Tag: AICPA

Explain the management accounting methods you used for generating the information that you are about to share in terms of your adherence to industry standards and the American Institute of Certified Public Accountants (AICPA) code of ethics.

Investor Report

Provide a short overview of your company and the purpose of this report.

Name your company and describe its business and your vision for its future.

Explain the purpose of the report and describe why the information is important.

Explain the management accounting methods you used for generating the information that you are about to share in terms of your adherence to industry standards and the American Institute of Certified Public Accountants (AICPA) code of ethics.

Justify the use of job order costing for this business. Be sure to compare and contrast the various costing systems you learned about in this course as part of your defense.

Share and explain the selling prices you established for each of your products. Be sure to reference your cost-volume-profit analysis in your defense.

Share and explain your contribution margin per unit. Be sure to reference your cost-volume-profit analysis in your defense.

Identify your break-even points for achieving different target profits. Then explain the target profits you selected for each area of your business. Be sure to reference your cost-volume-profit analysis in your defense.

Evaluate the significance of the variances in terms of the potential to impact future budgeting decisions and planning.

What are the potential harms and benefits to the stakeholders? is it fair to the stakeholders? Is it consistent with virtue considerations?Identify the stakeholders and their obligations. Identify and consider all of the people affected by a decision – the stakeholders.

Ethical dilemma

1. What is the primary ethical issue in this case?

2. Gather all the facts. Specify the relevant facts, disagreement, and other conflicts situations.

3. Identify the stakeholders and their obligations. Identify and consider all of the people affected by a decision – the stakeholders.

4. Identify the relevant accounting ethics standards involved in the situation. Identify the most ethical values of the accounting profession that should be considered in evaluating the facts and alternative courses of action.

5. Identify the operational issues

6. Identify the accounting and auditing issues.

7. List all the possible alternatives that you can or cannot do.

8. Compare and weigh the alternatives. Is it legal ( in conformity with Laws PCAOB rules)? is it consistent with professional standards AICPA principles, IMA ethics standards; GAAP, and GAAS? Is it consistent with in-house rules
(firm’s policies and its own code of ethics), is it right?

What are the potential harms and benefits to the stakeholders? is it fair to the stakeholders? Is it consistent with virtue considerations?

9. Decide on a course of action. After evaluating the ethics of the alternatives, select the one that best meets the ethical requirements of the situation.

Reflect on your decision.

Using the COSO framework:Discuss the components and how they fit together to create a continuous internal control process.

COSO Framework

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has developed a comprehensive framework for assessing the quality of a company’s internal controls with regard to their financial reportings. This organization is made up of representatives from the AICPA, the IIA, IMA, and other leading authorities in the field.

Using the COSO framework, outlined here: https://www.sox-online.com/coso-cobit-center/original-coso-framework/, discuss the components and how they fit together to create a continuous internal control process.

Choose a control that you find interesting, and do additional research to thoroughly explain.