Accounting Best Practices Essay

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Yost directly aware of the fact that counting different locations on the same day was not the best idea if accuracy was demanded. However, Yost shot down the idea of doing all locations on the same day and even went to so far as to sign off on the fact that doing all locations on the same day was not practical due to manpower/locational issues.

B) To defend themselves against the bank, the CPA firm could simply point to the details enumerated in the prior part of this question. Yost specifically and explicitly brought up the fact that doing counts on different days was less than wise. This was surely because even if no subterfuge was going on (and it was), it would give the appearance of impropriety, or at least bad procedure.

C) Yes, they would probably prevail. Yost specifically noticed and advised their client that they were unwise to do the counts on separate days and they asked for (and got) a waiver from the client by having them vouch in writing that the same-day counting method would not work. Since it is in writing, and not a verbal he said/she said proposition, Yost will almost certainly prevail.

D) No…it should not have any effect. There is a section in the law that specifically refers to deception and manipulation. However, Yost did not engage in subterfuge and they specifically found and brought forth the fact that separate inventories were not a wise idea. However, their client resisted and Yost instead had them sign a waiver.

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For Stuart Supply to then turn around is the height of hypocrisy and the bank is actually suing the wrong company. The only way one could fault Yost is that Yost shouldn't have allowed the waiver and insisted that the multi-day inventory thing not be done. However, Yost could not force their hand if they wanted to which would have left them with the choice to part ways with Stuart on ethical grounds.

Chapter 5 -- Chapter 19

Probably…and it would be because they did not adequately supervise their employee who is an agent and representative of their firm. The accounting firm could then turn around and punish (or sue) Small. However, it is ultimately the responsibility of management to ensure the quality of employees' work before it is made public and put in print. Small definitely did wrong and indeed broke ethical and legal laws and standards. However, since he is not in charge, his managers (at a minimum) would be liable for his malfeasance on a vicarious basis.

Chapter 6 -- Question 21

A) The purpose of the internal controls report is a review and summary of the internal protections and frameworks that prevent incompetence and/or malfeasance as it relates to reporting. For example, giving someone the ability to key the data for as well as print a paycheck is less than wise as one person should do one and a different person should do the other. The other part….....

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