Lecture 3 Ethics in Finance Example QS

Based on the zambian tax administration, particularly focusing on the Zambia Tax Administration reading section 4 which highlights Zambian efforts to improve tax compliance. That section provides information regarding both outreach education activity as well as the number and types of audits that are conducted by the government to ensure tax compliance. Please discuss your beliefs regarding the need and effectiveness of both the outreach education activity and the audit activity. Is the government doing enough? Too much? Too little? If you were in charge what level or type of outreach and auditing would you suggest that the government do? Is there something else the government should do besides these things to encourage tax compliance?

provide an example of a country that has been able to curb/ significantly reduce their corruption levels in modern history (i.e., the last 50-100 years). What factors contributed to the ability to accomplish this? How did this positive trend impact the country’s overall development, including its economic development?

Explain the ‘audit expectation gap’. What causes the gap? b: Potter and Partners are a chartered accounting firm with offices in capital cities in most states. The head of the business development department is seeking to grow the firm’s revenue from non-audit services.   Required: What non-audit services could a chartered accounting firm provide to its listed company clients? Explain why a company would buy these services from its audit firm instead of another consulting firm.

What impact did the Asian financial crisis in the late 1990s and the corporate scandals in the United States in this century have on the auditing profession? Multiple Choice Reputation for being the watchdogs of financial reporting integrity was reduced. CPAS were no longer allowed to provide external audit services for multinational corporations. O Regulation of the external auditing profession was reduced External auditors were required to sit on the boards of directors of multinational corporations. S What impact did the Asian financial crisis in the late 1990s and the corporate scandals in the United States in this century have on the auditing professioni Reption for being the watchdogs of financial reporting integrity was reducied C Regulation of the evema autsing profession was reduced CM were no longer allowed to provide sinemal uit services for mutnaloal corporations Exaludos were required to sit on the boards dreoms of mutinational corporations

Step 3: Periodic External Audits XYZ Corporation engages external audit firms with expertise in international taxation to conduct periodic audits. These audits focus on verifying the accuracy of financial statements, evaluating compliance with tax laws, and identifying potential areas of improvement. External audits provide an independent assessment of the company's tax compliance efforts. Step 4: Continuous Monitoring and Adaptation Recognizing the dynamic nature of tax regulations, XYZ Corporation establishes a system for continuous monitoring of tax changes globally. The company adapts its tax compliance strategies promptly in response to legislative changes, ensuring that it remains in compliance with evolving tax laws. Question: 1.How does XYZ Corporation address the challenges of managing tax compliance in multiple countries, 2.what role does continuous monitoring play in ensuring effective tax compliance across diverse jurisdictions? Note: The answer to this question should be…

Why  Question#7's answer is "false"?  Provide your own answer?

In recent years the move by accounting firms to offshore tax and consulting work has grown and expanded into audit work. What are the ethical concerns that might be raised about the practice of electronically transmitting audit information to offshore centers like those in India that provide accounting professionals to audit U.S. corporations’ financial statements?

). You have recently been approached by a retail company, Canning Limited to provide audit and tax services. You have contacted the outgoing auditor to request for any matters which might prevent you from accepting the assignment. This request has been followed up with phone calls with no response received from the outgoing firm. You held a discussion with the company’s management team and you became aware that the last auditor resigned due to dispute over unpaid fees from the last audit assignment. The Management of the Company were of the view that the previous auditors were too materialistic. Required: Identify the professional issues that needs to be dealt with before accepting the audit assignment

What has been the main thrust of recent changes in the financial reporting rules following the financial scandals of Enron, Worldcom, etc.? Multiple Choice To improve internal control over companies' financial reporting. To add to the work of the companies' external accountants. To force the companies to disclose more of their internal information. To provide incentives to increase their net income. < Prev 27 of 50 Next

Mr. Abdullah is an auditor in XYZ LLC. His job is to see the correctness of financial statements and to give suggestions. He came to know that his company is entering into a new product line, so he started discussing about it on various places and about its projection in the future. In this situation there is a chance of _________________. a. None of the options b. Familiarity threat c. Self review threat d. Advocacy threat Clear my choice

You are an auditor in Andy & Gary Associates, a mid-tier audit firm. You are deciding whether to continue with the audit engagement of Neville Ltd. Since the previous audit, the company has listed on the Australian Securities Exchange which requires it to comply with additional reporting regulations. Due to rapid growth, Neville Ltd is financially stretched and its accounting systems are struggling to cope with the growth in the business. You recently read an article in the Australian Financial Review, which stated that Neville Ltd is currently under investigation by the Australian Taxation Office (ATO) for alleged failure to pay the appropriate amount of Pay As You Go (PAYG) tax on their payroll.   Required: Explain four (4) matters you should consider before continuing with the audit engagement at Neville Ltd.

Can anyone help?   The Sarbanes-Oxley Act is a product of a series of scandals that took place around the turn of the millennium.   A) Has Sarbanes-Oxley really done anything to curb fraud? B) How does the Sarbanes-Oxley Act affect U.S. companies as they compete globally?

3.3) You work for the Chartered Accountancy firm Bevan&Bevan Ltd, which has, for many years, been engaged to perform accounting and corporation tax work. Currently, you have discover that some practices are incorrect, and some behaviours could even be label as tax evasion. Required: Explain the code of conduct and its importance for preventing such behaviours and actions that could be taken.

2.Explain the environmental factors that lead to national differences in accounting.   3.What are the two main legal systems operating worldwide? How might these affect accounting?   Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples.   5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems?   6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption.   7.Explain the bene­fits of global adoption of IFRSs.   8. Outline the key challenges of US GAAP and IFRS convergence.

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During the early 2000s, the role of accounting and the auditing profession in the United States changed due to the discovery of several impactful accounting scandals. Using the Strayer Library, research the economic climate surrounding two accounting scandals. What conditions caused accounting and the auditing profession's role to change during this time? What major changes occurred as a result of the accounting scandals?

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