Acc 556 Week One Memo - 1179 Words

Internal Accountant’s Report to Management Jacqueline Tate-Tafoya ACC/556 June 18, 2012 Laurie McBroom MEMORANDUM TO: Management, JTT Accounting Firm FROM: Jacqueline Tate-Tafoya, CPA DATE: June 18, 2012 SUBJECT: Internal Accountant’s Report Per management’s request this document has been prepared to assist in determining if a full financial status review of the recent job bid is necessary. Fully understanding and preparing for possible issues is vital to our organization’s success. Several key points and issues should be reviewed prior to entering into any contracts. The following information will be discussed in this memo: 1.) The impact of occupational fraud and abuse on the company, 2.)†¦show more content†¦(Wells, 2011, p. 241). Bribery can come in many different forms but generally is defined as an act in which something of value is offered, given, received or solicited with the intent of influencing an official act. Illegal gratuities can be similar to bribes except these are usually given as a reward. Economic extortion is basically the demanding of money. â€Å"A conflict of interest occurs when an employee, manag er, or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.† (Wells, 2011, p. 242). These are not all corruption schemes that exist but have been determined to be more common than others and ones that should definitely be watched for when completing an audit or a full financial status review. Recommendation of types of accounting evidence and methods of gathering such evidence to support the financial status review Not all evidence is the same nor does it hold the same value in a case or trial. Evidence is defined as, â€Å"Anything perceptible by the five senses and any species of proof-such as testimony of witnesses, records, documents, facts, data or concrete objects†¦Ã¢â‚¬  (Singleton and Singleton, 2010, p. 214). In order to be valuable and legally acceptable evidence must be relevant, material. To hold relevance is to be able to establish a fact. An example of relevant evidence is one’s motive. If evidence shows that someone has something to gain then they have motive and the evidence isShow MoreRelatedAcc 5561986 Words   |  8 PagesSyllabus School of Business ACC/556 Version 5 Forensic Accounting Copyright  © 2012, 2011, 2009, 2008 by University of Phoenix. All rights reserved. Course Description In this course, students are introduced to the conduct of fraud examinations, including a discussion of specific procedures used in forensic accounting examinations and the reasoning behind these procedures. Topics include an overview of fraud and abuse, forensic evidence, substantive procedures for cash outflow irregularitiesRead MoreIncome Taxation Solutions Manual 1 300300 Words   |  1202 PagesCOMPREHENSIVE CASE SOLUTIONS – CHAPTERS 12 - 21 NOTE: The cases related to these solutions are posted on our website www.mcgrawhill.ca/olc/buckwold. They are not printed in the text. Solution to COMPREHENSIVE CASE ONE Seacourt Restaurants All of the issues in this case have been examined in depth in problems and cases of previous chapters and therefore the following solution briefly refers to the main issues of each segment. Where applicable, tax rates are assumed to be: Individual Corporation