In: Accounting
Writing assignments using an article recently published ( please provide the source cause it is the key of this assignment!! ). Your topic does not have to be restricted to accounting topics.
The article MUST BE RESEARCHED USING THE INTERNET. Your Accounting article have to be from The CPA Journal, Journal of Accountancy or Accountant Today. The articles must be published in 2017 or 2018 and must contain at least 2 pages (equivalent to 8.5”x11”) of text.
Each topic is divided into two sections and has to be clearly identified, as follows:
Section 1-Summary of the article in your own words (0.5 pages long)
Section 2-Your comments, opinions and any other feedback you wish to provide on the topic (0.5 pages long).
*The article mainly focuses on roles and responsibilites of CPA and how the personal aspects of him will pave the way for better accounting in the economy. So the sections below describes them.
Section 1: Summary of the article : Roles and Responsibilities.
1. CPA has to perform financial data analysis.
2. He has to identify the GAAP or GAAS violations.
3. Prepare analytical report of the available data for litigation and testifies as needed.
4. CPA has to help in price fixations.
5. Investigate financial frauds by the clients, employees etc.
6. Helping in disputes with shareholders, Insurance frauds, etc.
7. Strictly adhering to tax reports.
8. Preparing financial evidence for courts.
9. He has to perform forensic research to track down funds and catch the assets for recovery.
10. Acts as financial leader in the organization he is working in.
Section 2: Feedback on the topic.
1. Many approaches of auditing have been constantly changing. So proper ways to deal with the defects in the process of accounting has to be dealt in a standard way.
2. The fees collected on audits are said to have lower recovery rates than tax.
3. The time needed to perform the audits in these days have increased which is one of the major drawbacks prevailing.
4. Some subsidiary companies of foreign ones are ignoring audits, which should not be happening so.
5. Physical count of inventory is still happening in some firms/companies where auditors are not able to complete their proper audit in terms of perfection.
6. The auditors need to have a proper plan before conducting the audit in a step-wise manner in order to have a smooth flow for them.
7. Auditors without proper training are conducting some audits in detecting the legal activities in some companies which is also a drawback. This has to be taken care.
8. Audit meetings are not properly conducted as it concludes a boring one and leads in inefficiency of the audit.
9. There should be proper audit of estimates which otherwise results in severe crisis of legal activities.
10. The quality control standards have to be improved and should make auditing an exciting one.