...CPA Report ACC 545/Financial Reporting November 21, 2011 Deborah Asbury Introduction Certified public accountants (CPAs) have many professional responsibilities whether completing a review or an audit of the client’s financials. CPAs can also ask the opinion of other CPAs during the course of completing work for clients. The firm has been asked to provide information on the correct way to calculate deferred taxes, the correct way to report accounting changes and error corrections, and why a company would want to establish a subsidiary as a corporation. CPAs Professional Responsibilities According to the American Institute of CPAs (AICPA) CPAs not only have responsibilities to those who use their services but they must also cooperate with other CPAs to improve the accounting principles, maintain the public’s confidence, and carry out the responsibility of self-governance (www.aicpa.org, 2011). All CPAs must exercise a level of integrity showing they are exercising due care with all responsibilities. CPAs must practice objectivity by being impartial, honest, and free of conflicts of interest. A CPA must also make certain that any relationship they have with clients would not impair the objectivity while completing attestation services, therefore maintaining independence (www.aicpa.org, 2011). Review versus Audit A review and audit both look at the data provided in a company’s financials. The main difference between the two is how in depth the information...
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...CPA Report Furious Styles ACC/545 January 09, 2011 Instructor: LaToyia Tilley MEMORANDUM TO: Nazgrel Darkmoon, CEO FROM: Furious Styles DATE: January 09, 2011 SUBJECT: CPA report The recent acquisition of the subsidiary we have taken control of has been set up as a corporation. I have received your email regarding the aspects of this transaction that you would like to have explained, and will also give you an idea of what the professional responsibilities are for the CPA’s involved. In addition, I will detail the methodology used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, and the rationale behind establishing the subsidiary as a corporation. At the root of the advantage of using Certified Public Accountants in our examinations are their reputation, independence, and overall competence to provide the required results. CPA’s are highly trained, have very high standards of ethics, and can simply provide a more detailed and thorough service for us. Their ongoing education ensures us that their methods are always up to date, and their professionalism will provide us with accurate and verifiable results that won’t have to be re-checked. Their key function for our needs will be to examine the financial statements of our new subsidiary Reviewing the financial statements simply isn’t a proper way to get a clear picture of our new subsidiary. In a financial audit, the CPA’s will determine...
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...HomeClassroomLibraryProgramAccountPhoenixConnect ACC/545 MaterialsDiscussionAssignmentsGrades ACC/545 FINANCIAL REPORTING Start Date: 03/15/2011 PrintCOURSE DESCRIPTION This course prepares students to address concepts of financial reporting for roles as CPAs. Students learn important criteria for calculating capital changes, applying concepts of fixed assets and cost determination, and preparing consolidated financial statements. Other topics include the professional responsibilities of CPAs, deferred taxes, cash flow statements, balance sheet preparation, restructuring of troubled debt, and the intricacies of comprehensive income. Week 1 - Topic 1: Reporting Issues Objectives Differentiate among the services provided by auditors. Explain procedures for reporting accounting changes and error corrections. Describe the professional responsibilities of accountants in financial reporting. Compare and contrast the forms of business structure. Explain the methodology used to determine deferred taxes. Materials SUPPLEMENT: Week One Content Outline SUPPLEMENT: Week One Mind Map SUPPLEMENT: Week One Student Road Map SUPPLEMENT: Sample Final Exam EBOOK COLLECTION: Auditing and Assurance Services, Ch. 1 EBOOK COLLECTION: Intermediate Accounting, Ch. 19 EBOOK COLLECTION: Intermediate Accounting, Ch. 22 EBOOK COLLECTION: Advanced Accounting, Ch. 7 EBOOK COLLECTION: Financial Accounting Theory and Analysis, Ch. 17 Assessment Individual Assignment: CPA Report As the CPA for a large organization...
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...TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory JoinSearchBrowseSaved Papers Home Page » Business and Management Memo to Manager In: Business and Management Memo to Manager Memo Date: March 22, 2010 To: Andre Adams, Program Coordinator of the TerpZone * From: * Adedoyin Ogunbajo, Tournament Coordinator, the TerpZone Subject: Proposal to implement a sign-up fee for all video game tournaments. Purpose The purpose of this proposal is to request your approval to evaluate the current video game tournament sign-up process and ultimately institute an entrance fee for all tournaments starting next semester. Summary When the TerpZone started running the video game tournament series, I personally did not know what to expect, as I was in charge of coming up with a schedule of games, implementing the schedule into the TerpZone calendar, coming up with various ideas to market the various tounrmanents, and actually hosting and running the tournaments. But as the results have shown, the TerpZone video game tournament series has been a huge success, and the attendance numbers have steadily increased as more students become aware of the possibilities that our tournaments offer. However, as this number has continued to increase and I have continued to implement different new strategies and additions to the tournaments, there still lies the problem of what measure of compensation the students...
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...CPA Report University of Phoenix ACC-545 Deborah Asbury January 14, 2013 CPA Report To: Managers, Dasher Corp From: ------------------------------------------------- Re: Response to questions for new corporation Methodology used to determine deferred taxes Deferred taxes are simply taxes that will occur in the net taxable amounts in future years ("Summary of Statement," 2012). Procedures for reporting accounting changes and error corrections First it needs to be determined on what kind of accounting change it is and if it will be beneficial for the company. A good example would be a change in their inventory recordings. If Dashers corp. competition has an inventory recording of FIFO, while Dasher corp. has an inventory recording as LIFO it would be difficult to compare the two company’s results when it came to inventory and sale pricing. Second, is it determine if the change is even a change. If Dasher Corp. is just changing inventory items and then it would be a change on existing inventory items and not new ones. Adoption of a new principle “in recognition of events that have occurred for the first time or that were previously immaterial is not an accounting change” (Kieso, Weygandt, & Warlfield, 2007, pg. 1153). There are three approaches that Dasher Corp. can do when reporting accounting principle changes. First is report the changes currently. Dasher Corp. must report these changes on the income statement as in irregular item. With this...
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...Balance Sheet Notes Preparation and Discussion Odette A. Aquino Pérez, Desireé González And Edwin Reyes ACC 545 February 19, 2015 Prof. Rafael Marrero, PhD, MBA, CPA Footnotes Preparation and Discussion This week paper requires our team to prepare three notes to the balance sheet and income statement. Also, request us to discuss why footnotes are useful and important to financial statements. Below we have included the requested footnotes (prepared based on our experience working with a CPA Firm in public accounting) and our discussion related in relation to the footnotes: Inventory: Inventory is stated at the lower of cost or market using the first-in, first-out method of inventory accounting. Inventory includes certain costs associated with the preparation of inventory for resale, including distribution costs, labor, and freight. The Company records a reserve for the anticipated loss associated with selling inventories below cost. This reserve is based on management’s current knowledge with respect to inventory levels, sales trends and historical experience (Lowe’s). Property and Equipment and Depreciation Policy: Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterment’s that materially extend the life of the assets are capitalized. Depreciation is computed on a straight-line basis over the estimated useful life of the related assets....
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...CPA Report Bambi Snyder ACC/545 December 16, 2013 Brooke Call CPA Report Memorandum To: Brooke Call, Management From: Bambi M. Snyder, CPA Date: 12/16/2013 ------------------------------------------------- Re: Professional Responsibilities of a CPA and the Difference between a Review and an Audit Professional Responsibilities of a CPA There are many professional responsibilities a CPA acquires when they accept the CPA license and a job position. As you may know, there have been many news reviews that have given the CPA name a bad reputation. The largest CPA scandal was the Arthur Anderson and Enron scandal in 2002. Unethical and illegal actions played a large role in the said scandal which in turn resulted in many people losing their investments in Enron and many employees being prosecuted by the criminal court system. One of the major responsibilities of a CPA is to remain and act ethical inside and outside of the business. Confidentiality is a major ethic hassle many CPAs have had a difficult time with. The information in a company is vital to the operations of the company. Leaking the vital information to the public or to the company’s competitors is an unethical action. When a CPA is hired by a company to review the financial statements of a company, which is their only job they must do. Preparing income tax refund papers, giving tax advice, or any other information to the management of the company is against the scope of practice what the CPA was hired...
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...CPA Report Laura Sferra Acc/545 November 3, 2014 Mr. Hung Tran We are currently in a review engagement with XYZ CPA firm. The CPAs from this firm will be performing procedures (primarily analytical procedures and inquires) that will provide a reasonable basis for obtaining limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with Generally Accepted Accounting Principals (GAAP). A review does not obtain an understanding of this organization's internal control, assess fraud risk, test accounting records or other procedures ordinarily performed in an audit. The CPAs will issue a review report stating that the review was performed in accordance with Statements on Standards for Accounting and Review Services. This report will not issue an opinion ( as with an audit) but will state that a review is substantially less scope than an audit and that the CPA is not aware of may material modifications that should be made to the financial statements for them to be in conformity with GAAP. It will also state that the financial statements are the responsibility of management. As a professional accountant within this organization I am responsible for the preparation and fair presentation of the financial statements in accordance with Generally Accepted Accounting Principals. It is my role to ensure and safeguard the integrity...
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...CPA Report Michelle Richardson ACC/545 Internal Control Systems September 10, 2012 Jeffrey Mitchell Memo Accounting Professionals, Inc. To: Management From: Michelle Richardson CC: Jeffrey Mitchell Date: September 10, 2012 RE: CPA Report ________________________________________________________________________ Per your request, this memo provides explanations regarding a subsidiary that has recently been set up as a corporation. This explanation includes the procedures for reporting accounting changes and error corrections, the methodology used to determine deferred taxes, and the rationale for establishing the subsidiary as a corporation. According to the AICPA (2012), “licensed CPAs are subject to regulation by their respective state boards of accountancy and strict professional ethics rules adopted by the boards to protect the public against fraud, incompetence and conflicts of interest” (para. 1). As such, the responses to the outside CPA’s in regard to the above-mentioned matters will be handled with the utmost diligence. In addition, to clarify the questions regarding the differences between reviews and audits, an audit is the “accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria” (Arens, Elder, & Beasley, 2006, p. 19). Reviews, on the other hand, are a “form of attestation in which a CPA firm issues a written report concerning historical...
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...CPA Report ACC/545 University of Phoenix Internal Memo To: Management From: CPA Re: Further Information regarding Request Before any information can be given to outside CPA’s, the professional responsibilities of a CPA must be outlined and understood as well as what the differences between a review and an audit are. With the examination of a subsidiary that has been established as a corporation there are certain questions that arise such as: What is the methodology used in determining deferred taxes, What it t he procedures for reporting accounting changes and error corrections, and What is the rationale behind establishing the subsidiary as a corporation. The draft below outlines my response to the questions that have been provided. CPA Professional Responsibility As an accountant I am expected to maintain a high level of ethical conduct that must go above and beyond society’s law. The motivation behind such a high level of ethical conduct lies in the need for a significant level of public confidence in the value of the services that are provided by the accounting profession, in spite of the person who is behind providing the services. It is my responsibility as a CPA to conduct myself in a manner that has been set forth by the AICPA’s Professional Code of Conduct. This code of conduct outline’s required behaviors in relation to accounting responsibilities, the Public Interest, Integrity, Objectivity and Independence, Due Care, Scope, and Nature of Services (AICPA...
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...CPA Report Furious Styles ACC/545 January 09, 2011 Instructor: LaToyia Tilley MEMORANDUM TO: Nazgrel Darkmoon, CEO FROM: Furious Styles DATE: January 09, 2011 SUBJECT: CPA report The recent acquisition of the subsidiary we have taken control of has been set up as a corporation. I have received your email regarding the aspects of this transaction that you would like to have explained, and will also give you an idea of what the professional responsibilities are for the CPA’s involved. In addition, I will detail the methodology used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, and the rationale behind establishing the subsidiary as a corporation. At the root of the advantage of using Certified Public Accountants in our examinations are their reputation, independence, and overall competence to provide the required results. CPA’s are highly trained, have very high standards of ethics, and can simply provide a more detailed and thorough service for us. Their ongoing education ensures us that their methods are always up to date, and their professionalism will provide us with accurate and verifiable results that won’t have to be re-checked. Their key function for our needs will be to examine the financial statements of our new subsidiary Reviewing the financial statements simply isn’t a proper way to get a clear picture of our new subsidiary. In a financial audit, the CPA’s will determine...
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...CC: CPA Report ACC/545 Date: April 16, 2012 A corporation is the most common type of organization, which is a charter of the state of legal entity and separate from owners. A corporation is a limited liability to the owners, which means that the owner’s personal property is legally separate from the corporation ("Corporation," 2012). The deferred tax primary intention is to present estimated actual tax to payable in current and future periods and is seen as the income tax liability on the statement of financial position. The deferred tax liability is the amount of the income tax payable in future periods because of any taxable differences. Taxable temporary differences result from taxable amounts when determining taxable profit in future periods when carrying amount of an asset or a liability is recovered or settled. According to "Accountancy Students" (2012), ‘IAS 12 requires the tax effects of the tax-book basis differences of all assets and liabilities generally be presented as deferred tax assets and liabilities as at the date of acquisition’ (Accounting for Business Combinations : Deferred Tax Aspects). Temporary difference s could be a differed tax liability in the debit balances of financial statement compared with the tax written value. The deductible temporary differences are in the credit balance of the financial statements compared with the tax written values. The tax written value is also known as the asset or liability’s tax...
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...THE LEGAL REGULATION OF THE EXTERNAL COMPANY AUDITOR IN POST-ENRON SOUTH AFRICA Hannine Drake THESIS PRESENTED IN FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF LAWS AT THE UNIVERSITY OF STELLENBOSCH Supervisor: Prof A.H. van Wyk March 2009 ii DECLARATION By submitting this thesis electronically, I declare that the entirety of the work contained therein is my own, original work, that I am the owner of the copyright thereof (unless to the extent explicitly otherwise stated) and that I have not previously in its entirety or in part submitted it for obtaining any qualification. Date: 25 February 2009 Copyright © 2009 Stellenbosch University All rights reserved iii ACKNOWLEDGEMENTS In acknowledgement to all who have contributed to this work in some form: writing this thesis would have otherwise been like swimming through mud. To my supervisor, Professor Andreas van Wyk, thank you for your leadership, patience, and academic skill in guiding me through the research process. To Adéle Mulder and Charl Marais, thank you for your continuous insight and perspectives, both academic and otherwise. And finally to Hilda and Gerrie Steyn, who have been absolutely crucial throughout all my years of study, thank you for your indispensable support, in all its forms. iv SUMMARY The worldwide increase of corporate failures on the scale of Enron and WorldCom has sparked a renewed international trend of corporate governance review...
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...BELHAVEN UNIVERSITY Jackson, Mississippi A CHRISTIAN UNIVERSITY OF LIBERAL ARTS AND SCIENCES FOUNDED IN 1883 CATALOGUE 2014-2015 EFFECTIVE JUNE 1, 2014 Directory of Communication Mailing Address: Belhaven University 1500 Peachtree St. Jackson, MS 39202 Belhaven University 535 Chestnut St. Suite 100 Chattanooga, TN 37402 Belhaven University 7111 South Crest Parkway Southaven, MS 38671 Belhaven University – LeFleur 4780 I-55 North Suite 125 Jackson, MS 39211 Belhaven University 15115 Park Row Suite 175 Houston, TX 77084 Belhaven University Online 1500 Peachtree St. Box 279 Jackson, MS 39202 Belhaven University 1790 Kirby Parkway Suite 100 Memphis, TN 38138 Belhaven University 4151 Ashford Dunwoody Rd. Suite 130 Atlanta, GA 30319 Belhaven University 5200 Vineland Rd. Suite 100 Orlando, FL 32811 Traditional Admission Adult and Graduate Studies Admission – Jackson Atlanta Chattanooga Desoto Houston Memphis Orlando Alumni Relations/Development Belhaven Fax Business Office Campus Operations Integrated Marketing Registrar Student Life Security Student Financial Planning Student Development Online Admission Online Student Services (601) 968-5940 or (800) 960-5940 (601) 968-5988 or Fax (601) 352-7640 (404) 425-5590 or Fax (404) 425-5869 (423) 265-7784 or Fax (423) 265-2703 (622) 469-5387 (281) 579-9977 or Fax (281) 579-0275 (901) 896-0184 or Fax (901) 888-0771 (407) 804-1424 or Fax (407) 367-3333 (601) 968-5980 (601) 968-9998 (601) 968-5901 (601) 968-5904 (601) 968-5930 (601) 968-5922...
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...41 st Annual General Meeting of TAN CHONG MOTOR HOLDINGS BERHAD will be held at Pacific Ballroom, Level 2, Seri Pacific Hotel Kuala Lumpur, Jalan Putra, 50350 Kuala Lumpur, Malaysia on Wednesday, 22 May 2013 at 3:00 p.m. N I S S A N E L G R A N D I N F I N I T I F X 3 7 R E N A U L T M E G A N E R S CONTENTS 02 03 05 09 10 14 17 25 27 28 31 Corporate Information Business Divisions Report of the Board of Directors 8 Years Financial Highlights Profile of Directors Corporate Social Responsibility Report Corporate Governance Statement Internal Control Statement Other Statements and Disclosures Audit Committee Report Daily Share Price & Volume Traded on Bursa Malaysia Securities Berhad 33 Financial Statements 133 Ten Largest Properties of the Group 134 Shareholders’ Statistics 137 Notice of Annual General Meeting Form of Proxy CORPORATE INFORMATION Directors Dato’ Tan Heng Chew Executive Deputy Chairman and Group Managing Director Dato’ Ng Mann Cheong Senior Independent Non-Executive Director Dato’ Haji Kamaruddin @ Abas bin Nordin Independent Non-Executive Director Seow Thiam Fatt Independent Non-Executive Director Siew Kah Toong Independent Non-Executive Director Dato’ Khor Swee Wah @ Koh Bee Leng Executive Director Ling Ou Long @ Ling Wuu Long Executive Director Ho Wai Ming Executive Director Audit Committee Company Secretaries Yap Bee Lee Chang Pie Hoon Registered Address 62-68 Jalan Ipoh 51200 Kuala Lumpur Telephone : (03) 4047 8888 Facsimile...
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