Week 1 Cpa Report

743 words - 3 pages

Memo

To: Outside CPA

From:

CC: Manager

Date: April 25, 2011

Re: CPA Report

Below I have summarized an explanation to the questions that came about during your examination of a subsidiary that has been set up as a corporation.

• The methodology used to determine deferred taxes.

The deferred taxes reported are a temporary difference. The deferred taxes were calculated based on what needed to be reported versus what has been posted to the corporations’ books. The “temporary difference is the difference between the tax basis of an asset or liability and its reported (carrying or book) amount in the financial statements, which will result in taxable amounts or ...view middle of the document...

As stated by Bline, el. (2004, Ch. 7), owners of a corporation generally only have a limited liability to their investment. If needed, changing ownership in a corporation is easy and does not require approval. The corporation and stockholders have the tax burden in a corporation. In whole, from the owners’ point of view, it is more sensible to form a corporation that has a little more flexibility and less liability versus a partnership or sole proprietorship.

References

Bline, D. M., Fischer, M. L., and Skekel, T. D. (2004) Advanced Accounting. Hoboken, NJ: Wiley.

Kieso, D. E., Weygandt, J. J. and Warfield, T. D. (2007). Intermediate Accounting. (12th ed.). Hoboken, NJ: Wiley.

Memo

To: Manager

From: Rebecca Carver

Date: April 25, 2011

Re: CPA Report

As stated by Schroeder, el. (2005), my professional responsibilities as a CPA include independence, scope of services, confidentiality, practice development, and differences on accounting issues. It is my responsibility to keep my professional judgment unbiased and base my opinions on factual information and to keep my personal interest separate from the clients work. It is my responsibility not to indulge any client with nonaudit services not relating to the financial audit. It is my responsibility to keep the clients information confidential and only report information that is deemed necessary for investors and outside users. It is my...

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