non-audit services
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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.
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- Regarding Enron, this was a company that resulted in the creation of the Sarbanes-Oxley Act and many reforms to the accounting profession. Research the company and answer the following questions. Question 1: How did the members of the accounting firms violate the standards of integrity and credibility? Question 2: Do you believe the new standards that resulted from the Enron scandal to be adequate? Question 3: Name and explain two aspects of the Sarbanes - Oxley Act of 2002.Which of the following would constitute an Agency Problem in the context of Business? Check all of the following that apply. Check All That Apply A manager authorizes a trip to Europe for himself at the company's expense even though he has no intention of doing any company business while on the trip. A manager makes a bad decision that costs the company tens of thousands of dollars, but he believes he is acting In the company's best interest rather than his own in making the decision. An employee takes home a box of pens for personal use without prior authorization, A manager turns down a project that analysis has shown to be profitable for the company because she is afraid of negative consequences for herself if something goes wrong.answer these questions: step 1; Why do managers/accountants need to behave ethically? Explain. Step 2: Describe thestrengths and weaknesses of an accountant for icecream business. would they be good accountants?step 3:Compare and contrast manual accounting with computerized accounting, How are theydifferent?
- The SEC is trying to get companies to notify the investment community more quickly when a "material change" will affect their forthcoming financial results. In what sense might a financial manager be seen as "more ethical" if he or she follows this directive and issues a press release indicating that sales will not be as high as previously anticipated? A manager at a "Check Into Cash" business (see Focus on Ethics box on page 192) defends his business practice as simply "charging what the market will bear." "After all," says the manager, "we don't force people to come in the door." How would you respond to this ethical defense of the payday-advance business? Bond rating agencies have invested significant sums of money in an effort to determine which quantitative and nonquantitative factors best predict bond defaults. Furthermore, some of the raters invest time and money to meet privately with corporate personnel to get nonpublic information that is used in assigning the issue's bond…(Do not provide AI Content otherwise i will dislike) What is a primary focus of performance measurement in public sector accounting? a) Maximizing shareholder wealth b) Achieving profitability c) Enhancing service delivery and accountability d) Minimizing tax liabilitiesWhich of the following is NOT a requirement of the Cadbury Code of Best Practice for board of directors of firms? Meeting regularly. Conducting monthly financial audits. Monitoring executive management. Retaining full and effective control over the company.
- The following statement suits best the definition of INCOME: a. Income is the amount spent by the business for recruiting the most qualified staff O b. Income is obligation contracted by the business to be honoured at specific dates O c. Income is sales revenue and other amounts received by the business through rendering services to third parties O d. Income is the amount received by the business when it issues new shares to the publicA variety of interested parties-including existing and prospective creditors (such as lenders and suppliers), employees and managers, shareholders, regulators, security analysts, and competitors-conduct the analysis of a business's financial condition and performance. All parties tend to be interested, to some extent, in the same aspects of company performance, but their particular emphasis on a specific facet of the business's condition or performance may vary. The following parties are either currently affiliated with Global Products Inc. (GPI) or are considering becoming so. Based on the following description, (1) answer the question "Who Am I?" and (2) identify the class of financial ratios that they might be interested in. I sell materials to GPI and could go out of business quickly if I don't collect the payments for my goods. When I perform a ratio analysis of my customers, I should focus on the following: 1. Does GPI pay its current bills in full and on time? This is reflected…Tana Thorne works in a public accoungting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet's financial statements. In discussing the audit fee, Allnet's management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne's firm. 1. Identify the parties potentially affected by this audit and the fee plan proposed. 2. What are the ethical factors in this situation? Explain 3. Would you recommend that Thorne accept this audit fee arrangement? Why or why not? 4. Describe some ethical considerations guiding your recommendation.
- Give three reasons why accountants need to be ethical in their duties in regards to preparation of financial statements. Explain the importance of these ethics to the companycompliance issues for emerging growth companies. Respond to this question: Is SOX so cumbersome that it limits economic growth of new businesses?Which of the following is not considered an analyticalaspect of the accounting profession?a. Evaluating an organization’s operational effi ciency.b. Forecasting the probable results of future operations.c. Designing systems that provide information to decisionmakers.d. Journalizing and posting business transactions.Explain the following for a manufacturing, retail, or service business: The primary purpose of the entity The types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have? The types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process?
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![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
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