In order to preserve independence, Michael must "Remove himself from the engagement as he considers the offer." (Option B). It is to be noted that this is an internal control problem.
<h3>
What is Independence in this case?</h3>
The absence of situations that jeopardize the internal audit activity's capacity to carry out internal audit tasks objectively is called Independence.
Practically, independence is achieved by ensuring that the internal audit activity has no management control for any of the organization's non-audit functions that are subject to internal audit assessments, and by distancing the internal audit activity's management from the functional oversight of the organization's senior management.
Learn more about internal control:
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Full Question:
Michael was on the ABC Accounting Firm's audit team for the Rasmussen Corporation audit. Rasmussen's officers were so impressed with Michael that they offered him a job as Director of Internal Audit at Rasmussen. What should Michael do in order to preserve independence?
A) Tell his superiors as soon as he has decided whether or not to accept the offer.
B) Remove himself from the engagement as he considers the offer.
C) Pray for divine guidance.
D) If he decides to reject the offer, remove himself permanently from the engagement.
As a member of a team, you need to show unselfishness by communicating actively with team members. When you work with a team, you are all responsible for completing the task you are given and in most causes, can not finish it correctly without help and input from everyone. It is important to have good communication to make sure everything is being completed as needed and nothing gets lost in translation.
Answer:
Growing a business is very difficult
Explanation:
There are a lot of factors that influence business growth, a large one is the amount of time and money an owner can devote to it. Growing a business is hard - an owner may need to hire more people, find more space, buy more inventory, market to more customers, and all these activities take time and money. A lot of small business are successful because they operate in a niche, e.g. a restaurant located across the street from a factory will get customers before and after the shifts, but if the owner opened a second location in a strip mall with other restaurants nearby they need to find an entirley different customer base that already is being served. Some small businesses, e.g. candle maker at a farmers market, started as hobbies for the owner that turned into a business, but the owner can't afford to quit their day job and make candles full time. Growning a business in some ways is a lot harder than starting one.
They are buying a souvenir.
Answer:
Total paid-in capital of Zigma Corporation = $4,000,000
Explanation:
Given:
Number of authorized issue = 2,000,000
Half issued at $8 per share
Find:
Total paid-in capital of Zigma Corporation
Computation:
Total paid-in capital of Zigma Corporation = [Number of authorized issue][1/2][Paid up amount for each share]
Total paid-in capital of Zigma Corporation = [2,000,000][1/2][8]
Total paid-in capital of Zigma Corporation = [2,000,000][0.5][8]
Total paid-in capital of Zigma Corporation = [2,000,000][4]
Total paid-in capital of Zigma Corporation = $4,000,000
