...Financial statements are in place to provide users with accurate information on performance and changes in financial position to be used in decision-making processes. Therefore, they need to be understandable, relevant, reliable, and comparable. These statements are used by users not only to look at the current situation, but also to predict the company’s ability to continue as a going concern or functioning as a business entity in the future. The balance sheet and the valuations for assets and liabilities are a reflection of the company’s financial position for the next 12 months. If there are uncertainties or contingencies that occur they must be disclosed in the footnotes section of the statement and in some circumstances reflected in the actual reporting (Schroeder, Clark, & Cathey, 2005). Pending Lawsuit A contingency is a possible event that will have some effect on the company. Pending lawsuits are considered a contingency because of possible outcomes that will impact the company’s financials. Litigation is a costly and length process that can work against a company’s good reputation regardless of the outcome. The future financial position may be affected by the information presented regarding the potential litigation outcome and therefore disclosure is required. Because of the high probability of losing the lawsuit it should be reported on the balance sheet as a liability instead of notification in the footnotes (Schroeder, Clark, & Cathey, 2005). This disclosure...
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...Explains how the impairment of the patent would be reflected on the financial statements in the event of losing a lawsuit - page 377 Response to Client Request II Week 4 Team A Names ACC/541 Date: MEMORANDUM TO: FROM: DATE: SUBJECT: Financial Implications of Pending Litigation ____________________________________________________________ __________________ Financial Implications The pending litigation has several implications for accurate financial reporting as established in the Generally Accepted Accounting Principles (GAAP). The immediate impact is the requirement for contingencies in the financial statements to report the potential that these statements will be restated to account for the outcome of the lawsuit. Pending the outcome of the lawsuit, the company may be required to reorganize their debts under a chapter 11 bankruptcy. The lawsuit also challenges the validity of a patent, which is a revenue generating asset of the client’s. Pending the outcome of the lawsuit, the patent will need to be tested for impairment. Reporting Requirements for Lawsuit Contingencies The implications for the lawsuit on the company financials depend upon the anticipated outcome of the lawsuit. If the anticipated outcome of the lawsuit is likely to result in a loss to the company, and that loss can be reasonably estimated, the loss should be accrued as estimated into the company financials, and noted as such, as detailed in the FASB Codification section...
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...11 ASP.NET In this chapter you will: o o o o o o Learn about client/server architecture Study server-side scripting Create ASP .NET applications Learn about object collections Study ASP .NET’s core objects Create a guest book CHAPTER Y our Web browser is a client in the client/server environment of the Web. Up to this point, this book has focused on client-side JavaScript development in Web browsers. For you to develop a full complement of Web development skills, you also need to understand the server side of the Web— in particular, how server-side scripting fits into Web development. In this chapter, you will study server-side scripting with ASP.NET. But before getting into server-side scripting, it’s helpful to set the stage by reviewing the fundamentals of client/server architecture. 507 508 Chapter 11 ASP.NET CLIENT/SERVER ARCHITECTURE There are many definitions of the term’s client and server. In traditional client/server architecture, the server is usually some sort of database from which a client requests information. A server fulfills a request for information by managing the request or serving the requested information to the client—hence the term, client/server. A system consisting of a client and a server is known as a two-tier system. One of the primary roles of the client, or front end, in a two-tier system is the presentation of an interface to the user.The user interface gathers information from the user, submits it to a server, or back...
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...encouraging attorneys to provide legal services on a contingent-fee basis, which offers the injured party a potential gain when the suit is successful, but minimal losses when it is not. f. Many CPA firms being willing to settle legal problems out of court in an attempt to avoid costly legal fees and adverse publicity, rather than pursuing resolution through the judicial process g. The difficulty judges and jurors have understanding and interpreting technical accounting and auditing matters.” (Arens, Elder, & Beasley, 2012) 10. Compare and contrast traditional auditors’ legal responsibilities to clients and third-party users under common law. How has that law changed in recent years? a. Liability to clients range from issues concerning employee fraud to breach of confidentiality. The CPA is required to provide a level of due care to the client. If due care has not been given or confidentiality has been breached, the CPA and its firm can be held liable. The CPA is held liable to third-parties, if the third-party can experiences a...
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...GUIDELINES FOR WRITING THE REPORT OF INTERNSHIP ACTIVITIES Revised October 2009 Master of Science in Counseling Psychology Frostburg State University Frostburg, Maryland 21532-1099 http://www.frostburg.edu/dept/psyc/graduate/intern.htm (click on Guidelines for Writing the Internship Activities Report) Guidelines For Writing the Report of Internship Activities 2 Table of Contents What You Should Know Before You Start Your Paper…………………………………………… (including what is done with your paper, how to submit your final paper AND who needs to read your paper before it is finalized) Sample Title Page………………………………………………………………………………….. Sample Internship Paper Release Form……………………………………………………………. Sample Table of Contents…………………………………………………………………………. Summary of Internship Experiences………………………………………………………………. Case Summaries…………………………………………………….…………………………....... Self-Evaluation…………………………………………………………………………………...... Evaluation of the M.S. in Counseling Psychology Program………………………………………. Individual Case Summary Format…………………………………………………………………. Family Case Summary Format…………………………………………………………………….. Group Case Summary Format………………………………………………….………………….. Group Case Summary (Process)………………….………………………………………... Group Case Summary (Psycho-educational)……………………….………………............ Group Case Summary (Support/Self-Help Group)………………………………………… Couples Case Summary Format……………………………………………………........................ 3 4 5 6 7 7 8 8 9 12 13 13 14 15 16 Guidelines For Writing the Report...
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...Quest for an Organic Approach to Offshore Outsourcing Ask a company which has been outsourcing work offshore, maybe for a year, about how well things are going, and you are likely to get responses such as “Well, we did OK on some projects” to “It is still a new area for us” to “Execution is fine, but we need to figure out how to use this as a strategic tool”. Ask the provider the same question and you will hear responses like “We wish we could get more work” to “We need clients to manage more effectively” to “The client requirements keep on changing and we are held accountable for non performance” etc. Over a few more years, the situation tends to stabilize or the contract is reduced in scope or discontinued. To an SME which does not have deep pockets and time on its side, such uncertainties can lead to irreparable harm. Many companies are advised to invest time and effort to choose an offshore provider with the right technology, management and cultural skill sets, with cost reduction being a basic necessity. However if you have not developed a business strategy that incorporates outsourcing as a key enabler, isn’t it not true that you will use the provider more for tactical one-off projects? Will you be able to leverage the provider’s capabilities and build a strategic partnership? Then again, you already have a running business. And you are trying to retrofit offshore outsourcing, so that it becomes an integral part of your business (or you might be taking a second chance...
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...persistent lack of interest in sexual relations with her partner Amy. The purpose of this paper is to assess the sexual issues of this couple, analyze the dynamics of their relationship, develop a Multi-axial diagnostic impression and develop a counseling plan. In Section I, the paper will assess sexual issues involved in the selected case study. The integration of the sexual disorder with the sexual response cycle will be discussed. The paper will analyze and compare the sexual response cycle and the concept of sexual normality as applied to the case study. In Section II, the paper will assess the couple’s sexuality and discuss how sexual orientation issues can influence the sexual dysfunction and the overall dynamics of relationship. In Section III, a Multi-axial diagnostic impression will be developed to classify the sexual dysfunction and specify sexual problems associated with the sexual response cycle. A treatment plan will be created with measurable goals. Table of Contents Abstract 2 Section I: Assessment of Sexual Issues 4 Section II: The Dynamics of the Relationship 6 Section III: Diagnostic Impressions 9 DSM-IV Applied 10 Counseling Plan 11 Conclusion 13 References 14 Assessment of...
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...risk management and a business contingency plan for our client. Both the legal and IT departments have expressed their concerns regarding the ethical use and protection of sensitive data, customer records, and other information systems content of both the firm and the client. In an effort to follow the company’s goal of each project building employee confidence and job satisfaction, the team has been allowed to select our first client. The client we choose can be a former or current employer, any local business, any nationally or internationally held publicly traded or privately held company. The one prerequisite is that the client operate globally in at least one aspect of it business. To help ensure anonymity and security any information that could be considered confidential, proprietary, or personal in nature will be excluded. No actual names of people, suppliers, the company, or other identifiable information will be included. In addition every effort will be made to ensure fictional names used will be obscure as possible. Company-specific data, including financial information, will be addressed in the most general and generic means possible when appropriate. Per the client’s request will address the following items: A. Generate a risk register that includes eight valid risks faced by the client. The risk register will address the following: I. Identify and explain how one of the risks originates from the clients exposure in the global marketplace (e.g., manufacturing...
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...SEMINAR REPORT ON (ASP) [pic] COMPUTER ENGINEERING DEPARTMENT COLLEGE OF TECHNOLOGY GB PANT UNIVERSITY OF AGRIL & TECHNOLOGY SUBMITTED TO: SUBMITTED BY: PROF. PRABHAKAR SHILPI GUPTA COMPUTER ENGG.DEPTT. ID NO. 27882 CP-1 CONTENTS TOPIC PAGE NO. 1. INTRODUCTION 2 2. EVOLUTION OF ASP 3 3. SERVER-SIDE SCRIPTS –SYNTAX 4 4. FEATURES OF ASP 4 5. ADVANTAGES OF USING ASP 6 6. WHAT YOU NEED TO...
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... Review Questions 1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object, such as proper IT implementation, or controls over computer resources. Because most modern accounting information systems use IT, IT plays a significant role in a financial (external audit), where the purpose is to determine the fairness and accuracy of the financial statements. 2. Discuss the concept of independence within the context of a financial audit. How is independence different for internal auditors? Response: The auditor cannot be an advocate of the client, but must independently attest to whether GAAP and other appropriate guidelines have been adequately met. Independence for internal auditors is different because they are employed by the organization, and cannot be as independent as the external auditor. Thus internal auditors must use professional judgment and independent minds in performing IA activities. 3. What are the conceptual phases of an audit? How do they differ between general auditing and IT auditing? Response: The three conceptual phases of auditing are: i. Audit planning, ii. Tests of internal controls, and iii. Substantive tests. Conceptually, no difference exists...
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...financial crisis, MiFID II seeks to enhance investor protection. MiFID II has a goal of maximising transparency and reducing data fragmentation Product approval and target markets Organisational requirements have been expanded to include an approval process for new financial instruments and adaptations of existing financial instruments before they are marketed or distributed to clients, specifying the target market and ensuring that risks to the target market have been identified and that the distribution strategy is consistent with the target market. Financial instruments should be regularly reviewed to assess whether the product and distribution strategy remain appropriate for the target market. Distributors should be provided with information regarding the financial instrument and the product approval process, including the target market. When a firm offers or recommends financial instruments that it does not manufacture, it should have arrangements in place to obtain this information and understand the characteristics and target market of each financial instrument. Product governance; in Article 16, s.3 3. An investment firm shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest as defined in Article 23 from adversely affecting the interests of its clients. An investment firm which manufactures financial instruments for sale to clients shall maintain, operate...
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...MOODULE 2: THEORIES OF PSYCHOLOGICAL COUNSELLING THE BEHAVIOURIST THEORY OF COUNSELLING Introduction to Theories A theory can be defined as a systematic way of explaining a fact or an event. It refers to procedure that has been put forward empirically tested that explains a situation as a phenomena. Importance of Theory in Counselling Theories help a counselor to; • Explain the existence of a behaviour by understand if how it’s conceptualized, perpetuated and its manifestations. • Theories also help a counsellor to predict behaviour. The prediction of behaviour is quite important in the cases where a client manifests destructive behaviour. • Finally theories also help a counsellor to control behaviour. This is also important in cases where behaviours are destructive. Each theory has stipulated techniques which are meant to control behaviour. Types of Theories There are several types of theories which helps a counsellor to understand, predict and control behaviour. But for this course, emphasis will be placed on the following theories: • Psychological Theory • Behaviour Theory • Poison Centred Theory • Cognitive Behavioural Theory THE PSYCHOANALYTIC THEORY Background Before the development of the psychological view point in terms of understanding, the human behaviour, in the late 18th Century and Mid 19th Century by Mesmer, Dr. John Breur, Dr. Jean Charcot among others. Psychological disorders and disturbances was mainly looked...
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...GUIDELINES FOR WRITING THE REPORT OF INTERNSHIP ACTIVITIES Revised February 2013 Master of Science in Counseling Psychology Frostburg State University Frostburg, Maryland 21532-1099 http://www.frostburg.edu/dept/psyc/graduate/intern.htm (click on Guidelines for Writing the Internship Activities Report) Guidelines For Writing the Report of Internship Activities 2 Table of Contents What You Should Know Before You Start Your Paper…………………………………………… (including what is done with your paper, how to submit your final paper AND who needs to read your paper before it is finalized) 3 Sample Title Page………………………………………………………………………………….. 4 Sample Internship Paper Release Form……………………………………………………………. 5 Sample Table of Contents…………………………………………………………………………. 6 Summary of Internship Experiences………………………………………………………………. 7 Case Summaries…………………………………………………….…………………………....... 7 Self-Evaluation…………………………………………………………………………………...... 8 Evaluation of the M.S. in Counseling Psychology Program………………………………………. 8 Case Summary Format………………………………………………………………………….…. 8 Guidelines For Writing the Report of Internship Activities 3 WHAT YOU SHOULD KNOW BEFORE YOU START YOUR PAPER Over the years the Guidelines for Writing the Report of Internship Activities has changed, thus you need to be careful to follow the format in THIS CURRENT GUIDELINE instead of relying on the format of previous students’ final papers. The aim of your...
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...MAKERERE UNIVERSITY TOPIC: CREDIT MANAGEMENT SYSTEM TO PERFORMANCE IN PRIVATE ENTERPRISES CASE STUDY: PRIMEX SUPPLY 2004 LIMITED BY OJOBIRU PALMA OTOKIRA 07/U/14390/EXT SUPERVISED BY DR. KAMUKAMA NIXON A RESEARCH REPORT SUBMITTED TO MAKERERE UNIVERSITY IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF BACHELOR OF COMMERCE OF MAKERERE UNIVERSITY KAMPALA UGANDA JUNE 2011 DECLATION I OJOBIRU PALMA OTOKIRA declare that this work is my original work and has not been submitted or published to any institution or university for any award. STUDENT OJOBIRU PALMA OTOKIRA SIGNATURE ………………………………………. DATE ………………………………………… APPROVAL I certify that this research work has been submitted for examination under my approval SUPERVISOR DR. KAMUKAMA NIXION SIGNITURE ………………………………. DATE ………………………………. DEDICATION I dedicate this piece of work to my late father Mr. Ondoga Mark and my mother Mrs. Asumpta Obaru, my brothers James, Alfred, Daniel, David, my sisters Lucy, Clare, Christine, Barbra and Florence for their great support towards this research not forgetting great friends like Naume, Allen, Judith, Sarah, Charles, Justus and...
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...Perceived independence is one of the corner-stones in auditing theory. Despite prior research on auditor independence, the results are inconclusive. The lack of research in the Hong Kong ´ˆ auditing environment motivates this study, particularly following the Enron debacle. The purpose of this paper is to examine the non-audit services (NASs), competition, rank and types of auditors, in respect of the independence problem as it relates to the practices of Hong Kong auditors in the post-Enron environment. Design/methodology/approach – Four independent variables identified from literature gaps are examined, namely NASs, levels of competition, auditors of different ranks and types of auditors. Mixed ANOVA are employed to analyze survey responses from 207 “Big 4” and 185 “non-Big 4” auditors. Findings – Results of the study show that the provisions of NASs and high competition could have a negative influence on auditors’ perceptions of independence. Second, auditors’ perceptions that the influence of NASs on independence depends on an individual auditor’s rank are supported. Senior managers have the highest mean rating on perceptions, while partners have the lowest mean rating. Results support the agency theory that the agent (senior manager) may not always act in the best interests for the principal. Finally, there is no difference between Big 4 and non-Big 4 auditors’ perceptions of the influence of NASs and competition on independence. Originality/value – The study...
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