The impact of auditor independence and ethics on audit quality is crucial in maintaining the trust and confidence of investors in financial reporting. The provision of non-audit services can potentially affect auditor independence and audit quality.
To enhance independence, auditors should implement safeguards to mitigate any threats to their objectivity and integrity. This report critically discusses the relationship between auditor independence, ethics, and audit quality, including the potential impact of non-audit services, and proposes safeguards to uphold auditor independence.
Auditor independence is vital in ensuring the credibility and reliability of financial reports. The provision of non-audit services by auditors to their audit clients raises concerns about potential conflicts of interest and compromises their independence.
When auditors provide non-audit services, there is a risk that their objectivity and independence may be compromised, leading to a potential decline in audit quality.
Empirical evidence suggests a correlation between the provision of non-audit services and reduced auditor independence. Studies have shown that when auditors provide non-audit services, it may create economic dependence on the client, posing a threat to their independence. This, in turn, may negatively impact the quality of the audit.
To enhance auditor independence, several safeguards can be implemented. These safeguards include strict regulations and ethical guidelines, such as prohibiting certain non-audit services or setting limits on the fees generated from non-audit services.
Additionally, rotation policies requiring the periodic change of audit firms can help reduce familiarity threats and enhance independence.
Case studies have highlighted instances where the lack of independence due to the provision of non-audit services has led to audit failures and financial scandals.
For example, the Enron and Arthur Andersen case demonstrated the risks associated with auditors providing both audit and consulting services to the same client, compromising independence and resulting in misleading financial statements.
In conclusion, the provision of non-audit services can potentially impact auditor independence and audit quality. To ensure independence, auditors must adhere to strict ethical standards and implement safeguards to mitigate any threats.
By upholding independence, auditors can enhance audit quality, maintain investor confidence, and contribute to the reliability of financial reporting.
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Mateo wants to buy a new guitar and amp that will cost about $2,500. He works part time at a cafe and brings home around $500 per week. He tells his friends he plans to buy the guitar in about two months. What detail of this goal is missing?
The missing detail in Mateo's goal is how much money he can save per week.
While it is known that he brings home around $500 per week from his part-time job at the cafe, it doesn't have information on how much of that income he plans to save each week towards buying the guitar and amp.
To determine if he can achieve his goal of buying the guitar in about two months, it is needed to know how much money he can set aside from his weekly earnings for savings. Without this information, it is challenging to assess whether his goal is achievable within the specified timeframe.
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multiple choice question one of the most effective methods to assess how well a firm is delivering adequate service to consumers is to employ the blank model to evaluate their service provision.
The most effective method to assess how well a firm is delivering adequate service to consumers is to employ the SERVQUAL model to evaluate their service provision.
The SERVQUAL model is a widely-used framework for measuring service quality. It focuses on five key dimensions: reliability, assurance, tangibles, empathy, and responsiveness.
By analyzing these dimensions, a firm can identify gaps in their service provision and work to improve their overall customer satisfaction. To apply the SERVQUAL model, a company would gather customer feedback through surveys or interviews, compare their performance to customer expectations, and identify areas for improvement.
This comprehensive approach allows firms to better understand their customers' needs and deliver a higher level of service, ultimately leading to increased customer loyalty and business success.
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25 points, whats the worst thing that has happened in your life?
Answer:
I went into debt in 2015 :(
Parents divorced, no rights anymore, half of my family hates me without meeting me in the first place
A series of 10 end-of-year deposits is made that begins with $7,000 at the end of year 1 and decreases at the rate of $300 per year with 10 percent interest. what amount could be withdrawn at t = 10?
The amount that could be withdrawn at t = 10 is $5,310.20.
How can we calculate the amount that could be withdrawn at t = 10?To calculate the amount that could be withdrawn at t = 10, we can use the formula for the future value of an annuity with decreasing deposits:
FV= P⋅(1+r) n −A⋅[(1+r) n −1]/r
where:
- P is the initial deposit amount ( $7,000 )
- r is the interest rate per period (10% or 0.10)
- n is the total number of deposits (10)
A = Amount by which the deposit decreases each year
In this case, P = $7,000, r = 0.10, n = 10, and A = $300. Substituting these values into the formula, we get:
FV = \dfrac{7000 \cdot (1+0.10)^{10} - 300 \cdot [(1+0.10)^{10} - 1]}{0.10} \approx $3,323.70
Therefore, the amount that could be withdrawn at t = 10 is approximately $3,323.70.
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Now, consider demand for the gasoline sold by Gas Station G in a large city. The gasoline sold by other stations is an excellent substitute for the gasoline sold by Station G. Because there are many good substitutes for gasoline, its demand is probably elastic. A. If the price at Gas Station G rises by 10%, by what percentage is its quantity sold likely to change, other things being the same? B. In this case, what will happen to Station G'S revenues when the price rises? C. Make a general statement about how revenues will change when the price rises or when it falls if demand is elastic and if it is inelastic. D. It is often suggested that increasing gasoline taxes will reduce the quantity of gasoline people will buy and, as a result, reduce air pollution. In the short run would such a policy be effective in reducing air pollution? Would the policy be effective in reducing air pollution in the long run? Why?
When considering the demand for gasoline sold by Gas Station G in a large city, one important factor to analyze is the elasticity of demand, which determines the responsiveness of quantity demanded to changes in price.
Is gasoline a petrol or fuel?
Crude oil and other petroleum liquids are used to make petrol, which is used as a fuel. Engines for vehicles primarily use petrol.
A. If the price at Gas Station G rises by 10% and the demand for gasoline is elastic, the quantity sold is likely to decrease by a larger percentage.
B. When the price rises and the demand is elastic, Gas Station G's revenues are likely to decrease.
C. In general, if demand is elastic, an increase in price leads to a decrease in total revenues. If demand is inelastic, an increase in price may lead to stable or increased revenues.
D. Increasing gasoline taxes can be effective in reducing air pollution in the short run by reducing the quantity of gasoline people buy. However, the long-term effectiveness depends on factors such as consumer behavior changes, technological advancements, and shifts in preferences.
In conclusion, understanding the elasticity of demand is crucial in predicting the impact of price changes on quantity sold, revenues, and the long-term effectiveness of policies aimed at reducing air pollution.
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A 35-year-old client purchases a variable life insurance policy. Under current regulations, the maximum sales charge permitted over the life of the policy is A) 9% B) 8.5% per premium payment C) 9% per premium payment D) 8.5% of total premiums over the life of the plan
Answer: 9%
Explanation:
A variable life insurance policy is simply referred to as a contract between an individual and the insurance company. In the case of death to the individual, a certain amount would be paid to the family of the individual.
It should be noted that under current regulations, the maximum sales charge permitted over the life of the policy is 9% and this period should not be more than twenty years.
Help me guys please! I have to submit it today :((
Answer:
oh no!
Explanation:
SOWWYYYY!!!
Which is an example of a negative incentive for producers?
a. a chance to make more money b. a special sale at a department store c. a coupon clipped from a newspaper d. a sharp increase in production costs
A sharp increase in production costs is an example of a negative incentive for producers. Thus, option D is correct.
Poor incentives are a strategy employed by managers to encourage their staff to work effectively so as to prevent a poor outcome. Instead of providing a reward for reaching a target, a manager can advise a punishment if the employee falls short of it, such as forfeiting a bonus or a potential vacation day, being written up, or, in the worst situations, being demoted.
The purpose of negative incentives is the same as that of any other form of employee motivation: to persuade workers to finish their work effectively and to the best of their abilities, but doing so with a potential for harm rather than benefit.
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Answer:
D - a sharp increase in production costs
Explanation:
Pablo plans to buy a used truck that costs $20,000. The dealer requires a 20% down payment. The rest of the cost is financed with a 3-year, fixed- rate amortized auto loan at 4.5% annual interest with monthly payments. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulasi (a) Find the required down payment. $0 $ (b) Find the amount of the auto loan. $ (c) Find the monthly payment. $
(a) Down payment = 20% x $20,000 = $4,000 (b) amount of the auto loan: = $16,000 (c) Monthly payment: $475.70
(a) Find the required down payment:
To find the down payment, multiply the cost of the truck by the down payment percentage (20%).
Down payment = $20,000 x 0.20 = $4,000
(b) Find the amount of the auto loan:
Subtract the down payment from the cost of the truck to find the amount of the auto loan.
Auto loan amount = $20,000 - $4,000 = $16,000
(c) Find the monthly payment:
Use the loan payment formula, where P = principal, r = monthly interest rate, n = number of payments, and M = monthly payment:
M = P * (r * (1 + r)^n) / ((1 + r)^n - 1)
For this auto loan, the annual interest rate is 4.5%, so the monthly interest rate (r) is 4.5% / 12 months = 0.045 / 12 = 0.00375. There are 3 years of payments, so n = 3 * 12 = 36 payments.
M = $16,000 * (0.00375 * (1 + 0.00375)^36) / ((1 + 0.00375)^36 - 1)
M ≈ $475.70
So the answers are:
(a) Required down payment: $4,000
(b) Amount of the auto loan: $16,000
(c) Monthly payment: $475.70
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An auditor ordinarily sends a standard confirmation request to all banks with which the entity has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to:
A. seek information about loans from the banks.
B. detect kiting activities that may otherwise not be discovered.
C. request that a cutoff bank statement and related checks be sent to the auditor.
D. provide the data necessary to prepare a proof of cash.
Answer:
A. seek information about loans from the banks.
Explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
An auditor ordinarily sends a standard confirmation request to all banks with which the entity it is auditing has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to seek information about loans from the banks so as to examine and verify the amount that was loaned by the bank to the business entity, as well as comparing the figures (values) to that on the balance sheet.
During January, Novak Co. incurs 1,960 hours of direct labor at an hourly cost of $11.80 to produce 1,070 units of its finished product. Novak’s standard labor cost per unit of output is $22 (2 hours x $11.00).
Compute the total, price, and quantity labor variances for Novak Co. for January. Identify whether each variance is favorable or unfavorable.
Total Labor Variance
$enter a dollar amount
select an option Not ApplicableUnfavorableFavorable
Labor Price Variance
$enter a dollar amount
select an option Not ApplicableFavorableUnfavorable
Labor Quantity Variance
The total, price, and quantity labor variances for Novak Co. for January is $1,568 Unfavorable and $1,980 Favorable.
The difference between the standard cost for actual production and the actual cost of production is the direct labor cost variance. There are two types of labor cost variances. The difference between the standard cost and the actual cost paid for the actual number of hours is called the labor rate variance. Work effectiveness fluctuation is the distinction between the standard work hour that ought to have been worked for the genuine number of units created and the real number of hours worked when the work hours are esteemed at the standard rate.
Multiplied by the standard rate, the difference between the amount of labor time that should have been used and the amount of labor that was actually used. Take, for instance, the typical direct labor cost per unit of product A: $35 for 2.5 hours multiplied by $14. In addition, suppose that the business recorded 4500 hours of direct labor time in March. This labor time actually cost $64,800, or $14.40 per hour on average. Throughout the month, the business produced 2000 units of product A.
Labor Price Variance = ( Actual price - Standard price ) x actual hours
= ( 11.80 - 11.00 ) x 1,960
= 0.80 x 1,960
= $ 1,568 Unfavorable
Labor Quantity variance = ( Actual Hours - Standard hours ) x Standard price
= ( 1,960 - ( 1,070 x 2 ) ) x 11.00
= ( 1,960 - 2,140 ) x 11.00
= - 180 x 11.00
= $ 1,980 Favorable.
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norma files a petition in bankruptcy. she turns her assets over to o’brien, who sells them and then distributes the proceeds to norma’s creditors. o’brien is a
Norma files a petition in bankruptcy. She turns her assets over to O’Brien, who sells them and then distributes the proceeds to Norma’s creditors and O’Brien is a trustee.
Bankruptcy is a legal process where a person, business, or other entity unable to repay their debts. The court adjudicates this process
under the federal law in the United States. The person or company that seeks bankruptcy is known as the debtor, and the entity that he owes money is known as the creditor.
A trustee is a person who is in charge of administering the property and assets of a bankruptcy estate. The trustee is responsible for managing the debtor's bankruptcy case under the direction of the court. The trustee collects the debtor’s property and assets, liquidates them, and distributes the money to creditors.
The person in the given scenario, Norma, files a petition in bankruptcy and then turns her assets over to O’Brien. In such cases, O’Brien will sell the assets and distribute the proceeds to Norma’s creditors.Therefore, O’Brien is a trustee.
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How do businesses maintain a formal record of financial transactions?
a) Publish an income statement b) Publish a balance sheet
c) Maintain a general journal
d) Utilize the Matching Principle
Businesses maintain a formal record of financial transactions through publication of income statement and balance sheet.
A formal record of financial transaction entails publication of periodic financial statement to allows users them to understand the financial position of the company.
The process of Bookkeeping with helps to record all financial transactions helps to publish an income statement and balance sheet.
The income statement and balance sheet are the two main financial record which depict the accurate position of the firms position.
Therefore, the Option A and B is correct.
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!-I NEED HELP ASAP PLEASE-!/I SWEAR I WILL MARK YOU AS BRAINLIEST
Unit Activity
Unit: Sales and Marketing
This activity will help you meet these educational goals:
• Content Knowledge—You will prepare a résumé and a cover letter.
• Inquiry—You will conduct online research in which you will collect information and communicate your results in written form.
• 21st Century Skills—You will employ online tools for research, use critical thinking, and communicate effectively.
Introduction
Apart from having the necessary skills and qualities, you must also have the knowledge about the right process to follow in order to secure a job. In this activity, you will write a résumé and a cover letter, and describe personal traits that could help you succeed in a given job role. __________________________________________________________________________
Directions and Analysis
Task: Becoming Job Ready
Based on the career goal you chose in Unit Activity 1, research a few job opportunities on job sites and shortlist a few job openings of your choice. As the next step, apply for one of these positions in appropriate organizations.
a. Create a résumé highlighting your key accomplishments and your aspirations.
b. Write a cover letter to a prospective company. Your letter should explain why you are suitable for a role and how you will contribute to the company.
c. List the personal traits that you think will help you stand in good stead in the interview for the position above.
Type your response here:
__________________________________________________________________________
Evaluation
Your teacher will use this rubric to evaluate the completeness of your work as well as the clarity of thinking you exhibit.
YOU HAVE TO INCLUED THESE TOO
Task: Becoming Job Ready Task points: [100]
a. Conducting online research about job opportunities, and preparing a résumé
b. Preparing a cover letter
c. Listing and describing traits that would help you in the interview as well as the job
[40]
[30]
[30]
the answer is in the word doc
Answer:
A.
Explanation:
Your answer is A. because all the other ones don’t make sense as A. Is the only one that is true.
I hope it helps!
Muffin<3
CAREER (need help need to be %100 right)
Any activity that leaves you feeling weaker after you do it is a ___?
A) talents
B) strength
C) interest
D) weakness
Practicing and hard work builds your talents into ___?
A) strengths
B) weaknesses
C) motivation
D) passion
Answer:
D) weakness
A) strengths
Explanation:
Mrs. Jansen is the sole shareholder of mimeo corporation. She also owns the office building that serves as corporate headquarters. Last year, mimeo paid $200,000 annual rent to mrs. Jansen for use of the building. Mimeo's marginal tax rate was 21% and mrs. Jansen's marginal tax rate on ordinary income was 37%. The revenue agent who audited mimeo's return concluded that the fair rental value of the office building was $150,000. Compute the net impact of this audit conclusion on mimeo's income tax liability
The net impact of the given audit conclusion on mimeo's income tax liability is $10,500 increase.
What does tax liability mean?The amount owed to the Internal Revenue Service (IRS) at the end of each tax year is referred to as "tax liability." A person, business, or other entity's tax liability is the total amount of taxes that they owe to the government.
Tax liabilities include things like income taxes, sales taxes, and capital gains taxes. Federal, state, and local governments are just a few of the taxing entities that impose taxes. What you owe in taxes to the IRS or your state government is known as your tax liability. Depending on your income and filing status, you may have to pay income taxes.
Given:
Taxable income increases by $50,000,
increasing tax liability is
= ($50,000 × 21%) = $10,500
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Principal: $20,000
Annual interest rate: 9%
Time period: one month
What is the monthly interest expense?
What is the formula for calculating interest?
The monthly interest expense is $149.99.
The formula for calculating interest is:
I = P x R x T
The formula for calculating interest is:
I = P x R x T
Where,
I = Interest
P = Principal
R = Annual interest rate
T = Time period in years
To find the monthly interest expense, we need to first convert the time period from one month to years. Since there are 12 months in a year, one month is equal to 1/12 or 0.08333333 years.
I = $20,000 x 0.09 x 0.08333333
I = $149.99
Therefore, the monthly interest expense is $149.99.
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Determine which of the following statements best describes the control principle as it relates to an accounting information system. Multiple choice question. The principle prescribes that management should verify all transactions before they are entered into the accounting system. The principle prescribes that an accounting information system have internal controls. The principle describes the U. S. GAAP rules of double entry accounting within an accounting system. The principle outlines the rules regarding when revenue should be recognized within an accounting system.
Answer:
The principle prescribes that an accounting information system have internal controls.
Explanation:
The statement which best describes the control principle as it relates to an accounting information system is that, the principle prescribes that an accounting information system have internal controls.
Answer:
The principle prescribes that an accounting information system have internal controls.
Explanation:
Because it is the "Correct Answer"
The window of opportunity to capitalize on an innovation is very narrow, so businesses with new ideas should:_______.
a. Develop customer-centric marketing that is enhanced with AI.
b. Move quickly so that competitors do not swoop in and pass them by.
c. Conserve their resources and hope they can survive disruptive innovation.
d. Partner with offshore suppliers to reduce labor costs
So the window for capitalizing on innovation is so small, that companies with innovative ideas should act quickly and Develop AI-assisted customer-centric marketing strategies.
Thus Option A is correct.
What is the definition of customer-centric marketing?Customer-centric marketing is a marketing approach that is focused on the needs and wants of customers. It's all about putting customers first, using a mix of insight, good judgement, and statistics about their behavior.
Being customer-centric entails more than simply recognizing the customer's significance.
It all comes down to getting to know your consumers so you can anticipate their needs, expectations, and communication choices, create better experiences, and build long-term connections. It's also easier to say than to do.
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What is defined as a "take-home pay"? (1 point)
O Paystub
ONet income
O Salary
O Wages
The ideal decision is (b). A "take-home pay" is referred to as net income.
What is take-home pay, often known as net income?Your take-home pay, also known as your net income, is the amount of money that is left over from your gross income after taxes and other deductions have been made. As opposed to your gross income, which is your total income before taxes and deductions, income taxes in the United States are often calculated using your net income.
The amount of money left over after taxes, benefits, and other deductions from a paycheck is known as take-home pay. It represents the difference between gross income and any deductions subtracted.
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When you are a speaker, it is important to know your audience.
A) true
B) false
Answer:
A) True
Explanation:
You want to know general things about your audience because you won't speak the same way to kindergartners as you would college students. That's just one example.
In which of the four leadership styles does the leader have absolute
authority?
Answer:
Delegating is the correct answer
Next O Cover Letters and Résumés: Mastery Test
1
Select the correct answer.
Josita is preparing a résumé for a job teaching graphic design at a high school. She wants to list the software programs she has learned. In what
section of her résumé should Josita include these programs?
OA honors
OB. activities
OC. skills
OD. experience
Reset
Submit Test
Next
If Josita is preparing a résumé for a job teaching graphic design at a high school. She wants to list the software programs she has learned. The section of her résumé that Josita should include these programs is: C. skills.
What is skills?Skills can be defined as the ability a person or an individual possess when it comes to performing or carrying out tasks. A person can tend to possess inbuilt Skills or acquired skills they known will be of important to them.
Based on the scenario the software programs was the skills that Josita acquired because she learned it, the software program should be included as part of the skills she possess in her resume as this will enables are employer to know the skills she possess.
Therefore If Josita is preparing a résumé for a job teaching graphic design at a high school. She wants to list the software programs she has learned. The section of her résumé that Josita should include these programs is: C. skills.
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what is qbasic program
Answer:
structured programming language :)
Explanation:
Answer:
structured
Explanation:
what will happen if you try to upload a feed in merchant center that does not have availability for each product
It will disapprove it if you try to upload a feed in merchant center that does not have availability for each product. Since availability is not an attribute in the product feed.
A merchant is a person who trades in commodities produced by different humans, in particular one that trades with foreign countries. traditionally, a service provider is every person who's involved in business or trade. merchants have operated for as long as industry, trade, and change have existed.
Merchant is a person who engages in purchase, sales, and trade of commodities for earnings. The merchant magnificence is the social sector made of traders.
Merchant Transaction way the purchase by means of a cardholder of goods or offerings from a merchant by means of use of a bank Card.
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In a economy, the government owns the means of production.
(a) Command
(b) Market
(c) Real
(d) Inelastic
Answer:
(a) Command
Explanation:
A command economy is also known as planned economy and it can be defined as a type of economy in which the government owns and control the means of production.
This ultimately implies that, in a command economy, the government owns the means of production.
Societies that operate a command economy generally practices communism.
Communism is a system of philosophical, political, social organization and economical ideologies that advocates the elimination of private property but a profit-based economy with public ownership of the means of production.
It ultimately aims to ensure each person contributes and receives according to their abilities and needs.
Vietnam, China and Cuba are examples of communist countries that operate a command economy.
In conclusion, a command economy requires that the method of exchange, distribution, as well as the means of production of goods and services and allocation of resources for production should be controlled or regulated by the public (government) rather than the private sector.
Which of the following functions would be implied authority for an apartment manager?
selling the apartment complex
selling the apartments' appliances
collecting rent from the tenants
All of the above would be included in implied authority.
The functions would be Implied authority for an apartment manager is collecting rent from the tenants.
According to the Implied authority, it is an authority that is not express or written into a contract, but it is authority an agent is assumed to have in order to transact the business for a principal.
Each partner in a business has the Implied authority to act in the name of the company. The implied authority of a partner to bind the firm conferred by this section.
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when measuring team effectiveness, two aspects are considered important: ________, which may include metrics such as the quantity and quality of output, and ________, sometimes called team commitment
When measuring team effectiveness, two aspects are considered important: "performance outcomes," which may include metrics such as the quantity and quality of output, and "team cohesion," sometimes called team commitment.
When measuring team effectiveness, two important aspects to consider are:
Performance outcomes: This aspect focuses on the results or outputs achieved by the team. It includes metrics such as the quantity and quality of the team's output, meeting deadlines, achieving targets or goals, and overall productivity. Performance outcomes provide tangible evidence of the team's effectiveness in delivering resultsCohesion or Team Commitment: This aspect refers to the level of cohesion and commitment within the team. It measures the degree to which team members work together, trust and support each other, and are dedicated to achieving shared goals. Team commitment encompasses factors like shared values, mutual respect, cooperation, and a sense of belonging. It reflects the team's ability to collaborate effectively and maintain positive working relationships.Both performance outcomes and team commitment contribute to team effectiveness. While performance outcomes focus on the measurable results, team commitment captures the relational and motivational aspects that drive the team's success. A high-performing team not only achieves its objectives but also demonstrates strong cohesion and commitment, leading to increased satisfaction, motivation, and long-term success.
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Define careere pleaseeeeeeeeee
Answer:
a profession or occupation chosen by one's life work.
Having or following a career as specific career diplomat.
Explanation:
Hope this helps.. ;)
FYI I did research and I didn't copied and pasted..
Answer: an occupation undertaken for a significant period of a person's life and with opportunities for progress.
Like a police officer, fire fighter, cashier, fast food worker, teacher, principle, Etc....
Hope this helps... Stay safe and have a great Thanksgiving!!! :D
In December 2021, you accounting firm accepted an audit engagement at Jenson Jewellers
Ltd, a company that deals largely in diamonds. The company has retail jewellery stores in
several Australian states and a diamond wholesale store in Sydney. The wholesale store
also sets the diamonds in rings and other jewellery.
The retail stores place orders for diamond jewellery with the wholesale store in Sydney. A
buyer employed by the wholesale store purchases diamonds in the local and overseas
diamond market, and the wholesale store then fills the orders from the retail stores and
from independent customers. They maintain a substantial inventory of diamonds. The
company values its inventory by the specific identification cost method.
Required:
Assume that at the inventory date, you are satisfied that Jenson Jewellers Ltd has no items
left by customers for repair or sale on consignment and that no inventory owned by the
company is in the possession of external parties.
a. Discuss the problems the auditor should anticipate in planning for the observation of
the physical inventory on this engagement because of:-
a. Different locations of inventories
b. Nature of the inventory
b. an audit program is required for the verification of the company's diamond and diamond
jewellery inventories, identifying any steps that you would apply only to the retail
stores or to the wholesale store.
c. Assume that a shipment of diamond rings was in transit from the wholesale store to a retail store on the inventory date. What additional audit steps would you include in
the plan to satisfy yourself as to the gems that were in transit from the wholesale store
on the inventory date?
The auditor should anticipate problems in planning for the observation of the physical inventory at Jenson Jewellers Ltd due to different inventory locations and the nature of the inventory.
What challenges may arise during the physical inventory observation at Jenson Jewellers Ltd?In planning for the observation of the physical inventory at Jenson Jewellers Ltd, the auditor needs to consider the challenges posed by the different locations of inventories. With retail stores in multiple Australian states and a wholesale store in Sydney, it becomes crucial to determine the appropriate timing and logistics for visiting each location to conduct the physical count.
Coordinating with the management of each store and establishing clear communication channels will be necessary to ensure the smooth execution of the inventory observation process.
Furthermore, the nature of the inventory, which consists of diamonds and diamond jewelry, adds complexity to the audit engagement. Diamonds are high-value items, susceptible to theft or misplacement. Therefore, the auditor needs to devise appropriate safeguards and control measures to minimize the risk of loss or mishandling during the physical count. This may involve implementing security protocols, such as the presence of security personnel or surveillance systems, to protect the inventory during the observation.
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