1.“Testing Methods” Please respond to the following:
- According to the text, to minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer response rates. Support your position.
- Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances. Support your rationale with related examples of such circumstances
2. “Audit Wrap-Up” Please respond to the following:
- Create a scenario that demonstrates specific ways in which management could manipulate transactions impacting inventory values that the auditing team might not detect. Recommend key strategies that the auditor could implement in anticipation of such manipulation. Justify your response.
- Discuss the difference between a subsequent event and a subsequent discovery of facts, and determine the auditor’s responsibility for each event after the audit report is complete. Support your position.
3.
“Segment and Interim Reporting”
Please respond to the following:
“Segment and Interim Reporting”
Please respond to the following:
- Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S. GAAP or IFRS disclosures provide financial statement users the most useful information for investment or credit decisions. Provide support for your choice.
- Speculate on at least three (3) accounting problems that exist under U.S. GAAP related to interim financial reports. Next, suggest at least one (1) approach to overcome each listed problem. Provide a rationale for your response.
4.
“Formation, Operation, Termination and Liquidation of Partnerships”
Please respond to the following:
“Formation, Operation, Termination and Liquidation of Partnerships”
Please respond to the following:
- Assume that John, James, and Jane are considering creating a legal business entity to develop and market their idea for a web application. Recommend the most appropriate type of business activity (i.e., a general partnership, a limited liability partnership, or a limited liability company) for them to form. Provide a rationale for your response.
- Determine the main purpose of a statement of realization and liquidation, and discuss the major information that the primary parties can gain from a statement of realization and liquidation in order to grasp the major events of the liquidation process. Next, suggest the most critical information to disseminate to the partners and creditors during liquidation. Justify your response.
5.
“Community Efforts and Managing Public Relations (PR)” Please respond to the following:
“Community Efforts and Managing Public Relations (PR)” Please respond to the following:
- You are a new PR intern at Apple. Apple is donating 200 iPads to a local inner-city school to promote technology in education. As a PR intern, you need to get the word out about this event. In your discussion post, compose a tweet (a tweet is 140 characters or less) and a Facebook post (200-250 words) creating awareness for the event.
