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Problem
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company.
A recent accounting scandal within the last five (5) years where the SEC accused public companies of accounting irregularities.
Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position.
Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response.
Adjustment for Prepaid Rent Charles Company showed $63,000 in prepaid rent on December 31, 2011. On December 31, 2012, the balance in the prepaid rent account.
Mixed Costs Using High/Low Method
Calculate the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31).
Prepare the entries necessary to correct the books for the truck transaction assuming straight-line depreciation should be used and the books have been closed for 2013. Calculate the DDB depreciation recorded in 2013 for the cement plant.
What are executory costs? How are they accounted for by the lessee in a capital lease when paid by the lessee? When paid by the lessor? Explain.
Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining balance method.
at january 1 2011 brainard industries inc. owed second banccorp 12 million under a 10 note due december 31 2013.
A U.S. manufacturer wants to conduct business through a foreign subsidiary organized in a low tax jurisdiction. How might it do so without being currently taxed on the subsidiary's foreign earnings?
SFAS No. 13 in effect regards a lease period of 75 percent or more as a relevant circumstance in distinguishing between capital and operating leases.
Explain how an audit trail might get lost within a computerized system.
lichty car wash has some equipment that needs to be rebuilt or replaced. the following information has been gathered
prompt 1perform an internet search using the term break-even analysis. select and read a case study or article from
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