Evaluate the presentation requirements Kenyon plc must follow in relation to the above transactions in the financial statements for the year ended 30th June 2021.

Kenyon plc, is a global organisation with business interests and sites all over the world. Those business interests are in numerous business sectors. Kenyon plc has a year-end of 30th June.

On 21st December 2020 Kenyon plc announced it was putting its electronics division up for sale. The sale was completed on 31st March 2021.

The board of directors made the decision to close down and terminate its alloy metal manufacturing division on 15th June 2021 and was confident this would be completed within 12 months.

Both divisions had been separately reportable under IFRS 8 & IFRS 5 in previous financial statements.

Evaluate the presentation requirements Kenyon plc must follow in relation to the above transactions in the financial statements for the year ended 30th June 2021. Specific with this example

Explain how “materiality” is defined in the conceptual framework.

Bridge to the Profession: Professional Research

In the study of accounting it is important to have the skills to use electronic libraries and databases for research purposes. You will read the case scenario, conduct your research, and address the checklist items in a persuasive essay.

Checklist: Address the following checklist items in your persuasive essay:

• The viewpoint and purpose of your paper should be clearly established and sustained.

• Explain how “materiality” is defined in the conceptual framework.

• The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identify at least two of these examples. Do you think materiality guidelines should be quantified? Why or why not?

• The concepts statements discuss the concept of “articulation” between financial statement elements. Briefly summarize the meaning of this term and how it relates to an entity’s financial statements and why you think this is important.

• Provide a minimum of two (2) scholarly sources in support for your arguments.

• Provide your conclusion.

• The persuasive essay should follow the conventions of Standard English (i.e., correct grammar, punctuation, and spelling).

• The writing should be well ordered, logical, and unified, as well as original and insightful.

The FULL description is uploaded as “Unit 1 Description”

Describe a selected a company,its operations, and its associated industry and evaluate these areas to develop a financial risk mitigation plan.

Operations Strategies

You will create a financial risk mitigation plan to reduce overall costs and increase efficiency in operations for your selected company. Your strategy is to apply best practices for mitigating financial risk and fraud exposure in the company’s operations. You will conduct research to identify industry best practices for risk mitigation to reduce financial fraud exposure and then integrate the relevant best practices into the risk mitigation plan as appropriate for the company. Your findings and recommended strategies would be presented as a financial risk mitigation plan for your selected company

Describe a selected a company,its operations, and its associated industry and evaluate these areas to develop a financial risk mitigation plan.

Evaluate at least three types of financial fraud common to the selected company and its associated industry supported with a detailed description of each type of financial fraud and how it can occur.
Recommend at least two proposed strategies for mitigating financial risk and fraud exposure based upon financial methods, auditing techniques, and industry best practices used to mitigate financial risk.

Why would the expenses reported in external financial reports need to be reorganized into categories based on cost behavior?

Business Report

REQUIREMENT:  Prepare a report for your chosen corporation’s senior managers to interpret and explain the SEC10K financial reports.  The report should be one to two full in pages in length: single spaced, 12 pt. font, one-inch margins, and in your own words.  Make note of the grading rubric which requires you to address project questions, display critical thinking, analysis, research, application of course concepts, write in your own words, and demonstrate a high degree of effective communication (i.e., formal business writing with proper grammar and punctuation).

The following are concepts you should consider for discussion within your report:

Compare and contrast financial accounting and managerial accounting.

Consider the concept of break even analysis and target income.

In order to apply break even analysis, why would the expenses reported in external financial reports need to be reorganized into categories based on cost behavior?

How do these analytical tools relate to product pricing and cost management (i.e., why would this analysis be useful to management)?

Why would a company seek to position their products as low priced or high priced item in the market place?  How might this affect sales dollars, sales volume, and profits?
Search and review your course materials for pricing strategies.  Search specifically for the word pricing.

Summarize the concepts and issues from the course materials.  Explain the interrelationships with accounting, information systems, and sales, marketing, and profit planning.

Describe a selected company, its operations, and its associated industry that recently was subjected to financial fraud and evaluate these areas for strengthening corporate financial governance practices.

Governance Strategies

For this assignment, you will select a different company than in the prior assignments and one that was recently exposed to financial fraud. The fraud could be an internal or external type of financial fraud; it is strictly a financial type of fraud. You will evaluate how financial information could have helped early detection of the financial fraud, and how auditing procedures would have helped to mitigate financial risk. You will develop a recommendation for a strategy to develop auditing and monitoring procedures that will improve efficiency, monitoring, controlling, and corporate financial governance practices and also influence financial governance policies. You will address potential risks for ethic violations and how the new procedures will mitigate the risk and justify why these procedures will increase efficiency, monitoring, controlling, and corporate governance.

Describe a selected company, its operations, and its associated industry that recently was subjected to financial fraud and evaluate these areas for strengthening corporate financial governance practices.

Evaluate in detail the financial fraud the selected company was exposed to, citing errors in financial operations, applications of accounting procedures, and lack of accounting oversight that includes any potential unobserved deficiencies.

Recommend a detailed strategy for a selected company with at least three integrated solutions for auditing and monitoring procedures to improve corporate governance of the company’s finances and mitigate financial fraud risk for the company.

Evaluate potential risks in the selected company for ethics violations and how the integrated solutions for auditing and monitoring procedures will mitigate the risk and that is supported with a justification for reducing the risk.

Evaluate at least two industry best practices in a recommendation to the selected company to adopt in its financial governance policies that would increase ethical standards and enhance corporate governance practices.

Evaluate the findings Fordham and Hamilton presented in their paper.

Using AIS: What Is the Problem?

Fordham and Hamilton evaluated a broad range of small businesses and found that a large majority are still using accounting practices that do not constitute true integrated computerized accounting systems.
Evaluate the findings Fordham and Hamilton presented in their paper.
Propose additional reasons why small business owners are not using AIS in their businesses

What type of opinion did the independent registered public accounting firm render on the latest financial statements?

Simulation 3: SEC Registrant – Part I

Purpose: The primary purpose of this case is to help you become familiar with the content of filings that public companies (“Registrants”) include in various filings that they make with the Securities and Exchange Commission. As a public accountant you will need to be very well versed in all accounting and auditing matters since in the eyes of the SEC, the independent registered public accounting firm is considered “Expert” in accounting and auditing.

Required: To successfully complete this case you will need to search for and analyze various reports and information contained on the selected Company’s web site and/or on the SEC web site and perhaps, other sites as well. The financial and proxy information should be from the most recently filed Annual Report on Form 10 K (which for many companies on the list could be the year ended December 31, 2020) and the Proxy Statement, which for December 31, 2020 year-end companies was most likely filed in the March to May, 2021 timeframe. In preparing your report, where noted in each question, please set forth the exact source of the information you cite for each question. (For example – Form 10 K, Item 1, Business). For some questions, you may wish to include a copy of certain documents as an attachment to your case.

PICK YOUR OWN COMPANY – INDIVIDUAL PROJECT

Briefly describe (and cite source for each):
the company,
the location of its corporate headquarters,
its business,
its area of operations,
major products
operating segments,
major competitors,

Describe at least 5 risk factors and the possible impact on the Company if it does not successfully manage these risks. ( cite source)
Why would auditors want to know about their clients’ business-related risks?

Describe The Company’s audit committee and its duties. (cite sources for each)
Who is the designated financial expert on the audit committee? ( cite source) Does the designation as only one individual as a financial expert seem adequate for the complexity of The Company and the requirements of the Sarbanes-Oxley Act?
Review the audit committee’s report and describe its primary contents.
Describe the Audit Committee Charter

Who is the auditor for The Company? ( cite sources for each)
What were the fees charged for audit services for each of the last two fiscal years?
What were the type and amounts of other fees for services for each of the last two fiscal years?
Describe and conclude on the process used by the Audit Committee to determine the independence of the independent registered public accounting firm.

Formatting: Your response should not exceed 2 single spaced pages (note the increase in page limit). Please review your syllabus for all other formatting and submission guidelines. The due date for this project is also indicated on your syllabus.

Simulation 3: SEC Registrant – Part II

Purpose: The primary purpose of this case is to help you become familiar with the content of filings that public companies (“Registrants”) include in various filings that they make with the Securities and Exchange Commission. As a public accountant you’ll need to be very well versed in all accounting and auditing matters since in the eyes of the SEC, the independent registered public accounting firm is considered “Expert” in accounting and auditing.

Required: To successfully complete this case you will need to search for and analyze various reports and information contained on the selected Company’s web site and/or on the SEC web site and perhaps, other sites as well. The financial and proxy information should be from the most recently filed Annual Report on Form 10 K (which for many companies on the list could be the year ended December 31, 2020) and the Proxy Statement, which for December 31, 2020 year- end companies was most likely filed in the March to May, 2021 timeframe. In preparing your report, where noted in each question,set forth the exact source of the information you cite for each question. (For example – Form 10 K, Item 1, Business). For some questions, you may wish to include a copy of certain documents as an attachment to your case.

USE THE SAME COMPANY THAT WAS ASSIGNED TO YOU IN PART I

Name of Company and date of annual report examined.

The Sarbanes-Oxley Act of 2002, modified the requirements in the Exchange Act rules such that, effective starting in 2002, principal executive officers of publicly traded companies must include certain certifications in the annual report on Form 10K and also in the quarterly reports on Form 10-Q.
Name each certification report in the annual report on Form 10K and the section of the Sarbanes Oxley act that requires it
Specify the name and title of the executive officer who signed each of the certification reports included in the annual report on Form 10K. ( cite source for each)
Why do you think Congress felt that it was necessary to require executive officers to make affirmative claims such as these reports and certifications?

What are related party transactions?
Why do related party transactions pose a risk to audit firms?
Read about the related parties at The Company. Are there any situations that cause you particular concern?

Read management’s report on internal control ( cite source)
What did management conclude about the effectiveness of its internal controls?
What basis did management use to make that assessment?
Did the auditors agree with management’s assessment of the effectiveness of its internal controls?
Does the Company have any comments made by the staff of the SEC that were unresolved when its latest Form 10K was filed?

Read the report of the independent registered public accounting firm for The Company. Notice that the report clearly articulates differential responsibilities on the part of management versus the audit firm.
Why is it important that the audit firm articulate these responsibilities in this way?
Name the independent registered public accounting firm
What type of opinion did the independent registered public accounting firm render on the latest financial statements?
Were there any modifications to the report of the independent registered public accounting firm. If so, describe the modification and the reason for it

Based on your research and readings about the Company state and explain your conclusion about whether the independent registered public accounting firm should continue to serve as the auditor for the Company.

Formatting: Your response should not exceed 2 single spaced pages (note the increase in page limit). Please review your syllabus for all other formatting and submission guidelines. The due date for this project is also indicated on your syllabus.