Hide-IT (HI), a family owned business based in Tombstone, AZ, builds custom homes with special features, such as hidden rooms and hidden wall safes. HI has been an audit client for three years.
You are about to sign off on a "clean" opinion on HI’s current AFS when Art Hyde, VP Finance, calls to tell you that the AZ DRS has seized control of a HI bank account that includes about $450,000 of company funds; the account is NOT currently recorded in the accounting system and you had been Unaware of it. In response to your questions about the origin of the funds, Art assures you that the funds, though not recorded a revenue, had been obtained legitimately. He explained that all of the money came from separately billed but unrecorded change orders to items in contracts completed before you became HI’s auditor, and before he or any members of current management became involved with the company. You subsequently determine that there is insufficient evidence to allow you to reconstruct the nature of these cash transactions, although the following analysis is available for the AZ DRS:
Deposits 1.17.02 – 12.3.04 $455,000
Interest Earned 1.02 – 12.08 95,000
Withdrawals 2.12.03 – 4.7.07 (100,000)
Balance 12.31.08 $450,000
Art also informs you that HI has agreed to pay a combined tax and penalty of 12% on the total funds deposited within 120 days as required by a recently enacted rule that provides amnesty for tax evaders. Furthermore, he states that negotiations with the IRS are in process.
ASSIGNMENT:
The professional standards define errors as unintentional misstatements or omissions of amounts or disclosures in the F/S. Is this situation described an error?
The professional standards state that fraud relates to intentional misstatements or omissions of amounts or disclosures in the financial statements. Misstatements due to fraud may occur due to either (a) fraudulent financial reporting (b) misappropriation of assets. Does the situation appear to be fraud? If so, is it fraudulent financial reporting, misappropriation of assets or both?
3. The professional standards outline certain auditor responsibilities relating to identifying client noncompliance with laws and distinguish between laws with a "direct effect" on the financial statements and other laws. Does the situation herein relate to noncompliance with laws as discussed within the auditing standards? If so, is the noncompliance related to a law with a direct effect on the financial statements or another law?
4. Should the CPA firm resign in this situation? If the decision is not clear-cut, what additional information would you desire before deciding?
Answers
The situation described does not appear to be an error as defined by professional standards. Errors are unintentional misstatements or omissions in the financial statements.
In this case, the undisclosed bank account and unrecorded funds were not an unintentional misstatement or omission but a deliberate act of not recording the account in the accounting system.
The situation appears to involve fraud. The unrecorded bank account and funds, obtained from separately billed but unrecorded change orders, indicate intentional misstatements or omissions in the financial statements. It can be categorized as fraudulent financial reporting because the financial statements were intentionally misstated by not disclosing the existence of the bank account and the related funds.
The situation relates to noncompliance with laws as discussed within the auditing standards. The undisclosed bank account and unrecorded funds represent noncompliance with tax laws, as the funds were not properly accounted for or reported to the tax authorities. This noncompliance is related to a law with a direct effect on the financial statements since tax liabilities and penalties can impact the financial results and disclosures.
Whether the CPA firm should resign in this situation depends on various factors and requires careful consideration. Resignation may be a possible course of action due to the significant noncompliance with tax laws, fraudulent financial reporting, and the potential impact on the firm's independence and reputation. However, before making a decision, the CPA firm would likely desire additional information, such as the outcome of the negotiations with the IRS, the actions taken by the company to address the noncompliance, and the willingness of the company to rectify the situation and strengthen its internal controls and governance.
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Related Questions
how is weather useful to our body
Answers
Answer:
1. precipation
2. national security
Explanation:
1. Having a stable climate and weather patterns benefits national security. If a government can predict the amount of water and the average risk for drought or other natural disasters, it can better prepare its population for possible adversities. If the climate and weather were to suddenly change, disaster response teams may not be able to adapt quickly enough. It could also lead to international conflicts as the need for humanitarian aid rises in response to a higher demand on resources.
2. The stability of the climate is an important factor to human health. Because overall climates are stable for long stretches of time, humans adapt to a given climate. For example, the evolution of light skin from dark was to help humans become more resistant to cold weather and synthesize more vitamin D per each exposure to ultraviolet light as they moved away from the equator to areas where there was less direct sunlight and more cloud-covered days. Rapid climate change could be detrimental to human health because the body cannot adapt quickly enough to changes in the weather and environment.
2.
Having a stable climate and weather patterns benefits national security. If a government can predict the amount of water and the average risk for drought or other natural disasters, it can better prepare its population for possible adversities. If the climate and weather were to suddenly change, disaster response teams may not be able to adapt quickly enough. It could also lead to international conflicts as the need for humanitarian aid rises in response to a higher demand on resources.
Click this link to view O*NET’s Tasks section for General and Operations Managers. Note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. According to O*NET, what are some common tasks performed by General and Operations Managers? Check all that apply.
filing paperwork and entering data into computers
researching, purchasing, installing, and maintaining computers and office technology
reviewing financial statements, sales and activities reports, and other data
overseeing activities related to making products or providing services
managing staff, preparing work schedules, and assigning duties
directing and coordinating activities of businesses or departments
Answers
Answer:
C). Reviewing financial statements, sales, and activities reports, and other data
D). Overseeing activities related to making products or providing services .
E). Managing staff, preparing work schedules, and assigning duties
F). Directing and coordinating activities of businesses or departments.
Explanation:
The general and operations managers are responsible for managing the use of resources in the organization and supervising the budget and finances. He/she assesses the financial statements associated with sales, activity reports, and other data related to the projects going on. He/she also looks after the activities associated with making products or dispensing services, preparation of work schedules, managing the staff, assigning responsibilities to them, and directing the staff appropriately to ensure coordination among various activities that are going on at different levels and departments which helps in collectively bringing out the desired output for the organization. Thus, options C, D, E, and F are the correct answers.
Answer:
3,4,5 and 6
Explanation:
3. reviewing financial statements, sales and activities reports, and other data
4. overseeing activities related to making products or providing services
5. managing staff, preparing work schedules, and assigning duties
6. directing and coordinating activities of businesses or departments
Done on Edg Jan.2021
define ecommerce in business with example
Answers
Answer:
See below
Explanation:
eCommerce refers to business transactions conducted via internment. eCommerce is the short form of electronic commerce. It is the selling and buying of products and services through the internet platform. eCommerce includes other commercial transactions conducted online such as online/internet banking, online money transfers, online auctions, ticketing, and payments.
An example of eCommerce is the online retail stores where shoppers pick and select merchandise on the retail store's website and pay online. The retail store then organizes for the items to be delivered to the customer's premises.
You are responsible for buying #2 diesel fuel for your company. Your company considers this a limited impact commodity, and has an arm’s length relationship with the supplier base. What would be the best tool to use to determine your company’s purchasing performance for this product relative to your competitors?
Group of answer choices
Reverse price analysis
Value chain analysis
Learning curve analysis
Price benchmarking
Strategic positioning analysis
Answers
The best tool to use to determine your company's purchasing performance for #2 diesel fuel relative to your competitors would be Price benchmarking.
The term 'Price benchmarking' has been mentioned in the given question. Benchmarking refers to the practice of comparing and evaluating the quality of a company's goods, services, and processes to those of its rivals or the industry standard.
This allows firms to identify their areas of weakness and strengths in order to increase their efficiency and competitiveness. The price benchmarking, on the other hand, helps organizations to measure their commodity pricing performance against the rest of the market.
An organization's procurement performance, efficiency, and quality are all measured against industry standards and competitors through price benchmarking. It is often regarded as an excellent method for identifying areas of inefficiency or waste in procurement processes, as well as a useful tool for devising and implementing procurement strategies.
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Country A has a command economy. The country’s economic plan calls for manufacturing 10,000 new electric heaters for the winter months. However, the winter turns out to be much colder than usual. As a result, the demand for new heaters is higher than the number of heaters available. Many people are forced to get through the winter without an electric heater.
What does this scenario best reveal about command economies?
Command economies are profit driven.
Command economies have difficulty meeting changing needs.
Command economies fail to regulate what goods are produced.
Command economies ignore consumer needs.
Answers
This scenario best reveals that the command economies have difficulty meeting changing needs.
What are command economies?Command economies, also known as planned economies, are economic systems in which the government controls all aspects of the economy, including production, distribution, and pricing of goods and services. In a command economy, the government makes all economic decisions and owns all the resources necessary for production. Prices are typically set by the government rather than by the forces of supply and demand. The goal of a command economy is to create a centrally-planned system that distributes resources and goods equitably among the population. However, command economies have historically been associated with inefficiency, poor quality products, and limited consumer choice. They have also been criticized for their lack of responsiveness to changing market conditions and the needs and desires of consumers. Many command economies have since transitioned to market-based systems.
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Select the correct answer. What is a SWoT analysis?
A. marketing strategy
B. a market research strategy
C. a strategy to spot opportunities D. a strategy to allocate resources E. astrategy to understand resource allocation
Answers
Answer:
B
Explanation:
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis (or SWOT matrix) is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
Answer:
I think its C.
Explanation:
I'm trying to find the answer, too, but I know it's not B because I got it wrong before. D and E don't match SWOT at all, so those are out. It's either A or C. C seems the better bet though, as what I've learned from the internet, it helps in deciding a market research strategy, not being one itself.
So C is the right answer from using the process of elimination.
How to be a successful entrepreneur?
Answers
Answer:
Don’t take ‘no’ for an answer
Learn from the best
Stay hungry and ambitious
Never stand still; evolve with the times
Nurture long-term business relationships
Inspire those around you
Trust your gut instinct, not just your spreadsheet
Explanation:
It takes hard work and dedication and they are many free sources that is available today such as videos
In order for a liability to be classified as a current liability, it must be a debt that the company:.
Answers
Answer:
In order for a liability to be classified as a current liability, it must be a debt that the company expects to pay from existing current assets or through the creation of other current liabilities.
Jeannine and Ryan, have both been working full-time jobs for many years. They are about to adopt three siblings and are trying to decide if they are both going to keep working. What disadvantage will they likely experience if they choose a single income option?
A.
They will have higher costs for childcare.
B.
They will have a greater amount of financial income.
C.
They will have less time to spend with their new baby.
D.
They will have less disposable income.
Answers
Answer: D
Explanation:
Answer: They will have less disposable income.
Administrators can require minimum Net Capital and Net Worth for: A. Investment Advisers
B. Investment Adviser Representatives
C. Issuers
D. Agents
Answers
Investment Advisers, Administrators have the authority to require minimum Net Capital and Net Worth for investment advisers.
Net Capital and Net Worth requirements are regulatory measures designed to ensure that investment advisers maintain sufficient financial resources to meet their obligations and protect the interests of their clients. These requirements help to safeguard the financial stability and integrity of investment advisory firms, allowing them to operate in a responsible and sustainable manner. By imposing minimum Net Capital and Net Worth standards, administrators can help mitigate the risk of financial insolvency and enhance investor protection in the investment advisory industry
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What is NOT an advantage of being an entrepreneur?
Answers
Answer: Disadvantages include a lack of guarantee of success and the heightened responsibility of owning a business
Answer:
The advantages of entrepreneurship include the ability to shape one's own business, control of one's own working habits, and significant stock in the venture. Disadvantages include a lack of guarantee of success and the heightened responsibility of owning a business.
Explanation:
The Zakchari Company has six processing departments for refining sugar—Affination, Carbonation, Decolorization, Boiling, Recovery, and Packaging. Conversion costs are added evenly throughout each process, and materials are added at the beginning of each process. Data from August for the Recovery Department are as follows: ? Metric Tons Beginning Work-in-Process Inventory 3,000 Transferred In 18,500 Ending Work-in-Process Inventory 6,500 In August, 15,000 metric tons were completed and sent to the Packaging Department. The ending Work-in-Process Inventory was 50% complete with respect to conversion costs. Prepare a production cost report for the Recovery Department to show the equivalent units for direct materials and conversion costs. The weighted-average method is used
Answers
The total cost of beginning work-in-process is added to the total cost incurred during the period to give the total cost of work-in-process.
The production cost report for the Recovery Department of the Zacchary Company in August shows the equivalent units and cost information for direct materials and conversion costs. The weighted-average method is used to compute the equivalent units.
Units Schedule of Equivalent Units:
Beginning WIP: 3,000 units at 100% completionTransferred In: 18,500 units at 100% completionTotal Units to Account for: 21,500 unitsEnding WIP: 6,500 units at 50% completion for direct materials and 3,250 units at 100% completion for conversion costsTotal Units Accounted for: 21,500 units (transferred in and ending WIP)Equivalent Units of Production:
Direct Materials: Beginning WIP (3,000 units) + Transferred In (18,500 units) + Ending WIP (3,250 units) = 22,750 unitsConversion Costs: Beginning WIP (3,000 units) + Transferred In (18,500 units) + Ending WIP (1,625 units) = 23,125 unitsCost per Equivalent Unit:
Direct Materials: Total Costs ($50,040) / Equivalent Units of Production (22,375 units) = $2.24 per unitConversion Costs: Total Costs ($48,125) / Equivalent Units of Production (22,625 units) = $2.12 per unitCost Reconciliation:
Costs to be accounted for: Direct Materials Transferred In Cost ($38,150) + Beginning WIP Cost ($9,890) = $48,040Cost accounted for: Ending WIP Direct Materials Cost ($7,280) + Ending WIP Conversion Costs ($3,440) + Transferred Out Cost ($38,150) = $45,430 for direct materials and $41,590 for conversion costsExplanation of the weighted-average method:
The weighted-average method combines costs and equivalent units for the current and previous periods to determine the total equivalent units produced and the cost per equivalent unit. The equivalent units for direct materials and conversion costs are calculated separately.
The total cost of beginning work-in-process is added to the total cost incurred during the period to give the total cost of work-in-process.
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I will mark you as brainliest if you know what it is
Increasingly, a number of partnerships have been formed to provide needed transportation services between _____.
the public and private sector
the social and private sector
a coalition of social sector organizations
none of the above
Answers
What is the definition of hangry my friend keeps saying it but i dont understand
Answers
Answer:
hangry is when you feel hungry and angry at the same time
Explanation:
basically, your angry because of the fact that your hungry
Louisa works in marketing. She works with several different areas of the company that employs her. Which task does Louisa have others perform?
A. Conducting meetings at a satellite office
B. Working on new marketing campaigns at home
C. Participating in teleconferences in her home office
D. Training other employees to use a computer
Answers
Answer:D
Explanation: so other employees have more experience and will be able to help around the office more
Answer:
The correct answer to your question is B. Working on new marketing campaigns at home.
Explanation:
Edge 2021:)
A $10,000, 4.5% semi-annual coupon rate bond has 11 years until maturity. Calculate the price of the bond if the required return in the bond market is 5.2% compounded semiannually.
Answers:
a)$9,668.86
b)$13,153.01
c)$9,419.18
d)$11,021.60
e)$10,000
Answers
To calculate the price of the bond is approximately $9,419.18. (Option c) we can use the present value formula for a bond's cash flows:
PV = C * (1 - (1 + r)^(-n)) / r + F / (1 + r)^n
Where:
PV = Present value of the bond (price)
C = Coupon payment per period ($10,000 * 4.5% / 2 = $225)
r = Required return per period (5.2% / 2 = 0.052)
n = Number of periods (11 years * 2 = 22 semi-annual periods)
F = Face value of the bond ($10,000)
Substituting the values into the formula:
PV = 225 * (1 - (1 + 0.052)^(-22)) / 0.052 + 10000 / (1 + 0.052)^22
PV ≈ 9668.86
Therefore, the price of the bond is approximately $9,668.86.
The correct answer is a) $9,668.86.
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An instrument used to enlarge or reduce a map is known as
Answers
Answer:
pantograph
Explanation:
you can use a pantograph to do this.
assuming a country's economy maintains an 3.5% rate of growth, young adults starting at age 20 would see the economy (and average standard of living) in their country tripled by the time they had reached the age of (approximately)
Answers
Assuming a country's economy maintains an 3.5% rate of growth, The country's economy is 52.
calculation:-
Let's consider economy =1 when the young adults were 20.
CAGR = (1+r)n-1
n= 33
R = 0.035
=(1+0.035)n-1
=1.035 33-1
=1.035 32
= 3.006
So, it takes 52 years
An economy encompasses all the activities related to the manufacturing, consumption, and alternative of goods and offerings in an entity, whether the entity is a country or a small city. No economies are equal. everyone is formed in line with its very own resources, tradition, legal guidelines, records, and geography.
Widely speaking, there are fundamental assets of monetary boom: boom inside the length of the personnel and growth inside the productivity (output in line with hour labored) of that personnel. either can boom the overall size of the financial system but the simplest robust productivity boom can increase consistent with per capita GDP and earnings.
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what price should this monopolist charge to maximize profits?
Answers
The monopolist should charge a price that maximizes profits which is typically set at the point where marginal revenue equals marginal cost.
What price should a monopolist charge to maximize profits?To maximize profits, a monopolist should set the price at the level where marginal revenue equals marginal cost. This is because marginal revenue represents the additional revenue earned from selling one more unit while marginal cost represents the additional cost incurred in producing that unit.
By equating these two values, the monopolist ensures that they are producing the optimal quantity of goods and charging the corresponding price that maximizes their profits. If the monopolist were to charge a higher price, they would experience a decrease in demand, resulting in lower revenue.
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a broad objective of human resource management is to of all workers in an organization.group of answer choicesoptimize the usefulnessminimize the downtimescrutinize the personnel filestandardize the benefits
Answers
A broad objective of human resource management is to of all workers in an organization are- standardize the benefits. In this case Option D is correct.
The department of a company tasked with finding, selecting, hiring, and training job applicants is known as human resources (HR).
The management of employee terminations, compensation, and benefits is handled by the human resources department.
Any laws that might affect the company and its employees must be kept up to date.
Payroll and benefits administration are traditional HR administrative tasks that many businesses frequently outsource.
familiarity with human resources (HR)
The HR department is a vital component of the business regardless of size. Its responsibilities include boosting employee output and protecting the company from any issues that might arise within the workforce.
Compensation and benefits, hiring, firing, and staying current with any laws that may apply are just a few of HR's duties.
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What is TRUE about time as a factor in investing?
A.
The more time the investor has, the more risk they can take because there is time to weather the declines in a stock and wait for it to regain some of its value before selling.
B.
Time rarely plays a large role in investment decisions or outcomes, and typically waiting to make decisions lowers an investor’s overall risk.
C.
If you have 10 years or more to invest, opening a savings account can be a good option for high-risk, high-reward investing.
D.
If you have a shorter time period to invest because you are nearing retirement, a higher-risk investment is generally a better choice.
plz help :)
Answers
Answer:
A. The more time the investor has, the more risk they can take because there is time to weather the declines in a stock and wait for it to regain some of its value before selling.
Explanation:
This is basically the reason why younger investors can afford higher risks than older investors. If you are 60 years old, you will probably invest in very secure stocks or bonds. Instead, when you are 25, you can afford investing in risky stocks that have higher than average growth potential.
Answer:
The more time the investor has, the more risk they can take because there is time to weather the declines in a stock and wait for it to regain some of its value before selling.
Explanation:
I got it right on the test nun to worry about.
If the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach
equilibrium?
Answers
Answer:
the price of the product will decrease to meet equilibrium
Explanation:
in order to meet it, it has to decrease.
Answer:
The price of the product will decrease to meet equilibrium.
Explanation:
The price of the product will increase to meet equilibrium.
The price of the product will decrease to meet equilibrium.
Supply and demand must be raised.
Supply and demand must be lowered.
When a user is entering data on a form, they would use which view?
Answers
Answer:
Form view
Explanation:
Form view can be regarded as screen display which is used to show one item or record that is been arranged like a preprinted form. FormView control helps in displaying a single record from a data source. A form can be regarded as database object which is used when entering, editing, or displaying data from a table or a query. It should be noted that When a user is entering data on a form, they would use Form view
4. In your progress report, you want the Work Completed section to follow your
Summary of Costs. To date, the company has rewritten the home page content,
created a new logo, and updated the overall structure of the site. Currently, an idea
for site navigation has been proposed but not yet confirmed. You want to include a
visual of the navigation option in the progress report.
a. The navigation option includes these links from the Home Page: About, Services,
Customer Reviews, and Contact. The About section would include links to History
and Our Mission; the Services section would also include links to Pricing, Scope, and
Timeline. Show an example of a simple, custom graphic to display the navigation. (3
points)
Answers
Links to About, Services, Customer Reviews, and Contact are included in the suggested navigation option, along with dropdown menus for About (History and Our Purpose) and Services (Pricing, Scope, and Timeline).
What type of bar chart is most popular?When showing a sequence of statistics over time, it is highly helpful. If long labels are needed, vertical bar graphs have the drawback of not leaving much room at the bottom of the chart.
Which bar charts are frequently employed to display time series data?Using a sequence of bars, time series bar charts can display changes in a metric over time. This allows you to plot several series, display the breakdown of a metric across dimensions, and display the evolution of the values over time.
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currently, most applications of collaborative planning, forecasting, and replenishment (cpfr) have been in which industries? multiple select question. apparel food general merchandise agriculture
Answers
The most common applications of Collaborative Planning, Forecasting, and Replenishment (CPFR) are found in the apparel, food, and general merchandise industries.
In which industries are the applications of CPFR most prevalent?Explanation: Collaborative Planning, Forecasting, and Replenishment (CPFR) is a supply chain management strategy that focuses on enhancing collaboration and information sharing between trading partners.
While CPFR can be applied across various industries, it has gained significant traction in the apparel, food, and general merchandise sectors.
These industries often deal with complex supply chains involving multiple stakeholders, including manufacturers, distributors, and retailers.
The implementation of CPFR in these industries helps to improve demand forecasting accuracy, optimize inventory levels, streamline replenishment processes, and reduce costs.
The agricultural industry, although involved in the supply chain, may have different characteristics and requirements compared to the other mentioned industries, which might explain its relatively lower adoption of CPFR.
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a dollar today is worth more than a dollar tomorrow if the interest rate is positive.
a. true b. false
Answers
Answer:
a. true
Explanation:
a dollar today is worth more than a dollar tomorrow if the interest rate is positive.
a. true
who benefits form medicare taxes?
Answers
Answer: The Medicare tax rate is 1.45% of an employee's gross income. The Medicare tax, which is a charge on both employers and employees, is paid by both.
True or False: when writing a check, it is not necessary to fill in the Memo line. *
True
False
Answers
Answer:
true
Explanation:
It's not essential that you fill out this field, since it isn't required to cash or deposit the check. But entering a memo can help you and the recipient keep clear records.
What are some reasons Access may be a better option than other database programs? Check all that apply.
It is relatively inexpensive.
It is popular and widely used.
It is included in Microsoft Office.
It is compatible with other systems.
It focuses primarily on numeric data.
It is basically the same program as Excel.
It is the only system that can be used online.
Answers
Answer:
A. It is relatively inexpensive.
B. It is popular and widely used.
C. It is included in Microsoft Office.
D. It is compatible with other systems.
Explanation:
just did it on excel
Access is a better option than other database programme because it is relatively inexpensive, it is compatible with other systems, also it is same as the Excel.
What is Microsoft Access?It is a Database Management System which was launched by Microsoft. It combines the relational database engine with the graphical user interface.
It is a Information management tool which helps to store information for future use and reference which can be needed at any point during business life.
What is Database?Raw information is data but when data is processed and organized and stored in a system, it is called Database. It can be accessed electronically through Computers, Mobiles etc.
What is Database Management System?Database management system is popularly known as DBMS. it is a computerized data managing system in which user can perform various operations. It can store unlimited amount of Data.
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Which situation most directly illustrates a possible outcome of a fiscal
policy?
A. New environmental regulations make drinking water in a city safer.
B. The government decides it is time to print a great deal of new
money
O C. Struggling farmers receive less assistance from the government.
O D. A company decides to expand its operations into several new
states
Answers
Answer:
C
Explanation:
The correct answer would be option C that says that the struggling farmers receive less assistance from the government as fiscal policies are associated with determining the expenses and taxation policies to the various sectors to regulate the direction of the economy.
There are two types of Fiscal Policy that are Expansionary and Contractionary.
Expansionary fiscal policy:
deals with an increase in spending and/ or relaxing in taxation by the government so that consumers in the economy get more money.Contractionary policy:
deals with reducing spending and/ or increasing taxation.In this case, farmers did not get assistance from the government due to reducing the amount of Federal money available for farming and farmers is an illustration of Contractionary fiscal policy.
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