Visit the SEC’s website ( www. sec.gov), and identify a company that has been recently cited for problems related to property, plant, and equipment or lease accounting ( e. g., in years past, many retail companies had to restate earnings to comply with the SEC’s clarification of lease accounting). Prepare a memo summarizing the property, plant, and equipment or lease accounting issues for the company.
Answer to relevant QuestionsDiscuss why there is a demand for auditing services in a free- market economy. What evidence suggests that auditing would be demanded even if it were not required by government regulation?Identify the four paragraphs of the auditor’s standard unqualified report for a public company client. Why does the auditor generally follow a substantive strategy when auditing long-term debt and capital accounts? Under what conditions might the auditor follow a reliance strategy? Explain how internal auditors play a role in helping management comply with the requirements of the Sarbanes- Oxley Act of 2002.Your client, Cheaney Rental Properties, has engaged you to perform a compilation of its forecasted financial statements for a loan with the National Bank of Rockwood. Required: a. Describe the steps an accountant should ...
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