VERY EASY ANSWERS. PLEASE DO NOT BID IF ASKING FOR MORE THAN $5. At least 110 words and ref if applicable. NO PLAGIARISM, NO GRAMMAR ERROR, PLEASE. Q & A.docxQ) Let’s discuss some specific ethical challenges faced by managerial accountants. What is the
importance of management tone? What is the importance of employee engagement and
A) Management tone is important because it dictates the manner and urgency with which the
staff behaves. If management is aggressive in its expectations regarding accounting practices
then it may trigger equally aggressive behavior in the staff that records such transactions. If
management tone is relaxed it might indicate to staff that due diligence is not required and thus
some transactions may be recorded inaccurately and incompletely. For instance, management
may require that revenue be required for every quarter end shipment. Now the accounting staff
may interpret that to mean every shipment regardless of whether it left the dock. It is important
for management to not inflict any undue pressure on staff!
➔ I agree
Q) What are ethical challenges faced by tax accountants? What are the ethical responsibilities
of tax preparers?
A) An ethical challenge faced by a tax accountant is the need to remain impartial and loyal to
ethical guidelines when reviewing either company or individual financial records. A tax
accountant will frequently encounter ethical challenges no matter the industry and will need to
remain continually vigilant in the effort to reduce the chances of outside forces changing financial
records that may have ethical and criminal violations.
A tax preparer needs to be able to gain the client’s trust. A responsibility that a tax preparer will
have is to prepare then submit a income tax return to the IRS that is accurate. The tax preparer
needs to keep up to date on current tax laws and be knowledgeable in federal and state laws.
➔ I agree
Q) Why is employee engagement important, and what is its relationship to ethics? How does
employee engagement relate to organizational culture? How do managers contribute to the
A) Employee engagement is important because leaders and decision makers of the organization
are wanting either feedback or input to make important decisions regarding the future of the
organization. This can relate to ethics in that some of the decisions made could be ethical
decisions, or the determination of whether an action is ethical or not is at stake. It is important
for these engagements to occur often because sometimes issues need to be addressed right a
way and if they are not dealt with immediately, then it will not bear any weight or have any kind of
significant impact because the situation has already passed. This concept is also important to
organizational culture in that it can persuade leaders into making more sound decisions that
follow the accounting principles a lot closer. Especially if the employees feel like the
organization is heading in the wrong direction with how it conducts its activities.
-> I agree
Q) How is an IT audit different from a financial statement audit? What are the differences
between the four main types of IT audits?
A) .An IT audit is conducted to ensure that an information systems, controls and mechanisms are
functional. A financial statement audit is to ensure that financial reporting guidelines adhere to
accounting standards. Many people wouldn’t believe that IT audits are performed, but it is
important that a firm’s technology conforms to industry practices. Technology auditing applies
guidelines issued by the Information Systems Audit and Control Association (ISACA) to improve
IT controls, systems and guidelines. On the other hand, financial auditing ensures that financial
statements are accurate, complete and in compliance with generally accepted accounting
principles (GAAP). In conclusion, technology auditing prevents the risk of loss due to issues with
it and improves IT controls and mechanisms, while financial auditing provides solutions to ensure
that accounting and reporting processes are accurate.
-> I agree
Q) . What are the typical general components of an audit program? What purpose do these
components serve? Which component is most important? Explain why.
A) IT audits are examinations of IT infrastructures to ensure information related controls and
processes are working properly. According to Bagranoff, Simkin, & Norman (2008), the IT audit
function encompasses all the components of a computer-based AIS: people, procedures,
hardware, data communications, software, and databases. Each component of a computerbased AIS plays a factor in determining how reliable and secure is a firm’s data and accounting
information. I truly believe that the most important component of an audit program is the people.
The other five components cannot coexist without people involved to create procedures,
implement hardware and software, enter data, create/ use databases, and use multiple forms of
communication. People are also vital because it is the only component that can assess whether
something is right or wrong about the other five components.
-> I agree
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