assignment 3

Assignment 1:

· International Financial Reporting

· Ethics and Corporate Governance (International View)

· Code of Ethics and Professional Conduct (International)

· http://www.journalofaccountancy.com/Issues/2010/Oct/20103002.htm

· http://www.ifrs.com/overview/Accounting_Firms/Global_Standard.html

· http://www.ifac.org/ethics

 

What are your views on international accounting standards.  Should US companies embrace this?

Half a page – single spaced

Assignment 2:

Fight or Flight: One Whistleblower's Decision to Fight

June 2013 - This month we had the privilege of interviewing Tim Hediger, who not only holds the title of CFE, but of whistleblower, as well. From his initial suspicions and termination to wearing a wire undercover, Tim candidly recounts the personal and professional toll his path to justice took.

http://www.acfe.com/podcast-archive.aspx

Listen to this podcast from a whistleblower and describe your reaction.

This needs to be about a page and a half response – double spaced

Assignment 3:

 Select one of these four scenarios raised in the text and discuss what you would do, why and what standards guide you in your decision.

1. You assured your client that a particular expenditure was deductible only to find out later that it was not. However, it is unlikely the item will be detected by the IRS. Do you tell your client about your mistake and change the form, or do you let it stand as it is?

2. You discover that the client's previous year's return, which someone else prepared, listed a deduction $3000 in excess of the actual expenditure. The mistake was not intentional and the IRS will probably not detect the error. Should you correct the error, costing your client additional liability? What if you prepared the return the previous year so that the mistake was yours?

3. You are preparing a tax return for a very wealthy client, who can provide you with excellent referrals. You have reason to think the client is presenting information that will reduce his tax liability inappropriately. Should you inquire about the veracity of this information or just prepare the tax form with the information as given? [ 10]

4. The accounting firm you work for sells tax savings strategies to clients, demanding a 30% contingency fee of the tax savings plus out of pocket expenses. The company will defend its "strategy" in an IRS audit, but not in court, and refund a piece of the fee if back taxes come due.[ 11] Is what your company doing acceptable? What obligation do you have?

Write a thorough answer for this – 1 page double spaced