Accounting and auditing research tools and strategies 8th edition Thomas Weirich, Thomas Pearson, Natalie Tatiana - Solutions

Unlock the potential of your studies with the "Accounting and Auditing Research Tools and Strategies 8th Edition" by Thomas Weirich, Thomas Pearson, and Natalie Tatiana. Dive into a world of comprehensive solutions, including a detailed answer key, solution manual, and step-by-step answers. Access the complete solutions PDF and explore solved problems with ease. Enhance your learning with the test bank and chapter solutions designed to provide clarity and understanding. Whether you're preparing for exams or seeking to deepen your knowledge, our instructor manual and textbook resources offer invaluable insights. Enjoy the convenience of a free download and empower your academic journey with these expertly crafted questions and answers.

Auditors’ legal responsibilities differ significantly under the Securities Exchange Act of 1934 and the Securities Act of 1933. Briefly point out these differences and comment on why they exist. Also comment on how auditors’ litigation risks differ under the common law and the 1934 Act.
The current standard audit report differs significantly from the version issued during the 1920s. Identify the key differences in the two reports and discuss the forces that accounted for the evolution of the audit report into its present form.
Why was it common in the 1920s for companies to have only an audited balance sheet prepared for distribution to external third parties? Comment on the factors that, over a period of several decades, resulted in the adoption of the financial statement package that most companies presently provide
When assessing audit risk, should auditors consider the type and number of third parties that may ultimately rely on the client’s financial statements? Should auditors insist that audit engagement letters identify the third parties to whom the client intends to distribute the audited financial
Under present technical standards, would auditors be required to disclose a company policy similar to Nay’s mail rule that they discover during an audit? Explain. Assuming such disclosure had been required at the time this case took place, would that disclosure have resulted in the mail rule
Ernst & Ernst argued that the mail rule was not relevant to its audits of First Securities since that rule only involved personal transactions of Nay and the escrow investors. Do you agree? Why or why not?
Define negligence as that term has been used in legal cases involving independent auditors. What is the key distinction between negligence and fraud? Between recklessness and fraud? For all three types of professional misconduct, provide an example of such behavior in an audit context.
Assume that the investors defrauded by Nay could have filed their lawsuit against Ernst & Ernst under the Securities Act of 1933. How, if at all, do you believe the outcome of their suit would have been affected?
The Restatement of Torts is a legal compendium issued by the American Law Institute. This compendium is relied on by courts in many jurisdictions as the basis for legal rulings. Under the Restatement of Torts, courts have ruled that negligent auditors can be held liable to unknown third parties if
Do you believe that Anton Nikolov has dealt with his concerns regarding Elizabeth Wallace appropriately? Did he behave ethically in discussing that matter with Julius Shen? Defend your answer.
How should Julius respond to the matter involving Elizabeth? Identify the key factors that he should consider in deciding how to proceed.
Do public accounting firms have a responsibility to monitor their employees for the purpose of identifying individuals who have substance abuse problems? Do these firms have a responsibility to help their employees address such problems? Defend your answers.
As a general rule, do you believe that “professionals” should be compensated for the overtime they work? Defend your answer.
At what level within an accounting firm do accountants qualify as “professionals”? Which employment levels (staff accountant—that is, an employee below the rank of audit senior; audit senior; audit manager; audit partner) do you believe should be compensated for overtime that they work?
A key issue in the overtime lawsuits is whether audit staff below the position of audit senior requires close supervision and have the ability and authority to exercise “independent discretion and judgment.” Do professional auditing standards mandate that these employees be closely supervised?
Will the overtime policy of prospective employers influence your job choice? Why or why not?
Do you believe that either Olivia or Eli acted “unprofessionally” or “unethically”? Defend your answer
Did Olivia and Eli’s relationship likely affect other individuals within their office? Explain.
Why do you believe that major accounting firms have become more accepting of intra-office dating over the years? Do you believe that shift in policy is appropriate? Why or why not?
Do you agree or disagree with Olivia’s father that public accountants should keep their professional and personal lives strictly separate? Explain.
What are the key conditions or circumstances that must be present for a company to be “auditable”? What uncommon challenges to “audit ability” are posed by Chinese companies?
Do the major international accounting firms have a responsibility to ensure that their individual national practice units provide independent audit services that are uniform worldwide? Defend your answer.
Acme, Inc., a multinational company based in the United States, has a large subsidiary located in Beijing, China. Acme is audited by an international accounting firm headquartered in the United States; its subsidiary is audited by the Chinese affiliate of that firm. Under U.S. auditing standards,
What alternative strategies or approaches could U.S. regulatory agencies consider invoking to ensure that the audits of non-U.S. companies with securities traded on U.S. markets are adequate?
Since ethical and moral values vary from culture to culture and nation to nation, does this mean that a global profession, such as the accounting profession, cannot have a uniform ethical code? Explain.
Suppose in the future you are assigned to an audit engagement that requires you to travel to a foreign country openly hostile to the United States. Because of that hostility, you are uncomfortable with the assignment. What would you do? Before responding, identify the alternatives you have.
Do you believe it is appropriate for a professional services firm to ask employees to serve on engagements in which their personal safety is at risk? Defend your answer.
What type of professional services was PwC providing to the TFG? What professional standards apply to such engagements?
In addition to client confidentiality, what other ethical issues or challenges did PwC’s contractual relationship with TFG present for the accounting firm?
Identify the specific risks that the Somalia engagement posed for PwC as a firm. Do you believe that PwC properly considered and mitigated each of those risks? Explain.
Do you agree that the client confidentiality rule prohibited PwC from disclosing the contractual details of the TFG engagement? Defend your answer.
Should the SEC have the authority to highlight or bring special attention to certain disclosures made by SEC registrants? Why or why not?
How does the SEC define “materiality”? How does that definition differ, if at all, from the definitions of materiality included in accounting and auditing standards?
Identify specific financial statement auditing concepts and procedures that could be applied in determining whether an Islamic bank has been Shari’a compliant during a given financial reporting period. Would these concepts and procedures be applied differently in Shari’a compliance audits
Do you believe that the proposal to merge Shari’a compliance audits with financial statement audits is feasible? Defend your answer.
Do you agree with the assertion that “accounting can lead to perceptions of reality”? Why or why not? In deciding whether to adopt a proposed accounting standard, should accounting rule-making bodies consider whether that standard might induce socially irresponsible behavior on the part of
Identify the key challenges that the Big Four firms will likely face in their efforts to establish a major presence in the Islamic banking industry.
Identify and briefly describe the legal protections that “whistleblowers” have in the United States.
Should U.S. companies integrate legal protections for internal whistleblowers into their internal control systems? Defend your answer
Suppose that during your career you discover a fraud similar to that uncovered by Mohamed El-Hadad. List specific measures that you could take to protect yourself from recriminations by your employer or other parties.
Did El-Hadad face an ethical or moral dilemma when he discovered the fraud being perpetrated by his superior and friend? Before responding, define “ethical dilemma” and “moral dilemma.”
Define each of the following types of professional services: consulting services, attestation services, agreed-upon procedures engagements, and assurance services. Explain how, if at all, these services overlap.
What role does professional research play in an accounting firm or department? Who primarily conducts the research?
Identify and explain some basic questions the researcher must address in performing accounting, auditing, or tax research.
Provide an example of utilizing the research navigation guide
Your conclusion to the research is often presented to your boss or client in the form of a research memorandum.Identify the basic points to include in this memo. Also, identify at least two common errors to avoid in the drafting of the memo.
Define the term research.
Explain what accounting, auditing, and tax research are.
Distinguish between a priori and a posteriori research. Which research is used more for planning work?
Explain the importance of identifying keywords when identifying relevant facts and issues.
Discuss how research can support or refute a biased alternative.
Explain the necessity of critical thinking in the research process.
What are the qualities that lie behind rethinking?
Discuss the three levels of thought as defined by the Illinois Renewal Institute.
Discuss the AICPA list of effective writing characteristics. Which are editing skills, and which are composing skills?
What is the difference between the active voice and the passive voice? Give an example.
What types of client letters are there?
How is a tax memo usually organized?
There are five houses in a row, each of a different color, that are inhabited by five people of different nationalities, with different pets, favorite drinks, and favorite sports. Use the following clues to determine who owns the monkey and who drinks water. Utilize the chart to develop your
Allison, Mary, and Jennifer are in a gymnastics competition. Here are the results at the end of competition:a. The youngest person received the least points.b. Mary got half of the points of the eldest.c. Jennifer received as many points as both others combined.Who is the eldest of the three
Develop a chart similar to Figure for the following assignment: Johnson Electronics has requested your advice as to when assets need to be classified as current assets.In Figurea. Purpose. You reason things out in order to meet some specific end, goal, or objective. If the purpose or goal is
Develop a chart similar to Figure for the following assignment: Your client, Baxter Controls, has requested your advice as to when a contingent liability should be booked (recorded) as a liability.In Figurea. Purpose. You reason things out in order to meet some specific end, goal, or objective. If
Insert the correct punctuation in the following sentences.a. A general ledger contains all the assets liabilities and owners equity accountsb. The purpose of a trial balance is to prove that debits equal credits but does not prove that all transactions have been recordedc. The current assets
Rewrite the following sentences, making them shorter and more concise while maintaining their main points:a. For good reasons, the secretary may grant extensions of time in 30-day increments for filing of the lease and all required bonds, provided that additional extensions requests are submitted
Critically evaluate the pros and cons of the following statements:Financial statements are useless because they are incomplete. Not all assets or liabilities are included.Financial statements are useless because they present assets at their historical costs rather than at their fair market values.
When should a liability first be reported? When should reporting of a liability cease?
What are the benefits of utilizing a contra accumulated depreciation account rather than crediting the asset account directly?
Rewrite the following sentence to eliminate the double negative:No termination will be approved unless the administrator reviews the application and finds that it is not lacking any requisite materials.
Rewrite the following sentences using the active voice:a. The fraud was reported by the employee.b. The book was enjoyed by me because the seven fraud investigation techniques were described so well by the author.
Utilizing your critical thinking skills, solve the following problem:Three auditors checked into a hotel under one reservation. After paying $100 each to the hotel manager, they went to their individual rooms. The manager, noting that the total rate for the three rooms is $250, gives $50 to the
Insert the correct punctuation:a. The professor received his PhD from the University of Illinois and he continued teaching there after he was finished with the programb. The general ledger does not balance it must balance before we leavec. Did Robert say Can this item be classified as an assetd.
Utilizing Figure develop the eight elements for the following issue: Daimler Auto Parts, Inc., headquartered in Munich, Germany, is attempting to register with the SEC in order to list its stock on the New York Stock Exchange. Daimler currently is capitalizing most of its research and development
Access the FASB website (www.fasb.org), and identify the three most recent exposure drafts issued by the FASB.
According to the FASB website (www.fasb.org), what is the primary function of the FASAC?
Access the AICPA website (www.aicpa.org). Under Accounting Standards, locate and list the three most recently issued exposure drafts of the Financial Reporting Executive Committee.
Access the GASB website (www.gasb.org). Identify the two most recent exposure drafts issued by the GASB.
Access the FASB website (www.fasb.org):List the titles of the two most recently issued ASUs.
Discuss the environmental factors that influence the standard-setting process.
Describe the rule-making or due process procedures of the FASB in the establishment of a standard.
What is the FASB conceptual framework project? Explain the benefit of this project to the practitioner.
Give examples of authoritative and nonauthoritative U.S. GAAP.
How can the promulgation of an accounting standard impact economic behavior? Discuss a specific example.
Identify the advantages and disadvantages of rules-based versus principles-based accounting standards.
Explain the overload of accounting standards. How is the FASB attempting to overcome this issue?
What is an underlying reason for the establishment of accounting standards?
Discuss the authority of the Statements of Financial Accounting Concepts.
What are the typical contents of ASUs?
What type of pronouncements do ASUs include and how are they issued and designated?
What is the purpose of the GASB? Why should the public have an interest in governmental financial reporting?
What constitutes U.S. GAAP?
What are the implications of U.S. GAAP and authoritative support to the researcher?
To conduct efficient research, where should one start in reviewing the accounting literature in search of a solution to a problem?
Distinguish between primary authoritative support and secondary authoritative support.
Prepare a search strategy for understanding a due diligence review of a company. Implement the strategy to find five important items in a due diligence review.
Propose a research strategy to investigate Natalie Churyk’s suggestions for mastering the computerized CPA exam. Then implement the strategy and communicate the results (citing the relevant source).
Use the master glossary to find the definition of cash. Then use the printer-friendly version with sources to locate its associated archived standard.
Use the advanced search to locate code sections relating to not-for-profit revenue accounting. List the first three relevant code sections.
Utilizing any of the search methods, determine whether capitalization of interest is required or optional when getting an asset ready for use.
Use the Internet to acquire further understanding for explaining SEC actions to officers in a public company who ask you the following questions: What does the chief accountant for the SEC do? How should you prepare a client to handle an SEC investigation?
Use the Codification to identify accounting authority (location within the Codification) governing each of the following:a. The accounting for prepaid advertisingb. The accounting for reclassification of short-term debt to long-term debtc. The accounting for accelerated depreciationd. The

Showing 3300 - 3400 of 10291

First
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Last

Accounting and auditing research tools and strategies 8th edition Thomas Weirich, Thomas Pearson, Natalie Tatiana - Solutions

Step by Step Answers