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Accounting Standards

Cause and Management of Collusion

Since the Sarbanes-Oxley Act of 2002, fraud from lack of internal controls has gone down. At the same time, collusion between employees and among third parties has increased. What could be causing this collusion? How should management address this issue?

IFRS and the Accounting Consensus

Write a 1-2 page research summary on the document below authored by Sunder. Focus your paper on Sunder's five key elements of consensus for common accounting standards for multinationals. IFRS and the Accounting Consensus SYNOPSIS: A broad consensus in accounting favors principles over rules to guide creation of a unifor

Internal Controls: Primary Goals, Sarbanes-Oxley Act, Limitations

Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls An explanation of why a company that announces deficiencies in its internal controls w

Accounting Section 121

According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for A. at least one year of the three-year period before the sale date. B. at least two years of the five-year period before the

Preventative Controls

Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.

Determining Tests of Controls

1) What do you do if you are unable to determine internal controls? 2) Which do you think is most important? The two types of audit tests are tests of controls and the substantive tests. The tests of controls are tests that are designated to reduce assessed risk and their assessment of risks of misstatement of materials a

Principal Regulations of Non-Tariff Quantity Controls

What are the principal regulations or practices of nontariff quantity controls instituted by governments that affect imports and exports? Why are these practices or regulations implemented? Do you feel regulations and controls should be increased/decreased? Support your perspective with rationale, evidence, and/or examples.

Prevention of Management Fraud in Australia

Are there any other regulatory controls or mechanisms (other than internal controls) that could prevent management fraud in Australia? If so, briefly discuss the ability of these mechanisms to prevent fraud.

Recruiting & ADA Standards

What are some steps that you would take to ensure that your recruiting process is compliant in meeting ADA standards and procedures? Please select one or more, of the areas above, and discuss it.

Classifying types of costs

The following costs were incurred by Osaka Metals Company to maintain the quality of its products. (Yen is the national currency in Japan). 1. Operating an X-ray machine to detect faulty welds, 110,000 yen. 2. Repairs of products sold last year, 116,000 yen. 3. Cost of rewelding faulty joints, 17,000 yen. 4. Cost of sendin

Company Controls for Raptor Manufacturing

Your client, Raptor Manufacturing, is a large public company that manufactures afterburning turbofan engines for F-22 fighter jets. Many components that are used in the production process are purchased from nonrelated vendors. Since management can reasonably estimate how many engines will be produced per year, the company has

Manual and system controls

Explain the differences between manual and system controls. Which type of control is preferable and why? Give an example of each of these controls that you encounter in your daily life.

NeatBeat Production of Drums: Classify Costs

See attached file for the template. 18-2A - Listed here are the total costs associated with the 2011 production of 1,000 drum sets manufactured by NeatBeat. The drum sets sell for $300 each. Costs Cost by Behavior Variable Fixed Cost by Function Product Period 1. Plastic for casing - $12,000 $12,0

Internal Controls: Auditing Accounting Records of ABC Company

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control syste

Controls for IT Reporting & Evaluation

Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.

Internal Controls: Segregation of duties with adaptations for technology

Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology. Have one or more of the classic controls become obsolete when applied in technology? On the flip side of that, describ

Problem 12-6 Changing Standards

12-6: The empirical evidence reveals that very few firms change their standard prices and standard quantities during the fiscal year. Most firms have the following policy, "we set our standards before the fiscal year begins and we never, never change them during the year (except when we have to)". Required: a. Evaluate the

value adding or non value adding - budgeting

Identify the following activities performed on a manufactured product as value-adding (VA) or nonvalue-adding (NA). 1. Receiving 2. Storing raw materials 3. Moving materials 4. Working on product 5. Painting product 6. Packing and shipping 7. Engineering design of product

Johnson Controls, Inc.

For Years 2010, 2009, and 2008 using MS Excel: 1. Calculate financial ratios, and compare to industry average. 2. What can you conclude from the ratios? 3. Any warning signs? 4. Anything that stands out?

Importance of compliance, enforcement of standards

-Use the library, the ISO Web site, and other Web resources to identify a situation where ISO 9000 standards have been employed to upgrade processes or software systems. Identify the benefits of using ISO 9000 in the situation. -Answer the following questions: Why it is critical for employees to stay in compliance with IS

Classify Value or non-value added activities: Anna Bellatore; Dewey and Cheatam

A. Anna Bellatore, Inc. is interested in using its activity based costing system to improve its operating efficiency and its profit margins by applying activity-based management techniques. As part of this undertaking, you have been asked to classify its Mesa plant activities as value added or non-value added. 1. Designing n