WDW101Y1 Lecture : January 13 Lecture

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blueduck348

12 May 2011

School

UTSG

Department

Woodsworth College Courses

Course

WDW101Y1

Professor

William Watson

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Document Summary

Police investigate crime, first point of entry into the cjs. Defendant has the right to decide whether to testify or not and decides whether to plead guilty or not. Judge/jury decision makers with huge amount of power/discretion in the system, judge always makes legal decisions, jury makes the factual decisions i. e. who"s story is right, what actually happened etc. Each one plays a different role in the system, different rules apply to each one. Packer, the limits of the criminal sanction": two different models for designing a cjs crime control vs. due process, crime control model aims toward efficiency and control crime through deterrence measures. Repression of crime is the most important function of the criminal process. Focus on efficiency in the system = apprehend, t ry, convict, and punish. Finality requires minimum chance for review/appeal; strict rules around when a conviction/acquittal can be appealed.

Related Questions

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.

ceruleanfly624

A Healthcare company is evaluating two different computer systems for handling provider claims. There are no incremental revenues attached to the projects, so the decision will be made on the basis of the present value of costs. The Healthcare company's cost of capital is 10%. Here are the net cash flow estimates of dollars.

Year System X System Y

0-$500 -$1000

1 -$500 -$300

2 -$500 -$300

3 -$500 -$300

A. Assume initially that the systems both have average risk. Which one should be chosen?

B. Assume that System X is judged to have a high risk. Allied accounts for differential risk by adjusting its corporate cost of capital up or down by 2 percentage points. What system should be chosen?

beigecattle928

Lew Pherson and Vera Collier are friends who are employed bydifferent CPA firms. One day during lunch they are discussing theimportance of internal control in determining the amount of auditevidence required for an engagement. Pherson expresses the viewthat internal control must be evaluated carefully in all companies,regardless of their size or whether they are publicly held, in asimilar manner. His CPA firm requires a standard internal controlquestionnaire on every audit as well as a flowchart of everytransaction area. In addition, he says the firm requires a carefulevaluation of the system and a modification in the evidenceaccumulated based on the controls and deficiencies in the system.Collier responds by saying she believes that internal controlcannot be adequate in many of the small companies she audits;therefore, she simply ignores internal control and acts under theassumption of inadequate controls. She goes on to say, "Why shouldI spend a lot of time obtaining an understanding of internalcontrol and assessing control risk when I know it has all kinds ofweaknesses before I start? I would rather spend the time it takesto fill out all those forms in testing whether the statements arecorrect."

a.Express in general terms the most important difference betweenthe nature of the potential controls available for large and smallcompanies.

b. Criticize the positions taken by Pherson and Collier, andexpress your own opinion about the similarities and differencesthat should exist in understanding internal control and assessingcontrol risk for different-sized companies.

c.Discuss whether Collier's approach is acceptable underexisting auditing standards for either public or non-publiccompanies.

WDW101Y1 Lecture : January 13 Lecture

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