stages that the team must go through and must go through them in order. Forming is the first stage then storming, norming, performing, and then adojourning is the last stage. Christines group has already done the forming, storming stages. At this point I think they are in the norming and the performing stages. They are in the norming stage because this is where the members really start to come together as a unit. In this case they have never really completed this task to begin with. Mike seemed that he didn’t really take the team seriously from the beginning and was not really following what the team leader wanted for the team to make sure things were done. With that problem they really could not get past this stage. If Christine would have understood the stages more then she would have realized that she was going to have a problem when she was in the forming stage. In the forming stage the team members must ask themselves “What can this group offer me?” and “Can my needs be meet?” among other questions. They should be asking these questions when they were getting to know each other in this stage. If these needs were not going to be meet it should have been addressed here before moving forward with the stages. The primary problem that Christine has is that the project is due in a week and has not received Mike’s portion of his work. If they do not get...

Words: 908 - Pages: 4

Premium Essay

Cis 417 Week 7 Case Study 3 Casey Anthony Trial

...WEEK 7 CASE STUDY 3 CASEY ANTHONY TRIAL To purchase this visit here: http://www.activitymode.com/product/cis-417-week-7-case-study-3-casey-anthony-trial/ Contact us at: SUPPORT@ACTIVITYMODE.COM CIS 417 WEEK 7 CASE STUDY 3 – CASEY ANTHONY TRIAL On July 5, 2011, Casey Anthony was found not guilty of first-degree murder in the 2008 death of her daughter, Caylee. Further research this incident using quality and reputable resources. Write a two to three (2-3) page paper in which you: 1. Provide a brief summary of the background, charges, and trial of this high-profile court case. 2. Explain, from a forensics perspective, the digital evidence found on the Anthony family computer that helped the prosecutors build a case against Anthony. 3. Describe what the prosecution was unable to prove based on the digital evidence found. Indicate whether or not you think this is a common problem with digital evidence and provide a rationale for your response. 4. Explain the software issue that was found to have caused inaccurate evidence to be admitted into the trial. More Details hidden… Activity mode aims to provide quality study notes and tutorials to the students of CIS 417 Week 7 Case Study 3 Casey Anthony Trial in order to ace their studies. CIS 417 WEEK 7 CASE STUDY 3 CASEY ANTHONY TRIAL To purchase this visit here: http://www.activitymode.com/product/cis-417-week-7-case-study-3-casey-anthony-trial/ Contact us at: SUPPORT@ACTIVITYMODE.COM CIS 417 WEEK 7 CASE STUDY...

Words: 655 - Pages: 3