The ABC Corporation Case

Describe four types of audit opinions Green and Associates may provide at the conclusion of a corporate financial audit Financial information should be accompanied by an auditor’s report. One of the opinions suggested include the fact that unqualified opinion is made when an auditor indicates that the financial statements of the represented company provide a fair and true view in accordance the financial reporting framework.Advertising We will write a custom essay sample on The ABC Corporation Case specifically for you for only $16.05 $11/page Learn More The auditor issues this report when the financial statements do not include mis-statements and they are fairly presented according to Generally Accepted Accounting Principles (GAAP) (Vallabhaneni, 2005, p186). A qualified opinion report is issued by auditors when two situations do not rhyme with the General Accepted Accounting Principles (GAAP). Single deviation qualification occurs when one or se veral areas of the financial statements do not comply with GAAP, however, they do not affect the rest of the financial statement. Limitation of scope qualification is evidenced when a single or more areas of financial statements could not be audited, for instance, failure to test a company’s inventory of goods. Adverse opinion report is evident when the auditor confirms that the financial statements of a company are misstated, hence, they do not conform to GAAP. These statements are regarded as unreliable and inaccurate. In addition, disclaimer of opinion report is issued when an auditor declines to present an opinion regarding the financial statements, and therefore fails to complete the audit for some reason; therefore, does not provide the company with an opinion (Vallabhaneni, 2005, p.186).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Determine whether the inventory valuation method used by ABC Corporation was legal and compliant with GAAP ABC Corporation previously used FIFO inventory valuation method before changing to LIFO, with an intention of enhancing the annual tax return. The First In, First Out entails selling the goods bought earliest first, while the newest goods are sold last. Generally Accepted Accounting Principles (GAAP) allows the use of FIFO method; this method yields to highest income especially in times of inflation due to the lowest estimate of cost of goods sold. However, the rational change from one valuation method to another is not ethical, since the company shifted to LIFO with an aim of enhancing annual tax return, hence plans to shift back to FIFO when things get better. Is the client’s refusal to procure an audit of Internal Controls over Financial reporting in violation of Sarbanes-Oxley? Why or why not? ABC refusal to allow the auditors to separate audit of internal controls over financial reporting is a violation of Sarbanes –Oxley Act section 404, which requires an auditor to report on the company’s adequacy of internal control over financial reporting. The internal control report entails the management’s effort in maintain an effective internal control structure. Therefore, the act requires companies to include an assessment of internal controls and the procedure of financial reporting. Effective internal controls allow for the preparation of reliable financial reports; therefore, ABC refusal to procure an internal control violates the act (price water house coopers, et al., 2004, p.1). In compliance with GAAP, which type of audit opinion should Green and Associates issue? ABC company has not complied to all the rules of GAAP, the refusal to procure internal controls over financial reporting with an aim of avoiding further costs, is a violation of the rules pertaining to GAAP.Advertising We will write a custom essay sample on The ABC Corporation Case specifically for you for only $16.05 $11/page Learn More Therefore green and associates auditors should issue a qualified opinion based on the two questionable issues at hand, on internal controls and valuation methods. Discuss the ethical issues involved for ABC Corporation and for Green and Associates Ethical issues here apply to both the organization and the auditing firm; ABC Corporation should ensure that it operates under the standards of GAAP, hence avoiding the violation of law. ABC is currently avoiding costs, hence violating the Sarbanes –Oxley Act section 404, which requires internal controls in a company. The corporation should also consider hiring competent personnel, who will abide by the required regulations, among them GAAP. Green and associates auditors should not overlook any errors in ABC Corporation. An effective and reliable opinion should be made regarding the current status of the company. When an honest report is made, the company is capable o f correcting its faults, hence operating by the rules of GAAP. Lack of appropriate feedback could result to the downfall of a firm. References PriceWaterhouseCoopers. (2004). Internal Control over Financial Reporting, an investor resource. Web. Vallabhaneni, S. (2005). Wiley CIA Exam Review, Conducting the Internal Audit Engagement. Edition 3. NJ: John Wiley and Sons Publisher. Print.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This essay on The ABC Corporation Case was written and submitted by user Frankl1nSt0rm to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Too Much Homework Pros Cons of Having Many Assignments to Do

Too Much Homework Pros Cons of Having Many Assignments to Do In 2014, Stanford University showed the pitfalls of too much homework. Students name several reasons why they feel overloaded: regular stressful situations, lack of time, and worsening relationships with their family members. The question is how much homework is too much? PLEASE HELP WITH MY HOMEWORK Education Scholar Denis Pope says the following: â€Å"Students in high-achieving social groups who spend too much time on homework face regular stressful situations, problems with physical/mental, life imbalance, and issues with communication.† How does too much homework affect students? Thanks to the research conducted by Stanford University, it was found that spending more than 2 hours on learning after school has a negative impact on student’s health. Do you wish to work less on your assignments? Are you here to increase your current grades? Contact professional online homework writing services to gain extra time to spend at home with your family friends! How Much Homework Is Too Much? The famous song has these lines: â€Å"Too much is never enough!† It is true when it comes to learning, traveling, reading, observing the world around, and developing. An overloaded learning or work schedule is not a sober phenomenon. Spending less time on activities aimed to relax our body and give our mind a good rest is not a healthy option, and not many teachers understand the dogma. Think about how much time you are spending on your homework assignments after you return home. Is it half an hour, an hour, or a couple of hours? According to the research conducted by a Stanford researcher/educational scholar Denis Pope, it is not okay if the amount of your homework exceeds two hours in a time equivalent. Extra requirements like formatting (e.g., APA writing style) are part of the final grade. It is a mistake not to count a lengthy requirement as a separate task. Parents worry their children are not spending a sufficient amount of time completing their home duties. Together with numerous assignments, each day of an average American schoolboy/schoolgirl is followed by different activities: Sports clubs Fan clubs Leisure with friends Partying Two categories of parents exist regarding their opinions on the school homework assignments: parents who support the idea of many assignments and those who believe the amount of homework should be limited. The second type of parents supports the idea of ordering custom papers online: if you say, â€Å"I have too much homework,† get affordable help on the web! We try to answer how much homework is too much in high school after hearing the comments from parents, students, and teachers. Students’ Parents Share What They Think about Modern Homework Assignments One caring parent shared their family story about a school-aged daughter: â€Å"My daughter, Paula, has joined her third grade. She complained of the tremendous amount of homework assignments: in summer, her schoolteachers forced the students to waste six days each week on accomplishing different homework tasks. Her least favorite job is writing. It appeared her school Language Literature teachers do not provide students with the sufficient amount of knowledge and writing skills (e.g., different writing styles). I decided to debate against the amount of useless homework assignments in the United States together with our family of friends whose son’s school schedule was more overloaded than his part-time job schedule (he is in the final grade, working as a waiter). Our family wants more time with our kids! There are many activities to do: fishing, swimming, traveling, playing table games, shopping, practicing music, and other exciting things to do. Why should our daughter dedicate all her free time to school homework?† You see? One of the California high school teachers suggested that students should be spending more time with their families. She is ready to cancel homework assignments for the entire learning period, but every family must meet a single condition: involve specific activities to correlate with student success. It is not easy to study in a home atmosphere. If the family knows how to combine fun learning night activities, the result will be great! Children memorize better by visualizing things, so it is important to choose associative learning methods: e-Learning (choose your career wisely) Table games Educational movies Special student mobile applications When children read with their family members, write descriptions to their favorite cartoons, play outside, and go to bed early, there is no need to waste time on doing homework assignments. ORDER HOMEWORK NOW Know How Much Homework Is OK We found that ordinary family activities could be more effective when accompanied by the modern learning tools. The worst thing some schools have done is limiting summer holidays. Several high school teachers from Phoenix think children forget half of the studied material during the summer break. In addition to shortening the vacation, such schools increase the workload by assigning more homework. Let’s come back to the research conducted by Denis Pope who is a co-author of the â€Å"Journal of Experimental Education,† where the study on school homework was published. The teachers and journalists analyzed three criteria to find the pros cons of spending time on school homework assignments: Perceptions about homework assignments Student well-being Behavioral/student engagement Learn how to survive your first college year in this article! The researchers worked day night to collect information on ten high schools in California communities with the best academic performance; they selected a sample of 4,317 students to analyze. To support the numbers, Pope initiated an open-ended set of answers. Both students and their family members took part in the survey aimed to discover the value of homework assignments. The homework-related survey showed the following: An average household income exceeded $90,00 in the communities these children came from, and 93% of the kids went on to college, either 2-tear or 4-year. Students spending time in these high schools average approximately 3.1 hours of homework every night at home. This amount of homework assignments is not healthy, and every second family agrees with it. See, the time has come when it is not about earning the highest grades; the time has come for the parents and other family members to take care of their children’s health through debating the unfair amount of school homework. What is the Most Effective Solution to the Great Amount of Homework Assignments? Benjamin Franklin used to say, â€Å"An investment in knowledge pays the best interest.† Everybody knows it is true, but it does not mean spending the entire human life on learning is healthy. We recommend spending no more than two hours of your nighttime on the homework assignments. Kids should see the world around! There are many activities waiting for you; choose homework assignments you can handle, and which you believe would provide a necessary experience for your future career. What should students do with the rest of their homework? Forget about the homework nightmares – see how professional academic writers editors can solve your tasks after ordering a high-quality custom essay online!