Discuss the differences in utilitarianism and virtue ethics in making a decision
According to utilitarianism, in any situation, the alternative that produces the greatest overall good should be chosen. It lends itself to a very business-like approach to the decision. A cost-benefit analysis should be done, not just for the organization making the decision, but for all who will be affected by the decision. Virtue ethics has a more internal focus with an analysis of the mission statement, values and culture of an organization to make a decision that creates the best "fit" with the organization.
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What is the primary objective of testing all individually significant items rather than sample testing?
A. To accept no sampling risk for items greater than tolerable misstatement. B. To increase the size of the confidence bound around the projected misstatement. C. To increase the audit risk at which a decision will be reached from the results of the sample selected. D. To increase sample size.
A key issue in perception and negotiation is framing, which can be avoided by using projection.
Answer the following statement true (T) or false (F)
Barley Company is a medium-sized industrial firm that has been audited by your firm for several years. The only interest-bearing debt owed by Barley is a $300,000 long-term notes payable held by First National Bank. The notes were issued 4 years earlier
and will mature in 8 more years. Barley is highly profitable, has no pressing needs for additional financing and has excellent internal controls of the recording of loan and related interest cost transactions. REQUIRED: 1 . Based on this scenario, describe the auditing procedures that you think will be necessary for notes payable and related interest accounts. 2 . How will you answer differ if instead Barley Company was unprofitable, needed additional financing and had ineffective internal controls?
All of the following are stages of listening EXCEPT
a. understanding. b. evaluating. c. comparing. d. responding.