Salman Budhwani: Keller CPA Independent Audit Report Smackey Dog Foods, Inc We have accepted the client and have started performing the audit on Smacky Dog Food. We have done our research over the company and the industry as a whole. We are aware that Smacky Dog Food is a small wholesale distributer of perishable dog food. Currently the company has a loan of $150,000 and is asking for another $150,000 to expand their business. The bank assumes the $150,000 risk and our client has the obligation
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Accounting Ethics This paper will discuss the public perception of CPAs in today's society, pitfalls that they may encounter, methods to prevent some of these negative behaviors and consequences they may face should they fall short. Most "Who Do You Trust?" surveys rank politicians, lawyers and used car salesmen at the bottom and certified public accountants at the top. That is because the CPA profession has a squeaky clean image--anal-retentive little wimps who wear thick glasses and cannot
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The Language and Culture of the Accountant, Auditor and Forensic Accountant Jerry Brockman Davenport University Abstract The overall purpose of this Professional Language and Culture report is to detail the accountant’s communication style and culture, as well as, their specialized language. The report begins with a brief discussion of the origin of accounting, as well as, the distinction between bookkeeping and accounting. Additionally, an examination of the Financial Accounting Standards
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1. According to the AICPA Code of Professional Conduct, which of the following actions by a CPA must likely involve an act discreditable to the profession? A. Retaining client records after the client demands their return B. Auditing financial statements according to governmental standards despite the client’s preferences C. Accepting a commission from a nonattest function client D. Refusing to provide the client with copies of the CPA’s work papers A client想要要回去的时候 应当归还 2. In which of
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thirds parties, and to the government. They have a responsibility to know the regulations, rules and laws that have been put in place for accountants. Lastly accountants have a responsibility to perform their obligations and duties by the code of conduct and to the code of ethics. We will start off with the client. The client by definition is the person who pays the professional or organization for services; the person who engages the professional for their advice or services they render. (Legal Dictionary)
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Case 1: Conservative Recognition or Cookie Jar Reserves SUMMARY OF THE FACTS Parties Involved: Aunt Amelia – Founder of O’Brian Software, Nick’s aunt and inexperienced in accounting. Nick O’Brian – Junior Internal Auditor, recently college graduate, nephew of the Lee Marchetti – Chief Financial Officer of O’Brian Software. After recently graduating college two months prior, Nick O’Brian is hired as a Junior Internal Auditor for his Aunt Amelia’s company, O’Brian Software. O’Brian
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since it does not take into account changing appreciation and depreciation of the asset. Under IFRS and fair value the asset must be annually checked for impairment making it more reliable and relevant. Over 120 countries currently use IFRS (AICPA, 2011). It is anticipated that more countries will begin encouraging it as global competition becomes more prevalent. The SEC is also allowing companies that trade stock within the US to report under IFRS. This is largely due to IFRS sharing many
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Management Inc. Accounting Fraud The Business Dictionary defines "ethics" as the basic concepts and fundamental principles of decent human conduct. Most definitions agree with this one ; however, these principles are subject to personal and societal points of view that might differ depending on the context and individuals. Due to this subjectivity, codes of conduct have been created to ensure the application of discipline and morality not only personally but also profesionally. In the world of business
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Accepted Auditing Standards Joey Wines Franciscan University Generally Accepted Auditing Standards Generally Accepted Auditing Standards, also known as GAAS, is a rather broad topic with many guidelines to follow. An independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards. A short definition of GAAS is the set of systematic guidelines used by auditors when conducting audits on companies' finances, ensuring the accuracy, consistency
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"Treating others fairly" encompasses treating them: A. Equally, impartially, and responsibly B. Equally, responsibly, and openly C. Impartially, openly, and diligently D. Equally, impartially, and openly 3. The Independence Principle in the AICPA Code applies to: A. All accountants and auditors B. All CPAs regardless of professional services C. All CPAs who render attestation services D. All members of the audit committee 4. In stage 1 of Kohlberg's model, ethical reasoning is motivated
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