...Syllabus Certified General Accountants Association of Canada 100 – 4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 www.cga-canada.org © CGA-Canada, 2013 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. Printed in Canada ISBN for an individual volume: 978-1-55219-599-4 About CGA-CANADA _________________________________________ CGA-Canada today The CGA designation focuses on integrity, ethics, and the highest education requirements. Recognized as the country’s accounting business leaders, CGAs provide strategic counsel, financial leadership, and overall direction to all sectors of the Canadian economy. The Certified General Accountants Association of Canada — CGA-Canada — sets standards, develops education programs, publishes professional materials, advocates on public policy issues, and represents CGAs nationally and internationally. The Association represents 75,000 CGAs and students in Canada, Bermuda, the Caribbean, Hong Kong, and China. Mission CGA-Canada advances the interests of its members and the public through national and international representation and the establishment of professional standards, practices, and services. A proud history CGA-Canada was founded in Montréal in 1908 under the leadership of John Leslie, vicepresident of the Canadian Pacific Railway. From the beginning, its objective...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 547–568 American Accounting Association DOI: 10.2308/iace-50004 Koss Corporation Case: Trouble in Brew City Brian Daugherty and Daniel G. Neely ABSTRACT: This instructional case provides auditing students an opportunity to examine an interesting real-life embezzlement and financial statement fraud occurring at a publicly traded company in the post-Sarbanes-Oxley (SOX) era. The case focuses on independent auditors’ and senior management’s reporting responsibilities related to internal control over financial reporting involving smaller public companies (nonaccelerated filers). While all public companies are subject to external auditor and management attestation on the effectiveness of internal control over financial reporting following SOX, the Securities and Exchange Commission (SEC) granted nonaccelerated filers numerous extensions for the effective date of required auditor attestation. In 2010, President Obama signed legislation to permanently exempt nonaccelerated filers from auditor attestation. The case also highlights inherent risk assessments by the independent auditor when one individual holds multiple C-level titles (Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, etc.) within the organization concurrent with membership on the board of directors, and requires students to recommend internal control policies and procedures designed to prevent or detect the embezzlement...
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...iChapters User CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like...
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...Accounting, Organizations and Society 38 (2013) 596–620 Contents lists available at ScienceDirect Accounting, Organizations and Society journal homepage: www.elsevier.com/locate/aos An accountability framework for financial statement auditors and related research questions Mark E. Peecher a,⇑, Ira Solomon b,1, Ken T. Trotman c,2 a Department of Accountancy, College of Business, University of Illinois at Urbana-Champaign, 1206 South Sixth Street, Champaign, IL 61820, United States A.B. Freeman School of Business, Tulane University, 7 McAlister Drive, New Orleans, LA 70118, United States c School of Accounting, Australian School of Business, University of New South Wales, Sydney 2052, Australia b a b s t r a c t We address the following overarching questions: What kind of accountability framework could regulators use to (a) motivate auditors to improve audit quality, and (b) evaluate how well auditors have carried out their duties? We draw on research in accounting, economics, psychology, and neuroscience to critique the accountabilities, incentives, and learning opportunities embedded in auditors’ extant regulatory environment. We first establish that forward-looking estimates are the basis for most financial statement information and that some of these estimates are highly uncertain, which increases the challenges faced by auditors. We propose an accountability framework with two dimensions: rewards versus penalties and processes versus outcomes. We...
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...INTRODUCTION 1.1 Research Background The auditor’s roles are to provide an opinion on financial statement and to ensure that the statements are based on true and fair image of company performance to the stakeholders. They are authorized in checking the accuracy of business records. Opinions given by the auditor gives an added credibility to the financial statements (Maqableh, 2014). Commonly, investors often rely on financial statements provided by auditor in making investment judgement and increase the productivity of financial markets. Financial statements provided by the auditors are often reviewed as credible, unbiased opinion that truly reflects the company financial positions. There’s no doubt that auditor independence is the core of auditing profession when establishing its objectivity and integrity. Auditor independence, in particular, indicates the ability of an auditor to disregard any influence or control when conducting an opinion (AAA, 1973). Therefore, auditor must be, and must be seen to be independent of company management. Lack of independence causes audits to be considered to have little value (Johnstone, Sutton, & Warfield, 2001). This is further supported by Elliott and Jacobson (1998) that a particular interest may trigger a risk that could weaken the outcome of the audit which in turn impairs the auditor independence. Hence, independence is fundamental to the purpose served by auditors (Moore et al., 2002). This study is limited to only four variables as...
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...J. Account. Public Policy 27 (2008) 455–461 Contents lists available at ScienceDirect J. Account. Public Policy journal homepage: www.elsevier.com/locate/jaccpubpol On the global acceptance of IAS/IFRS accounting standards: The logic and implications of the principles-based system q Salvador Carmona *, Marco Trombetta IE Business School, Calle Pinar, 15-1B, 28006 Madrid, Spain a r t i c l e i n f o a b s t r a c t The widespread acceptance of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) makes it timely to examine their technical determinants as well as their implications for the accounting profession and the process of accounting harmonization. In this respect, we suggest that the principles-based approach to the standards and its inner flexibility enables the application of IAS/IFRS to countries with diverse accounting traditions and varying institutional conditions. Furthermore, the principles-based approach involves major changes in the expertise held by accountants and, hence, in their educational background, training programs, and in the organizational and business models of accounting firms. Finally, we submit that the standards set by the IAS/IFRS constitute a step forward in the process of accounting harmonization, although there is still far to go in the comparability of accounting measures across countries and regions. Ó 2008 Elsevier Inc. All rights reserved. Keywords: Globalization Accounting harmonization...
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...contracts, etc) 1.4 (Malach, Robinson & Radcliff 2006) 1.4 (business efficiency & productivity, management information systems, risk management & internal controls) 1.5 (strategic level - selecting appropriate growth strategies, identifying new products and markets, etc) 1.5 (the need for advice variety of reasons - consider the demand for advice arises) 1.5 (Xiao & Fu 2009) 1.5 Table 1.1 - Characteristics Of Different Sized Organisations 1.6 (SE MSE LE - organisation, strategy, customer/community, financial, governance, work force, IT processes) 1.6 Requests For Advice: Operational - Srategic - Global 1.7 (improving operational performance, greater strategic role, globally relevant issues) 1.7 Example 1.1: A Busniess Dilemma 1.7 Counterpoint (opposing arguement, soft skills, first: make the right decision about the services they perform - second:) 1.7 Providing And Implementing Advice (technical skills, soft skills) 1.8 Figure 1.1 - Providing Business Advisory Services 1.8 (issue, requirement, request, investigation, advice, decision, implementation) 1.8 (recommend actions should be well supported, identify key stakeholders) 1.9 Figure 1.2 - The Chain Of Events For Business Advisory Services) 1.9 Example 1.2: Succession Plan - Please Help 1.9 Accounting Roles 1.10 (5 roles as identified by the International Federation of Accountants) 1.10 Example 1.3: Specialist Accounting Roles 1.11 Providing Strategic Advice 1.12 (accounting roles...
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...Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions, recording fictitious assets, improper accounting for NOLCO, non-recording of appropriate allowances for uncollectible receivables, and misapplication of the percentage-of-completion method of accounting for long-term contracts. Ernest Grendi made the fraud possible, company CFO as helped by three senior accountants. These were aimed to inflate the price of the company stocks because of overstated earnings that caused them to receive sizable bonuses. However, JWP internal auditors just tolerated all of these because of their fear of being fired. In addition, Ernst & Young, the company’s external auditor, knowing the fraudulent activities, have been issuing an unqualified opinion for six consecutive years. This has been seen as a product of the close relationship between Grendi and his co-conspirators with E&Y. 2011 JAMAICA WATER PROPERTIES: A Case Study Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions, recording fictitious assets, improper accounting for NOLCO, non-recording of appropriate allowances for uncollectible receivables, and misapplication of the percentage-of-completion...
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...Fourth Edition Financial & Managerial Accounting for MBAs Peter D. Easton Robert F. Halsey Mary Lea McAnally Al L. Hartgraves Wayne J. Morse Cambridge Business Publishers To my daughters, Joanne and Stacey —PDE To my wife Ellie and children, Grace and Christian —RFH To my husband Brittan and my children Loic, Cindy, Maclean, Quinn and Kay. —MLM To my wife Aline. —ALH To my family and students. —WJM Cambridge Business Publishers FINANCIAL & MANAGERIAL ACCOUNTING FOR MBAs, Fourth Edition, by Peter D. Easton, Robert F. Halsey, Mary Lea McAnally, Al L. Hartgraves, and Wayne J. Morse. COPYRIGHT © 2015 by Cambridge Business Publishers, LLC. Published by Cambridge Business Publishers, LLC. Exclusive rights by Cambridge Business Publishers, LLC for manufacture and export. ALL RIGHTS RESERVED. No part of this publication may be reproduced, distributed, or stored in a database or retrieval system in any form or by any means, without prior written consent of Cambridge Business Publishers, LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Student Edition ISBN 978-1-61853-102-5 Bookstores & Faculty: to order this book, call 800-619-6473 or email customerservice@cambridgepub.com. Students: to order this book, please visit the book’s website and order directly online. Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 About the Authors ...
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...Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions, recording fictitious assets, improper accounting for NOLCO, non-recording of appropriate allowances for uncollectible receivables, and misapplication of the percentage-of-completion method of accounting for long-term contracts. Ernest Grendi made the fraud possible, company CFO as helped by three senior accountants. These were aimed to inflate the price of the company stocks because of overstated earnings that caused them to receive sizable bonuses. However, JWP internal auditors just tolerated all of these because of their fear of being fired. In addition, Ernst & Young, the company’s external auditor, knowing the fraudulent activities, have been issuing an unqualified opinion for six consecutive years. This has been seen as a product of the close relationship between Grendi and his co-conspirators with E&Y. 2011 JAMAICA WATER PROPERTIES: A Case Study Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions, recording fictitious assets, improper accounting for NOLCO, non-recording of appropriate allowances for uncollectible receivables, and misapplication of the percentage-of-completion...
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...EFFECTIVENESS OF INTERNAL CONTROLS IN THE FORESTRY COMMISSION OF GHANA A CASE STUDY ATEBUBU FOREST DISTRICT. A THESIS SUBMITTED TO THE DEPARTMENT OF ACCOUNTING AND FINANCE, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARDS OF MASTERS IN BUSINESS ADMINISTRATION. (FINANCE OPTION) KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY, KUMASI GHANA SCHOOL OF BUSINESS COLLEGE OF ART AND SOCIAL SCIENCE BY PRINCE KWAKU ASARE PG8365312 JULY, 2014 DECLARATION I hereby declare that this submission is my own work towards the award of Masters in Business Administration Accounting option and no part of it has been presented for another degree in this university or elsewhere expect where due acknowledgement has been made in the test. PRINCE KWAKU ASARE ………………….…… ………………….. (CANDIDATE PG 8365312) SIGNATURE DATE Certified by: MR MICHAEL ADUSEI …………………… …………………… (SUPERVISOR) SIGNATURE DATE Certified by: ………………………..…. ……………………… …………………….. HEAD OF DEPARTMENT SIGNATURE DATE DEDICATION This work is dedicated to the almighty God for his guidance and protection throughout the undertaken of this thesis. I also dedicated this work to my late Dad Emmanuel Gyimah,my late Mum Comfort Adwoa Frimah, my late Uncle Kofi Anane and my bossom friend Joseph...
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...GAZI: What’s next? Prof.Dr. Vasilika Kume1 “You never know what lies over the next hill, but I am confident that whatever happens I will think on my feet.” Gazmend Haxhia Introduction On a Saturday afternoon in the summer of 2010, Gazmend Haxhia (Gazi), President of Albanian Center of Management Services and Avis Rent a Car Albania, together with Anila his business partner and wife of nine years were sitting in their office in Rogner Hotel in Tirana and contemplating the future of their multiple businesses. As Licensee Proprietor and President of Avis Rent A Car Albania, Managing Director of the OPEL General Motors Albanian Representation, Co-Chairman of Albanian Center for Management Services (ACMS), Owner of Albanian Experience travel agency, Cofounder of the architecture and urban planning academic institution Polis University, Gazi has worked hard to effect change and produce businesses reflecting the intersection of entrepreneurship, creativity, fairness and sound management. Everyone would have envied this career – and all in only 15 years. But Gazi was not satisfied, and with the enthusiasm of an eternal optimist that is a landmark trait of Gazi‟s, he was posing the next challenge: What lies next as the growing of existing businesses was not what he was looking for? Gazi was thinking about „The Next Big Thing.‟ He felt himself at a crossroads: What‟s next? Embarking on something new? Is identifying growth areas the new challenge for the future? Other questions which...
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...T.Y.B.Com FINANCIAL ACCOUNTING AND AUDITING PAPER - IV AUDITING AND COST ACCOUNTING © UNIVERSITY OF MUMBAI Dr. Rajan Welukar Dr . Dhaneshwar Harichandan Vice Chancellor Professor-cum-Director University of Mumbai Institute of Distance and Open Learning Fort, Mumbai-400032. University of Mumbai Programme Coordinator : Section I - Auditing Prof. R. Vijayan (Bsc. L.L.B, F.C.A) N.G. Acharya, D.K. Marathe College Chembur, Mumbai - 400 071. Prof. Kiran M. Rage (M.Com, D.F.M., F.C.A) N.G. Acharya, D.K. Marathe College Chembur, Mumbai - 400 071. Prof. B.K. Bandgar (M.Com, M. Phil, L.L.B.) Grad C.W.A., S.I.W.S.N.R. Swany, College of Commerce & Economics Wadala, Mumbai - 400 031. Prof. Sunil B. Kadam (M.Com, G..D.C.A) N.G. Acharya, D.K. Marathe College, Chembur, Mumbai - 400 71. Re-Edited by Prof. Kiran M. Rage (M.Com, D.F.M., F.C.A) N.G. Acharya, D.K. Marathe College Chembur, Mumbai - 400 071. Published by : DTP Composed by : Professor cum Director Institute of Distance and Open Learning University of Mumbai, Vidyanagari, Mumbai - 400 098. Pace Computronics "Samridhi" Paranjpe 'B' Scheme, Road No. 4., Vile Parle (E), Mumbai - 400 057. 2 CONTENTS Sr. No. Title Page No. SECTION - I (AUDITING) 1 Introduction To Auditing 01 2 Introduction To Auditing II 22 3 Audit Planning 33 4 Auditing Techniques And Internal Audit Introduction I 44 5 Internal Control 54 6 Vouching 89 7 ...
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...Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski, Carole Lager, Andrew Cornford and Jean-Michel Bonvin Enron and World Finance Also by Observatoire de la Finance From Bretton Woods to Basel Finance & the Common Good/Bien Commun, no. 21, Spring 2005 Ethics of Taxation and Banking Secrecy Finance & the Common Good/Bien Commun, no. 12, Autumn 2002 Will the Euro Shape Europe? Finance & the Common Good/Bien Commun, no. 9, Winter 2001–2 Dommen, E. (ed.) Debt Beyond Contract Finance & the Common Good/Bien Commun, Supplement no. 2, 2001 Bonvin, J.-M. Debt and the Jubilee: Pacing the Economy Finance & the Common Good/Bien Commun, Supplement no. 1, 1999 Dembinski, P. H. (leading contributor) Economic and Financial Globalization: What the Numbers Say United Nations, Geneva, 2003 Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski Carole Lager Andrew Cornford and Jean-Michel Bonvin in association with the Observatoire de la Finance Selection, editorial matter and Chapters 1, 2 and 16 © Observatoire de la Finance Remaining chapters © contributors 2006 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence ...
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...Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski, Carole Lager, Andrew Cornford and Jean-Michel Bonvin Enron and World Finance Also by Observatoire de la Finance From Bretton Woods to Basel Finance & the Common Good/Bien Commun, no. 21, Spring 2005 Ethics of Taxation and Banking Secrecy Finance & the Common Good/Bien Commun, no. 12, Autumn 2002 Will the Euro Shape Europe? Finance & the Common Good/Bien Commun, no. 9, Winter 2001–2 Dommen, E. (ed.) Debt Beyond Contract Finance & the Common Good/Bien Commun, Supplement no. 2, 2001 Bonvin, J.-M. Debt and the Jubilee: Pacing the Economy Finance & the Common Good/Bien Commun, Supplement no. 1, 1999 Dembinski, P. H. (leading contributor) Economic and Financial Globalization: What the Numbers Say United Nations, Geneva, 2003 Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski Carole Lager Andrew Cornford and Jean-Michel Bonvin in association with the Observatoire de la Finance Selection, editorial matter and Chapters 1, 2 and 16 © Observatoire de la Finance Remaining chapters © contributors 2006 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying...
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