Give an account of the three guidelines for conduct that the company relies on to maintain its integrity. Please provide me with an explanation of the rationale for all of the rules that are now being enforced.
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Give an account of the three guidelines for conduct that the company relies on to maintain its integrity. Please provide me with an explanation of the rationale for all of the rules that are now being enforced.
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- An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Do you agree or disagree with this statement. Why or why notAn internal control system is made up of all rules and processes that are used to safeguard assets, assure accurate accounting, improve efficiency, and enforce compliance with business standards. Are you in agreement or disagreement with this assertion? How come or why not?1.Explain why businesses need ethics programs and list their minimum requirement. 2.Describe the role of codes of ethics in identifying key corporate risks. 3. Review the factors in successful ethics training and goals. 4.Explain the ways ethical standards are monitored, audited, and enforced.
- AICPA members who work in industry and government must always uphold which two of the following AICPA rules of conduct?a. The Independence Rule.b. The Integrity and Objectivity Rule.c. The Confidential Client Information Rule.d. The Acts Discreditable Rule.Select the appropriate control activities for each of the following definitions. Definitions Control Activities a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical b. assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure C. they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against d. their expected performance. Authorizing transactions, recording transactions, and maintaining control of the е. related assets should be separated among employees. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities.All of the rules and processes used to safeguard assets, assure accurate accounting, promote efficient operations, and encourage compliance with business regulations make up an internal control system. What do you think of this statement? What are the reasons for or against
- Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) information and communication:1. Organizational structure2. Report of company’s conformity with environmental laws and regulations3. Proofs and security measuresCompile a full set of notes which you will use to prepare for the training session that you are required to present. The notes should include: a) The steps a professional accountant should take in applying the conceptual framework approach. b) An explanation of the five categories of threats suggested by the code. c) A brief description of six general safeguards in an audit firm’s work environment that will ensure that threats to compliance with the fundamental principles are addressed appropriatelyListed below are selected Rules of Conduct and ethical problems. Match the rule with the problem to which it applies. (One Rule of Conduct may apply to more than one ethical problem.) Rules A. Independence B. Integrity and objectivity C. General standards D. Compliance with standards E. Accounting principles F. Contingent fees G. Acts discreditable H. Advertising and other forms of solicitation I. Commissions and referral fees J. Form or practice and name Rules An audit client owes the CPA past-due audit fees. The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards. A CPA who is the controller for a company knowingly issues misleading financial statements. A CPA performs tax services that the CPA is not competent to perform. A sole practitioner practices in a partnership name. A member violates rules issued by the Accounting and Review Services Committee. A CPA robs a service station. A CPA accepts a percentage of the client's loan…
- Provide information whether depending on the integrity of company employees are the most effective means to obtain adequate system security. Describe the procedure the Company need to implement to ensure the integrity of their employees.Identify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Uphold company policiesThere are three internal control objectives and they are to safeguard the company's reputation, ensure accurate financial reports, and ensure compliance with applicable laws. True False