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· Examine current safeguards available to reduce the risks of the
violation you identified. Discuss the specific safeguard you would
recommend to reduce risks if confronted with a similar situation.
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ACC 499 Week 9 DQ 1 Internal Controls and DQ 2 Apple,
Inc
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Week 9 Discussion 1 "Internal Controls" Please respond to the
following: From the e -Activity, examine the importance of the audit
committee oversight related to the quality of the internal controls of an
organization. Analyze the audit committee’s responsibilities regarding
risk assessment and internal control monitoring. Indicate whether or
not the audit committee is the best to perform the function. Contrast
the opinion provided by the independent auditor concerning
management’s assessment of internal controls over the financial
reporting system with the audit opinion on the financial statements in
general. Argue for providing both a qualified opinion over the
financial reporting system and an unqualified opinion on the financial
statements. Week 9 Discussion 2 "Apple, Inc." Please respond to the
following: From the case study, in 2009, the FASB issued a ruling
related to income recognition from multiple element sales involving
software to various stakeholder groups. Evaluate the impact of Apple’s
retrospective restatement of its financial statements resulting from
FASB’s ruling. Provide support for your rationale. From the case
study, examine the influence of both Apple’s reported deferred
revenue and the lobbying by Apple executives on FASB’s ruling.
Indicate your agreement or disagreement with Apple’s attempt to
influence FASB’s ruling.
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