Audit Client Considerations

With this particular case study I will discuss several questions and facts regarding audit client considerations. 1) A brief summary of the case. 2) Identify key behaviors, attitudes and ethical dilemmas (if any) faced by the auditors. 3) Assess the philosophical and practical alternatives summarized in the case questions and evaluations of those solutions. 4) Briefly summarize what I would do faced with this situation in real life. The case is that of a CPA firm, Cardinal Coyote, located in Phoenix, Arizona and centers around three personnel members. Yancy Corliss is a new partner with the firm that is summoned into the managing partner’s office, Sharon Rules. Rules indicates that Jost Furniture is looking for a new auditing and she has been approached to submit a bid. Before committing to a bid Rules would like Corliss to conduct a background check to assess the potential risk of obtaining Jost as a client. The contract could prove to be quite lucrative for the firm as the company will need advice on international expansion. Since the bid is due to close fairly quickly she gives Corliss three days to report back to her. Corliss assembles his team which includes Lanny Beaudean who worked for the IRS for two years before joining the firm. Beaudean hopes to gain international experience with the firm so as to further his dream of becoming a CEO. The other two members of the team are Vinnie Gabelli and Jacki Oloff both of whom are not Arizona natives. After discussing their respective duties the team met at the end of the day to discuss their findings. After following a checklist of risk assessment they followed all except for the Verify the circumstances of any prior auditor’s dismissal1. The team felt that Yancy Corliss would be better suited to obtain this information. After non response from the firm’s attorney and sidestep answer of personality conflicts from Jost the team did receive permission to speak with previous auditors. They discovered that since there had been a modified opinion of the 2006 financial statements, where the auditors raised questions of going concern. The company had suffered persistent losses and the lack of cash flow was impairing their ability to secure financing. They also learned that subsequent auditors had been dismissed also for apparently coming to the same conclusion as the predecessor firm. Upon further investigation the team found that a million dollar loan covenant had been violated by neglect to keep a minimum balance due to the fact that the owner had withdrawn $500,000. 00 out of the company account to place a down payment on his home. The next time the covenant was broken the bank started foreclosure on the loan. The behaviors and attitudes of the auditor’s was very professional in exercising due diligence and proper training in the following manners. Oloff tried to contact the attorney several times by phone, left five messages and when she inquired about voice mail and email received a no answer to both types of technology. She also tried to set an appointment but was fended off of this type of communication as well. Corliss was put off about speaking with the previous auditors by the owner citing that there were personality conflicts and his concern was they would speak ill of the company. Corliss reminded him that it is required part of the procedure to accept them as a client. Gabelli investigated the going concern aspect, in doing so he found out that a loan to Phoenix Second Bank had begun foreclosure proceedings and the reasons behind this. He also found that by the time the foreclosure process had been completed the loan had been paid off. Finally Beaudean expressed his and the team’s concerns about taking on Jost as a client. All of these actions are in accordance with GAAS requirements on due diligence and appropriate training2. However had the situation arisen that is stated in question 2 of the case study there would be a serious issue that would be faced by Rules and Beaudean both. Question 2 asks what if Corliss had recommended that Jost be taken on as a client which surprises Beaudean and he asks what other factors did he consider and his response is â€Å"I am a new partner in the firm. I have to bring in new business. This client is a slam dunk. If we make a reasonably competitive bid, we will get the account. † â€Å". This presents a problem for Rules and Beaudean. It is abundantly clear that in this scenario Corliss is placing his needs above that of the society (in this case the firm). This as we have learned places him at Stage 2 of Kohlberg’s Model and violates all of the Six Pillars of Character. If Beaudean decides to follow the ethical choice of reporting his team’s findings to Rules the trust that was given to Corliss by assigning him the task of doing a thorough investigation. Due diligence and professional care are two of the core foundations upon with not only GAAP is founded upon but GAAS as well. Every accountant whether he/she is a Certified Auditor, CPA or CMA is required not only by law but by Ethical Standards to practice in our profession2,34. If the decision were to go ahead and submit a bid it would violate the standards by which we practice and are ethically bound to abide. In conclusion I would have done exactly as the auditor’s did. I would strongly recommend against taking on Jost as a client not only due to the going concern but also because of the red flags that appeared during a background investigation. Who knows what would further show up that was either unethical or illegal or both. In my personal opinion no contract is worth tainting my professional integrity and reputation. If Corliss were to recommend taking Jost on as a client I would raise my concerns with Rules and outline all that we had learned as well as strongly recommend against taking on Jost as a client.

Skill Enhancement Assignment Example | Topics and Well Written Essays - 1000 words

Skill Enhancement - Assignment Example In addition, we need PowerPoint because it eliminates most of the boredom found in presentations such as lectures, where the presenter just states information without creativity, which is monotonous. PowerPoint also creates room for creativity as it needs the information found in a presentation to be organized appropriately for clarity and order. Question 3 A hyperlink is a reference that appears as a link leading one to another piece of information or file that can be directly followed by opening the hyperlink. A hyperlink can be created by using the insert menu to insert a hyperlink, and it can also be created by using the auto format feature and the tools menu, where one clicks on autocorrect then clicks on auto format as you type. The next step is checking the box in the replace you type pane in internet and network paths and clicking okay. Question 4 A transition is an effect that allows two separate scenes to merge and appear to be continues, and examples of transitions include dissolve, fade, wipe, morph and cut. Question 5 Seven categories of search engines and examples include Crawler-based search engines- Google.com Human-powered directories- Yahoo.com Meta-search engines- Metacrawler.com Vertical- Business.com Sponsored- Kanoodle.com Hybrid- Yahoo.com Specialty Search Engines Question 6 The three arguments for moral justification of private property in favour of intellectual property include claims of ownership based on the owner of the work having worked for the property, which means that it is a product of the person. The second argument for intellectual property is that one must seek permission to use the intellectual property prior to using it, and intellectual property becomes property of the society through permission of its use. The third argument is that intellectual property belongs to its maker and must therefore not be reproduced as a new item and should therefore be permitted before its reproduction. Question 7 Plagiarism is the use of an other author’s work without the permission of the author, where the work includes ideas, language and even expressions where the person using the works without authorization presents the work as his or her own original work. There are different types of plagiarism including deliberate plagiarism where one copies the work of another author directly, word for word and passes it as his own such as an entire book with a changed title and author. Another type is paraphrasing where the author takes ideas and words from the original author, then inserts quotes and citations. Another form of plagiarism is patchwork and paraphrasing, where the author puts together ideas and expressions from different authors, and puts them together then passes them off as their own. The last one is self-plagiarism, where one copies his or her own work from a previous version of it and edits it to appear new. Question 8 A blog is a website in which information is frequently updated, and the information is presented in a reverse chronological order, and features opinions and information of interest to the person maintaining the blog. Blogging in education can be used to share experiences on academic progress for students. It can also be used to share assignments for those who did not attend classes, where those who miss classes can find their homework there. Blogging can also be used to enhance communication between the teacher and his or her students as it provides a platform that is

Speech papers Essay Example | Topics and Well Written Essays - 750 words

Speech papers - Essay Example The portrayals were characterized by repetitive and indiscriminate depiction of the Muslim community that reinforce stereotyping and misunderstanding among the wider public. Central to the negativity of the media's Arab and Islamic portrayals are the reporters themselves. The idea is that claims to objectivity in news reporting is a myth and that, in their reports, they have the power to shape and change meanings that influence public opinion just with use, misuse or non-use of certain words. An excellent example of this is the way Palestinians are labeled terrorists in the Israeli-Palestinian conflict when the ANC that uses the same methods that got the former labeled as such were called as freedom fighters. (Manning, p. 52) Dr. Ibrahim Hilal added another example when he pointed out in an ABC interview how Western networks never say occupied territories in Palestine and instead mention â€Å"territories† or the just the â€Å"Palestinian people† in their reports about the Israeli-Palestinian conflict in addition to the usual failure in mentioning the reason of resistance and violence on the part of the Arabs. (p52) There is also a tendency to opinionate and cast blame on Muslims as a whole by using specific incidents and personalities in order to represent their community and what they stand for. For instance, during the peak of the media coverage of the Lebanese rape gangs, the Islamic religion was repeatedly dragged into the fray, with reporters going as far as pontificating how Islamic culture and values breed the kind of violence that Arabs are capable of. Manning identified the general media slant that declares rape is typical of men of Middle Eastern extraction and that â€Å"white† women are threatened by the communities that harbor them. (Manning, p63) What is happening is actually a sanctioned prejudice towards a race on the guise of public indignation on specific criminal acts. The apt description, according to Michael Humphrey, is to â€Å"exoticize the Other† perhaps in an effort to demonize, curtail and control an ethnic minority. (p63) This comes in handy, for instance, when advancing certain policies that concern minority groups such as on the issue of what to do with refugees and asylum seekers. The section of the public who does not have any idea what the Muslims are or their faith and beliefs, their culture and their community have to depend heavily on the media and the printed material for their opinions and judgments. It is, hence, unfortunate that they get to read about Muslim depictions that are negative one-dimensional and often misleading and malicious. What is more unfortunate is the fact – as has been previously explained – that this phenomenon is a deliberate and systematic campaign on the part of the media. The media is guilty with the typical Western prejudice on Muslims and Islam and also, the â€Å"otherness† that comes with having a different culture and wa y of life. This is unfair to the Muslim community and unjust in its most extreme manifestations. It also harms societies that are multicultural and diverse. It breeds segregation and alienation among groups that should have been coming together and learning from each other, enriching the

Roe vs Wade Case Assignment Example | Topics and Well Written Essays - 750 words

Roe vs Wade Case - Assignment Example The article will provide adequate information on the historical background of abortion over time. Furthermore, it will give the accounts of the events as they occurred leading to the 1973 famous Roe Versus Wade rulings that led to the legalization of abortion during different stages of pregnancy. The article seeks to establish the rates of unintended pregnancies among Americans and the related outcome. From the study, it was established that about fifty percent of the births in united states were unintended. The article found out that there are a number of factors affecting different level fo unintended pregnancies and rates of abortion in the U.S. For instance, the rates were low among educated women, the rich women and young women who were between 18-24 years of the reproductive age. This source will be of the essence as it will provide information n the statistics on abortion in the united states. Ruth explains the sparked controversy from the rulings made on this day. She explains how the ruling has affected reproduction in the united states. It gives into account the details of the ruling and the laws that it relied on to conclude the way it did. Therefore, the source will provide information that will be used to detect the Roe v. Wade trial. The article, analyses the public opinion on the sensational ruling on abortion in the years 1973 among the public. At the same time, the author studies the rulings that followed the ruling in 1973. The article Analyses the effect of the Roe V. Wade on the latter rulings in the U.S. Therefore, this source will be useful in determining the public opinion on the ruling and the rulings made later emphasizing the effect of Roe v. Wade. The study points out the incidence of abortion in the united states.

Research Experience for High School Students Dissertation

Research Experience for High School Students - Dissertation Example This essay stresses that given the absence of specific and clear-cut formal policies and frameworks from the government on research experience for high school students, the quest to inject high school learning with research experience has largely remained in the hands of private initiatives. This means that the introduction and maintenance of research experience in high school learning has mostly been a preserve of efforts applied by individual high schools and their stakeholders. Conversely, there are other organizations or agencies such as the National Science Foundation which sustain Research Experience for High School Students (REHSS) programs with logistics and finances and help further the goals of REHSS. This paper makes a conclusion that the research faculty member aiding and guiding the student has to come from the institution sustaining the research. For instance, Vanderbilt University enjoys the widest notoriety for sustaining these independent research projects. This means that most of the research faculty members who mentor high school students undertaking independent research projects are employees of Vanderbilt University. All students who participate in REHSS are to attend weekly breakout sessions in groups and are to be led by a group of Vanderbilt University postdoctoral and graduate student researches. In respect to the foregoing, it is important to note that institutions of learning which provide REHSS services have the prerogatives to set the requirements for enrolment. Roberts and Wassersug (2009) contends that in most cases, the student candidates must be: sixteen years of

Du's Use of the Imagery of Rose in the Tale of Kieu Essay

Du's Use of the Imagery of Rose in the Tale of Kieu - Essay Example From a feminist perspective, the rose imagery can perceived as a part of the male dominated society imposed culture of stylizing the female body as well as female gender in a manner that serves the patriarchy’s purpose, the best, of subjugating and subordinating them for satisfying their carnal hunger. In Nguyen Du’s â€Å"The Tale of Kieu† the use of rose imagery and its comparison with the protagonist Kieu essentially depicts the patriarchal scheme of creating a culture that is supposed to stylize the female as weak, feeble and incapable to taking any difficult responsibility. I said this because Du depicts a woman’s sufferings in a society that is essentially ruled and dominated by Confucian patriarchal values and the imagery of ‘flower’ and ‘rose’ serves him the best to uphold the society’s view of women. In the â€Å"Tale of Kieu† the imagery of rose is fraught with a number of meanings and attributes such beaut y, loveliness, sexual appeal, fragility etc. In plain eyes, an imagery of rose represents Kieu’s purity, chastity and a number of other virtues. In fact these virtues make the protagonist so lovable, desirable, pretty and admirable. The narrator describes her as a rose which has lost its home: â€Å"Alone with her dilemma in deep night, /†¦../ A rose afloat, a water fern adrift: / such was the lot her future held in store† (Du, line 216-220). Kieu’s beauty has been significantly symbolized by the rose imagery. Obviously the story of Kieu, who is as beautiful as a rose, is more heartrending and poignant. It instantly evokes the readers’ pity for the protagonist. At the brothel, while sitting by the window Kieu was watching a â€Å"washed out rose†. In fact Du has depicted such scene in order to intensify the pitiful situation of Kieu’s life: â€Å"Her feelings snarled like raveled skeins of silk. / Through window bars she gazed at mists beyond / a washed out rose, a willow gaunt and pale† (Du, line 40-44). In fact, in â€Å"the Tale of Kieu† a rose has been used as a symbol of lust. Kieu is not only beautiful but also she is sexually appealing like a â€Å"fragrant rose†. Once, Kim was attracted to Kieu sexually. But the protagonist had been able to save her rose-like chastity and purity. But her sexual beauty is as appealing as a fragrant rose is. The narrator of â€Å"The Tale of Kieu† describes the scene as following: â€Å"A fragrant rose, she sparkled in full bloom, / bemused his eyes, and kindled his desire. / When waves of lust had seemed to sweep him off, / his wooing turned to wanton liberties.† (Du, line 342-348) In the same fashion, the image of a rose has been used to refer to Kieu’s sexual attractiveness in the following lines: â€Å"He could not drive her from his haunted mind./†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦../ Silk curtains veiled her windows like dense clouds, / And toward the rose within he'd dream his way. (Du, line 245-250) Remarkably the ‘rose’, that is Kieu, in these lines seems to an object what a boy dreams of and the phrase â€Å"he'd dream his way† indicates that Kieu is a sexual existence, since a matured boy’s way of dreaming of a girl must be associated with sexuality. Ironically the similarity between Kieu and a rose is a reference to her weakness also. By drawing Kieu’s similarity to a rose, the author also reminds the readers of Kieu’s helplessness and weakness. Women’s fragility and weakness have conveyed through the rose

Discuss the role of vitamin K, vitamin D and calcium on bone health Essay

Discuss the role of vitamin K, vitamin D and calcium on bone health across the lifespan and review the evidence that supplementation with vitamin D and calcium - Essay Example In this manner the strength and vitality of the bones are maintained. However, this process varies in significant manner during advanced age, which may have a negative impact on the strength of the bone and its ability to satisfactorily perform its essential functions. With the increase in life spans being experienced around the world and particularly in the developed world maintaining healthy bones has become more important, so that the elderly segments of population can continue their active phase of life, without risks of damage of fractures to bones impeding the quality of their lives. This has led to increasing interest in the interaction between nutrition and bone growth and development and the nutrients that are significant in prevention of deficiencies, with particular emphasis on optimising peak bone mass and making the risk for osteoporosis minimal (Prentice, et al, 2006). Bones are made up of hard living tissue, which are in the form of hard matrix consisting of calcium salts deposited around protein fibres. The protein fibres are made up of collagen and provide the bones with their strength and elasticity, while it is the mineral deposits that make the bones rigid. Bones may be divided into the outer bone and the inner bone. The outer bone layer is called the periostem and it makes up eighty percent of the mass of a bone and provides rigidity to the bone. The trabecular bone is the inner bone, the structure of which looks like a honeycomb, due to the spongy mesh-like bone that it consists of to provide strength to the bone. It makes up twenty percent of the mass of the bone. Within the cavity of the bone, bone marrow is found, which is responsible for the production of red blood cells. Bones are in different shape and length based on the functions that they perform in the skeletal system. osteoclasts and