it’s a small accounting firm, he cannot afford to loose his clients especially that the beginning of the year is a critical time for accounting firms. * She’s lacking of qualifications since she just graduated with a BBA and isn’t a Certified Public Accountant (CPA) yet. * Hiring a foreign worker will increase the firm’s expenses (visa and lawyers process). 3. What alternative courses of action did Stephen have? * Instead of decreasing his employees’ bonus, which is detrimental
Words: 1424 - Pages: 6
The recent release of the Statement of Accounting Standards No. 112 regulation made it necessary to communicate the standard and its impacts to the accountants within the firm. It was also imperative to make our key clients aware of the regulation and how it might affect their business. Finally, to ensure seamless compliance with the regulation, we are educating our clients’ bookkeepers of the regulation and its ramifications on their duties. When accounting standards are updated, the changes
Words: 570 - Pages: 3
is your position here at Cal Poly Pomona? Bridget: I am a Senior Accountant. Justin: So what does that entail? Bridget: I am involved in financial reporting to the State of California, to the Chancellor’s Office for the CSU system, and GAAP, I record investment income and reconciliation, I do special projects, and I do a lot of work to get the reporting accurate every month. Justin: What prompted you to be an accountant? Bridget: Well back in the 80s it was a process of elimination
Words: 5812 - Pages: 24
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
Words: 3164 - Pages: 13
those who run the finances in today’s world? Can Accountants, auditors, bankers can be trusted? Yet when an issue is not of blatant mistrust, answering this requires us to explore what exactly it is that we trust these people of finance and accounting to do. When financial decisions are made and made poorly, the consequences can be major, destroying jobs, depleting people’s pension funds, and even weakening the economy (Spiceland, 2007). Accountants should be trusted to represent decisions in financial
Words: 1067 - Pages: 5
the world. This is done to ensure that financial reports are quality reports and that they are very easy to read and understand. The PCAOB (Public Accounting Oversight Board) this was created when the Sox Act was created. This protects investors and their investments from public traded companies. The ACIPA (American Institute of Certified Public Accountants) create the financial accounting and reporting standards through the FASB. They also assist with setting standards and
Words: 270 - Pages: 2
how they use their skills. Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards Board. Small-business owners who plan to perform their own accounting services or hire accountants should be aware of accounting principles and general financial ethical standards so they can maintain a positive reputation for their businesses.” Ethics should always play a role in the businesses everyday life. Without ethics you really should
Words: 1003 - Pages: 5
8. The communications between CPAs and their clients are privileged under federal law. True False 9. CPAs can advertise the fees only for their nonattest services. True False 10. The American Institute of Certified Public Accountants has been the primary source for ethical rules for internal auditors. True False Multiple Choice Questions 11. ABC Company is audited by the Phoenix office of Willingham CPAs. Which of the following individuals would
Words: 7406 - Pages: 30
sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the Cambodia’s institutional framework and capacity needed to ensure the quality of corporate financial reporting Cambodia is putting in place an institutional framework with regard
Words: 17152 - Pages: 69
Module A Project- Lillian Kimmons A.51 Erroneous Reporting on Interim Financial Information: a) Erroneous portions found: * There should be a paragraph describing management’s responsibility with the internal control responsibility immediately following the introductory paragraph. * The report does not point out that a review is considerably less in scope than an examination in accordance with normally established auditing standards. The purpose of which is the expression of an opinion
Words: 579 - Pages: 3
