Questions and Answers of Accounting and Auditing Research

List the SEC divisions.
What are the responsibilities of the Division of Corporation Finance?
What two actions does the Enforcement Division take when authorized by the Commission?
Which groups/bodies issue ASUs? How is the issuing group/body designated?
You graduated and took your first position with a public accounting firm. While at a client (Soroka, Inc.), you discover documentation regarding several ventures. After careful research, you assess
Using the Codification, identify and cite how a company should report an outstanding letter of credit.
JC Company owns multiple investments that pay quarterly dividends. One such investment is stock ownership in Scooter, Inc. Instead of distributing a cash dividend, Scooter, Inc. distributed Bear &
Go to EDGAR and type in “Apple Inc” in the company name box. When the new screen opens, in the filing type box, type in “upload.” Open the 2015-03-04 document and briefly summarize its
Go to the Electronic Code of Federal Regulations (www.ecfr.gov).a. What Part of Title 17 (Code of Federal Regulations—CFR) applies to interim financial reporting? Do interim financial statements
Go to the Electronic Code of Federal Regulations (www.ecfr.gov). Do LIFO reserves need to be disclosed in financial statements or in the footnotes? Be sure to include the specific reference in your
Use your library sources to access the Journal of Accounting Education (http://www.sciencedirect.com/science/journal/ 07485751). Click on Volume 49 (December 2019). List the two educational cases
Access the IASB website (www.ifrs.org), click on the “Around the World” tab and click on the “Analysis of Use …” link. Do the G20 jurisdictions modify IFRS? If so, please explain.
Is an entity required to account for a contract modification as a separate contract? Provide specific citation to support your answer.
What are the steps in database research?
What company did Bristol Myers Squibb acquire in 2019? What happened to the company’s stock price when the merger was announced?
Who are six major publishers of financial information?
Review General Electric’s financial reports for the last three years, and perform a ratio analysis of them. In one paragraph, discuss the company’s financial situation. What databases and parts
Identify two statistical sources for business.
In 2019, who became the chair of GE’s audit committee? What was this person’s background? What controversy arose with GE’s audit committee? How was Harry Markopolos involved? How did Harry
Why examine an analyst report?
What does the Audit Analytics database include?
What does the Interpretation of Federal Financial Accounting Standards 9 discuss? When was the Interpretation promulgated? What was the purpose of the Interpretation?
Describe TDH Holdings, Inc. noting its major products and its headquarters location. Give at last two major reasons as to why the stock was volatile in 2019.
Find 2019 stock prices on one of the largest private equity firms, the Blackstone Group. How much did their stock price change during that year? Explain why. What sources of information did you use
Use a commercial database to examine IBM’s first footnote in its financial statements for 2019. Compare and contrast the advantages or disadvantages in assessing IBM from a commercial database as
What database would best find information on Cargill, a large private company headquartered in Minnesota? Provide your reasoning.
What does the Guidestar database provide?
Identify three types of reforms made in the Taxpayer First Act of 2019.
Research the Internet to identify three major federal “tax expenditures.”
Summarize the tax issue in Direct Mktg. Ass’n v. Brohl, 814 F.3d 1129 (10th Cir. 2016). Explain what happened on its appeal to the Supreme Court. Provide a proper citation for any subsequent
Alan Jones was completing the audit of Zecka Industries, but prior to the completion of audit procedures a major fire destroyed client evidence including general ledger and subsidiary ledgers, cost
Explain the differences between a review and compilation service.
Sony is a multinational company headquartered in Tokyo, Japan, with over 1,000 subsidiaries worldwide. Sony decided to expand its entertainment business in the United States, overseen by its
What are two ways to search a database to collect evidence?
Identify Australia’s standard setters for accounting, auditing, and tax.
Describe the history of GE’s insurance business in one full page. Use at least two reliable sources with proper citations to them using the APA style of citation.
Explain three major differences between GAAP and statutory accounting for U.S. insurance companies. Provide a citation to your source(s).
Write at least two paragraphs explaining how reserves are calculated for a health insurance business. Provide a citation for your source(s).
Find and summarize a recent Analyst Report on GE. Write a minimum of two pages. Include at least two of the most important financial ratios. Provide a citation to the Analyst Report. Describe where
In 2019, how was GE attempting to return to a position of strength? What sources did you use to find your answer? Provide complete citations.
Write a two-page summary of the most important information on GE’s health care business for a potential investor to know in 2019. Identify your sources.
What segment(s) of GE lost money in 2018? How large were the losses in those segment(s)? Where did you find that information?
In late 2017, GE announced its intention to exit approximately $20 billion of assets over the next year or two. What assets did GE dispose and how did it change the company?
In 2019, how did GE stock perform? What changes made by GE helped to explain its stock performance? What happened in March 2020?
Who issues Forensic Accounting Standards?
During an audit engagement, the audit partner informs the audit team that the engagement this year should include some forensic services as part of the audit. However, the audit manager informs the
A CPA performing a forensic service engagement is considering whether to provide an opinion that is pursuant to a contingent fee arrangement. The CPA realizes that a contingent fee arrangement is not