Monthly Archives: December 2015

Read the case study titled “North Face” prior to doing this assignment. Write a four to five (4-5) page paper in which you: The SEC sanctioned Richard Fiedelman for failing to document the changes that his subordinates had made in 1997 North Face work papers and for failing to exercise due professional care. Explain the SEC’s rationale in making each of these allegations. Take a position on the severity of the SEC’s punishment of Richard Fiedelman of a three-year suspension on being involved in the audits of SEC clients. Support your position. Assume that you are an audit manager in a public ACCOUNTING FIRM. The engagement partner asks you to modify client work papers after the financial statements and opinion has been issued. Determine what you would do in this situation. Provide your rationale. Evaluate the practice of “materiality” used by public ACCOUNTING FIRMS and how accounting firms should address it with clients. North Face’s management teams were criticized for strategic blunders that they made over the course of the company’s history. Discuss whether auditors have a responsibility to assess the quality of the key decisions made by client executives. Defend your answer. Use at least three (3) quality resources in this assignment. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page a



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Read the case study titled “Nextcard, Inc.” prior to doing this assignment.

Write a four to five (4-5) page paper in which you:

 

  1. Given PCAOB oversight of ACCOUNTING FIRMS and the AICPA Code of Conduct, discuss whether or not you believe that public accounting firms can successfully manipulate audit work papers and records of clients engaged in fraudulent activity.
  2. Analyze the fraud risk factors PRESENTED during the 2000 Nextcard audit and how each should have impacted the audit procedures.
  3. In the Nextcard case, discuss how Ernst & Young’s motivation to destroy the audit work papers reconciles with its obligation to provide assurances to FINANCIAL investors.
  4. Assume the role of Oliver Flanagan in the case. Identify the actions you would have taken when Robert Trauger asked you to help him alter the 2000 Nextcard audit work papers. In answering this question, discuss alternative courses of action available to you.
  5. Search the Internet for a public ACCOUNTING FIRM that recently destroyed audit evidence related to a client. Identify the public accounting firm and evaluate the punishment that the firm received for the Professional Code of Conduct violation. Evaluate the severity of the punishment to determine whether you agree or disagree with the severity.
  6. Use at least three (3) quality resources in this assignment.

 

Your assignment must follow these formatting requirements:

 

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.



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ACC 562 Week 4 Assignment 2 North Face



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Read the case study titled “North Face” prior to doing this assignment.

Write a four to five (4-5) page paper in which you:

 

  1. The SEC sanctioned Richard Fiedelman for failing to document the changes that his subordinates had made in 1997 North Face work papers and for failing to exercise due professional care.  Explain the SEC’s rationale in making each of these allegations.
  2. Take a position on the severity of the SEC’s punishment of Richard Fiedelman of a three-year suspension on being involved in the audits of SEC clients. Support your position.
  3. Assume that you are an audit manager in a public ACCOUNTING FIRM. The engagement partner asks you to modify client work papers after the financial statements and opinion has been issued. Determine what you would do in this situation. Provide your rationale.
  4. Evaluate the practice of “materiality” used by public ACCOUNTING FIRMS and how accounting firms should address it with clients.
  5. North Face’s management teams were criticized for strategic blunders that they made over the course of the company’s history. Discuss whether auditors have a responsibility to assess the quality of the key decisions made by client executives. Defend your answer.
  6. Use at least three (3) quality resources in this assignment.

 

Your assignment must follow these formatting requirements:

 

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page a


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ACC 562 Week 7 Assignment 3 F&C International



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Read the case study titled “F&C International” prior to doing this assignment.

Write a five to six (5-6) page paper in which you:

 

  1. Over time, there has been significant legislation passed, such as Sarbanes-Oxley, yet corporate fraud is still pervasive in today’s business environment. Suggest three (3) new ways that you believe will eradicate corporate fraud.
  2. In the F&C case, INVENTORY manipulation was used to enact the fraud. Discuss the proper internal controls needed over inventory and how these controls will act as a deterrent to fraudulent activities.
  3. For a moment, step into the shoes of Catherine Sprauer at F&C International. Indicate what you would have done following each of the confrontations she had with the two employees who insisted that F&C executives were involved in a fraudulent scheme to misrepresent the company’s FINANCIAL STATEMENTS.
  4. Discuss how ACCOUNTING FIRMS should modify their audit procedures to ensure the risk of financial fraud is minimized.
  5. Discuss how the Securities and Exchange Commission (SEC) continues to fail to detect fraudulent activities in publically TRADED COMPANIES. Suggest a recommendation for improvement.
  6. Evaluate whether legislation and regulatory agency oversight will increase or decrease corporate fraud. Explain your position.
  7. Use at least three (3) quality resources in this assignment.

 

Your assignment must follow these formatting requirements:

 

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.



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ACC 562 Week 10 Assignment 4 Financial Analysis



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Write a six to eight (6-8) page paper in which you:

 

  1. Evaluate the current FINANCIAL condition of Eastman Kodak based on its most recent quarterly report, which can be located at http://www.Kodak.com. Based on your evaluation, discuss the most significant “red flags” for its public accounting firm to consider.
  2. Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
  3. Create an argument to the Kodak shareholders that, despite the long relationship between Kodak and PricewaterhouseCoopers, the public accounting firm maintains its professional independence.


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ACC 564 Week 2 Assignment 1 Information Needs for the AIS



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In 1967, Russell Ackoff presented a classical analysis of misinformation in management (Ackoff’s Management Misinformation Systems, Case 1-1, pg. 21 of the text). Now, you need to fast-forward to the present. After reading the case, craft your own version of misinformation in management by developing five (5) key incorrect assumptions that management makes about its accounting information systems.

For this assignment, research the Internet or Strayer databases for information related to improper assumptions concerning accounting information systems.

 

Write a five to seven (5-7) page paper in which you:

  1. Based on your research, assess how corporate leaders may make improper assumptions related to accounting information systems and the related information. Indicate the most negative potential impacts on business operations related to these assumptions. Provide support for your rationale.
  2. Suggest three to four (3-4) ways in which organizational performance may be improved when information is properly managed within a business system. Provide support for your rationale.
  3. Evaluate the level of system security (i.e., high, medium, low) needed to ensure information integrity within automated business systems. Provide support for your evaluation.
  4. Use at least three (3) quality resources in this assignment. Note:Wikipedia and similar Websites do not qualify as quality resources.

 

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

 



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ACC 564 Week 4 Assignment 2 Hacking the AIS



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In today’s technology environment, hackers PRESENT a substantial risk to a firm’s accounting or business system. As the result of these attacks, firms suffer huge losses, ranging from financial losses to losses in confidence by consumers, creditors, and suppliers. Firms may have made a significant investment in financial and non-financial resources to secure these systems.

For this assignment, research the Internet or Strayer databases for information related to business systems that have been hacked.

Write a five to seven (5-7) page paper in which you:

  1. Based on the information you researched, evaluate the level of responsibility of the company in terms of the effectiveness of the response to the SECURITY BREACH. Provide support for your rationale.
  2. Imagine that the company that you researched uses a third-party ACCOUNTING SYSTEM. Assess the level of responsibility of the software provider to both the business and its clients. Provide support for your rationale.
  3. Create an argument for additional regulation as a preventative measure against businesses being hacked. Provide support for your argument.
  4. Provide at least three (3) recommendations for businesses to secure their systems and ASSETS from hackers. Provide support for your recommendation.
  5. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

 • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

 • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.



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ACC 564 Week 7 Assignment 3 Fraud in the ACCOUNTING Information System



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For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case.

Explain how the firm’s ACCOUNTING information system (i.e., components and functions) contributed to the fraud and / or embezzlement. You will need to focus on how each component / function of the accounting information system failed, which resulted in the scandal / case.

Write a ten to twelve (10-12) page paper in which you:

  1. Based on the information you researched, assess the failure of the firm’s accounting information system to prevent the related fraud / embezzlement.
  2. Imagine that the company that you researched uses a third-party ACCOUNTING SYSTEM. Evaluate the effectiveness of the firm’s stakeholder in the event that a third-party accounting system suffers a breach. Include an assessment of the level of responsibility of the software provider to the business and its clients. Provide support for your rationale.
  3. Determine what advances in accounting and / or INFORMATION TECHNOLOGY could have prevented the event from occurring. Provide support for your argument.
  4. Evaluate what changes should be made to both the Sarbanes-Oxley Act of 2002 and other current laws in order to make them more effective in deterring companies from committing crimes.
  5. Recommend a strategy that the company you indicated may use to prevent future business information failures. Indicate how the company should approach the implementation of your recommended strategy. Provide support for your recommendation.
  6. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

 • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

 • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

 

For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case.

Explain how the firm’s ACCOUNTING information system (i.e., components and functions) contributed to the fraud and / or embezzlement. You will need to focus on how each component / function of the accounting information system failed, which resulted in the scandal / case.

Write a ten to twelve (10-12) page paper in which you:

  1. Based on the information you researched, assess the failure of the firm’s accounting information system to prevent the related fraud / embezzlement.
  2. Imagine that the company that you researched uses a third-party ACCOUNTING SYSTEM. Evaluate the effectiveness of the firm’s stakeholder in the event that a third-party accounting system suffers a breach. Include an assessment of the level of responsibility of the software provider to the business and its clients. Provide support for your rationale.
  3. Determine what advances in accounting and / or INFORMATION TECHNOLOGY could have prevented the event from occurring. Provide support for your argument.
  4. Evaluate what changes should be made to both the Sarbanes-Oxley Act of 2002 and other current laws in order to make them more effective in deterring companies from committing crimes.
  5. Recommend a strategy that the company you indicated may use to prevent future business information failures. Indicate how the company should approach the implementation of your recommended strategy. Provide support for your recommendation.
  6. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

 • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

 • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.



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ACC 564 Week 10 Assignment 4 Changing the Accounting Information System



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Migrating to a new accounting information system is not an easy task. Many firms have struggled with this process, even though our textbook makes the process seem quite straightforward. Recently, IBM recapped some of the lessons learned in migrating to a new accounting information system within the federal government. These lessons can be applied to any accounting information system project. Others have developed their own recommendations for best practices and lessons learned involving implementing accounting information systems. However, in order to appreciate what IBM and others are proposing, we need to apply lessons learned to a real-life situation involving the failure to implement an accounting system properly.

For this assignment, research the Internet or Strayer databases for information related to a real-life accounting information system failure and best practices, as well as lessons learned from implementing the accounting system. In addition to information that you may find during your research, please use the following IBM article to complete the assignment: (http://www.businessofgovernment.org/article/what-we- know-now-lessons-learned-implementing-federal-financial-systems-projects).

Write a ten to twelve (10-12) page paper in which you:

  1. Identify three to five (3-5) factors that contributed to the accounting information system failure within the business that you have identified. Indicate the impact to the business. Provide support for your rationale.
  2. Assess senior management responsibility for the failure in question. Specify what the senior management could have done differently to avoid the failure. Provide support for your rationale.
  3. Evaluate whether the most significant failure occurred within the system design, implementation, or operational phase of the process. Indicate what the company could have done to avoid the failed outcome. Provide support for your rationale.
  4. Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale.
  5. Based on your research, develop a list of between four (4) and six (6) best practices that organizations should use today to reduce the chances for failure. Provide support for your rationale.
  6. Using the information provided by IBM and others, indicate which of the principles designed to provide insight into effective and efficient strategies on how to best deploy financial management systems, which were outlined within the related article, should serve as an example of what not to do when establishing the foundation for a firm to follow. Your proposed foundation should consist of at least two (2) principles, but no more than six (6). Provide support for your rationale.
  7. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

 

Your assignment must follow these formatting requirements:

 • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

 • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.



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ACC 564 Week 11 Final Exam



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1) The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

  1. A) business transactions; updating; processing
  2. B) data processing; business transactions for; printing
  3. C) information processing; updating; creating
  4. D) business transactions; data processing; preparing

 

2) Which item below is not considered a major input to the general ledger and reporting system?

  1. A) summary entries from the major subsystems
  2. B) reports from managers
  3. C) adjusting entries
  4. D) financing and investing activities

 

3) Who provides the adjusting entries for a well-designed general ledger and reporting system?

  1. A) various user departments
  2. B) the treasurer’s area
  3. C) the other major AIS subsystems
  4. D) the controller’s area

 

4) The general ledger and reporting system is designed to provide information for which of the following user groups?

  1. A) internal users
  2. B) external users
  3. C) inquiry processing by internal or external users
  4. D) all of the above

 

5) The general ledger system of an organization should be designed to serve the information requirements of both internal and external users. This means that the system should support

  1. A) producing expansive regular periodic reports to cover all information needs.
  2. B) the real-time inquiry needs of all users.
  3. C) producing regular periodic reports and respond to real-time inquiry needs.
  4. D) access by investors and creditors of the organization to general ledger balances.

 

6) How is general ledger updating accomplished by the various accounting subsystems?

  1. A) Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours.
  2. B) Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger.
  3. C) The controller or treasurer must approve accounting subsystem journal entries before any updating may occur.
  4. D) Nonroutine transactions are entered into the system by the treasurer’s office.

 

7) When updating the general ledger, sales, purchases, and production are examples of ________ entries, and issuance or retirement of debt and the purchase or sale of investment securities are examples of ________ entries.

  1. A) adjusting; controller originated
  2. B) accounting subsystem; treasurer originated
  3. C) adjusting; special journal
  4. D) controller generated; special journal

 

8) Entries to update the general ledger are often documented by which of the following?

  1. A) general journal
  2. B) subsidiary journal
  3. C) subsidiary ledgers
  4. D) journal vouchers

 

9) Adjusting entries that reflect events that have already occurred, but for which no cash flow has taken place are classified as

  1. A) accruals.
  2. B) deferrals.
  3. C) revaluations.
  4. D) corrections.

 

10) Recording interest earned on an investment is an example of which type of adjusting journal entry?

  1. A) accrual entry
  2. B) deferral entry
  3. C) revaluation entry
  4. D) correcting entry

 

11) An adjusting entry made at the end of an accounting period that reflects the exchange of cash prior to performance of a related event is classified as a(n)

  1. A) accrual entry.
  2. B) deferral entry.
  3. C) revaluation entry.
  4. D) correcting entry.

 

12) Depreciation expense and bad debt expense are examples of which type of adjusting journal entry?

  1. A) deferrals
  2. B) accruals
  3. C) revaluations
  4. D) estimates

 

13) Adjusting entries that are made to reflect differences between the actual and recorded value of an asset or a change in accounting principle are called

  1. A) reconciliations.
  2. B) revaluations.
  3. C) estimates.
  4. D) accruals.

 

14) Adjusting entries that are made to counteract the effects of errors found in the general ledger are called

  1. A) accruals.
  2. B) corrections.
  3. C) deferrals.
  4. D) estimates.

 

15) Corrections are entries made to correct errors found in ________.

  1. A) all journals
  2. B) special journals
  3. C) the general ledger
  4. D) the financial statements

 

16) Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare

  1. A) an adjusted trial balance.
  2. B) closing entries.
  3. C) financial statements.
  4. D) an unadjusted trial balance.

 

17) Financial statements are prepared in a certain sequence. Which statement is prepared last in the sequence?

  1. A) the adjusted trial balance
  2. B) the income statement
  3. C) the balance sheet
  4. D) the statement of cash flows

 

18) A listing of journal vouchers by numerical sequence, account number, or date is an example of

  1. A) a general ledger control report.
  2. B) a budget report.
  3. C) a batch to be processed.
  4. D) responsibility accounting.

 

19) If you believe not all adjusting entries were posted in the general ledger, you should prepare a general ledger control report listing journal vouchers in

  1. A) numerical sequence.
  2. B) chronological order.
  3. C) general ledger account number order.
  4. D) any order, since you have to review them all anyway.

 

20) If you believe a general ledger account was not adjusted properly or at all, you should prepare a general ledger control report listing journal vouchers in

  1. A) numerical sequence.
  2. B) chronological order.
  3. C) general ledger account number order.
  4. D) any order, since you have to review them all anyway.

 

21) The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the

  1. A) journal voucher list.
  2. B) statement of cash flows.
  3. C) operating budget.
  4. D) capital expenditures budget.

 

22) The operating budget

  1. A) compares estimated cash flows from operations with planned expenditures.
  2. B) shows cash inflows and outflows for each capital project.
  3. C) depicts planned revenues and expenditures for each organizational unit.
  4. D) is used to plan for the purchase and retirement of property, plant, and equipment.

 

23) Budgets and performance reports should be developed on the basis of

  1. A) responsibility accounting.
  2. B) generally accepted accounting principles.
  3. C) financial accounting standards.
  4. D) managerial accounting standards.

 

24) Performance reports for cost centers should compare actual versus budget ________ costs.

  1. A) controllable
  2. B) uncontrollable
  3. C) fixed
  4. D) variable

 

25) Performance reports for sales deparments should compare actual versus budget

  1. A) revenue.
  2. B) cost.
  3. C) return on investment.
  4. D) profit.

 

26) Departments that mostly provide services to other units and charge those units for services rendered should be evaluated as ________ centers.

  1. A) cost
  2. B) profit
  3. C) investment
  4. D) revenue

 

27) As responsibility reports are rolled up into reports for higher level executives, they

  1. A) become less detailed.
  2. B) become more detailed.
  3. C) become narrower in scope.
  4. D) look about the same.

 

28) Variances for variable costs will be misleading when the planned output differs from budgeted output. A solution to this problem would be

  1. A) calling all costs fixed.
  2. B) to use flexible budgeting.
  3. C) better prediction of output.
  4. D) to eliminate the budgeting process.

 

29) Concerning XBRL, which of the following statements is not true?

  1. A) XBRL is a variant of XML.
  2. B) XBRL is specifically designed for use in communicating the content of financial
  3. C) XBRL creates unique tags for each data item.
  4. D) XBRL’s adoption will require accountants and systems professionals tag data for their clients.

 

30) The benefits of XBRL include:

  1. A) organizations can publish financial information only once, using standard XBRL tags.
  2. B) tagged data is readable and interpretable by computers, so users don’t need re-enter data into order to work with it.
  3. C) Both are benefits of XBRL.
  4. D) Neither are benefits of XBRL.


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ACC 571 Week 2 Assignment 1 – Corporate Fraud Schemes



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Identify an organization that was involved in corporate fraud. Explain how fraud can be detected and evaluate the importance of teamwork and leadership in a fraud investigation.

For this assignment, research the Internet or Strayer databases and identify an organization that was involved in corporate fraud.

 

Write a three to four (3-4) page paper in which you:

 

Based on your research, identify and assess the fraud that occurred in the organization and the impact it has had on the corporation’s investors and creditors. Provide support for your rationale.

 

  1. Suggest how a financial forensic investigation could have detected fraud in the organization that you researched. Consider the risk factors, the elements of fraud, and the analysis of competing hypotheses.
  2. Evaluate how teamwork and leadership is an effective tool for financial forensic investigations. Provide support for your evaluation.


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