Category: Accounting

What are the key economic factors about the industry in which the company operates?What are the five or six most important factors for success in this business?

What are the key economic factors about the industry in which the company operates? You can use this link as a starting point for your research on this question: http://www.marketingtutor.net/economic-factors-affect-business-environment/ (Links to an external site.). Don’t forget to also look at item 1 and 1A of your company’s 10-k report for specific risks for your particular company.

Where is the company in its life cycle? You can use this website to read about business life cycles: https://smallbusiness.yahoo.com/advisor/stages-business-lifecycle-challenges-100036770.html. (Links to an external site.) How might this affect audit risk? Are their different pressures (internal or external) that may affect the audit risk at different stages in a company’s life cycle?

What are the five or six most important factors for success in this business? You should be thinking outside the box a little here. Think about all kinds of things that make a business successful from it’s people, R&D, Patents, financial, international issues, and the legal and regulatory environments they all operate in.

Describe four or five significant business risks related to the client’s business and industry and why you think they are a significant risk that may affect how you plan and perform the audit. (Client business and industry risks are discussed in chapter 8 of the textbook. You should also be able to find specific risks associated with your particular company in sections 1 & 1A of the 10-k report. You can also find more information on identifying business risk at the following link:

http://www.investopedia.com/articles/financial-theory/09/risk-management-business.asp (Links to an external site.)) Again don’t forget to think outside the box a little bit here as well. Are any of the businesses unionized? Are they in involved lawsuits or patent infringement issues? Are there issues with regulatory agencies such as the FDA or local health authorities? These are all international businesses. Are there any extra risks involved because they are international?

Do any of the companies have warranty issues or patents that are expiring soon? For those of you who have Tesla as your company do you think Federal and State tax credits for purchasing electric automobiles have a significant impact on the business, audit, or industry risk? Why or Why not?

What notable accounting considerations are there for companies in this industry?

 

Explain the differences between period cost and product cost. Further explain how each of these costs impact the traditional format and contribution margin statements.

Select one of the following questions to answer in your discussion:

How does cost accounting differ from financial accounting and how, if at all, does the difference impact the ethics involved in serving in either role? How would you relate biblical principles to this question?

Describe the three types of manufacturing cost categories, provide examples of each, and explain how each of these categories impact the contribution margin income statement.

Explain the differences between period cost and product cost. Further explain how each of these costs impact the traditional format and contribution margin statements.

Describe job-order costing and how costs are measured using this method. Provide examples of an organization using job-order costing.

Explain how costs flow under the job-order costing model. Further explain the concept of underapplied and overapplied cost.

How effective do you think the order system appears to be at this company.Identify the key elements in the process that will be needed to create financial reports.

Identify the key elements in the process that will be needed to create financial reports. Mr. Stone has given you an Excel file detailing all of the textbooks from the Orlando University Bookstore sold in the previous month.

Analyze the data using IDEA. Identify any areas of concern along with the strengths and weaknesses you have identified.

How effective do you think the order system appears to be at this company.

A.M. Vegas started a business called Blazinsevens. The following is the Trial Balance as of December 31 on the first year of operations. Using this information,complete the remainder of the attached worksheet?

Unit 4 individual project

A.M. Vegas started a business called Blazinsevens. The following is the Trial Balance as of December 31 on the first year of operations. Using this information,complete the remainder of the attached worksheet?

Office supplies inventory as of December 31, $190.
Unexpired insurance as of December 31, $700
Depreciation of delivery equipment, $450.
Wages earned but not paid as of December 31, $225.

What is the par value per share of each company’s stock? How many shares were outstanding as of the most recent balance sheet date? Does either company show a balance for treasury stock? Where did you look to answer these questions?

Questions 17 – 20:

Refer to the notes to the financial statements for each company for the most recent year. What was the original cost of Property, Plant and Equipment for each company? How much depreciation has been recorded over the life of the assets? Based on this information only, which company’s asset are most likely older? (8 points)

Calculate the current ratio for each company for the past two years. Which company has the stronger ratio? Are you concerned about liquidity at either company? Why? (6 points)

What is the par value per share of each company’s stock? How many shares were outstanding as of the most recent balance sheet date? Does either company show a balance for treasury stock? Where did you look to answer these questions? (7 points)

Which method, direct or indirect, does each company use to prepare the Operating Activities section? How can you tell? (4 points)

 How effective have the Ruggie principles been since they were introduced?What are the advantages of using the IIRC Six Capitals approach?

Business Accountability & Responsibility
Questions on topics covered in Week 5 and earlier

Explain what is meant by materiality in relation to GRI reporting.

Outline some of the shortcomings of GRI requirements as regards reporting sustainability in the supply chain.

Outline the ICAEW arguments in favour of accountants playing a key role in developing sustainability reporting and practice.

Outline the arguments against developing sustainability reporting based on financial reporting.

Explain what is meant by “greenwashing” and give two real life examples.

Explain what is meant by the “legitimacy gap” and give two real life examples.

Explain what is meant by isomorphism and give examples.

Outline the Ruggie principles on Human Rights using an example of their application

How effective have the Ruggie principles been since they were introduced?

Explain how stakeholder theory fits with the Ruggie principles

What are the advantages of using the IIRC Six Capitals approach?

Outline some of the arguments against the IIRC Six Capitals approach.

Why is the IIRC pursuing the goal of Integrated Reporting?

Explain what Nicholls (2010) means by the “hybrid logics” used in social enterprises

Outline some of the differences between co-operatives and investor owned profit oriented companies

Explain what is meant by impact assessment with examples

Explain what is meant by Social Return on Investment

Explain what is meant by impact investing with examples

Outline how Freeman’s stakeholder theory might fit with Bottom of the Pyramid models

Outline some of the arguments against the fortune at the bottom of the pyramid approach.

 Using one strategic model of your choice evaluate the strategy of River Island. Discuss if the business model and strategy of River Island is sustainable post the impact of Covid19 and what changes to the strategy (if any) you consider necessary.

Strategic Management Accounting

Your report should include but is not limited to the following:

Using one strategic model of your choice evaluate the strategy of River Island. Discuss if the business model and strategy of River Island is sustainable post the impact of Covid19 and what changes to the strategy (if any) you consider necessary.
(30% – approximately 800 words)

Using relevant examples critically evaluate how the balanced scorecard model would improve the performance of River Island. You can adapt the theoretical model as you wish. Discuss how this may improve the long-term sustainability of the organisation.
(35% – approximately 950 words)

Evaluate how River Island should use benchmarking going forward to improve their competitiveness as a “high street” retailer.

Discuss your organization and why you chose that particular process (the importance of the process). List and explain the steps in the process from start to finish.

1-2 Short Paper: Business Process

Select a typical business process (sales, purchasing, payroll, etc.) from your organization or an organization you would like to create.

Discuss your organization and why you chose that particular process (the importance of the process). List and explain the steps in the process from start to finish.

 

Critically discuss what auditors could do to reduce the risk of fraud associated with deficiencies in their client’s internal control system.

Auditing

Assignment Task

Part A

Research into any high-profile corporate fraud case for which the amount involved exceeds £249 million (either caused by fraudulent financial reporting or misappropriation) and briefly discuss the role played by external auditors in the scandal. You must also identify the audit approach and/or procedures used by the auditors prior to the fraudulent activity being exposed and lessons learnt from such a scandal.

Part B

ISA 315 states that auditors need to understand their clients’ internal controls to be able to assess the risk of material misstatement. Based on the five components of an internal control system

Critically discuss what auditors could do to reduce the risk of fraud associated with deficiencies in their client’s internal control system.A report with all the requirement listed below (maximum 1,500 words).