Please see the attached to be completed. I need the answers by Saturday March 11, 2017

ACCT635 Midterm Examination Spring Semester, 2017 Larry Wolod, J.D., CPA University of Maryland University College Please answer the problems listed below. You must submit your answers in the appropriate Assignment folder. The deadline for turning in the final examination is 11:59 PM on Sunday, March 12th, east coast time. There are 9 problems/questions in the exam. Please note that this examination is to be done by each student individually. Yes, I know the exam is worth 99 points (9 on multiple choice, 90 on essays). It will be graded on a 100 point scale, which means there is an automatic one point curve. To start you out gently in this exam, there are 3 multiple choice questions. Choose the single best answer for each question. Each question is worth 3 points. MC 1. Which of the following statements best describes why the public accounting profession has deemed it essential to have a Code of Professional Conduct and to set up enforcement mechanisms? a. A prerequisite to success of a profession is the establishment of an ethical code that primarily stresses the professional's responsibility to clients and colleagues. b. A requirement of most state laws calls for the profession to establish a code of ethics. c. A distinguishing mark of a profession is its acceptance of responsibility to the public. d. An essential means of self-protection for the profession is the establishment of flexible ethical standards. MC 2. Without the consent of the client, a CPA should not disclose confidential client information contained in working papers to a a. CPA firm that has purchased the CPAs accounting practice. b. Voluntary quality control review board. c. Federal court that has issued a valid subpoena. d. Disciplinary body created under state law. MC 3. While you are engaged in the audit, the client asks if you would like to be the company's guest for a weekend in New York City. How should you respond? a. Explain that under the AICPA Code of Professional Conduct you must maintain your independence so it will be necessary to schedule some appropriate business activities. b. Explain that under the AICPA Code of Professional Conduct you cannot accept anything of significant value from a client. c. Explain that under the AICPA Statement of Fair Practices that this type of activity is prohibited. d. Go and enjoy the weekend. The rest of this examination consists of 6 essays worth 15 points each. Be sure your answers are well-reasoned, conclusions are well supported, your writing is well organized with few, if any, spelling/grammatical errors, and your response is long enough to answer the question(s) asked and no more than that. Essay 1. Are Whistleblowers ever given rewards? If so under what statutes? In your opinion are anonymous hotlines effective in preventing and detecting fraud? Essay 2. Explain and critically evaluate how the Sarbanes Oxley legislation helps to prevent corporate fraud. What is the purpose of the PCAOB? What are its duties and responsibilities? In your opinion, should Section 404 of Sarbanes Oxley be repealed? Please support your contention. Essay 3. What are the hallmarks of a good business code of conduct? What is a conflict of interest? Is it the same as self-dealing? How does tone at the top of an organization impact an organization's ethical stature? Is it possible for an accounting professional to be subject to more than one code of conduct at the same time? If so, how? Pick two provisions of the AICPA Code of Conduct and explain them and make a case that they are the two most important provisions. Essay 4. Why would a company focus its efforts to be seen as socially responsible? Please find an article on the internet that demonstrates good corporate social responsibility and relate any message that you take away from reading it. Please cite the article. How do you convince a Board of Directors to spend money to improve the corporate social responsibility of an organization when it reduces earnings per share? Essay 5. In your opinion does the accountant play a vital role in the US financial structure? If so why do you believe this? In your opinion, could the US financial structure operate without accountants? Find an article on the internet that demonstrates where an accountant or accounting firm bungled an audit that resulted in damages suffered by investors. After citing the article please relate any message that you take away from reading it. Essay 6. Does an accountant have a fiduciary responsibility to his clients? Should the accountant be held to a higher ethical standard than other professionals because the accountant is handling the client's finances? ACCT635 Midterm Examination Spring Semester, 2017 Larry Wolod, J.D., CPA University of Maryland University College Please answer the problems listed below. You must submit your answers in the appropriate Assignment folder. The deadline for turning in the final examination is 11:59 PM on Sunday, March 12th, east coast time. There are 9 problems/questions in the exam. Please note that this examination is to be done by each student individually. Yes, I know the exam is worth 99 points (9 on multiple choice, 90 on essays). It will be graded on a 100 point scale, which means there is an automatic one point curve. To start you out gently in this exam, there are 3 multiple choice questions. Choose the single best answer for each question. Each question is worth 3 points. MC 1. Which of the following statements best describes why the public accounting profession has deemed it essential to have a Code of Professional Conduct and to set up enforcement mechanisms? a. A prerequisite to success of a profession is the establishment of an ethical code that primarily stresses the professional's responsibility to clients and colleagues. b. A requirement of most state laws calls for the profession to establish a code of ethics. c. A distinguishing mark of a profession is its acceptance of responsibility to the public. d. An essential means of self-protection for the profession is the establishment of flexible ethical standards. MC 2. Without the consent of the client, a CPA should not disclose confidential client information contained in working papers to a a. CPA firm that has purchased the CPAs accounting practice. b. Voluntary quality control review board. c. Federal court that has issued a valid subpoena. d. Disciplinary body created under state law. MC 3. While you are engaged in the audit, the client asks if you would like to be the company's guest for a weekend in New York City. How should you respond? a. Explain that under the AICPA Code of Professional Conduct you must maintain your independence so it will be necessary to schedule some appropriate business activities. b. Explain that under the AICPA Code of Professional Conduct you cannot accept anything of significant value from a client. c. Explain that under the AICPA Statement of Fair Practices that this type of activity is prohibited. d. Go and enjoy the weekend. The rest of this examination consists of 6 essays worth 15 points each. Be sure your answers are well-reasoned, conclusions are well supported, your writing is well organized with few, if any, spelling/grammatical errors, and your response is long enough to answer the question(s) asked and no more than that. Essay 1. Are Whistleblowers ever given rewards? If so under what statutes? In your opinion are anonymous hotlines effective in preventing and detecting fraud? Essay 2. Explain and critically evaluate how the Sarbanes Oxley legislation helps to prevent corporate fraud. What is the purpose of the PCAOB? What are its duties and responsibilities? In your opinion, should Section 404 of Sarbanes Oxley be repealed? Please support your contention. Essay 3. What are the hallmarks of a good business code of conduct? What is a conflict of interest? Is it the same as self-dealing? How does tone at the top of an organization impact an organization's ethical stature? Is it possible for an accounting professional to be subject to more than one code of conduct at the same time? If so, how? Pick two provisions of the AICPA Code of Conduct and explain them and make a case that they are the two most important provisions. Essay 4. Why would a company focus its efforts to be seen as socially responsible? Please find an article on the internet that demonstrates good corporate social responsibility and relate any message that you take away from reading it. Please cite the article. How do you convince a Board of Directors to spend money to improve the corporate social responsibility of an organization when it reduces earnings per share? Essay 5. In your opinion does the accountant play a vital role in the US financial structure? If so why do you believe this? In your opinion, could the US financial structure operate without accountants? Find an article on the internet that demonstrates where an accountant or accounting firm bungled an audit that resulted in damages suffered by investors. After citing the article please relate any message that you take away from reading it. Essay 6. Does an accountant have a fiduciary responsibility to his clients? Should the accountant be held to a higher ethical standard than other professionals because the accountant is handling the client's finances