Describe the nature of the audit firm’s communications with the audit committee regarding independence issues.

The U.S. national stock exchanges require listed companies to have an independent audit committee. a. Describe an audit committee. b. What does it mean for the audit committee members to be “independent”? c. What are the typical functions performed by an audit committee? d. Explain how an audit committee can help an auditor be more […]

Which of (1) through (7) in part e. are prohibited by the AICPA Code of Professional Conduct? Which are prohibited by the Sarbanes–Oxley Act or the SEC?

The following relate to auditors’ independence: a. Why is independence so essential for auditors? b. Compare the importance of independence of CPAs with that of other professionals, such as attorneys. c. Explain the difference between independence in appearance and independence of mind. d. Assume that a partner of a CPA firm owns two shares of […]

Identify a safeguard that Janes’ firm could impose that would eliminate or mitigate the threat of each situation to Janes’ independence.

Marie Janes encounters the following situations in doing the audit of a large auto dealership. Janes is not a partner. 1. The sales manager tells her that there is a sale  on new cars that is limited to long-established customers of the dealership. Because her firm has been doing the audit for several years, the […]

Describe what constitutes “ethics” and highlight the challenges of developing a set of rules and guidance to increase ethical behavior in society.

Newspaper headlines frequently highlight instances where business professionals, politicians, and others are accused of engaging in unethical behavior. In response, there have been numerous attempts to reduce their occurrence. For example, some have argued for universities to include more courses in ethics. a. Describe what constitutes “ethics” and highlight the challenges of developing a set […]

According to the profession’s ethical standards, which of the following events may justify a departure from GAAP?

The following questions concern auditor professional responsibilities. Choose the best response. a. The concept of materiality would be least important to an auditor when considering the (1) adequacy of disclosure of a client’s illegal act. (2) effects of a direct financial interest in the client on the CPA’s independence. (3) discovery of weaknesses in a […]

What thoughts or emotions did you experience as you watched the speech?

Evaluate a Persuasive Speech “adam foss a prosecutor’s vision “ Write a multiparagraph essay by writing a response to “Adam Foss a prosecutor’s vision ” speech. In the essay you will respod to the following questions. 1. We’re you positively or negatively affected by his his speech? Why? 2. What thoughts or emotions did you […]

Besides smartphones, can you provide another example of information/computer technology, and your analysis of its impacts on individuals and society, both positive and negative?

The iPhone assignment Watch the 21 minutes video on The iPhone Baby by WSJ, June 2022 https://www.wsj.com/video/series/iphone-baby/the-iphone-at-15-an-inside-look-at-how-apple-transformed-a-generation/4E458113-42D7-4DC0-8DAE-1F66EB93AE99?mod=article_inline The first iPhone was released in June 2007. Not even Apple’s own execs—with front-row seats for the development of the iPhone’s key features—quite knew how they would change the world. In this film, the Wall Street Journal technology […]

In which one of the following situations would a CPA be in violation of the AICPA Code of Professional Conduct in determining the audit fee?Explain.

The following questions concern possible violations of the AICPA Code of Professional Conduct. Choose the best response. a. In which one of the following situations would a CPA be in violation of the AICPA Code of Professional Conduct in determining the audit fee? (1) A fee based on whether the CPA’s report on the client’s […]

What is the meaning of the rule that requires the auditor be independent?

The following questions concern auditor independence. Choose the best response. a. What is the meaning of the rule that requires the auditor be independent? (1) The auditor must adopt a critical attitude during the audit. (2) The auditor’s sole obligation is to third parties. (3) The auditor may have a direct ownership interest in the […]

What organization is responsible for developing ethics standards at the international level? What are the fundamental principles of the international ethics standards?

-1 (OBJECTIVE 4-1) What are the six core ethical values described by the Josephson Institute? What are some other sources of ethical values? 4-2 (OBJECTIVE 4-2) Describe an ethical dilemma. How does a person resolve an ethical dilemma? 4-3 (OBJECTIVE 4-3) Identify some of the most important ways that the profession and society encourage CPAs […]

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