Amended Stakeholder Identification Assignment

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I’m studying for my Business class and don’t understand how to answer this. Can you help me study?

Please select two from the ten stories in the attached picture. After reading 2 incidents, you must identify all relevant stakeholders and determine how they could be impacted by the decision that will be made, identify and apply at least one principle for ethical reasoning, and then consider alternative courses of action and choose the best course of action based on stakeholder impacts and the outcome of the application of the ethical principle.

Your textbook defines stakeholders as an entity that is benefitted or burdened by the actions of a corporation or whose actions may benefit or burden the corporation. Some common examples of stakeholders would include customers, employees, suppliers, stockholders, and the community.

Businesses will almost always have multiple stakeholders, and many times their interests will conflict. This means that a business decision-maker will frequently have to make a decision in the face of competing claims from different stakeholders. The question of whose interests should be prioritized requires the exercise of judgment. This skill—examining competing claims and deciding which one is the strongest—is called evaluation. You will want to consider the power, urgency, and legitimacy that each stakeholder presents.

You should put yourselves in each stakeholder’s position—Why do they care about the outcome of the decision? How will they be affected? What outcome would they prefer? What are their arguments in support of their preferred outcome? You will want to consider the power, urgency, and legitimacy that each stakeholder presents.Please answer the following discussion: assignment help philadelphia
I don’t know how to handle this Accounting question and need guidance.

1. The audit committee of the board of directors of Bolly Corporation asked Paul and Paul, CPAs, to audit Bolly’s financial statements for the year ended December 31, 2018. Paul and Paul explained the need to make an inquiry of the predecessor auditor and requested permission to do so. Bolly’s management agreed and authorized the predecessor auditor to respond fully to Paul and Paul’s inquiries.

a. What information should Paul and Paul obtain during its inquiry of the predecessor auditor prior to accepting the engagement?

b. What additional audit procedures should Paul and Paul perform in evaluating Bolly as a potential client?

2. Parker is the in-charge auditor for the upcoming annual audit of ABC Company, a continuing audit client. Parker will supervise two assistants on the engagement and will visit the entity before the fieldwork begins.

Parker has completed the engagement letter and established an understanding with the Chief Internal Auditor on the assistance to be provided by the internal audit function.

List the preliminary engagement and planning activities that Parker needs to complete.

3. A CPA has been asked to audit the financial statements of a publicly held company for the first time. All preliminary verbal discussions and inquiries among the CPA, the company, the predecessor auditor, and all other necessary parties have been completed. The CPA is now preparing an engagement letter.

a. List the items that should be included in the typical engagement letter in these circumstances.

b. Describe the benefits derived from preparing an engagement letter.

4. Section 301 of the Sarbanes-Oxley Act requires that public companies have an audit committee. Independent auditors are increasingly involved with audit committees.

a. Describe what an audit committee is.

b. Identify the reasons why audit committees have been formed and are currently in operation.

c. Describe the functions of an audit committee.

Points will be deducted for poor grammar and misspelled words.

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