KBC Solutions Accounting Paper Discussion
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
KBC Solutions Accounting Paper Discussion
After reading Case 4-1: KBC Solutions, post your responds to the student following the answer questions.
Use the KPMG Professional Judgment Framework to critically evaluate the judgments made by Grace as the senior auditor in charge of the engagement.
The KPMG Professional Judgment Framework explains that there are four common judgment tendencies that are applicable to audit professionals: the availability tendency, the confirmation tendency, the overconfidence tendency, and the anchoring tendency.
The availability tendency is when an auditor, like Grace, uses accessible information to make a judgement. Grace did this repeatedly, relying on the past information from accrued expenses and last year’s work papers to determine the proper allowance for uncollectible over a year later. While it is helpful to relate to older information gained, auditors cannot take the easy way out and not verify original information.
The confirmation tendency is to put weight on beliefs that are consistent with their own. Grace will accept client’s explanations if it aligns with her own desires to not do further work. She will confirm everything that aligns with her needs.
The overconfidence tendency is when they overestimate their own abilities. Grace pursued her own self-interest and failed to look at contradictory evidence. She realized issues existed, and still does, but she is continuing to deny them.
Lastly, the anchoring tendency is when an auditor anchors to a piece of information. Grace did exactly this. She gathered last year’s audit and chose to just accept all of its information.
Did Grace violate any rules of conduct in the AICPA Code? Explain.
Grace violated several rules of conduct in the AICPA Code.
The first is competence under 1.300.010. Grace must be competent to hold her position as a senior auditor in charge of a larger client. She even doubts her abilities and whether she is experienced enough for this position as a leader.
Acts Discreditable is 1.400.001, which explains that an auditor must look for threats and safeguard the audit from conflicts. Grave knows that this is a problem. She knows the threats this could create against the auditing firm. She did not put up a single safeguard to help the organization.
Also, there is compliance with standards 1.310.001, which says a CPA must apply the conceptual framework approach to mitigate threats. By choosing not to investigate further or do her own judgments, she is non-compliant.
Does Rick have any ethical obligations in this matter? Explain.
Rick has ethical obligations in this matter as well, just as Grace does. Rick is the individual who has the final signing for approval of the audit. As the person signing the audit, this means that he approves of all actions and review done by the auditing team. If Rick approves this audit, he is non-compliant as well, especially since he knows the threats. He would be breaking the public trust.
What should Rick do about sign off on the audit? Why?
Rick should not sign off on this audit. He needs to instruct Grace to begin her own investigations and calculate the true current estimations for accrued expenses and the proper allowance for uncollectible during the year. He should also make sure that Grace gets the underlying documentation and can adequately argue why it supports the new acquisition of plant and equipment. Only then can he sign off.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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