...Jason was complained by one of the clients that he served because he made inappropriate comments in meetings with the client personnel and made a controller furious. Because of the fact, Jason was not asked to work for the clients that he did work on during his first year. It is unsure how this incident affects his future career yet. 2. Frame the Ethical Issue – Is this really all Jason’s fault and he should be blamed for the incident? 3. Identify the Stakeholders and their obligations – Who are ALL the people/entities who will be effected by whatever decision is made? Jason Tybell---has a right to be treated fairly, evaluated by the firm and counseled by his mentor n an honest and open manner. He should serve respectfully. William Jackson---as Jason’s mentor, he should treat him fairly, and advise him how he should act to operate to perform properly. Jason’s senior--- should evaluate the performance prudently. The clients---have a right to expect high quality performance from auditors. Company---should prepare reliable evaluation system and give honest evaluations to every employee. 4. Identify the relevant accounting ethics standards - feel free to about how “due care,” “honesty,” “integrity,” “objectivity and independence” all come into play. Due care in carrying out professional responsibilities with concern for the best interests for whom the services performed—exercising care and caution in giving advice and service. Objectivity―not influenced...
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...SUMMARY Delima Enterprise is founded in 1981 by Encik Zayed. The main activity of Delima Enterprise is conducted trading and supplying related products including manpower supplies to the oil and gas industries. The company activities had expanded into provision of engineering services. Due to encouraging business growth in 2004, the Delima Enterprise was incorporated as Delima Enterprise Sdn Bhd. Since 2006, the company awarded with several engineering projects and its cumulative revenue for 2004 is RM1 million and RM1.7 million for 2005. The company is family based company and most of them only have secondary school background. They do not familiar with the audit. They also did not familiar with Accounting Standards and the provision of the Companies Act. The company also consists from the non experiences staff of their job. In May 2006, the company had employed Cik Amy graduated from a local university with no job experience. Encik Zayed is a principal shareholder and controlling director. In May 2006, the company had secured a contract worth RM 750,000 to be implemented over duration of six month. Due to shortage funds, Delima Enterprise Sdn Bhd wants to make banking facilities from Malayan Banking Berhad and CIMB Bank Bhd. The bank required company’s Audited Financial Statements for the last two years. From the requirements, Encik Zayed realized that company did not perform any statutory audit before. In July 2006, they engaged with the external Auditor Aziz & Co (Chartered...
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...Corporation Accounting & Finance Department Plan Human Resources Department Plan Melanie Hanson Patrick Blessinger Bus3011 Spring 2014 Table of Contents 3. Executive Summary 4. Human Resources Description 4. Accounting and Finance Description 4. Human Resources Purpose Statement 4. Accounting and Finance Purpose Statement 5. Human Resources Goals and Activities 5. Accounting and Finance Goals and Activities 5. Management Goals and Activities 6. Human Resources Organizational Structure 6. Accounting and Finance Organizational Structure 6. Management Organizational Structure 7. Human Resources Interview 7. Accounting and Finance Interview 7. Management Interview 8. Human Resources Performance Standards 8. Accounting and Finance Performance Standards 8. Management Performance Standards 9. Conclusion 10. Accounting and Finance Organizational Chart 11. Human Resources Organizational Chart 12. Accounting and Finance Strategic Alignment Worksheet 15. Human Resources Strategic Alignment Worksheet Executive Summary The Atha Corporation is a company based on strong ethical standards and beliefs. In order to ensure these beliefs are enforced we have taken measures to revamp our company for the better. With the extra funds we have received from a partner, we will be able to expand our company to double the previous year’s sales. To do this we will need to make drastic changes in all departments, especially in Human Resources and Accounting and Finance...
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...COURSE OBJECTIVES Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice the skills you will need as a professional accountant whether in public accounting or private industry. In particular, this course is intended to refine your skills in researching the professional accounting literature to solve particular accounting problems, to arrive at defensible solutions where GAAP is vague or nonexistent, and to present your research conclusions in a professional manner. You will have opportunities to present your work orally and in writing. REQUIRED MATERIALS: A recent Intermediate Accounting text (Kieso used in Acct 315 & 414 would be fine) A recent Advanced Accounting text (whatever was used in for Acct 415-515 would be fine) On-line access to FASB’s ASC (accounting standards codification). The Department has purchase academic license so you can use the $850 “professional” version rather than the free version which has fewer bells and whistles. You can log on from fasb.org but it will take you to http://aaahq.org/ascLogin.cfm where you enter...
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...Business Plan This is a purposed business plan that will answer the questions of the individuals looking for answers to some questions regarding the operations of the business. This plan is designed to show a solid plan as to how the business will operate and how the accounting aspect of this business will be handled. The hope is that after reading this business plan the investor will have their questions answered in a way that will put them in a position where they will be willing to put up the capital for the start of this business. The name of the business which I am looking to start is Roundup Espresso. This business will be a partnership. The reason that I have chosen to make this business a partnership is because there will be more than one person who is an owner in the business. It will be a good plan for this business because it will allow the two of us to join economic resources and initiate the business (Kimmel, Weygandt, & Kieso, 2003) . Another reason that this business will be a partnership is because the other partner of this business will be able to bring a unique set of skills to the table in order to make the business run effectively. There will be a written partnership agreement in place deligating the duties and contributions of each partner. The types of service that will be provided at Roundup Espresso will be a relaxing environment where individuals can come and work on their school work or their work from their employment while enjoying...
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...born in Jakarta and attended 54 Senior High School in science major. Ever since I was a teenager, I tinkered with Counting. It was my passion and my way of learning. By the time I graduated high school, I knew I wanted to study Accounting. I have thought whether do Science student can learn about Accounting which is did not relevant with Science but I have a motto “Everything is Possible”. I entered ABFII Perbanas in Accounting major in 2013. From that point on, I try to understand Accounting more than I understand my self. Now I am a bachelor of accounting has a one year working experience. And now I am looking to apply as accounting staff position to consolidate my skill and get more experience. * What are your greatest strenght? I consider adaptable ability as my greatest strenght. My ability to work with many different people. Besides that, my communication skills have help me when there is a problem in my team. * What are your weakness? I used to like to finish on one work project before starting on another. But recently, I implemented a time management system to work on many projects at the same time. And this is an improvement to myself to being multitasking, so my work more efficiency and allows me to be more creative. * How do you handle stressful situation and working under pressure? I will handle that situation by stay calm, didn’t rush on doing the tasks and keep focus on my job while working under pressure. It is terrific way to accomplish a lot...
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...Problem 1-4 Managers need accounting information and need to know how to use it. Critically evaluate this statement. Accounting information provides managers with data needed to determine whether a business is at a profit or a loss, how much debtors owe, company’s liabilities, and much other financial information. Accounting measures business transactions and as such can help direct managers in the right course with concrete information. Principally accounting information is a tool for managers to make business decisions on a timely manner. For example, if by using accounting information, managers notice that the trend is for sales to decrease, then they can take measures to stop this trend. Maybe they need to change prices or decrease expenses to handle the down-trend. The key is that accounting gave them the clue that something may not be going according to plan and as we know planning is an important role in business management. Lately we have witnessed an ever expanding basis of knowledge for the design of effective management accounting systems. New areas of expertise have continually provided new visions, opportunities and challenges to the conventional approaches. Perspectives drawn from economic theory have provided a sound basis for selecting information related for decision making and the application of mathematical skills has added to our potential for thoroughly analyzing complex problems. Moreover the developments in computer technology have ensured the means...
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...stated in Chapter 1, colonial society was mainly relying on rural and agricultural production. The prosperity was depended on output of farms and plantations. There are several challenges that a manager would face today from that era. One that comes to my mind quickly would be the changes in workforce. In the Colonial period, workforce was primarily farmers and craftspeople. For this reason business operations were emphasis on independent and skilled workers who specialized in building products one by one. And also production was mainly rely on environmental conditions (aridness, over flooding, freezing etc.) rather than the quality and skills of the work force. On the contrary nowadays a skilled and knowledgeable workforce is the key for racing with other companies. For this reason the manager would have to be formally trained and know how to use and direct this work force according to company`s goals. Second challenge for the time traveling manager would be the logistical aspect of delivering the products. During the colonial times, the communities were so close together so reaching the markets was not a challenge for the managers. But today we are living in a global economy and every company is selling its products to markets which are thousands miles away. For this reason...
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...Commission (SEC) staff in their review of public filings and resultant comment letter process (Deloitte 2009). Furthermore, revenue recognition is often prey to financial fraud (PricewaterhouseCoopers 2009). Coverage of revenue recognition in intermediate accounting courses is typically limited to learning and applying the criteria for revenue recognition outlined in the Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, to routine transactions and topics, such as long-term construction contracts and installment sales (FASB 1984). While these topics are important, there are literally hundreds of revenue-generating transactions that are not covered in the traditional financial accounting sequence. The purpose of the case is to enhance students’ research and critical thinking skills through resolving ambiguous revenue recognition cases, using the FASB’s Accounting Standards Codification (Codification or ASC) and other authoritative literature, including SEC Staff Accounting Bulletin, Topic 13: Revenue Recognition (SEC 2003). In addition, the cases seek to enhance students’ research, oral, and written skills. CASE FACTS Assembly Lines Incorporated (ALI) is a public company with a calendar year-end. In its current fiscal quarter, ending September 30, 2013, it entered into a sales agreement with Candy Maker International (CMI). Under the sales agreement...
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...FORENSIC AUDITING As stated by Gordon Brown, the former Prime Mister of the United Kingdom, “what the use of fingerprints was to the 19th century and DNA analysis was to the 20th century, forensic accounting will be to the 21st century”. When people first see the word “forensic”, they naturally categorize it into a science-related field. According to Webster’s Dictionary, the term “forensic” is defined as “belonging to, used in, or suitable to courts of judicature or to public discussions and debate”. Therefore, forensic accounting is generally defined as relating and applying financial facts to legal problems (Singleton and Singleton 12). Forensic accounting consists of a combination of the techniques that are used in accounting, auditing, and investigative work. The focus of this paper is on the concept of forensic auditing; however, forensic auditing cannot be fully understood without incorporating all of the facts about forensic accounting. Most situations that involve forensic auditing will deal with proposed fraudulent activities, but there are some cases that may deal with non-fraudulent activities, such as settlements of monetary disputes (“Student Accountant”). Throughout this paper, we will discuss, in detail, the profession of forensic auditing and forensic accounting in relation to fraudulent activities. What is Forensic Auditing? Forensic auditing and financial auditing are not related in any way; rather, they have their own distinct objectives that are set...
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...Although finance and accounting are both involved with the financial aspect of a business or organization, the managers and employees in these departments deal with finances in completely different ways. Accounting deals mainly with preparing and examining financial records and ensuring their accuracy, making sure taxes are paid on time and properly, and assessing financial operations to help ensure that organizations run efficiently. On the other hand, finance deals primarily with making important financial decisions for an organization and helping “develop strategies and plans for the long-term financial goals of an organization” (Financial Managers 2012). It is also important to note that financial managers use the financial information prepared by the accounting department in order to make the best decision possible for their organization. Nevertheless, both accountants and financial managers together must operate effectively and efficiently to ensure the continued short-term and long-term financial viability of any health care organization. In this short essay I will explain the relationship between finance and accounting and how they both help ensure the financial viability of a health care organization. First, despite the fact that finance and accounting both oversee the financial aspect of a health care organization, the way in which they handle finances are very different from one another. “Accounting is concerned with financial record keeping, the production of periodic...
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...value more quickly, leading to increased confidence and self-esteem and new employee are more actively involved in making the organization a better and more productive place to work. John Santos is an undergraduate business student majoring in accounting. He just failed the first accounting course, Accounting 101. He is understandably upset. How would you use performance analysis to identify what, if any, are John s training needs, At the beginning John must pay more attention for training on studying skills. Moreover, it is also possible that John really does not have the necessary basic skills that he needs in order to be successful in this course. I think in this situation, remedial training or courses would be appropriate. Also John simply does not really have the interest or natural inclinations that would make him successful in the accounting area. This could be determined through some testing and career interest surveys. If this is the case, training is not appropriate. What are some typical on-the-job training techniques? What do you think are some of the main drawbacks of relying on informal on-the-job training for breaking new employees into their jobs? On-the-job training techniques: (1) Observe the superior learning skills. (2)...
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...[pic] BACHELOR OF ACCOUNTANCY (HONS) AC220 INTEGRATED CASE STUDY (MAF 680) CASE 1: A DELIMA Acknowledgements Table of Content |No. |Particular |Page No. | |1 |Introduction : Company Background & Case Summary |3 | |2 |Identified Issues In DESB |4 - 8 | |3 |Questions & Answers |9-13 | |4 |Recommendations |14 - 17 | |5 |Conclusion |18 | |6 |Reference |19 | |7 |Appendix |20-26 | INTRODUCTION Company Background Delima Enterprise was set up by Encik Zayed in 1981. It engaged in trading and supplying related products including manpower supplies to the oil and gas industries...
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...Reporting practice and ethics paper It is the responsibility of a health care manager to understand the basic principles of accounting and finance, and have the knowledge and the understanding of a financial report and what it means. Without these skills and ethical standards it could result in poor management. Financial management is a vital part of organizational effectiveness and success. Financial management requires four elements in order to operate properly. The four elements of financial management: Planning- the financial manager identifies the steps that must be taken to accomplish the organizations objectives. The purpose is to identify objectives and the steps to accomplish these objectives. Controlling- The financial manager make sure that each area of the organization is following the plans that have been established. Organizing_ The financial manager decides how to use the resources of the organization to most effectively carrying out the plans that have been established. Decision making- The financial manager makes choices among available alternatives. All types of decisions making rely on information and evaluation. The purpose is to make informed choices. Generally accepted accounting principles are accounting standards and guidelines used in financial accounting and reporting. Generally accepted accounting principles (GAAP)., are accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements...
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...The impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction 1.1 Background of the study In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheet, cash book, cash flow statement, income and expenditure accounts. The application of Information and Communication Technology (ICT), on accounting practice in Nigeria has become a subject of fundamental importance and concerns to all business enterprise and indeed a prerequisite for local and international competitiveness. It is obvious that the way accountants plan and take decision on what and how to provide their service in the accounting profession has been affected immensely by Information and Communication Technology (ICT). This has continued to change the manner in which accounting practice and their corporate relationships are organized worldwide and the variety of innovative device available to improve and facilitate the speed and quality service delivery. It is obvious that the biggest impact of Information and Communication Technology (ICT) has been made on accounting; and it is the ability of companies to develop and use computerized system to...
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