Posts Tagged: audits

The new global business shield

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Some Chinese state-owned entities, backed by the key government agency that oversees major state industrial companies, have adopted a controversial defense when they face U.S. lawsuits – we enjoy sovereign immunity. Questions: 1. The article says that this policy is an indication of something much deeper. What is that? 2. The article mentioned Chinese audit… Read more »

Want to open a franchise?

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Intermediate Accounting, Managerial Accounting.

Because Papa John’s is trying to recruit franchisees for new restaurant growth, it is offering enormous discounts to potential U.S. operators. Based on the information in the article, Papa John’s says the incentive package is worth roughly $60,000. Questions: 1. What are the fees that Papa John’s is temporarily waiving? 2. Using the minimum investment… Read more »

You Get What you Pay for?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting.

The SEC regulators are becoming very “worried” that pressure to reduce auditor fees due to economic cycles could lead to worse audits. Questions: 1. How do auditor switches impact fees? 2. What legal issues could affect audit committees where auditor fee reductions occur? 3. How does fee-hunting exacerbate this situation? 4. What does the study… Read more »

Expensive Snacks?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

By now you have probably heard that an audit of the Department of Justice by the Inspector General says that taxpayer money was wasted on overpriced food and drinks. At one conference, the DOJ spent $4200 on 250 muffins–that’s about $16 a muffin. But what did the report actually say? Considering the EOIR reported that… Read more »

The Costs and Benefits of Simultaneous Audits for Multinational Companies

Posted by & filed under Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Simultaneous audits mean two separate exams, conducted by different governments, in which those governments share with each other some of the taxpayer’s information.  Even though you may not have heard of them, they have existed since the 1970s, but are becoming more common today as government tax agencies race to match the level of global… Read more »