- Explain differential costs, differential revenue, incremental cost, and avoidable cost. Give examples for each concept.
- Explain opportunity costs and examine how opportunity costs are used in decision making. Give examples of opportunity costs in decision making.
- Examine the concept of the time value of money and how the concept is used in capital investment decision making.
- Compare and contrast between net present value and internal rate of return methods
Tag: explain
Essay: Supreme Court decisions
Instructions
Pick a landmark case and explain the outcome
Summarize your answer in a 350-word essay that responds to these questions:
· Why did you pick this case?
· What were the facts – parties and issues? Be specific about who sued who and for what reason.
· What was the legal ruling in the case?
· Was the decision unanimous or split? Appointees by which president had the most influence (in other words, identify who was in the majority and which president appointed those justices.
· In your view, is this an example of the Court following public opinion or would this case better be described as the Court trying to shape or lead public opinion? You can use this section to comment more broadly on the impacts of or public reaction to the case if you have that information.
If you know the name of the case (e,g. “Brown v. Board of Education”), a useful resource to understand the decision is oyez.org. Enter the case name in the search tool on the homepage.
Need help picking case? These are just some ideas in many categories – you can choose any case you like. There are other cases described in chapters on civil rights and civil liberties, but these are some of the big ones…
Civil rights – USE THIS ONE BELOW
Loving v. Virginia (interracial marriage)
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two paragraphs each
1.Using the Malthusian model, explain why a one-off improvement in technology does not increase living standards in the long-run.
2. how do the law of one price and studies of market integration shed light on the causes of the Great Divergence
3. Explain the relationship between the EMP and the development of labor markets according to De Moor and Van Zanden.
bottow below ( 800 words each) choose one — whichever easier
4. What is the Great Divergence debate about? What do the various sides in this debate agree and disagree about? What does the latest empirical evidence suggest about the timing of the Great Divergence?
5.What is Smithian economic growth? Provide some examples of societies that experienced Smithian economic growth. Discuss why these episodes did not give rise to sustained economic growth
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Research IT security policy frameworks.
§ Describe how some frameworks relate to an industry-specific organization.
Assignment Requirements
You work as a junior security analyst for a governmental organization with Department of Defense (DoD) ties. Your manager has asked you to:
§ Identify and explain three business considerations relating to security policy frameworks
§ Describe the factors relating to them, especially for a DoD-focused organization
Your organization’s long-term strategic goal is to make DoD its primary focus of business. In doing so, your organization will be faced with a different set of business considerations—that is, DoD contracts, their security level requirements, and their time constraints.
For this assignment:
1. Research security policy frameworks appropriate for a DoD-focused organization.
2. Create a table showing three DoD frameworks and align them to your firm’s business considerations and goal of becoming a DoD-focused organization.
3. Create a summary report with an introduction describing business considerations relating to a DoD-supplier organization, the table you created in Step 1, and a conclusion that includes the rationale for choosing the frameworks.
Required Resources
§ Course textbook
§ Internet access
Submission Requirements
§ Format: Microsoft Word (or compatible)
§ Font: Times New Roman, size 12, double-space
§ Citation Style: APA
Length: 1–2 pages
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write a paper 3 pages paper about Analytical Procedures and the Audit Process:
you will prepare a memo to management that explains how and why data analysis is used in the various stages of the audit process, including the risk assessment stage, the determination of sampling method and audit universe, the substantive procedures stage, and the end of the audit. Review Chapter 5 of the textbook to support your work.
Specifically, the following critical elements must be addressed:
Data Analysis: Risk Assessment Stage: Explain how and why data analysis is used at the risk assessment stage of the audit process.
Data Analysis: Determination of Sampling Method and Audit Universe: Explain how data analysis is used in the determination of sampling method and
audit universe.
Data Analysis: Substantive Procedures Stage: Explain how and why data analysis is used at the substantive procedures stage of the audit.
Data Analysis: End of Audit: Explain how and why data analysis is used near the end of an audit.
Rubric
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Risk Management Paper:
– APA format with a title page, 1-2 pages of content, and a References page if necessary.
– Using the 5 step process, assess the risk involved with a specific scenario related to ground transportation.
– Describe the System – 1 Paragraph explaining the scope of your risk assessment (e.g. pedestrian safety on LU campus).- Identify Hazards – List (in paragraph form) at least 10 hazards. (E.g. Cars, scooters, ice on sidewalks, etc.)
– Analyze Risk – Select at least 3 risks derived from some of the hazards and explain the reasonable severity and likelihood of that risk using the Risk Matrix in chapter 2 (e.g. the severity of being run over by a car is severe because this would likely cause severe, potentially life threatening injury. The likelihood of an individual being run over by a car is improbable, however, because it is unlikely to occur to most students).
– Assess the Risk – determine whether the risk is already acceptable using existing mitigations/best practices (e.g. the risk of being run over by a car is mitigated by having a pedestrian breezeway physically separated from road traffic, and by using sidewalks and crosswalks throughout campus. This risk is low enough to be acceptable with existing mitigations).
– Mitigate the Risk – propose at least one additional mitigation for one of the risks assessed in order to lower the severity and/or likelihood of the risk occurring. (E.G. requiring pedestrians to look both ways before using a crosswalk would mitigate the likelihood of a collision by increasing situational awareness).
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During your last week working with Great Day Fitness Tracking, you will create a 9- to 12-page final plan in Microsoft Word.
Your final plan should:
Explain the relationship between processes and information systems, including a flowchart and a discussion of security ethical concerns. (Week 1)
Describe the plan to select the appropriate hardware and software and the different approaches for managing data. (Week 2)
Explain the benefits of using transaction processing systems, customer relationship systems, and supply chain management. (Week 2)
Describe the potential benefits of using business intelligence. (Week 3)
Describe the information systems plan and potential methodologies. (Week 4)
Describe the used utility and cloud computing services and how these services might replace or augment the initial system design. (Week 6)
Describe a high-level, 3-year strategic plan for your information solution.
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Need to Watch the movie Die Hard (then answer these questions)
- What category of action film is Die Hard and explain why you think it belongs in that category
- Name one action film trope from the film
- Why do you think Die Hard is considered one of the greatest action films of all time?
Need to Watch Black Window (then Answer these questions)
- How is the sexuality and femininity of the main character presented in the film?
- Why do you think this film is an action film and what sub-action genres might it belong in?
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- What category of action film is Die Hard and explain why you think it belongs in that category
Describe blindsight and unilateral neglect and explain the contribution of these phenomena to researchers’ understanding of consciousness and attention.
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- Enjoy our bonus services. You can make a free inquiry before placing and your order and paying this way, you know just how much you will pay. A verdict was rendered against three parent chaperones. How was the third parent included in the case?
- Premium papers. We provide the highest quality papers in the writing industry. Our company only employs specialized professional writers who take pride in satisfying the needs of our huge client base by offering them premium writing services blindsight and unilateral neglect and explain the contribution of these phenomena to researchers’ understanding of consciousness and attentionblindsight and unilateral neglect and explain the contribution of these phenomena to researchers’ understanding of consciousness and attention
AUDIT, ASSURANCE AND COMPLIANCE
FINAL ASSESSMENT
TRIMESTER TR2, 2021
Assessment Weight: 50 total marks
Instructions:
• All questions must be answered by using the answer boxes provided in this paper.
• Completed answers must be submitted to Blackboard by the published due date and time.
Submission instructions are at the end of this paper.
Purpose:
This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit
Adapted Harvard Referencing
Holmes has now implemented a revised Harvard approach to referencing:
- Reference sources in assignments are limited to sources which provide full text access to the source’s content for lecturers and markers.
- The Reference list should be located on a separate page at the end of the essay and titled: References.
- It should include the details of all the in-text citations, arranged alphabetically A-Z by author surname. In addition, it MUST include a hyperlink to the full text of the cited reference source.
For example;
P Hawking, B McCarthy, A Stein (2004), Second Wave ERP Education, Journal of Information Systems Education, Fall, http://jise.org/Volume15/n3/JISEv15n3p327.pdf - All assignments will require additional in-text reference details which will consist of the surname of the author/authors or name of the authoring body, year of publication, page number of content, paragraph where the content can be found.
For example;
“The company decided to implement an enterprise wide data warehouse business intelligence strategies (Hawking et al, 2004, p3(4)).”
Non – Adherence to Referencing Guidelines
Where students do not follow the above guidelines: - Students who submit assignments which do not comply with the guidelines will be penalised by 10% from total awarded marks.
- Late penalties will apply per day after a student or group has been notified of a resubmission requirements.
• Students whose citations are identified as fictitious will be reported for academic misconduct.
Question 1 (7 marks)
a: Explain the ‘audit expectation gap’. What causes the gap? (3 marks)
b: Potter and Partners are a chartered accounting firm with offices in capital cities in most states. The head of the business development department is seeking to grow the firm’s revenue from non-audit services. (4marks)
Required:
What non-audit services could a chartered accounting firm provide to its listed company clients? Explain why a company would buy these services from its audit firm instead of another consulting firm.
ANSWER: ** Answer box will enlarge as you type
Question 2 (7 marks)
The audit team is preparing to audit a new client in the toy retail industry. The client imports items from manufacturers in several Asian countries and retails them in a chain of shops located throughout the country.
You have access to the following information for the client:
• prior period financial reports
• anticipated results for the current year
• industry averages.
Required:
Explain how you would use the information to understand your new client.
ANSWER:
Question 3 (7 marks)
You are testing the controls over bank accounts for your audit client, Orleans Ltd. You note that the responsibility for bank reconciliations has changed due to a corporate reorganisation halfway through the current financial year. Both the staff member performing the bank reconciliations and the supervisor have changed. You are able to talk to only the current staff member and supervisor because the other staff took voluntary redundancies and left the client’s employment six months ago.
Required:
(a) What techniques are available to you to gather evidence about the bank reconciliations? Explain how you would use each technique and comment on the quality of the evidence obtained from each . (2 marks)
(b) When you ask the employees responsible for bank reconciliations about how they perform the reconciliations there is a possibility that they will not tell the whole truth about their performance of the reconciliations. Given this, will you bother to ask them? Explain (3 marks)
(c) Explain the impact of the staff changes on your controls testing program. (2 marks)
ANSWER:
Question 4 (7 marks)
You are the senior in charge of the audit of Jewels Manufacturing Limited. The information below has been prepared to assess the going concern of the company at the planning stage of the audit and to identify other issues that may impact on audit risk.
Ratio Unaudited 2020 figures 2019 2018 2017
Inventory turnover 1.45 1.83 2.69 3.35
Quick asset ratio 0.97 1.4 1.81 1.8
Accounts Receivable turnover 3.8 5.5 4.1 5.4
Required: Identify issues that affect going concern and/or raise issues and explain the audit steps that you would undertake to minimise audit risk. Complete the table below in the answer box.
ANSWER:
Question 5 (11 marks)
Consider the following independent situations relating to the audit of five different audit clients for year ended 30 June 20X8. Assume that all the situations are material.
(i) A new client has changed its valuation method of property, plant and equipment. It has adopted the Fair Value Revaluation Model to replace the Historic cost measurement method. Whilst the auditor does not object to the change in the valuation model, the new method has a material effect on the financial statements and has not been disclosed. A special meeting was held between the CFO and the Finance Team and the Lead Partner from the Audit team, but nothing was resolved. (2.75 marks)
(ii) A new start-up company specialising in air-drone mail/package delivery has grown strongly in the past year. Over the past three years the company has made consistent losses, borrowed heavily, experienced staff turnover and dealt with some significant regulatory and operational issues. Nonetheless, the current CEO believes the company is turning around and will soon improve profitability. She is a high wealth individual who has invested more funds (equity) into the company, which is fully disclosed. No material misstatements were noted in the Auditor’s report. (2.75 marks)
(iii) The Auditors of ROME, a high-profile bank, were unable to obtain sufficient and appropriate audit evidence concerning the carrying amount of ROME’s investment in ITA Pty Ltd as at 30 June 20X8. ITA Pty Ltd is a small firm of five financial planners in total. The auditors were denied access to the financial information of ITA, and they were not allowed to interview ITA’s Management. Consequently, the auditors were unable to determine the correct valuation of ITA Pty Ltd. (2.75 marks)
(iv) The introduction of a new accounts receivable system in August 20X7 resulted in numerous errors in accounts receivable. As at the date of the Audit report, management was still in the process of correcting the system errors. As a result of these issues, the Auditors were unable to determine whether any adjustments are required in relation to the recorded or unrecorded inventories and accounts receivables, as well as the elements making up the Income statement and the Cash Flow statement. (2.75 marks)
Required:
For each of the above cases, state the appropriate audit opinion that the auditor would require. Give reasons.
Write your answer in the answer booklet formatted following the table below:
Client Audit Opinion Justification
ANSWER:
Question 6 (11 marks)
ACCO Ltd is a large producer of organic medicinal products. The audit report for the year ended 30 June 20X8 was signed on 6 August 20X8 and along with the financial report was mailed to shareholders on 11 August 20X8.
Consider the following independent events. Assume that each event is material.
i. On 5 July, ACCO Ltd entered into a new contract to supply organic facial and skin treatment products to MYA, a new major department store. The contract was similar in nature to other contracts previously negotiated. (2.75 marks)
ii. ACCO Ltd has invested significant funds in developing a new range of organically sourced skin cancer treatment ointments. On 8 July, ACCO Ltd applied for a patent for the ointment, only to discover that a competitor had lodged a similar application on 20 June. The granting of ACCO Ltd’s application is now in serious doubt. (2.75 marks)
iii. Internal audit has uncovered a major fraud at one of ACCO Ltd’s branches. The fraud was perpetrated by two senior staff, acting in collusion over a number of years. The internal auditors released their report to management on 15 July, after a highly confidential investigation spanning several months. (2.75 marks)
iv. One of ACCO Ltd’s major customers, Cheap Vitamins Pty Ltd, suffered a fire on 20 July. Since Cheap Vitamins Pty Ltd was uninsured, it is unlikely that their accounts receivable balance will be paid. (2.75 marks)
Required:
For each of the above events, state the appropriate action (if any) that the auditor would require. Give reasons.
Client Subsequent Event Justification
ANSWER:
END OF FINAL EXAM
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- Premium papers. We provide the highest quality papers in the writing industry. Our company only employs specialized professional writers who take pride in satisfying the needs of our huge client base by offering them premium writing services Explain the ‘audit expectation gap’. What causes the gap?