Ttwo differences in the application of the aicpa code

Assignment Help Business Management

Reference no: EM13723197

1)Sarah is an audit senior with Childs, Maxwell and Weaver, LLP. Sarah specializes in auditing loan loss reserve for financial institution clients. This current year she has noticed that two of her financial institutions in town have written loans off to a loan customer, Mr. T (fictional name to protect the guilty). Mr. T is well known in town as a highly successful real estate developer and businessman with many different business dealings. As Sarah is auditing on her third financial institution in town, she notices that the bank has loans of $3.5 million outstanding to Mr. T. The current loan loss reserve could not cover the losses on Mr. T's loans. Sarah has recommended a significant increase to the loan loss reserve account. The client will not discuss increasing the loan loss reserve. Ms. Childs, senior partner on the audit, wants to know how the audit firm can justify the increase loan loss reserve account. What can and should Sarah disclose about Mr. T?

2)Name two similarities and two differences in the application of the AICPA Code of Professional Conduct with respect to accountants who are CPAs and those who are "In Business"?

Reference no: EM13723197

Questions Cloud

Mcdonald is planning on opening a new location : McDonald's is planning on opening a new location. They must decide how big of a restaurant to build at the location: small, medium, or large. Demand for the McDonald's in this location is uncertain, and will affect profitability.

Six paths to creating blue oceans as they pertain to toyota : Six paths to creating blue oceans as they pertain to Toyota

Explain diversity of american experience in the civil war : Identify three whose stories, told side by side, would make a good essay about the diversity of the American experience in the Civil War. In a few sentences, identify the individuals you selected, and defend your selection.

Does the firm have the resources to compete internationally : Assess a firm of your choice and the way it is organized internationally, in order to exploit global or regional advantages, yet remain responsive to local conditions. Does the firm have the resources to compete internationally

Ttwo differences in the application of the aicpa code : Name two similarities and two differences in the application of the AICPA Code of Professional Conduct with respect to accountants who are CPAs and those who are "In Business"?

Describe a compensation plan : Briefly describe a compensation plan that you are familiar with. It can be a current or previous plan you have encountered or a plan you have heard about through a peer. While thinking of the plan you are familiar with, also think about the federa..

Pro and con sides of the issues : Write your issue in question form, so you can clearly see the pro and con sides of the issues by answering yes or no to the question

Write a brief essay on how race played at the university : Please write a brief essay on how race played a part in the early 1960s at the University of Alabama. Include a brief summary of the information, why it is significant in general, and why you chose it as a focus piece.

Synthesize the concept of motivation : Synthesize the concept of motivation, and examine the substantial reasons why motivation is difficult to understand.Evaluate the potential effectiveness of the model positioning of motivation, and propose at least one (1) action that the organizat..

User Account

All Pages