Which of the following steps can help a business avoid embezzlement? Group of answer choices Use independent auditors. Investigate promptly any employee whose lifestyle suddenly changes. Require co-signing of checks. All of the above.
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- What is the main reason lenders pay borrowers' property taxes through a pre-paid escrow account? It prevents a tax lien from being applied to the home. The tax lien would be senior to the mortgage lien. It prevents the borrower from refinancing with another lender because they would lose all of their escrow funds. It allows the lender to earn interest on the pre- paid tax money as itsits in the account. It allows the lender to take advantage of corporate tax deductions.need help asap( You don't have to write alot just mention few key details ) Consumer confidence reports are legally required based on the Safe Drinking Water Act Find one for your hometown (or neighboring community) (it can be any state for example: California) and identify the following: (a) name of community, (b) source of water serving the community, (c) regulated contaminants that are monitored, (d) whether violations occurred, and (e) whether and the value of the chlorine residual present (will be noted as the chlorine measurement and may be identified as MRDL).
- According to a recent study of approximately 347 financial statement frauds by the law enforcement agencies, senior management is the group most likely to commit financial statement fraud. The CEO was involved in 72% of these frauds, and the CFO’s involvement was 65%. Either the CEO or the CFO was involved in 89% of the cases. Motives for senior managers to commit financial statement fraud are varied. Following are questions which might help to better understanding the reasoning behind. (a) Appraise the reasons senior management would overstate or understate business performance. Elaborate. (b) Why would CFOs cook the books even though they know that it is against the law? Elaborate.true or false 8. Company's confidential information can be considerably more valuable than information about credit cards.For how long does the Sarbanes–Oxley Act require auditors ofpublic companies to retain audit documentation?
- Money taken out of a sole proprietorship by an owner is: Choose the correct answer 1. subject to income tax, Employment Insurance and Canada Pension Plan 2. deductions when taken out. 3. considered an expense 4. taken as a draw against anticipated profits 5. all of the aboveMishap has a gross income of $43,360. She owns a condominium and donates to charity, but there's no way her tax deductible expenses come close to the standard deduction of $12,000. During a cold snap in the winter she donates an extra $500 to the local homeless shelter, a registered charity. How much will this donation save her on her taxes?The AICPA can bar or suspend from practice any accountant deemed to have engaged in "unethical or improper professional conduct." Select one: True False
- You are the compliance officer at the hospital in the case below. Discuss your concerns, if any. Then discuss how you might address the issue. Three years ago, when Suburban Hospital found itself in financial trouble, it hired Allan Hale as a senior administrator on the basis of his experience in revitalizing a large health care corporation. In reviewing hospital billing practices, Hale immediately noticed that the coding of a given medical condition significantly affected reimbursement. He instituted new policy such that, whenever there was an ambiguity in a patient's diagnosis, clerks would enter the most remunerative code possible. Hale has also found the billing department too cautious in its reimbursement claims for expenses such as interest charges for the facilities under Medicaid and Medicare programs. He has directed that whenever there is any doubt, staff should claim the maximum amount. As a realist, however, he has instructed accounting personnel to develop two…The Sarbanes-Oxley Act includes additional communication requirements for auditors of public companies. true or false?The materiality concept is important and fundamental to the audit.