Accounting and Auditing Practices Discussion
Sample Answer for Accounting and Auditing Practices Discussion Included After Question
Accounting and Auditing Practices Discussion
Question Description
I’m working on a business discussion question and need an explanation and answer to help me learn.
- Is borrowing against future taxes a productive strategy? Why or why not? Provide concerns from your readings and your personal views.
- How critical is the accounting system to hold public officials answerable for the appropriated funds in their trust?
- Why would a city pay an auditor to find their mistakes and report them?
- If the city was paying the auditor, would that relationship result in some lack of independence on the part of the auditor?
A Sample Answer For the Assignment: Accounting and Auditing Practices Discussion
Title: Accounting and Auditing Practices Discussion
ACCOUNTING AND AUDITING PRACTICES
THE FIRST 5 GRANT PROGRAM
In 1998, Californians passed a ballot initiative that created the First 5 program to funnel tax revenue to nonprofit organizations. A board of supervisors to oversee the panels that distributed the funds in each county governed the program. Can you see where this is going?
Once management controls started showing signs of questionable expenditures in their budgets, the investigations began. The first step was to bring in independent auditors to determine the extent of the conflict of interest from panel members contributing to groups that they represented. New management decided on new policies that would not allow the expenditure of any funds to benefit groups with which the panel was involved. New panel members would not be allowed to join any organization that could be eligible for grants.
Analyzing the Case Study
You can derive at least three conclusions from the First 5 program case. Accounting and auditing practices can help find and fix problems. The effort and attention that go into fixing problems might have been used to help the poor children the program was intended to serve. Instead, the resources were used to solve internal management problems. Since we live in an imperfect world, internal financial controls will continue to be necessary to deter wrongdoing, encourage good choices, and discover errors when they occur.
ACCOUNTING PRACTICES
With accounting systems becoming more computerized, management does more with them. One of the trends is to use the accounting system to provide costs associated with a complete activity rather than separate accounts for labor and materials, for example.
AUDITING PRACTICES
When auditors find cheaper ways to accomplish a goal or an objective, they document the savings as a potential monetary benefit.
The benefits can come as cost avoidance or putting the funds to better use.
Cost avoidance occurs when the organization changes its practices to avoid future costs. By not taking one action and taking another, a cost is avoided. For example, if an agency had a policy of buying new vehicles and keeping them for 10 years, and the auditor recommended buying new vehicles and selling them at the end of 5 years, the money not spent on the maintenance in 6 to 10 years would be cost avoidance.
Funds put to better use describe the money that, instead of being spent in one area, would be spent on another area in the same organization. Since the money will still be spent, it is not called savings, and it is used to meet other needs and may fund other items in a budget that need more money.
Lopes Write Policy
For assignments that need to be submitted to Lopes Write, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me.
Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes.
Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?
Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.
Late Policy
The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.
Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.
If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.
I do not accept assignments that are two or more weeks late unless we have worked out an extension.
As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.
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Communication
Communication is so very important. There are multiple ways to communicate with me:
Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.
Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.
Important information for writing discussion questions and participation
Welcome to class
Hello class and welcome to the class and I will be your instructor for this course. This is a -week course and requires a lot of time commitment, organization, and a high level of dedication. Please use the class syllabus to guide you through all the assignments required for the course. I have also attached the classroom policies to this announcement to know your expectations for this course. Please review this document carefully and ask me any questions if you do. You could email me at any time or send me a message via the “message” icon in halo if you need to contact me. I check my email regularly, so you should get a response within 24 hours. If you have not heard from me within 24 hours and need to contact me urgently, please send a follow up text to
I strongly encourage that you do not wait until the very last minute to complete your assignments. Your assignments in weeks 4 and 5 require early planning as you would need to present a teaching plan and interview a community health provider. I advise you look at the requirements for these assignments at the beginning of the course and plan accordingly. I have posted the YouTube link that explains all the class assignments in detail. It is required that you watch this 32-minute video as the assignments from week 3 through 5 require that you follow the instructions to the letter to succeed. Failure to complete these assignments according to instructions might lead to a zero. After watching the video, please schedule a one-on-one with me to discuss your topic for your project by the second week of class. Use this link to schedule a 15-minute session. Please, call me at the time of your appointment on my number. Please note that I will NOT call you.
Please, be advised I do NOT accept any assignments by email. If you are having technical issues with uploading an assignment, contact the technical department and inform me of the issue. If you have any issues that would prevent you from getting your assignments to me by the deadline, please inform me to request a possible extension. Note that working fulltime or overtime is no excuse for late assignments. There is a 5%-point deduction for every day your assignment is late. This only applies to approved extensions. Late assignments will not be accepted.
If you think you would be needing accommodations due to any reasons, please contact the appropriate department to request accommodations.
Plagiarism is highly prohibited. Please ensure you are citing your sources correctly using APA 7th edition. All assignments including discussion posts should be formatted in APA with the appropriate spacing, font, margin, and indents. Any papers not well formatted would be returned back to you, hence, I advise you review APA formatting style. I have attached a sample paper in APA format and will also post sample discussion responses in subsequent announcements.
Your initial discussion post should be a minimum of 200 words and response posts should be a minimum of 150 words. Be advised that I grade based on quality and not necessarily the number of words you post. A minimum of TWO references should be used for your initial post. For your response post, you do not need references as personal experiences would count as response posts. If you however cite anything from the literature for your response post, it is required that you cite your reference. You should include a minimum of THREE references for papers in this course. Please note that references should be no more than 5 years old except recommended as a resource for the class. Furthermore, for each discussion board question, you need ONE initial substantive response and TWO substantive responses to either your classmates or your instructor for a total of THREE responses. There are TWO discussion questions each week, hence, you need a total minimum of SIX discussion posts for each week. I usually post a discussion question each week. You could also respond to these as it would count towards your required SIX discussion posts for the week.
I understand this is a lot of information to cover in 5 weeks, however, the Bible says in Philippians 4:13 that we can do all things through Christ that strengthens us. Even in times like this, we are encouraged by God’s word that we have that ability in us to succeed with His strength. I pray that each and every one of you receives strength for this course and life generally as we navigate through this pandemic that is shaking our world today. Relax and enjoy the course!
Hi Class,
Please read through the following information on writing a Discussion question response and participation posts.
Contact me if you have any questions.
Important information on Writing a Discussion Question
- Your response needs to be a minimum of 150 words (not including your list of references)
- There needs to be at least TWO references with ONE being a peer reviewed professional journal article.
- Include in-text citations in your response
- Do not include quotes—instead summarize and paraphrase the information
- Follow APA-7th edition
- Points will be deducted if the above is not followed
Participation –replies to your classmates or instructor
- A minimum of 6 responses per week, on at least 3 days of the week.
- Each response needs at least ONE reference with citations—best if it is a peer reviewed journal article
- Each response needs to be at least 75 words in length (does not include your list of references)
- Responses need to be substantive by bringing information to the discussion or further enhance the discussion. Responses of “I agree” or “great post” does not count for the word count.
- Follow APA 7th edition
- Points will be deducted if the above is not followed
- Remember to use and follow APA-7th edition for all weekly assignments, discussion questions, and participation points.
- Here are some helpful links
- Student paper example
- Citing Sources
- The Writing Center is a great resource