FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ma4.
What do you think are the top cyber threats targeting accounting
firms?
List two ways in which a company can protect its data
What is the biggest challenges facing the accounting profession?
What barriers might prevent you from conducting a good audit?
Why is the leader important in accounting?
How does new technology affect the accounting profession>
What are the new technology being used in the accounting
system?
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- 4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the company's internal control that might suggest that the company has a higher than normal risk, and revenue may have been recorded in the wrong period. Given this weakness, what information should be communicated to management? 5 What is the relationship between the internal control system and risk management with corporate governance? How can the internal control system enhance a company s corporate governance?arrow_forwardHow could the presentation of financial information pose an ethical dilemma to a business professional who is attempting to meet the demands of users who are interested in similar information?arrow_forwardMany professions and sectors have transformed as a result of the arrival of digital technology. What does it mean for financial accounting and marketing professionals to consider information systems?arrow_forward
- What are the impacts of technology towards accounting? What is the role of technology in accounting practices? Has technology disrupted the accounting profession? Why should management accountants leverage technology? Cite and reference your work.arrow_forward6 Explain why financial statement information has characteristics of a public good. Include a definition of a public goods in your answer. What does this imply about using the extent of security market reaction to accounting information to guide accountants?arrow_forwardY6 ACCT 361:Ethical, Fraud, and Legal Issues for Accountants: Evaluate investor fraud through a case study on a Ponzi Scheme. Research Madoff Ponzi Scheme. Please only own words!!! At a minimum, the report should discuss the background of the case, what factors led to the fraud, what specific fraud occurred, what was the effect on investors and creditors, what was the effect on company employees, what was the effect on the individuals that perpetrated the fraud, what was the effect on the investment and regulatory markets, how was the audit firm associated with the company affected by the fraud, what could have been done to prevent the fraud, and how did this case affect your views/opinions. PLEASE ONLY OWN WORDS!!!arrow_forward
- 5 Which of the following creates an audit trail that protects both consumers and businesses from fraud, serving as a solution to digital fraud and privacy breaches in various industries? Oa. Predictive analytics Ob. Blockchain OC. Cookies d. Big data Oe. Technology disruptionarrow_forward1. Would an auditing-standard convergence prevent fraud at the top-executive level? If No, how to deter top executives from engaging in illegal conduct? 2. As an accounting professional, what can you do better than a machine or artificial intelligence? If accounting and auditing standards are 100% rules-based without any judgment, would there be more or less accounting jobs for us?arrow_forwardIf someone asked you now if you think accounting is important in our society, what will you say?arrow_forward
- 34) Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member? a) Familiarity threats b) Self-review threats c) Advocacy threats d) Self-interest threatsarrow_forwardYou need to answer the following question: What is the business cycle in the accounting information system? The importance to understanding the business operation flow. The impact of the fraud in business.arrow_forwardF3.arrow_forward
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