An audit client hires a member of the audit engagement team to be its new controller. Sarbanes-Oxley rules require that: The new controller sever all relations with the CPA firm, including any retirement funds.
<h3>
What is the Sarbanes-Oxley act? </h3>
- The Sarbanes-Oxley Act of 2002, a federal law, was established for sweeping auditing and financial regulations for public companies.
- Lawmakers created the legislation to assist protect shareholders, employees and therefore the public from accounting errors and fraudulent financial practices. Auditors, accountants and company officers became accountable for the new set of rules.
- These rules were amendments and additions to many laws enforced by the Securities and Exchange Commission (SEC), including the Securities and Exchange Act of 1934 and therefore the Investment Advisers Act of 1940.
- The Sarbanes-Oxley Act is enforces by SEC
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Answer:
MAX WEBER
Explanation:
Legal domination, its purest type is bureaucratic domination, is based on the fact that any right can be created and modified by means of a statute sanctioned correctly in terms of form, that is, through this type of domination the ruling class uses legal bodies to achieve its goal of maintaining domain control.
In a position, his performance demands all the performance of the official; This means that whoever occupies the position must be efficient in their functions, therefore a high level of performance is expected from the leaders of the bureaucratic organization.
The purpose of accounting for depreciation is to allocate the cost of a tangible or physical asset over its useful life.
<h3>What is depreciation?</h3>
It should be noted that depreciation simply means the wear and tear of a product based in usage. <em>Depreciation</em> shows how much of an asset has been used.
The scope of generally accepted accounting principles aims to improve the clarity and consistency if the communication of financial information. The five principles include:
Revenue recognition.
Cost principle.
Matching principle.
Objectivity principle.
Full disclosure.
The president’s proposal is within the scope of generally accepted accounting principles. It should be noted that depreciation doesn't guarantee funds.
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If the reserve requirements tightened, more funds are in reserves and banks do not have as much to lend, leading to an increase in interest rates for customers and a decrease in economic growth.
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Answer:
Production orientation
Explanation:
When a company engages in production orientation it means that they are producing what they believe their customers will purchase simply because they are offering it. The company does not care about their customers' needs and preferences, and simply believes that because they are good at producing a certain type of product that was successful in the past, it will continue to be successful and its customers will remain loyal to them. This philosophy was very popular during the industrial revolution where companies produced what they could hoping that there would be enough customers to buy their production regardless of what it was.