Reference no: EM132745891
Question: Required: Knowledge of the rules of conduct and related interpretations on independence, integrity and objectivity will help you respond to the following cases. For each cases, state whether the action or situation shows violation of the Revised Code of Ethics for Professional Accountants, explain why, and cite the relevant rule and interpretation.
A. CPA Ella Santos performs the audit of the local symphony society. Because of her good work, she was elected an honorary member of the board of directors.
B. Carlos Monte, a retired partner of your CPA firm has just been appointed to the Board of Directors of Fame Corporation, your firm's client. Monte is also an ex officio member of your firm's income tax advisory committee which meets monthly to discuss income tax problems of the partnership's clients, some of which are competitors of Fame Corporation. The partnership pays Monte P 1,000 for each committee meeting attended and a monthly retirement benefit, fixed by a retirement plan policy of P 10,000.
C. CPA R. Benitez performs significant day-to-day bookkeeping services for Hernan Corporation and supervises the work of the one part-time bookkeeper employed by Miguel Hernan. This year, Miguel Hernan wants to engage CPA Benitez to perform an audit assurance engagement for his company.
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Find and calculate expected return and standard deviation
: Make a representative selection of values for wA from 0, 0.2, 0.4, 0.6, 0.8 and 1 and calculate expected return and standard deviation of the portfolio
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Compute the total nonmanufacturing cost
: Assume that you have a business. For October, you sold 1,000 units of your product. Compute the Total Nonmanufacturing Cost
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Inventory management
: Determine the types of inventories these companies currently manage and describe their essential inventory characteristics.
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What might be something to consider when judging the risk
: When comparing two similar investments and their rates of return, what might be something to consider when judging the risk of the investments?
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Perform an audit assurance engagement for the company
: CPA R. Benitez performs significant day-to-day bookkeeping services for Hernan Corporation and supervises the work of the one part-time bookkeeper employed.
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How many shares should you purchase
: If the required return on similar type shares is 7% what will be the value of Festige Holdings shares and how many shares should you purchase
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National response framework
: Compare and contrast the responsibilities of local, state, and federal governments under the National Response Framework
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State three disclosure for correction of errors
: State THREE (3) disclosure for correction of errors in accordance with MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
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National incident management system
: Discuss and explain the role that IT personnel can play in NIMS and how this can lead to effective emergency management.
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