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- Manon Roy is a payroll accountant who works for a private firm. The most recent professional development course was completed in 2010. Which of the following ethical issues has been violated?Judy Bell, CPA is an independent auditor for a company called Best Products Incorporated. The management of Best Products has asked Judy if she could provide assistance with payroll processing. Judy has accepted this payroll process job and also wants to remain the auditor. Can Judy bell, CPA remain the auditor of Best Products incorporated and perform this nonattest service? If so is there anything that Judy Bell, CPA must consider when accepting and performing his service? Does it matter if Judy Bell, CPA wants to perform this nonattest service of payroll processing while serving as the auditor for a public company or private company?What kind of support will Salem provide to his company for the professional accountants ethics code?
- Victoria Lilly is a practicing CPA. A long-time audit client has asked Lilly to design and implement a computer-based accounting information system. The fees associated with this opportunity are very attractive. However, Victoria is concerned that she will not be able to maintain objectivity in future financial statement audits if she was responsible for the design and implementation of the client's accounting system. Furthermore, Victoria knows that professional standards require her to remain independent in "fact" and "appearance" from her auditing clients.1. In regards to financial statement audits, what is the difference between independence in "fact" and independence in "appearance"?2. Why do professional standards require that an auditor remain independent of their audit clients?3. Do you believe that Victoria can accept the engagement to develop the client's accounting system and still remain independent? (Support your answer)Judy Bell, CPA is an independent auditor for a company called Best Products Incorporated. The management of Best Products has asked Judy if she could provide assistance with payroll processing. Judy has accepted this payroll process job and also wants to remain the auditor.Mr. Mazin is an accountant in Black & White Enterprises, Shinas. As an accountant, Mr. Mazin acts diligently when providing professional services to Black & White Enterprises. Which fundamental principle of professional ethics have been followed by Mr. Mazin? O a. Objectivity O b. Professional due care O c Confidentiality O d. Professional behavior
- Mr. Bader is leaving the accounting practice to become the Finance Director of a client company. The ethical dilemma he is most likely to face would be a. Objectivity b. Integrity c. Professional Behavior d. ConfidentialitMarysol works for an accounting firm. One of her client's work papers was selected for review by a state CPA's society voluntary quality review panel. Is Marysol required to obtain the client's permission before allowing the panel to review the work papers? Explain rules or regulations governing when work papers can be shared.What is an accountant’s duty of care? What is GAAP and GAAS? Discussion Topic Two: Do some quick internet research and fine a case that deals with an accountant that has been found to have breached the duty of care. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to use a reference
- Which of the following statements regarding the competence of an accountant is true? The accountant must: Select one: a. Not breach the trust of clients and employers. b. Strive continually to improve technical services and keep knowledge up-to-date. c. At all times safeguard the interest of the clients and employers, provided it does not conflict with their duty to the community. d. Not disclose information acquired in the course of professional work, except where there is a legal or professional duty to disclose. Question 31 Question text Which of the following is an example of Direct Material? Select one: a. Fabric used for T-shirt production. b. Replacing the main door of the factory. c. Cleaning chemical for all products in the factory d. Grease used for the maintenance of machine. Question 32 Indirect labor is a part of: Select one: a. Prime cost. b. Period cost. c. Conversion cost. d. Nonmanufacturing cost.Gloria and Deloria, CPAs, have recently started their public accounting firm and intend to provide attestation and a variety of consulting services for their clients, which are all nonpublic. Both Ms. Gloria and Mr. Deloria have particular expertise in designing payroll and other disbursement systems. Ms. Gloria is concerned about whether any of the following services would impair their audit independence. a. For each of the services in the accompanying table, provide a judgment as to whether providing the service would impair attest independence. Assume that management has designated a management-level individual to be responsible for overseeing the CPA's services and has established appropriate internal control. Also assume that the client is privately held and does not report to the SEC. b. Now assume that the services are being contemplated for nonattest clients. Which of the services does the AICPA Code of Professional Conduct prohibit under this assumption? Situation Number 1. 2.…Mohammed was recently interviewed for an accounting job . His employer told him that the job emphasizes objectivity and verifiability and involves preparing reports to be primarily used by external users. Mohammed is probably going to work as: a. A Financial accountant b. A Human resource manager. c. Management accountant d. None of the given answers e. A Marketing specialist
