Memo To: Clients From: CC: Firm CPA’s Date: Re: SAS 112- Statement of Accounting Standards In May of 2006, the AICPA Auditing Stands Board published the SAS-112 in previous years there where changes made to the auditing standards that had an effect on the auditing procedures performed on financial statements. The new standards of changes are described in SAS-112. This memo will clarify the requirements of the new standards and how it will affect your business. The terms below are
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To: Dr. Ott From: Jordan King Re: Case 3 Business Expense Deductions Executive Summary: A taxpayer, who became a 25% owner with Oil Company, paid back certain creditors of Oil Company when the Oil Company went bankrupt. The taxpayer is also a partner of an architectural firm whose primary customers were also creditors of Oil Company. The taxpayer deducted the debt repayment as a business expense of the firm. The IRS argues that the repayment is not an “ordinary and necessary” expense of the architectural
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Advanced External Auditing [AU2] Examination Blueprint 2013/2014 Purpose The Advanced External Auditing [AU2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been
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who sold the most multiple-item purchases in a given day, it made them stressful. In addition, the rewards program could help to motivate the employees to pay more attention to their jobs. According to Simon, “Repeated honorees were recognized as “client All Stars”; they received their frame photo hung above the customer service desk and additional discounts on clothing”. However, it
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MEMORANDUM TO: Accounting Staff FROM: Junior Accountant DATE: September 23, 2013 SUBJECT: Replacement of SAS 112 with SAS 115 The American Institute of CPAs (AICPA) Statement on Auditing Standards (SAS) Number 115 supersedes SAS Number 112. Going forward, auditors are to use rule SAS 115 when performing internal control audits. The rules have some similarities. However, the key differences in the rules are the definitions for control deficiency, significant deficiency, and
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Memo 1 Re: The medium is the message Dear madam, I understand that the datacenter is undergoing an upgrade to modern configuration that support VOIP(voice over internet protocol) which is impossible with the 10-base-T LAN cables hubs, which is considered to be an outdated technology. Data centers are focused on the LAN technologies, with the goal of redundancy and then to create a more scalable fabric within the data center. In this memo two network cabling option will be
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level of audit risk. 2. Identify specific audit procedures that might have led to the detection of the following accounting irregularities perpetrated by Crazy Eddie personnel: (a) the falsification of inventory count sheets, (b) the bogus debit memos for accounts payable, (c) the recording of transshipping transactions as retail sales, and (d) the inclusion of consigned merchandise in year-end inventory. 3. The retail consumer electronics industry was undergoing rapid and dramatic changes during
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communication channels Communication Channels How we take care of patients now involves many different individuals and organizations, both internally and externally, and they all need to share patient information amongst one another to properly manage their care. With this, there is a great interest in using information and different communication technologies to support these health services (Coiera, 2006). Some of these communication technologies include: phone, fax, email, and voice
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Internet age just started its peak. Goldman found another way to capitalize on this boom. Much like Goldman’s layering strategy, the Laddering strategies end result is also a crash. With the laddering strategy, this was reserved for Goldman’s best clients. Laddering is a trick, a sort of insider scam by the underwriter only allowing the select few that agreed to laddering would be granted the IPO. The underwriter would lock in the recommitted buyers at a price above the initial price and the shares
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| E-Net | Memo To: Carl Johnson From: Carl Parker Date: [ 11/25/2012 ] Re: Site Survey Benefits A Site Survey is a detailed look into what normally takes place within the buildings of the company. It is also known as a “realistic understanding of the infrastructure required for the proposed wireless LAN solution” (University of Phoenix, 2004). Site Surveys are very important to a company when adding or changing an existing network. Site Surveys are a good source to help depict where the
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