Jessica Ganyuma Audit Planning and Control Professor: August 23, 2015 Ernst & Young is an accounting firm founded by Arthur Young (1863-1948) and Alwin C Earnest ((1881- 1948). Alwin started Ernst and Ernst with his brother Theodore in 1903. Arthur formed his accounting firm with his brother Stanley named Arthur Young and Company in 1906. Both companies were a success and quickly emerge into the global marketplace. Around 1924 both firms “ allied with prominent British
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NOTE ON THE SCOPE OF THIS MATERIAL This material is designed to provide general guidance about an aspect of nonprofit corporate governance in the specific and limited context of the governance questions contained in the new IRS Form 990 (published by the IRS in 2008 and applicable to 990 filers based on a 2009-2011 filing year phase-in period depending on the size of the nonprofit). It is intended to provide some general guidance on the establishment of processes and/or policies to address
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(Client X) SAMPLE ACCOUNTING POLICIES AND PROCEDURES MANUAL Adopted May 20XX TABLE OF CONTENTS 1.00 BACKGROUND INFORMATION 1.01 Tax Status and Purpose 1 1.02 Service Area 1 2.00 CHART OF ACCOUNTS 2.01 Assets 2 2.02 Liabilities 2 2.03 Net Assets (Fund Balance) 2 2.04 Revenues 2 2.05 Expenses 2 2.06 Cost Centers 2 3.00 ACCOUNTING PRINCIPLES AND PROCEDURES 3.10 Policies 3 3.20 Procedures 3.21 Revenue Recognition 3 3.22
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Brooke Call CPA Report Memorandum To: Brooke Call, Management From: Bambi M. Snyder, CPA Date: 12/16/2013 ------------------------------------------------- Re: Professional Responsibilities of a CPA and the Difference between a Review and an Audit Professional Responsibilities of a CPA There are many professional responsibilities a CPA acquires when they accept the CPA license and a job position. As you may know, there have been many news reviews that have given the CPA name a bad reputation
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recommended practices and available resources. For the latest version, see www.publiccounsel.org/practice_areas/community_development. Important Notes: In creating any governance policy, it is very important that a nonprofit corporation institute procedures that the corporation is likely to be able to comply with consistently in the long term. Therefore, this sample should be used only after carefully considering every provision, and a corporation should not adopt any provisions that will be too burdensome
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requirements of an IRS agent. The information will be separated into several categories; necessary qualities, prior experience, and daily duties. Mrs. Angela Overstreet, IRS agent, happily helped our team gather information regarding the daily demands of her job. Necessary Qualities Internal revenue agents not only need the basic skills required to perform auditing, but agents also need important qualities such as integrity and commitment. A wide variety of skills are needed to perform audits at an efficient
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| | | | |2. |In the audit of historical financial statements, which of the following accounting bases is the most common? | |easy |
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Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: c a. finance. b. auditing. c. accounting. d. economics. 2. easy In the audit of historical financial statements, which of the following accounting bases is the most common? c a. Regulatory accounting principles. b. Cash basis of accounting. c. Generally accepted accounting principles. d. Liquidation basis of accounting
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GAAP and tax accounting guidelines would result in different amounts of tax expenses or taxable income reported to the IRS. Deferred taxes are arrived at by the calculation of the taxable income and taxes payable. Temporary difference is the difference between pretax income reported in the financial statements and the taxable income is the adjusted amount using following the IRS rules. The difference between these two amounts is a temporary difference. Temporary difference computed as tax liability
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What should you do if you discover that a taxpayer has previously not complied with the revenue laws of the United States? • Call the IRS immediately • Notify your Field Leader • Advise the taxpayer of the facts and the consequences for noncompliance • Nothing: you are only responsible for the return you are preparing 2. What should you do if you receive an IRS letter indicating that you have committed a paid preparer violation? • Contact the confidential H&R Block Talkline • Respond to the
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