Reference no: EM131295009
1-PwC's actions in their audits of Avon and Pinnacle were similar in that the SEC alleged that the firm:
Was influenced in their opinions by the size of nonaudit services
Owned stock in both clients
Borrowed money from both clients
Served on the board of directors of both clients
2-The KBC Solutions case deals with:
Whether the senior in charge of an audit pressures staff accountants to not increase the workload at year-end because of audit budget considerations
Whether the senior in charge of an audit can provide adequate explanations for the accounting for transactions being questioned by the review partner
Whether the controller should give in to the pressure and go along with false financial statements
Whether an audit firm should go along with the client's demands for accelerating the recording of revenue
3-During the investigations by the House Subcommittee on Oversight and Investigations, a question that was raised was:
Where were the auditors?
Why did the internal controls fail in so many frauds?
Why was fraud allowed to occur at some many companies?
Where was the board of directors in all these frauds?
4-An alternative practice structure can best be described as:
A form of ownership where a CPA firm owns a public company and audits that company
A form of structure where a public company provides nonattest services for a client that is also provided with attest services by an affiliate of the public company
A form of structure other than LLP and LLC
A form of structure where a CPA firm provides nonattest services for a client that is also provided with attest services by a public company
What were the consequences and the outcome of the case
: Explain the particulars of the corruption case you have chosen (place, date, a concise overview of case/example). How was the case of corruption revealed, and what were the consequences and the outcome of the case?
|
The house subcommittee on oversight and investigations
: Diane is a CFO at We Do What We Want, Inc. She was just instructed by her boss, the CEO, to accelerate the recording of revenue into an earlier year to meet financial analysts' earnings projections. The House Subcommittee on Oversight and Investigati..
|
Segmented income statement
: Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $620,000, 50%, and $49,600, respectively.
|
Natural resource and intangible accounting
: McLeansboro Oil Company acquired a small oil company with only three assets during a recent year. The assets were acquired for $1,350,000 cash. Prepare the entry to record this acquisition in McLeansboro's journal. (Hint: Record the cost in excess of..
|
An alternative practice structure can best be described
: An alternative practice structure can best be described as: PwC's actions in their audits of Avon and Pinnacle were similar in that the SEC alleged that the firm: The KBC Solutions case deals with:
|
An alternative practice structure can best be described
: An alternative practice structure can best be described as: PwC's actions in their audits of Avon and Pinnacle were similar in that the SEC alleged that the firm: The KBC Solutions case deals with:
|
Consider with respect to this contemplated transaction
: Jean and Paul are equal partners in the J&P Partnership. On December 30 of the current year, the partnership agrees to liquidate Jean's partnership interest, starting this December 30th and for the following four years. What tax issues should Jean an..
|
Prepare operating activities section of statement
: Gutierrez Company reported net income of $198,760 for 2014. Gutierrez also reported depreciation expense of $45,030 and a loss of $4,850 on the disposal of equipment. Prepare the operating activities section of the statement of cash flows for 2014.
|
The group used a calendar tax year
: The Cardinal Group had filed on a consolidated basis for several years with its wholly owned subsidiary, Swallow, Inc. The group used a calendar tax year. On January 25, 2016, Heron acquired all of the stock of Cardinal, including its ownership in Sw..
|