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This Tutorial contains 2 Different Papers ACC 499 Week 10 Assignment 3 : Capstone Research Project
Assume you are the partner in an accounting firm hired to perform the audit on a fortune 1000 company . Assume also that the initial public offering ( IPO ) of the company was approximately five ( 5 ) years ago and the company is concerned that , in less than five ( 5 ) years after the IPO , a restatement may be necessary . During your initial evaluation of the client , you discover the following information : The client is currently undergoing a three ( 3 ) year income tax examination by the Internal Revenue Service ( IRS ). A significant issue involved in the IRS audit encompasses inventory write-downs on the tax returns that are not included in the financial statements . Because of the concealment of the transaction , the IRS is labeling the treatment of the write-down as fraud . The company has a share-based compensation plan for top-level executives consisting of stock options . The value of the options exercised during the year was not expensed or disclosed in the financial statements . The company has several operating and capital leases in place , and the CFO is considering leasing a substantial portion of the assets for future use . The current leases in place are arranged using special purpose entities ( SPEs ) and operating leases . The company seeks to acquire a global partner , which will require IFRS reporting . The company received correspondence from the Securities and Exchange Commission ( SEC ) requesting additional supplemental