Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Assignment problem-

Case-Ethical issues in auditing

John, a young CPA and one of the audit team members for the Moulberg Electrical Appliances Ltd, has developed very good insights into company’s systems in last 12 months and was asked by his partner, Chandler, to draft the report on reliability of the internal control at Moulberg for review. The report is to be used as the part of a due diligence assurance engagement for Moulberg’s prospectus. Moulberg wishes to be listed on the Australian Securities Exchange by next June.

In performing the review, John finds number of matters which concern him. He notices that controls over inventory requisitions are very poor, leading to numerous complaints from customers about delays and wrong deliveries, and cancellations. Furthermore, inventory records don’t show history or values of the inventory, so that estimates were used to arrive at year-end inventory. He also noticed poor standard of the appliances, with manufacturers’ warranties long expired.
John finishes his report, with details of poor internal controls for his partner’s review. Though, his partner replaces his report with the very short summary, and a conclusion that internal control systems are sound and reliable.

John makes an appointment to see Chandler, but is worried as to how he must approach him about Moulberg Electrical Appliances’ issues.

Required

Discuss the professional and ethical issues faced by John and give an analysis that can help him deal with the matter with Chandler.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91924
  • Price:- $20

Guranteed 24 Hours Delivery, In Price:- $20

Have any Question? 


Related Questions in Accounting Basics

Accountingbulluse the internet to research an annual report

Accounting • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most imp ...

Early morning on a bright day in mid-january 2009 james d

Early morning on a bright day in mid-January 2009, James D. White, CEO of Jamba Juice, was driving down highway 580 headed to Jamba Juice's Emeryville, California, headquarters. Unfortunately, today, White could not enjo ...

Question 1with respect to transferability of ownership

Question 1 With respect to transferability of ownership interests, a sole proprietor may: not transfer her interests may only transfer her interest with approval of the state freely transfer her interests transfer her in ...

Assignment lasa ipo presentation amp myaccountinglab

Assignment: LASA: IPO Presentation & MyAccountingLab Post-Tests This assignment will consist of two parts. Part I: IPO Presentation: You work for a medium sized privately held electronics firm which is considering transi ...

In a recent city meeting it was agreed that the city was

In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, intergovernmental transfers, and public donations will be used to construct and maintain the building. The major ...

Construct a time series plot what type of pattern exists in

Construct a time series plot. What type of pattern exists in the data? Quarter Year 1 Year 2 Year 3 1 923 1112 1243 2 1056 1156 1301 3 1124 1124 1254 4 992 1078 1198 Use a multiple regression model with dummy variables a ...

Assignment- review of accounting ethics papermany

Assignment- Review of Accounting Ethics Paper Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Sear ...

Expl principles of accountingdepartment Expl Principles of Accounting Department

Expl Principles of Accounting Department Responsibility • Why should responsibility for related transactions be divided among different departments or individuals? Do you agree the transactions should be divided? Why or ...

Accounting discussiona local movie theater owner explains

Accounting Discussion A local movie theater owner explains to you that ticket sales on weekends and evenings are strong, but attendance during the weekdays, Monday through Thursday, is poor. The owner proposes to offer a ...

Question 1based upon the material covered from the readings

Question #1 Based upon the material covered from the readings and/or videos from Week 8, highlight the three most important concepts you learned this week and how each of these concepts will help you in appreciating the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro