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Regarding below story, Identify and explain ethical threats to independence and fundamental ethical principles. For each of the threats identified in question, propose a safeguard to alleviate the threats to acceptable level.
You were about to sign off on Kirsty's findings but was worried that there were some errors that you may not be aware of. You obtained an audit trail of the clearing account for the PAYE tax for March. You immediately noticed that the reason that the payment to the IRD was late because the Clearing Account did not have a sufficient balance to pay the full amount on time. As you were curious about two transactions in the company's general ledger called Miscellaneous Suspense account totalled $ 45,320.25, you arranged to obtain two copies of paid cheques from the bank. The cheque was made out to MercyAscot Hospital. You presented the information to Dwayne who immediately confided that he needed the money to pay his son's medical bills. Dwayne had used the PAYE Tax Clearing account and the Miscellaneous Suspense account in an effort to mask the transaction. He requested that you would not disclose the issue to Ken because the company suffered no loss or financial penalty, and the amount was below the audit materiality level, therein you did not have to worry about it. Dwayne promised to repay the company in the next three months.
The cost of equipment purchased by Charleston, Inc., on June 1, 2010 is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life - Compute depreciation expense on the machine for the year ending Dec..
What is the estimate of the current stock price? How does this compare to the current stock price (i.e., the number highlighted and circled in red on the image
What factors are likely to drive a firm's outlays for new capital andfor working capital? What ratios would you use to help generate forecasts of these outlays?
Provide the journal entry for the period's payroll. The payroll register of Wang Engineering Co. indicates $1,500 of social security withheld and $375
What is the amount of deferred compensation recorded on January? 1, 2017? On January? 1, 2017, Cora Inc. issues 70 shares of $5 par restricted stock
If the risk-free rate of return is 3.50 percent and market risk premium is 5.71 percent, what is Sheridan Cyclicals' cost of common equity capital?
Prepare the journal entries necessary to record the formation of the partnership - It is further agreed that the new partnership will assume all liabilities of the proprietorships.
Assume Admiralty Inc. performed exactly the same in 2019 as they did in 2020, how much net income would Admiralty Inc. have to earn in 2020
Issac has AGI of $99,300 and incurred the following expenses: Issac's deductible miscellaneous itemized deductions (after any limitation) on Schedule A is
Compute the present value of the total annual benefits. (Do not round intermediate calculations and round your answer to the nearest whole dollar.)
How do the financing or operating leasing arrangements impact the overall profitability and debt position of the company? Sometimes ratio calculations help
The common shares of WNO Co. currently trade at $45.00 per share. Calculate WNO Co Weighted Average Cost of Capital
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