what is your perception of the expectations gap and how is theaccounting profession attempting to close the gap. Also, discussthe concept of independence and included if there is different inthe concept of the independence between the internal and externalauditors? Please support your response and give examples ifpossible

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Hubert KochLv2

28 Sep 2019

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Assignment 1: Meritocracy

Explain how the United States compares to other countries withregards to social mobility rates. Are there differencesbetween the United States and other countries? Why? Which group inthe society has the opportunity for upward social mobility and why?Do you think the United States is truly a meritocracy? Why or whynot? Give relevant examples to support your decision. Apply yourdecision of attending college to the concept of meritocracy.

Be sure to support your answer with references to the textbook,appropriate outside resources, and your own personal experiences.

Social and Digital Media

Electronic communication has all but replaced traditional means of communication in our lives and work. As a result, we have experienced a great many rewards and time no longer has the same meaning as it once did. Now our thoughts and ideas can be transmitted almost instantaneously. CPA firms have no doubt reaped the benefits of being able to streamline communication between clients and the firm and marketing is facilitated through websites that contain volumes of information that can assist in gaining clients, recruiting talent and promoting the profession.

However, there are also many risks associated with social media and the CPA and firm are not immune to those. Therefore, it is of utmost importance if you as going into public accounting that you are aware of the risks that are involved in using social and digital media to perform your work as well as risks that your personal information could be used against if you were to become involved in litigation. The following are some examples of where you could run into problems:

Increased Risk for Break of Client Confidentiality â CPAs are given confidential information, such as W-2s, tax returns, social security numbers, credit and debit card information, in order to do their work. You could unintentionally disseminate this sensitive information to others if you press the wrong button or choose the wrong recipient on an email.

Boasting can threaten Credibility â If a CPA firm were to be involved in litigation, an attorney will first seek out the free information that can be found online. If the firm or CPA were to have posted information on Facebook, LinkedIn or some other site that could be shown to be indefensible or inflated, this could be used to call into question the integrity of the firm or CPA.

Independence and Objectivity Issues â If an attorney representing shareholders who lost money due to a company presenting false financial information due to fraud can find information to indicate that the CPA lacked objectivity or independence as required for an audit, then that could be used against the CPA in a legal case. Correspondence between a CPA and a client that shows too familiar a relationship, no matter how innocent it may have been, could be used to assert a claim against the CPA for not discovering fraud due to a lack of objectivity or independence.

Discuss some internet and digital policies that would be beneficial for a CPA or a firm to institute to avoid having their employees or the firm encounter the type of problems discussed above.

Discuss your answers to the question at the end of the case with the class. Keep the discussion going all week.

Source - http://www.journalofaccountancy.com/issues/2016/mar/social-media-risks.html?utm_source=mnl:twtcpa&utm_medium=email&utm_campaign=09Mar2016

rosebat170

Let us explore the differences between financial and managerialaccounting. Financial accounting is rule-oriented, since theinformation is used to communicate with third parties. Managerialaccounting, on the other hand, is for internal use. Anything goesas long as the information is a valuable tool for decision-makingpurposes, and the benefit of the information exceeds the cost ofaccumulating and analyzing it.

References:

Accounting for Management. (n.d.). Difference Between Financialand Managerial Accounting.

Principlesofaccounting.com. (n.d.). Chapter 17 Multiple ChoiceQuestions.

Required:

Below are some questions for discussion.

How is the purpose of managerial accounting different fromfinancial accounting?

Are more accountants involved in the financial or managerialfunction today?

Comment on the use of a variable costing approach vs. absorptionincome statement. Describe the differences in the presentation anduse of each type of income statement.

How is the concept of "cost of goods sold" different from"contribution margin"?

Explain the contribution margin concept/computation and when touse the information.

Choose one or two topics for further investigation and shareyour knowledge with the class. Provide factual information (notmerely opinions) backed up by current news, examples, or otherinteresting details. Your comments should be in your own words andinclude references in APA format, if applicable

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