Impact of COVID on hospital control - Face-masks costs

ACC 4501 W (Audit)

Term Project

(a)    submit a written report

 (b) upload a PowerPoint slides

Use standard margins, 12-point font, and double lines. 

The Topics

For your work each team will choose an industry.  Try to use an industry you have familiarity with.  If you work in a hospital, or someone close to you does, choose hospitals. 

Topic I

For your industry explore what control were commonplace in the industry before COVID.  What controls will not become standard after COVID.  For examples: In hospitals staff did not always wear facemasks unless there was a specific reason, like in the operating room.  Now wearing facemasks is standard for all staff all the time.  Discuss what this likely to cost: for a hospital as a whole (for a specific hospital, per procedure, or per patient day. 

Where will I find this information?  You can talk to someone in the industry, explore the websites of some large entities in that industry, find an industry association. 

What’s a control?  Try these resources:

·         https://finance.uw.edu/fr/internal-controls

·         http://audit.mercer.edu/internal-control/

·         https://www.accountingtools.com/articles/internal-control.html

·         https://inside.sou.edu/ia/internal-controls.html

Topic II

Pretend that you are the ‘Training & Development’ department in a CPA firm.  Next week you have a bunch of inexperienced junior staff going to a client to assist with an audit.  In audit we always say that you have to be familiar with your client’s industry.  Write a training manual to each these juniors the accounting, audit and tax nuances of the client’s industry.  For example:  We normally classify assets as Currrent, Investments, PP&E, etc.  The insurance industry does it differently.  The classify assets as ‘admitted’ or ‘non-admitted’.  I never understood the difference until a team in a class (such as yours) taught it to me as part of their ‘training’.

A Note About Research

If you are researching these issues on the web be careful.  Find reliable sources.  Wikipedia is not considered a reliable source in academe.  You never know who made the post or how much they really know.  Websites of industry associations, professional associations, professional journals or magazines, or large firms in your industry.

Additional information for writer:

1.       For our group project we decided to write about the medical office, MedCare, LLC. Here is the company’s website.


and you can use some information from there as a reference.

2.       Also, I will be attached couple of documents that I received from this company, so it will give you an additional information about their changes during COVID 19.

3.       Also, you could say that you did an interview there with Sofiya Keisserman, CEO/Owner (for example if you want to tell how the flow of the business was before COVID, so you should use her name as a reference). Use her name as a reference for any other statements you think it is appropriate. As well as for cost, internal risk and control examples use the name of the CEO or Administrative Assistance.

4.       You might want to look at NYS websites to see if they have guidelines for medical offices.  Also see if the AMA has anything to say.

5.       If, in your paper, you state a fact, or quote someone, there must be proper attribution i.e. proper citation.  For the purpose of this class we will be using APA-6ed. 

6.       For the Topic 1 we are requesting - 7 pages, and for the Topic 2 - 2 pages will be enough. Also, 10 slides of power point presentation (8 slides for Topic 1, and 2 slides for Topic 2).

The Power Point

Summarize some key points about what you learnt.  Although the presentation should be appealing it need not be spectacular i.e. words moving in and out, fireworks are a bit over the top.  Sometimes less is more.  Besides, consider this a presentation.  If you would not find it at a board meeting it doesn’t belong here.  We are accountants not graphic artists. 

Please do a voice over on your PPT. Your voice over should not be reading the slides but enriching the audience.  Discuss your findings: what was interesting? What was important?

Impact of COVID on hospital control - Face-masks costs

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