1.Explanation of how the problem with poor record keeping  is impacting the current accounting framework and  environment of an  organization if applicable (Findings) 

 -2. Your recommendations for alternative strategies to solve the problem identified.

Consider FASB Concepts Statement No. 8, as amended. What are the conceptual issues underlying financial reporting in determining how the coronavirus event should be reported and disclosed in the financial statements? How does it relate to the measurement of potential costs to the business including contingencies?     Explain the accounting and auditing issues related to the coronavirus event with respect to accurately determining reportable amounts and disclosures of events.   Which group(s) represent the public interest with respect to accounting for the events surrounding the coronavirus and what are their interests?     Based on what you know to date, evaluate whether the crisis has been handled properly by the various stakeholders. Use ethical reasoning to support your view.

How can fraud be prevented in the making use of accounting information systems? How do ethics and internal control play key roles in reporting misstated financial statements? (Accounting Information System Tenth Edition by James Hall chapter 3)

What is the primary purpose of internal controls in an Accounting Information System (AIS )? a) To generate financial statements b) To ensure data accuracy and integrity c) To facilitate decision-making processes d) To comply with tax regulations

3

A4

Auditing: Discuss the difference between the Management Letter and the Legal Representation Letter

Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?

What is the main purpose of information presented in notes to the financial statements? • To provide disclosures required by generally accepted accounting principles. To correct improper presentation in the financial statements. To provide recognition of amounts not included in the totals of the financial statements. To present management's responses to auditor comments.

Public accounting businesses may achieve adequate professional standards only if they have an effective quality control and monitoring system in place.