Accounting

There are a total of 6 questions all in accounting. The questions are not related and should be answered separately with the correlating question number on top. Creditable references are required. Everything should be completely by today.

 

Acct-6 questions

 

Q1

 

In some companies, especially the larger ones, the finance function is undertaken by the vice president of finance. In other companies, small to medium, there are other functionaries, such as the chief financial officer, finance manager, and so on. Do not get caught up with titles! Discuss the role of the finance manager and why the position is important. Go to www.accountingtoday.com. Summarize at least one article you have read, provide the web link, and justify the importance of the article you selected. Please select an article from the  accountingtoday.com web site and share a brief synopsis of the article (including link) with the class. Please be sure to contribute your own thoughts regarding the role of the finance manager as mentioned in the article. Also, please read other students posts before posting your own. The minimum initial discussion post should be substantial and at least 100 words. Thanks!

 

Q2

 

Chapter one of the Financial Management text describes five principles of finance that form the basis of financial management for businesses. Let’s discuss each one of these principles and provide examples that relate to financial management decision making in business today.

 

 

 

Q3

 

 

 

Visit the website CPA Vision for research to answer the following.

Explain the CPA Vision Project in your own words. Please keep your posts down to around a paragraph at most. This is a conversation and not an essay area. Stay away from merely agreeing with another classmate, and add some additional information to your comments to bolster your opinion.

 

What is meant by “moving up the economic value chain,” and how are CPAs going to accomplish this?

 

After we have established an understanding of the overall view of the auditing profession, we will move quickly into a discussion of the various regulatory influences the CPA auditor is subject to, how they affect the profession, and under what conditions an auditor will depart from issuing an unqualified report.

 

Q4

 

 

 

Accounting went through many revolutionary events over the past 500+ years. Please share with us your thinking about the accounting challenges and opportunities in coming 10 years. Can you please tell us one or two examples of areas that the CPAs need to gain more knowledge to meet the future challenges.

 

 

 

Q5

 

 

 

Describe the information included in the introductory, scope, and opinion paragraphs in a separate audit report on the effectiveness of internal control over financial reporting. What is the nature of the additional paragraphs in the audit report?

 

 

 

Q6

 

 

 

The ASB recently issued the Super SAS #122 [805 pages] to supersede the entire auditing standards and converge with the International Auditing and Assurance Standards. In this new statement, the ASB required the addition of new paragraphs/titles to the standard audit report such as; Management’s Responsibility, Auditor’s Responsibility, Basis for Qualified Opinion, report on other Legal and Regulatory Requirements. Do you think this new language of the audit reports will add value to the audit reports?