Total internal reflection

include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO, evaluating the negative impact of a civil fraud penalty on the corporation as a result of the IRS audit. In the recommendation, include essential internal control procedures to prevent fraudulent financial reporting from occurring, as well as the major obligation of the CEO and CFO to ensure compliance. Inventory write-downs are recorded by reducing the amount reported as inventory. Inventory…

Inventory turnover has steadily decreased over the reported four years. The inventory turnover ratio explains how many times a company’s inventory is sold and replaced over a period of time. A lower inventory turnover ratio indicates that Crazy Eddie is selling fewer inventories. Asset turnover also took a pretty big plunge. The asset turnover ratio is the amount of sales generated for every dollar in assets. A low asset turnover ratio indicates that the firm is struggling to use its assets to…

prevent this from happening again. CFO is creating journal entries to increase company inventories and decrease costs of goods sold. Internal audit team was required to meet directly with CFO and the CFO required the internal audit team to work on acquisition related projects to keep them unaware about what had been going on. Internal audit team reports to CFO. Internal audit team focuses mainly on operational controls…

Georgia Regents University Augusta is comprised of three entities; the university, medical center and practice plan. Each entity has a specific role, but must work together to meet the requirements of the academic, clinical and research missions. I will be focusing strictly on the clinical mission in this summary. Problem Georgia Regents University Augusta needs to develop an incentive plan for faculty with a clinical appointment. The previous incentive plan was developed in the late 90’s…

History threat- This occurs when the study outcome is affected by some historical event. If a specific event or chain of events does transpire during the time when a treatment is administered and it affects the observations it is a threat to the internal validity. Often times there is no way of determining if the historical event(s) or the treatment accounts for the results found. Maturation threat- Between pre- and postmeasurement, this is a threat to validity resulting from normal development…

ACCT-504-61405 Situation A: - In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerk’s work. Missing Internal Control characteristics for William Oil…

intensity is the most dominant factor that increases the effect of the combined power of internal audit functions and management ethics on financial decisions, reporting, and disclosure (pp. 352-353). Arel et al. agreed with Trevino 1(986) and Prawitt (2009) that numerous factors influence ethical decisions of accountants. Among well-known are the corporate culture and style of the corporate governance (p. 353). The internal audit function is the element and tool of the corporate governance. The…

Research has stated that animals must be exposed and frequently involved in intense social interaction for facial recognition to occur. However, recent research has suggested that orangutans can differentiate between individuals with much less interaction required. The orangutans spend the majority of their time alone. It is estimated they spend 5% of their time associated in social situations. Additionally, very little is known about how the orangutans recognize faces in specific situations…

from a liquid to a solid). “This leaves the less energetic particles still in the liquid and so the liquid is cooler” (Physicsnet.co.uk, 2010), hence there is less internal energy. As the temperature of matter decreases there is less energy available for heat transfer, and therefore less occurs. In ‘ideal’ situations, when depicted on a graph, the cooling of a liquid has an asymptote just below the temperature of surrounds…

The purpose of this paper is to incorporate biblical principles to this course of Managerial Accounting. Being a Managerial Accountant requires a person to be responsible for other’s money in which God has appointed and entrusted that person. Every part of the accounting process requires the appointed person to be a good steward. In biblical times, Jesus told this parable in Luke 16:1-2, “There was once a rich man who had a servant who managed his property. The rich man was told that the…