The debate of whether an auditor who performs non-attest services (e.g. Consulting) for an audit client will have their independence impaired has been going on for some time in the accounting profession. While Sarbanes-Oxley Act of 2002 expressly restrict auditors from performing consulting and other non-attest services for their audit clients, the AICPA does not have such stringent restrictions.

Required: Present an argument why you believe that performing non attest services for an audit client would or would not impair an auditor’s independence for audits performed under either the PCOB auditing standards OR the AICPA auditing standards.

Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on January 1, 1980, of 2100 dollars into an account that pays an effective rate of interest of 7.2 percent. She has continued this practice every year through January 1, 2001. Her goal is to have 1.35 million dollars saved up at the time of her retirement. How large should her annual deposits be (from January 1, 2002 until January 1, 2020) so that she can reach her goal?

Your firm's triennial Peer Review is coming up in a couple of months, and your firm's managing partner has tasked you with the responsibility of updating the firm manual.  He is especially concerned about the chapter setting forth the firm's documentation standards, because it shows 2002 as the most recent revision date. He is certain standards must have changed since then. He wants you to toss out the existing chapter and start afresh. Create a chapter to be incorporated into your CPA firm's training manual. The topic of your chapter is the firm's standards for audit documentation. 

Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on January 1, 1980, of 2050 dollars into an account that pays an effective rate of interest of 7.5 percent. She has continued this practice every year through January 1, 2001. Her goal is to have 1.25 million dollars saved up at the time of her retirement. How large should her annual deposits be (from January 1, 2002 until January 1, 2020) so that she can reach her goal?

Question 1.

The riskless rate for this period is 3.5%, and the covariance between returns on IBM stock and the S&P500 over this period is 0.02276.

1E. What is the variance of the S&P500 over this period?

1F. What is IBM’s CAPM beta according to this data?

1G. What is IBM’s CAPM cost of equity according to this data?

1H. If IBM’s debt to equity ratio is 0.57, what is their unlevered cost of equity according to this model?

The requirements of SOX have been with the profession for over a decade since enacted in 2002 and has had an impact on the audit profession.

Discuss the impact the following have had on the profession and bring into your discussion:

a. Sarbanes-Oxley (and PCAOB), and

b. Fraud

Matters to consider including in your discussion:

a. Independence / objectivity,

b. value of internal control and risk assessment,

c. periodic performance of analytical procedures,

d. professional judgement,

e. separation of duties,

f. talking to the client, and

g. anything else you want to add to your discussion.

In your opinion, has SOX been effective?

QUESTION 1

Which of the following statements is/are correct? The balance on the financial account of R105 668m in 2009 indicates…
(a) the value of the stock of the assets and liabilities.
(b) the net change in South Africa’s foreign assets and liabilities.
(c) that the flows of inward investment by foreigners exceeded the flows of outward investment by south African residents

QUESTION 2

Which of the following statements is/are correct?
(a) The value of net gold exports was higher in 2009 than in 2002.
(b) There is a declining trend in the relative contribution of gold exports to the balance of trade.
(c) In 1998 gold exports comprised nearly half of all merchandise exports

In java

Write multiple if statements:
If carYear is before 1967, print "Probably has few safety features." (without quotes).
If after 1971, print "Probably has head rests.".
If after 1991, print "Probably has anti-lock brakes.".
If after 2002, print "Probably has airbags.".
End each phrase with period and newline. Ex: carYear = 1995 prints:

Probably has head rests.
Probably has anti-lock brakes.

public class SafetyFeatures {
public static void main (String [] args) {
int carYear;

carYear = 1991;

*insert code here*

}
}

Tyco International, the conglomerate whose former chief was convicted of looting the company, would pay $US50 million to settle accounting fraud charges, United States authorities said yesterday. The penalty was for an alleged $US1 billion overstatement of Tyco results between 1996 and 2002 in an accounting fraud "orchestrated at the highest levels of the company", the US Securities and Exchange Commission said. The lurid details of how former chief executive Dennis Kozlowski spent Tyco's money -on a $US2 million birthday party for his wife in Sardinia and a $US6000 shower curtain for his $US18 million Manhattan apartment, for instance - came to symbolise corporate excess during a time of scandals. Kozlowski was sentenced for stealing more than $US150 million from Tyco in a case that also led to the conviction of former chief financial officer Mark Swartz. The Bermuda-based Tyco said the $US50 million SEC settlement, the cost of which it had previously reported, closed the agency's probe of its former officials' accounting

practices. Tyco neither admitted nor denied wrongdoing, as is customary in SEC settlements. The SEC said Tyco inflated profit by at least $US500 million through improper accounting of some of the acquisitions it made from 1996 to 2002. Required: a. In this Tyco’s case highest level of company executives were involved in criminal activities and stole from the company. Suggest steps & guidelines to prevent unacceptable practices. b. Do you think management of company has an ethical and moral responsibility towards shareholders? Comment briefly.