Dilemma 1 A CPA s client, Galaxy, performs payroll service for approximately forty companies including twelve of the CPA s clients The payroll services performed by Galaxy include all of the standard payroll operations along with payment, i e for each payroll period Galaxy receives funds from each company to deposit in a special imprest bank account to cover the payroll checks issued to their employees During the current audit of Galaxy, the CPA discovers that Galaxy s liabilities exceed its assets by approximately $50,000 After discussing the problem with Galaxy, the CPA is considering notifying its clients who use Galaxy s services to stop sending funds to Galaxy lest the cash disappear or become frozen due to legal or financial complications Dilemma 2 Freon Company has decided to deviate from a generally accepted accounting principle (GAAP) in publishing their financial statements because Freon believes that the statements would be misleading, if they followed GAAP The CPA concurs in this departure from GAAP In his report, the CPA is considering disclosing the following information in a middle paragraph the deviation and the approximate effects thereof Based upon these disclosures, the CPA thinks that an unqualified opinion would be appropriate For each dilemma, address the following in one 600 word discussion post in APA format using 4 scholarly sources Indicate how you would resolve the dilemma Be specific and respond with logic and reason Support your conclusion by referencing specific principles and rules from the AICPA Code of Professional Conduct ACCT 632 GROUP DISCUSSION BOARD GRADING RUBRIC Student Criteria Points Points Possible Earned Thread All key components of the selected Group Discussion Board case question(s) are answered in a new thread Major points are supported by the following Reading Study materials Peer reviewed journal articles Thoughtful analysis (considering assumptions, analyzing implications, and comparing contrasting concepts) Relates theory issues to 1 biblical principle Required minimum word count (400 words in length) is met Instructor's Comments 50 10 5 5 Replies Major points are supported by the following Reading Study materials Peer reviewed journal articles 10 Thoughtful analysis (considering assumptions, analyzing implications, and comparing contrasting concepts) Appropriate netiquette manners are used For example, no name calling or labeling another student's idea with a derogatory term such as 5 stupid or dumb See Student Expectations for further details Current APA format is used 5 Proper spelling and grammar are used 5 Required minimum word count (250 words in length each) for 2 replies is met 5 Total 100 Don't worry about this

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Dilemma 1: A CPA?s client, Galaxy, performs payroll service for approximately forty companies including twelve of the CPA?s clients. The payroll services performed by Galaxy

Dilemma 1:

A CPA?s client, Galaxy, performs payroll service for approximately forty companies including twelve of the CPA?s clients. The payroll services performed by Galaxy include all of the standard payroll operations along with payment, i.e. for each payroll period. Galaxy receives funds from each company to deposit in a special imprest bank account to cover the payroll checks issued to their employees. During the current audit of Galaxy, the CPA discovers that Galaxy?s liabilities exceed its assets by approximately $50,000. After discussing the problem with Galaxy, the CPA is considering notifying its clients who use Galaxy?s services to stop sending funds to Galaxy lest the cash disappear or become frozen due to legal or financial complications.

Dilemma 2:

Freon Company has decided to deviate from a generally accepted accounting principle (GAAP) in publishing their financial statements because Freon believes that the statements would be misleading, if they followed GAAP. The CPA concurs in this departure from GAAP. In his report, the CPA is considering disclosing the following information in a middle paragraph: the deviation and the approximate effects thereof. Based upon these disclosures, the CPA thinks that an unqualified opinion would be appropriate.

For each dilemma, address the following in one 600 word discussion post in APA format using 4 scholarly sources:

Indicate how you would resolve the dilemma. Be specific and respond with logic and reason.

Support your conclusion by referencing specific principles and rules from the AICPA Code of Professional Conduct. image text in transcribed

ACCT 632 GROUP DISCUSSION BOARD GRADING RUBRIC Student: Criteria Points Points Possible Earned Thread All key components of the selected Group Discussion Board case question(s) are answered in a new thread. Major points are supported by the following: Reading & Study materials. Peer reviewed journal articles. Thoughtful analysis (considering assumptions, analyzing implications, and comparing/contrasting concepts). Relates theory issues to 1 biblical principle. Required minimum word count (400 words in length) is met. Instructor's Comments 50 10 5 5 Replies Major points are supported by the following: Reading & Study materials. Peer reviewed journal articles. 10 Thoughtful analysis (considering assumptions, analyzing implications, and comparing/contrasting concepts). Appropriate \"netiquette\" manners are used. For example, no name calling or labeling another student's idea with a derogatory term such as 5 \"stupid\" or \"dumb.\" See Student Expectations for further details. Current APA format is used. 5 Proper spelling and grammar are used. 5 Required minimum word count (250 words in length each) for 2 replies is met. 5 Total 100 Don't worry about this