What is the difference between audit, attestation, and assurance services? And how do the answers provide value to stakeholders?

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Auditing Principles and Procedures

Assignment Question(s):  (Marks 15)

IMPORTANT NOTES: Answer in your OWN words, DO NOT COPY from slides, fellow students, or internet sources without proper citation.

 

Q1. What is the difference between audit, attestation, and assurance services? And how do the answers provide value to stakeholders?

Your answer should have a minimum of 400 words. (5 Marks)

                              

Q2. How can auditors effectively plan an audit in a dynamic and uncertain environment? Provide an example to describe your answer.

Your answer should have a minimum of 400 words. (5 Marks)

 

Q3. In your opinion, what are the benefits of assessing the effectiveness of internal controls over financial statements ICFR to the audit process, other than being a requirement of PCAOB?

Your answer should have a minimum of 300 words. (5 Marks)

Aytaç and Çabuk (2020) discuss 17 COSO components in Assessment of the Effectiveness of Internal Control System and a Case Study. For a company of your choice, choose four components and establish processes to apply them.

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Week 4 Assignment – Case Study: COSO Components Principles

COSO principles are important factors in assuring a company has a reasonable structure in decision-making areas. In addition, COSO provides a framework for companies to work upon. It does not provide a functioning process—processes are established based on the company’s needs, culture, and environment.

Aytaç and Çabuk (2020) discuss 17 COSO components in Assessment of the Effectiveness of Internal Control System and a Case Study. For a company of your choice, choose four components and establish processes to apply them.

  • The submission should be 1–2 pages long.
  • Use two sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source slide at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.

 

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

Discuss the results of your personality assessment. Identify those strengths in your personality that will make you an ideal candidate within the roles/job opportunities you intend to pursue in the workplace. Next, identify the weaknesses of your personality type and practical steps you can take to turn the weaknesses into strengths.

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Accounting Question

INTRODUCTION: While the Inquiry Rational paper was the opportunity for students to begin to critically think about future career and higher education opportunities from a broad perspective, the Project Report is a more in-depth exploration and point of discovery toward a focused plan of action for each student’s future in career and business. The purpose of the Project Report is to address the findings from internet-based research that will help form the basis of your career and education major decisions toward seeking employment (this includes career advancement or a career change) and pursuing advanced business students at the university level. Within the report students will discuss the business knowledge gained from this course and discuss self-reflective discovery as it relates to learning styles and personality assessments. Most importantly, students will discuss results from their focused exploration of employment opportunities.

Within the Project Report students will address the following:

Career and Business Job Search

1. Prospective Employers

  • Use one of the following sources to conduct an online job search engine to locate three jobs from three different organizations which align with your preferred career/area of focus. Work to make clear connections to the careers/areas of focus you discussed in the Inquiry Rationale paper.

Also use the Browse Programs tool of Career Coach to research potential degrees that will best compliment your intended/future career pursuits. Keep notes of your findings as the information will need to be incorporated as part of the Career and Business Project Report. Watch this video recording to learn how to use the CPCC Career Coach tools.

  • Identify the three separate employers with current job vacancies that interest you. Discuss the following information for each employer:
    • Name of organization
    • Chief products or services offered by the organization
    • Ownership structure of the organization (i.e., sole proprietorship, partnership, 501(c)3 non-profit, S corporation, etc.). HINT: Review pages 112 – 124 of the course text to learn more about business ownership structures.
    • Three interesting pieces of business related information and data you discovered for each organization during your internet-based research.

2. Prospective Career Opportunities

  • Discuss the specific roles/employment opportunities you found of interest for each prospective employer. (NOTE: Do not list everything contained within the job descriptions, rather summarize the key components of each.) The information you discuss should include the following:
    • Position titles
    • Skills and knowledge requirements
    • Degree and certification requirements
    • Employment preferences
  • For each role/employment opportunity, discuss what makes you interested in fulfilling the position.
  • Discuss how your current skills, knowledge, and education, as well as the certificate or degree you are currently pursuing through Central Piedmont (CPCC), will prepare or equip you to succeed in each role/employment opportunity.

Learning and Higher Educational Pursuits

1. Learning

  • Using knowledge gained throughout the course, select two of the following key business functions which resonated with you throughout the semester.

Chapters Business Functions to Choose From (only select two functions)
2 Economics: The U.S. Economic System
3 Global Trade: Licensing, Exporting, and Franchising
4 Business Ethics: Corporate Social Responsibility
5 Business Ownership Structures
6 Entrepreneurship: Job Creation
6 Managing a Small Business
7 Strategic Planning: SWOT Analysis
11 Laws Affecting Human Resources Management
11 Training and Developing Employees for Optimal Performance
13 The Marketing Mix: Four Ps of Marketing (Product, Price, Promotion, and Placement)
13 Marketing Environments: Consumer Market and Business-to-Business Market
15 Market Intermediary Utility Types
15 Wholesale and Retail Intermediaries
19 Stock Exchanges and Stock Market Indicators
20 Control of the Money Supply
20 The U. S. Banking System
Bonus D Personal Financial Planning
Bonus D Planning for Retirement

  • Discuss internal and external factors about each of the two business functions you selected that prove important to the successful operation of an organization.

2. Higher Educational Pursuits

  • Discuss what you learned about the two business functions and how this newfound knowledge relates to your own possible higher educational pursuits and major. Do this regardless of whether you plan to immediately pursue higher education or whether you might pursue higher education at some later point in life. If you believe you will not pursue higher education beyond Central Piedmont (CPCC), then still discuss the former based on the assumption that you will pursue higher education at the Bachelors, Masters, or Doctorate level.
  • Use the Browse Programs tool of Career Coach to research potential degrees that will best compliment higher education opportunities for you in the future. Discuss potential and relevant degrees pursuits that may prove valuable for your intended/future career pursuits.

Personal Reflections

  • Reflect upon those strengths and weaknesses that may impact your performance within the workplace environment, but particularly within the prospective career opportunities you chose to spotlight earlier within this report. Your reflections should include the following.
    • Discuss the results of your learning styles assessment and how you see your learning style(s) benefitting you in the future course studies with Central Piedmont (CPCC) and beyond.
    • Discuss the results of your personality assessment. Identify those strengths in your personality that will make you an ideal candidate within the roles/job opportunities you intend to pursue in the workplace. Next, identify the weaknesses of your personality type and practical steps you can take to turn the weaknesses into strengths.
    • Identify three specific things you can do to improve your viability as a candidate for any employer who will be fortunate to hire you.

Differentiate with suitable examples the relevant cash flows and irrelevant cash flows. What relevant role do these cash flows provide in management decision-making? Provide a suitable example in context to an organization to support your answer.

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Cost Accounting

Assignment Question(s): (Marks 15)

Q1. Differentiate with suitable examples the relevant cash flows and irrelevant cash flows. What relevant role do these cash flows provide in management decision-making? Provide a suitable example in context to an organization to support your answer. (3 Marks)

Note: Your answer must include suitable examples of relevant and irrelevant cash flows for management decision-making. (Week 2, Chapter 1)

 

 

Q2. What are the various methods of estimating cost functions? Explain each method with suitable numerical examples. (4 Marks)

Note: You are required to assume values for numerical examples of your own, and they should not be copied from any sources. (Week 3, Chapter 2)

 

 

Q3. ALC ltd. manufactures a product ‘X’ for which the selling price per unit, variables cost per unit, and fixed costs are as follows: (4 Marks)

Selling price per unit SAR 750
Variable cost per unit SAR 225
Total Fixed Costs SAR 425,000

Answer the following questions using cost volume profit analysis:

a)Determine the break-even point in units.

b)Determine the break-even point in sales SAR.

c)What will be the pretax profit if the company sells 1,400 units of the product?

d)How many units the company will be required to sell to reach a target pretax profit of SAR 200,000?

e)The margin of safety in units if the company’s estimated next year budgeted sales are 1,500 units. (Week 4, Chapter 3)

 

 

Q4. KCC Ltd. uses a process costing system for its sole processing department. There were 35,000 units in the beginning WIP inventory for June and 325,000 units were started in June. The beginning WIP units were 50% complete and the 30,000 units in the ending WIP were 40% complete. All materials are added at the start of processing. (4 Marks)

You are required to:

a) Compute the no. of units started & completed.

b) Compute the EUP for DM and CC using FIFO and WA methods.

c) Calculate total manufacturing cost/EUP under both methods with the following details:

FIFO WA
Direct Material Cost SAR 850,000 SAR 1,000,000
Conversion Cost SAR 1,025,000 SAR 1,350,000

(Week 5, Chapter 6)

Personal information about customers is collected, used, disclosed, and maintained only in compliance with internal policies and external regulatory requirements and is protected from unauthorized disclosure. With reference to Privacy Concern how would you deal with SPAM and Identify Theft problem of your business organization?

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Introduction to Accounting Information Systems/ ACCT 402

Assignment Question(s): (Marks 15)

Question 1: (04 Marks)

Explain what an AIS is, describe the basic tasks it performs in an organization using examples of Saudi Companies.

 

Question 2: (03 Marks)

Give examples of Saudi companies that using ERP and what are the advantages of implementing the ERP?

 

Question 3: (04 Marks)

What motives do people have for hacking? Why has hacking become so popular in recent years? Do you regard it as a crime? Explain your position.

 

Question 4: (02 Marks)

Describe at least four ways a company can make fraud less likely to occur.

 

Question 5: (02 Marks)

Personal information about customers is collected, used, disclosed, and maintained only in compliance with internal policies and external regulatory requirements and is protected from unauthorized disclosure. With reference to Privacy Concern how would you deal with SPAM and Identify Theft problem of your business organization?

 

What amount of ordinary business income is allocated to Jane? What is the amount and character of separately stated items allocated to Jane? What is Jane’s basis in her XYZ Corporation stock at the end of the year?

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Tax questions

This year, Reggie’s distributive share from Almonte Partnership includes $8,000 of interest income, $4,000 of dividend income, and $60,000 of ordinary business income.

A. Assume that Reggie materially participates in the partnership. How much of his distributive share from Almonte Partnership is potentially subject to the net investment income tax?
B. Assume that Reggie does not materially participate in the partnership. How much of his distributive share from Almonte Partnership is potentially subject to the net investment income tax?

David would like to organize HOS (a business entity) as either an S corporation or as a corporation (taxed as a C corporation) generating a 12 percent annual before-tax return on a $444,000 investment. David’s marginal tax rate is 24 percent and the corporate tax rate is 21 percent. David’s marginal tax rate on individual capital gains and dividends is 15 percent. HOS will pay out its after-tax earnings every year to either its members or its shareholders. If HOS is taxed as an S corporation, David’s business income allocation would be subject to a 3.8 percent net investment income tax (he is a passive investor in the business), and the business income allocation would qualify for the deduction for qualified business income. (Round your intermediate calculations and final answer to whole number dollar amount.)

  1. How much would David keep after taxes if HOS is organized as either an S corporation or a C corporation?
  2. What are the overall tax rates (combined owner and entity level) if HOS is organized as either an S corporation or a C corporation?

 

J&J, LLC, was in its third year of operations when J&J decided to expand the number of members from two, A and B, with equal profits and capital interests, to three members, A, B, and C. The third member, C, will contribute her financial expertise to the LLC in exchange for a one-third capital interest in J&J. Given the balance sheet below reflecting the financial position of J&J on the date member C is admitted, what are the tax consequences to members A, B, and C, and to J&J, when C receives her capital interest? If, instead, member C receives a one-third profits interest, what would be the tax consequences to members A, B, and C, and to J&J?

 

J&J Limited Liability Company
Balance Sheet
  Basis FMV   Basis FMV
Cash $ 20,000 $ 20,000 Account Payable $ 7,000 $ 7,000
Inventory 5,000 5,000 Mortgage Payable 20,000 20,000
Equipment 10,000 17,000 A—Capital 22,000 30,000
Building 30,000 45,000 B—Capital 16,000 30,000
Total Assets $ 65,000 $ 87,000 Total liability and OE $ 65,000 $ 87,000

 

XYZ Corporation (an S corporation) is owned by Jane and Rebecca, who are each 50 percent shareholders. At the beginning of the year, Jane’s basis in her XYZ stock was $44,000. XYZ reported the following tax information for 2020.

 

Description Amount
Sales revenue $ 726,000
Cost of goods sold (204,000)
Long-term capital gain 12,000
Dividend income 11,000
Tax-exempt interest 7,000
Salary to owners (124,000)
Employee wages (54,000)
Depreciation expenses (11,600)
Miscellaneous expenses (11,000)
Overall net income $ 351,400

 

Required:

a. What amount of ordinary business income is allocated to Jane?
b. What is the amount and character of separately stated items allocated to Jane?
c. What is Jane’s basis in her XYZ Corporation stock at the end of the year?

 

sume the before-tax interest rate is 5% What will be your after-tax 20-year retirement consumption stream if you choose to save n a traditional IRA? Assume your tax rate is fixed at 30% (Round your answers to 2 decimal place.) .

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Calculation Question

The difference between a Roth IRA and a traditional IRA is that in a Roth IRA taxes are paid on the Income that is contributed, but the withdrawals at retirement are tax-free. Ina traditional IRA, however, the contributions reduce your taxable income, bot the withdrawals at retirement are taxable_ Assume you plan to devote $5,000 to retirement savings in each year. You will retire in 30 years and expect to live for an additional 20 years after retirement

  • a. Assume the before-tax interest rate is 5% What will be your after-tax 20-year retirement consumption stream if you choose to save n a traditional IRA? Assume your tax rate is fixed at 30% (Round your answers to 2 decimal place.)
  • b. What will be your 20-year retirement consumption stream if you choose to save Ina Roth IRA? (Round your answers to 2 decimal place.)

What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles?

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Insurance Accounting

Assignment Question(s):                                                       

Q1. Differentiate between conventional insurance and tankful system in no less than five items. (3 Marks)

Q2. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles? (4 Marks)

Q1. SAMA is the institution responsible for  regulating and monitoring the insurance market in Saudi Arabia and supervising companies operating in the sector. Visit its website and compare its content to what you covered during the course. Write no less than 300 words. (Marks 8)

 

 

Explain what an AIS is, describe the basic tasks it performs in an organization using examples of Saudi Companies.

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Introduction to Accounting Information Systems

Assignment Question(s):   (Marks 15)

Question 1:    (04 Marks)

Explain what an AIS is, describe the basic tasks it performs in an organization using examples of Saudi Companies.

 

Question 2:     (03 Marks)

Give examples of Saudi companies that using ERP and what are the advantages of implementing the ERP?

 

Question 3:   (04 Marks)

What motives do people have for hacking? Why has hacking become so popular in recent years?  Do you regard it as a crime?  Explain your position.

 

Question 4:    (02 Marks)

Describe at least four ways a company can make fraud less likely to occur.

 

Question 5:     (02 Marks)

Personal information about customers is collected, used, disclosed, and maintained only in compliance with internal policies and external regulatory requirements and is protected from unauthorized disclosure. With reference to Privacy Concern how would you deal with SPAM and Identify Theft problem of your business organization?

 

Consolidated financial statements present the financial position and results of operations for controlling entity and one or more controlled entities. ‘Consolidated Financial Statement has some advantages but at the same time it is not free from limitations.’ Elaborate this statement.

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Advanced Financial Accounting

  • Assume Large Corporation Invested $ 600,000 for Small Corporation and the estimated Fair Market Values of Assets, Liabilities and Equity Accounts are as follows:
Assets Amount $ Liabilities Amount $
Account Receivable

Inventory

LT Marketable Securities

PP & E

 125,000

50,000

55,000

170,000

400,000

 

 Account Payables

Retained Earnings

Commons Stock

 180,000

120,000

100,000

 

400,000

 

 

Required:  (2+3 Marks)

  1. Determine the Amount of Goodwill or Bargain Purchase.
  2. What is the Journal Entry in the book of Large Corporation?

 

 

  • From the following Table pass Basic Elimination Entry under Equity Method in the book of Parent Company:        (5 Marks)
  Total

Book Value

 = Common

Stock

 + Additional

Paid in Capital

 + Retained

Earnings
Beginning Book Value

+ Net Income

–         Dividend

 600

 

200

(50)

 150 550 (100)

 

200

(50)
Ending

Book Value

 750 150 550 50

 

  • Consolidated financial statements present the financial position and results of operations for controlling entity and one or more controlled entities. ‘Consolidated Financial Statement has some advantages but at the same time it is not free from limitations.’ Elaborate this statement. (5 Marks)