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Prepare a brief one-page summary of the legal risks faced by the profession of accounting. Refer to the Ultramares and ZZZZ case studies and relate the material to current regulations. ( I can provide both case studies if you would like them).

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Jean Keeling
Jean KeelingLv2
29 Sep 2019

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Managerial accounting focuses on the generation of information for use by management in both making decisions and establishing control. The internal accounting system is generally designed to serve both purposes, but this gives rise to a trade-off in the system. One system that is designed to perform two functions cannot do so as well as a system designed to serve just one function. What tends to happen is that the ability to provide information useful for decision-making is partially sacrificed to provide better control or vice versa.

Write a brief [2-3 page] paper stating whether internal accounting systems should be focused on both decision-making and control, or just one, or on neither - and in that case, indicate what you think should be the focus of internal accounting systems.

The Discussion question for "The legal and regulatoryenvironment of business" 16 edition, page 499

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Consider and discuss the specific risks and nature of thecompany you will be auditing and create comprehensive work programsfor the Inventory, Warehousing, and Payroll accounts and cycles.Submit a 700- to 1,050-word document that includes the following:Audit steps for tests of controls, balances, transactions,analytical procedures, etc. as well as other considerations such assample size and sample methodology. A brief summary page should beincluded in this document, 525 to 700 words, for each of the workprograms. Include in this summary specific financial informationgleaned from the current Form 10-K used to perform an analysis ofwork program steps. For example, if the team noted significantswings in the Inventory balance year-over-year, identify theseswings and how you address them in your work program (this is inessence an audit procedure - analytical review).

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