...Client Memo To: Bob Supervisor From: CC: Joe Schmoe, Schmoe Trucking Date: 8/26/2013 Re: Leasing Options Schmoe Trucking has been presented with an opportunity that will require adding an additional 20 trailers to the ones they currently own. While there is an uncertainty to the length of the potential relationship, there is considerable potential for growth. As requested, I have spent the past few days examining the current FASB standards on leases to determine what the best course of action for Schmoe Trucking would be. There are a number of options when it comes to leasing, and it is vital that each option is examines in order to determine the proper course of action. There are a few things about leases that must be looked at before determining how to proceed. Leases are broken down into two categories; operating leases and capital leases. A capital lease is one that meets certain criteria and capital leases can be broken into subcategories; sales type leases and direct financing leases. We will be looking at the differences between sales type leases, operating leases, and direct financing leases in relation to the proposed acquisition of additional trailers. The first step is to determine if a lease is an operating lease or a capital lease. A capital lease will meet at least one of the following criteria. SAFS No. 13 outlines the capital lease criteria to be as follows; transfer of ownership of the leased item upon completion of the lease period...
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...SAS 115 Changes and Benefits COM/530 April 23, 2012 SAS 115 Changes and Benefits MEMORANDUM TO: Valued Clients FROM: DATE: April 23, 2012 SUBJECT: SAS 115 Changes and Benefits CC: Supervisor Dear Valued Client, In a recent move toward improving company communications pertaining to internal control matters it has been brought to our attention in this effort to provide the best service for clients Statement on Auditing Standards (SAS) No. 112 has been removed and replaced with SAS 115, which is in effect for audits being performed on or after December 15, 2009. Definitions Internal control is the method put into place by a company to be sure the integrity of financial and accounting information, meets operational, profitability targets, and transmit management policies throughout the organization (Investopedia). Control deficiency is the result of the design or operation of the control not allowing management, employees to prevent, or correct financial misstatements (Ken Plessner CPA). Material weakness occurs with the possibility of the material misstatement not being prevented, detected, and corrected on a timely basis (Ken Plessner CPA). Significant deficiency requires attention by those in charge but is not as severe as material weakness (Ken Plessner CPA). SAS 115 allows the practitioners to more effectively use their judgment when they become aware of and determine the severity of the deficiency found. If it is determined the deficiency...
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...M E M O R A N D U M To: Clients From: Team B, University of Phoenix Date: July 23, 2012 Re: Changes in Statement of Accounting Standards No. 115 (SAS No. 115) As key clients to Team B, we would like to take this opportunity to inform you of the current changes in the Statement of Accounting Standards. On October 2008, the AICPA Standards Board issued a new standard called Communicating Internal Control Related Matters Identified in an Audit (SAS No. 115). This policy was created to guide external auditors on how they should communicate with internal controls on deficiencies of their financial reporting of the financial statements. SAS No. 115 provides the following definitions of deficiencies in internal control, material weaknesses, and significant deficiencies: Deficiencies in Internal Control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect, and correct misstatements on a timely basis (AICPA, 2006-2012). Material Weaknesses. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected, and corrected on a timely basis (AICPA, 2006-2012). Significant Deficiencies. A significant deficiency is a deficiency, or a combination of...
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...MEMORANDUM Date To: Monitor Company Directors From: Consultant Subject: Coordination of diversity efforts at Monitor Company BACKGROUND Recently you informed me that Monitor Company does not have a single vision for diversity and you have asked if this would be either damaging or helpful in the firm’s task of increasing diversity efforts. A few incidents or events triggered Monitor to begin thinking about diversity and inclusion programs. Currently there are three separate initiatives: the Advisor Network, Harassment Training and a series of seminars for women, and the Diversity Network. The purpose of the Advisors Network is to provide an outlet and resource for employees who need advice on issues such as succeeding at Monitor as either a woman, a person of color, or a GLBT employee. That initiative was created after the “Definition of Purpose” exercise done in 1993 surfaced issues related to the homogenous culture of the firm. Sexual Harassment and Sensitivity Training was deemed necessary after a 1991 director’s meeting. In that meeting, CFO David Kaplan stressed the need for “professional courtesy” training, and then the two female directors, Liz Martineau and Caroline Firstbrook disclosed that they had experienced “gender-related insensitivity”. Another thought of Martineau and Firstbrook was that female consultants were in need of role models to help guide them through the barriers of being a female in the consulting industry, which led to a seminar in 1994 geared...
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...naturally look to for advice information. Further, a police captain is in a position to make decisions that could bind the PD organization his decisions could affect the PD. Because there is no one single individual to look to as being the defendant, you must look to those individuals who appear to represent the organization, can bind the organization by their decisions, has [sic] a leadership position would be someone that one would look to for answers. She should have gotten Bob’s permission to speak with Carl. Although Patty asked Ann to talk with Carl, Ann cannot blindly follow the requests of her client if the requests would be illegal or aid or further an illegal act or if they would violate an ethical rule. A duty of competence is not outweighed by her duty of fairness & dignity to the court and her adversary. 2. Ann’s ethical obligations with respect to the Chief’s memo...
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...A Timely Analysis of Legal Developments ASAP Recent USCIS Memo on Employer-Employee Relationship Requirements for H-1B Visa Petitions: Regulation by Memorandum? By Jorge Lopez, Shin-I Lowe and Neil Grindstaff ® In This Issue: March 2010 The USCIS recently issued a guidance memo to its adjudication officers, “Determining Employer-Employee Relationship for Adjudication of H-1B Petitions, Including Third Party Site Placements.” The Memo clarifies what constitutes a valid employer-employee relationship, in the context of petitions for H-1B visas, which are commonly used by IT staffing agencies and consulting groups for placing skilled workers at third-party worksites. Donald Neufeld, Associate Director or Service Center Operations for the United States Citizenship and Immigration Service (USCIS) recently issued a guidance memo to its adjudication officers, “Determining Employer-Employee Relationship for Adjudication of H-1B Petitions, Including Third Party Site Placements” (“Neufeld Memo” or “Memo”). The Memo clarifies what constitutes a valid employer-employee relationship, in the context of petitions for H-1B visas, which are commonly used by IT staffing agencies and consulting groups for placing skilled workers at third-party worksites.1 On February 18, the USCIS held a “Collaboration Session” in Washington, D.C., to address the growing concerns about the implications of the Neufeld Memo. Approximately 500 people (400 via teleconference) attended the two-hour session...
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...text. Based on the scenario, create the deliverables listed below. Fred Jones, a distant relative of yours and president of Deals-R-Us Brokers (DRUB), has come to you for advice. DRUB is a small brokerage house that enables its clients to buy and sell stocks over the Internet, as well as place traditional orders by phone or fax. DRUB has just decided to install a new email package. One vendor is offering an SMTP(Simple Mail Transfer Protocol).-based two-tier client-server architecture. The second vendor is offering a Web-based email architecture. Fred doesn’t understand either one but thinks the Web-based one should be better because, in his words, “The Web is the future.” a. Briefly explain to Fred, in layperson’s terms, the differences between the two. b. Outline the pros and cons of the two alternatives and make a recommendation to Fred about which is better. Part A - Assignment Deliverables: Client-server architectures attempt to balance the processing between the client and the server by having both do some of the logic. a) Write a memo to Fred that explains the differences between the two options. Be sure to explain the difference in terms Fred will understand, since he does not know much about technology or networks. b) In the memo outline the pros and cons of the two alternatives and make a recommendation to Fred. Part B: Part B - Assignment Scenario: Read the ‘Accurate Accounting’ scenario on page 67. One day, Diego sends you an email with the...
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...CASE 1.1 Ocean Manufacturing, Inc. The New Client Acceptance Decision [2] What nonfinancial matters should be considered before accepting Ocean as a client? How important are these issues to the client acceptance decision? Why? I believe the IT issues are important to consider but after speaking to Barnes and Fischer’s IT department they feel that diagnosing the weakness in controls that they should be able to handle the IT system being used. I also feel that the turnover is important but that this turnover was due to personal issues so this can also be disregarded. The fact that the company is considering IPO in the future would be a great investment in Barnes and Fischer to broaden the industry representation. I believe these are all very important when deciding to represent this company. [5] [a] Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing, Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. See first memo [b] Prepare a separate memo to the partner briefly listing and discussing the five or six most important factors or risk areas that will likely affect how the audit is conducted if the Ocean engagement is accepted. Be sure to indicate specific ways in which the audit firm...
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...COURSE OBJECTIVES Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice the skills you will need as a professional accountant whether in public accounting or private industry. In particular, this course is intended to refine your skills in researching the professional accounting literature to solve particular accounting problems, to arrive at defensible solutions where GAAP is vague or nonexistent, and to present your research conclusions in a professional manner. You will have opportunities to present your work orally and in writing. REQUIRED MATERIALS: A recent Intermediate Accounting text (Kieso used in Acct 315 & 414 would be fine) A recent Advanced Accounting text (whatever was used in for Acct 415-515 would be fine) On-line access to FASB’s ASC (accounting standards codification). The Department has purchase academic license so you can use the $850 “professional” version rather than the free version which has fewer bells and whistles. You can log on from fasb.org but it will take you to http://aaahq.org/ascLogin.cfm where you enter...
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...memorandum is a document written to convey information within a law firm or other organization. It is a written analysis of a legal problem. The memorandum is usually prepared by a junior attorney or by a law clerk for a more senior attorney early in the firm's handling of a legal dispute. The writer analyzes the legal rules that govern the issues raised by that problem and applies those rules to the facts of the case. These memoranda prepare attorneys to advise clients how to proceed, if at all, with prospective business dealings or litigation. The memo must be complete and objective including both the rules and facts that help the client and those that do not. In concludes with a considered opinion of the likely outcome on each issue. The attorneys will then use the memo to understand the issues that the case raises, to advise the client, and to prepare later documents for the case. Office memoranda present an objective analysis of a legal problem for use inside a law firm or legal institution. A business client may have questions about the future conduct of business: the advantages and...
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...TIo n client acceptance C a s es inC lu de d in t his se Ction 1 3 1.1 Ocean Manufacturing, Inc. . . . . . . . . . . . . . . . . . . . . . . The New Client Acceptance Decision InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe ocean Manufacturing, Inc. The new client acceptance Decision ins tr uC t ional o b je C t ive s [1] To c a s e 1.1 Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt help students understand the process of considering a new prospective audit client and the factors that auditors commonly consider in making the acceptance decision. [2] To give students experience in computing and interpreting preliminary analytical procedures commonly used in obtaining an understanding of a prospective client during the client acceptance decision process. [3] To raise issues relating to auditor independence in the context of client acceptance, both in terms of financial interests and the provision of non-audit services. To illustrate the subjective and sometimes difficult nature of the judgments involved in the client acceptance decision, and to give students the opportunity to justify a recommendation on client acceptance in the presence of both significant positive and negative factors. [5] To help students understand how information gathered in the client acceptance process can help the auditor in planning the audit if the client is accepted...
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...This version: 7/16/2015 College of Business Administration Loyola Marymount University MBAF 614: Financial Analysis & Strategy Fall 2015 Instructor: Dr. David Offenberg Office: Hilton 313 Phone: (310) 338-2903 E-mail: doffenberg@lmu.edu Office Hours: Tuesday, 4:00 – 6:00 p.m. (or by appointment) Class time: Tuesday, 7:15 - 10:00 p.m. (HIL 023) Course Overview: The purpose of this course is to study the impact of corporate financial strategy on shareholder wealth. In essence, this course covers the fundamentals of MBAA 608 with a lot more depth. Throughout the semester, we will examine real situations that were faced by real chief financial officers. In the end, you should have a much better appreciation for the role of the CFO in keeping the corporation afloat. Method: This course is taught via case studies supported by lectures. Class sessions begin with a studentled analysis of the assigned case. The remainder of the class period will be dedicated to further analysis of the case. Students have substantial responsibility (and incentives) for coming to class prepared to engage in active discussion. Each student is expected to work in a team to analyze the cases. Readings: The textbook for the course is: Case Problems in Finance, by Kester, Ruback and Tufano, Twelfth Edition, Publisher: McGraw Hill- Irwin. The bookstore will not carry the book so you must order it online. The MBAA 608 textbook is also a useful reference, but not required (Brigham...
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...associations to name a few. While developing an interaction to workers, administration must try to train regarding the modification as well as contact as many employees as is possible. Doing so will likely reduce the opposition from workers and let approval of the modification. Administration must pick a type of interaction to convey administration modification at Riordan Manufacturing which will reach all workers with the same information. In this situation the best way to contact the most workers is to utilize a mix of a memo and e-mail. In these types of interactions, administrators must express why the modification is essential, what the modification will bring to the company, and develop a fresh mission. Describing the modification to workers will train them on why the modification must be made and provide them insight into the unfamiliar. The new administration mission will assist create company tradition that workers can buy into. Using a memo and e-mail is the most efficient way to convey the modification to the workers. This technique additionally permits the identical information to be sent. The information being sent is vital in order that workers aren't getting different info regarding the modification. While transmitting the message to workers, some hurdles might come up. Some workers might not read the message that will lead them to be unaware. Administrators must contact front line supervisors to make sure that all workers have read the message. A read receipt...
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...Term Paper on What is investment and debt/trade financing modes followed by Islamic Banks in Bangladesh. Do they conform to shariah rules. If so, how and if not, why not. Give your own conclusion/concluding remarks / recommendation. Course code: Fin-5502 Subject: Submission of Term Paper Dear Sir, I am very much delighted that I am submitting herewith my term paper titled “what is investment and debt/trade financing modes followed by Islamic Banks in Bangladesh. Do they conform to shariah rules. If so, how and if not, why not ” under the reference of my term paper for partial fulfillment of MBA Program on the Comparative Banking. As of the requirement, I have closely studied the topic and tried my best to make this paper meaningful. I believe and hope that you will find this report informative and insightful. Your valued assessment of my assignment would help me in the enhancement of my skill, knowledge and efficiency. Any further clarification, if needed, regarding the paper will be instantly responded. Regards. ___________________ Saima Sultana Acknowledgement In preparing this report, I am beholden to the most venerable teacher Mr.x, Faculty, Department of Business Administration, IIUC for his guidance and supervision for furnishing this term paper. I am very much pleased on him for his continuous encourage to undertake the term paper, to collect, analyze data and finally editing, presentation of...
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...Description of Technical Memo Format Technical memos are used to communicate short reports where a formal technical report is not warranted. Typically they would be employed to communicate the solution to a posed question or assignment involving a technical analysis. Technical memos often include equations, figures and illustrations, tables, data and attached appendices. Due to their longer length, the memo’s text is broken into standard first level sections, and where appropriate, into second level sections depending on the complexity of the information being conveyed. Technical reports must be clear and concise. Proper organization of the information is essential. A typical report is divided into the following sections, * Executive Summary * Introduction or Purpose * Theory and Analysis * Results and Discussion * Conclusions and Recommendations * References * Attachments and/or Appendices These sections are suitable for many circumstances but may be modified according to need. On the following pages, detailed information about the contents and function of each section is provided. Section headings are aligned with the left-hand margin in a memo and may be simply capitalized and/or given bold or italicized font. Maintain the 12 point type size. Recognize that the format itself is also flexible; however, all the critical elements or information need to be included. The Results and Discussion and Conclusions sections are sometimes...
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