...with PCAOB New Requirements The Sarbanes-Oxley Act of 2002 (SOX) requires that any accounting firm that prepares or issues an audit report with respect to a U.S. public company must register with the Public Company Accounting Oversight Board (PCAOB). Until recently, an accounting firm was required only to provide information current as of the initial registration date for the firm. Beginning on December 31, 2009, accounting firms were required to register with the PCAOB and file annual and current reports with the PCAOB. On August 13, 2009, the SEC approved the proposed rules with the original effective date of October 12, 2009, but on September 30, 2009, the PCAOB delayed the effective date to December 31, 2009. These parts implement the requirements of SOX section 102(d) that registered public accounting firms 1) report annual information about the firms and their audit practices, and 2) submit, as specified by the PCAOB or the SEC, more frequent information necessary to update the information previously filed with the PCAOB. Until now, the PCAOB had no requirement for annual reports or amendments to report material changes in initial registration information. The purposes of the new sections are 1) to keep the PCAOB up to date on a firm's basic professional information, such as name, location, licenses, and contact information; 2) to provide the PCAOB with current information regarding a firm's audit practice in order to facilitate analysis and inspection by the PCAOB and keep...
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...Chapter 1 INTRODUCTION Background of the Study Technology played a vital part in our society which helps everyone to easily adopt environment to an ever-changing world. One example of technology is the computer. According to Thakur (n.d.), computer is an advance electronic device that takes raw data as input from the user and process these data under the control of set of instructions (called programs) and gives the result (output) and saves the output for future use (What is Computer, n.d.). Today, computers are used in every field and made the day to day tasks very easy. Computers are also used in many companies that help every employee easily and effectively finish their works such as reports and presentations. In the age of booming technology, running a business without computer and/or information technology is like trying to breathe without lungs. According to Charlie (2012), the business process is under the Information Technology revolution, which is transforming the way in doing business. The way the basic operations like decision making, customer services, operations, marketing strategies, financial management, human resources management, etc. are being reformed with the use of computer (Computer in Business, 2012). Technology has an advanced remarkably that those who are using computers in their businesses are at advantage and those who are not using computers in their businesses are at disadvantage against their competitors. Businesses had been affected...
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...SUSTAINABILITY AT TELSTRA Bigger Picture 2014 Sustainability Report Sustainability at Telstra Contents CONTENTS About us Chairman and CEO message Sustainability scorecard Sustainability highlights Our approach Strategy infographic 03 04 05 06 07 08 Stakeholder engagement Key issues 09 10 11 Click on page links Transparency and accountability Bigger Picture 2014 Sustainability Report 2 Sustainability at Telstra About us ABOUT US Our business Telstra is Australia’s leading telecommunications and information services company, offering a full range of communications services and competing in all telecommunications markets. We employ close to 32,000 people directly, facilitate access to more than 1,900 points of presence across the globe and have one of Australia’s largest shareholder bases, with 1.4 million shareholders. We have a diverse range of customers, including consumers, small business, large enterprises and government organisations, and we strive to put them at the centre of everything we do. In Australia, our services are offered through 362 Telstrabranded retail stores, 90 Telstra Business Centres, 127 Telstra business and enterprise partners and are distributed by over 15,000 retail points of presence managed by our partners. In Australia we provide 16 million mobile services, 7.5 million fixed voice services and 3.7 million fixed data services. Telstra’s international businesses...
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...mining and metal sustainability report 3 • Evaluation of Onesteel’s sustainability report 5 • Conclusion 6 • Recommendation 6 • Reference 8 Executive summary The purpose of this paper was to explain the reasons for which companies started to produce non-financial report and figure out the key features of sustainability report, and then evaluate the sustainability report of Onesteel in relation of the key features. This essay is based on academic journals and professional business websites, as well as information sourced from company’s sustainability report for the year of 2011. The paper discussed the key features of sustainability report mainly by the global reporting initiative sustainability reporting guidelines, such as the six principles (balance, comparability, accuracy, timeliness, clarity and reliability) and the core indicators (environmental factors, human rights, labor practices and decent work, society, product responsibility and economic factors). In conclusion, the company of Onesteel is a leading one of mining industry, it had done well in sustainability report according to the key features of sustainability report. However, Onesteel should include the information about opportunities and predictions for future in order to make the sustainability report more completed, besides this, Onesteel should turn some information stated by words into numbers so that it can be easier for stakeholders to read and...
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...“Brewing a Better Day” Milestone One Kim Hureau Southern New Hampshire University Green Mountain Coffee “Brewing a Better Day” The purpose of this paper is to provide a comprehensive analysis on Green Mountain Coffee. This analysis will cover an overall market, cost and production and supply and demand analysis for Green Mountain Coffee, including Keurig. Green Mountain Coffee provides single serve brewed coffees in a variety of flavors and brewing styles to both the at home as well as corporate consumers. Green Mountain has an extreme focus on sustainability and green business practices and was the first company in the coffee industry to support the United Nation’s Global Reporting Initiative (GRI) mission to develop globally accepted sustainability reporting guidelines (Sustainability, n.d.). History of the Company Purchased by Robert Stiller in 1981 while vacationing in Waitsfield, Vt., Robert thoroughly enjoyed the coffee he bought when he stopped in at the small specialty coffee shop so much that he bought the store. In 1989, Green Mountain Coffee formed an environmental committee to address conservation concerns Robert Stiller had, this conservation program has remained a consistent social program through the many changes at Green Mountain. The Company changed their name to Green Mountain Roasters in 1993 and became a publically traded in company in September of that same year. In the late 1990’s, Green Mountain began a partnership...
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...Michelle del Rosario Effective Leadership & Management Class - Barbara Miller Individual Paper March 14, 2013 The Application of the SCARF Model on the 2011 Re-Organization of SF Court Reporters I. INTRODUCTION On Friday, September 30, 2011, the San Francisco Superior Court (SFSC) laid-off a total of sixty-seven (67) employees, including twenty-nine (29) Certified Court Reporters. The Court started the fiscal year of 2011-2012 with a $13.75 million budget deficit, and had initially mailed out two hundred (200) pink slips in July, representing 41% of it’s staff. Fortunately, austerity measures (such as extending mandatory furlough days, enforcing voluntary unpaid time off, reducing office hours, and closing civil courtrooms) and very aggressive negotiations with the Administrative Office of the Courts (AOC) resulted in an additional $7.5 million that was used to salvage one hundred thirty-three (133) careers. September 30, 2011 was a devastating day to these sixty-seven (67) employees, and this paper will focus particularly on the effects of this re-organization on the emotions and reactions of the Court Reporters who were directly and indirectly affected. The SFSC website defines Court Reporters as “guardians of the record”. It is emphasized that not only are they Court employees, but they are also purveyors of transcripts for all interested parties. Their main job duties are providing legislated transcripts of criminal proceedings, and...
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... 5 4.3 Sector specific disclosures 5 5. Conclusion 5 6. Reference 6 Executive Summary This article is going to explain the reason for companies to present their sustainability behaviors and highlight the key feature of an effective sustainability report. Sustainability reports refer to disclose companies’ social and environmental performance. It is essential for the financial service industry to convey their sustainability profile and integrate this to their financial report. This article also makes an evaluation about Westpac’s sustainability report. Westpac’s sustainable reporting has used the table and bar chart to illustrate their sustainability performance accurate and transparent. Therefore, this report has a good quality. 1. Introduction Since the environmental and social problems have become the focus of public concern, a considerable of companies have laid emphasis on disclosing their sustainable performance. Especially under the great depression caused by global financial crisis, a number of financial service industries...
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...Financial Reporting Timeline The creation of: 1. Committee on Accounting Procedures Role - With the recent increase in members, the SEC delegated the responsibility of issuing pronouncements on accounting principles to the Committee. The SEC worked with the Committee on Accounting Procedures to develop standards for accounting and financial reporting and issued 51 Accounting Research Bulletins (ARBs) over its lifetime. In 1949, they updated 42 of their original ARBs and codified them. a. History - In 1933, the Special Committee on Development of Accounting Principles was formed by the AICPA. Quite simply, this committee did not get much done and was replaced by the Committee on Account Procedures in 1936. For the first two years, this committee also made very little progress. In 1938, the Securities and Exchange Commission issued Accounting Series Release No. 4 which asserted that any financial statements prepared in accordance with principles that had no substantial authoritative support would be considered inaccurate. This prompted the CAP to expand from 7 members to 21 members and increased its activity. b. Structure – The Committee on Accounting Procedures was committee formed by the American Institute of Accountants after the SEC delegated to it the responsibility of issuing pronouncements on accounting principles without government council. Initially, the CAP wanted to create guidance for solving accounting problems, but did not believe they had enough...
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...Board (PCAOB), a non-profit organization that was created by Congress to support the Sarbanes-Oxley Act, oversees auditors of companies. The PCAOB oversees audits including reports of compliance to promote the protection of investors. The Securities and Exchange Commission (SEC) has authority over The Public Company Accounting Oversight Board that includes approval of the PCAOB’s budget, standards, and rules. The PCAOB is responsible for setting professional practice standards for accounting firms in regards to preparation and issuing audit reports. The Financial Accounting Standards Board (FASB) establishes accounting standards and financial reporting. The FASB is in the private sector to govern preparation of financial reports by entities that are not government. The FASB are also under the authority of the Securities and Exchange Commission (SEC). The standards set by the FASB are executed to serve the public. The FASB sets the characteristics, objectives, and other concepts of economy to determine the information that is to be included in financial statements and how to communicate the information to the interested individuals. The FASB regulates sound accounting principles and the appropriate content that should be included in a financial statement. The International Accounting Standards Board (IASB) establishes accounting standards internationally. The IASB is based in London and is a group of 15 experts with experience in preparing, auditing, financial reporting, and accounting...
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...The creation of the… Committee on Accounting Procedures a) Role: formative era b) history: c) structure: In response to the SEC’s Accounting Series Release No. 4, the American Institute of Accountants (AIA) reorganized its Committee on Accounting Procedure (CAP) in 1939 and increased it from 8 to 22 members, all accounting practitioners except for three academicians. To emphasize its importance and the AIA’s intent to demonstrate leadership, Clem W. Collins, AIA president, was designated CAP chairman. George O. May, who had led the prior committee as well as the AIA Special Committee on Cooperation with Stock Exchanges, served as CAP vice-chairman. d) strengths; First, accounting practices, especially in terms of uniformity, improved significantly. Second, the private sector was firmly established as the source for accounting policy making in the United States. Accounting Research Bulletins (ARB) The CAP would issue 51 ARBs during its existence, several of which survive in today’s FASB’s Codification, and four Accounting Terminology Bulletins. e) weaknesses: The CAP decided early on that formulating a statement of broad principles would take too long and instead approached issues on a case-by-case basis. Without a framework and often without adequate research, the CAP relied on the members’ collective experience for agreement on member-suggested solutions. In 1949, the CAP reconsidered developing a framework but instead codified and updated...
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...The Securities Act of 1933 The Securities Act of 1933 is also referred to as the “truth in securities” law. The Act has two objectives, one is requiring that investors receive financial and other significant information concerning securities being offered for public sale; and prohibit deceit, misrepresentations, and other fraud in the sale of securities (The Laws That Govern the Securities Industry , 2012). The Securities Act of 1934 The Securities Act of 1934 Congress created the Securities and Exchange Commission. The Act empowers the SEC with authority over all aspects of the securities industry. The Act also allows the SEC to require periodic reporting of information by companies with publicly traded securities. As well, the Act identifies and prohibits certain types of conduct in the markets and provides the commission with disciplinary powers over regulated entities and persons associated with them (The Laws That Govern the Securities Industry , 2012). Committee on Accounting Procedures (CAP) 1938 The Institute Committee on Accounting Procedures became the first accounting standard-setting body for the private sector. It was the predecessor to the Accounting Principles Board, created by the American Institute of Accountants (Moussalli, 2005). Accounting Principles Board 1959 The Accounting Principles Board replaced the CAP as the authoritative financial accounting body. The Accounting Principles Board was replaced in 1973 by the Financial Accounting...
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...regulate the securities markets. The third one is The Financial Accounting Foundation (FAF). This is a privet sector organization to help keep the standards for the financial accounting. The fourth on is the Financial Accounting Standards Board (FASB) put in to place for to help keep up the standards for nongovernment financial accounting and reporting. The fifth one is the Governmental Accounting Standards Board (GASB) is a part of the FASB that are of the state and local levels. The sixth on is the Federal Accounting Standards Advisory Board (FASAB) is the one that develop the accounting standards. The FASAB was put in order in1990 to help put together the GAAP for the federal government. The Seventh on is, International Accounting Standards Board (IASB) is the ones that makes sure that all the International accounting laws are followed. They are the ones that developed the standards going through other countries across the world. The eighth on is, Public Company Accounting Oversight Board (PCAOB) is the ones that come up with the auditing standards for the public auditing firms. All accounting firms have to register with the (PCAOB). The (PCAOB) are there to make sure that accounting work is being done right. If there is something not being done right they have the right to make any person that is working for that firm have to provide a testimony or that person could be suspended or debarred. The last one is the American Institution of Public Accountants (AICPA). They are the ones...
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...Auditor’s Responsibility for Assessing Going Concern In auditing, going concern is identified as an entity’s capability to continue operating as a business entity. It is the auditor’s responsibility to evaluate the company’s financial statements to assess whether or not the going concern assumption is appropriate. An entity is obligated to include a disclosure in the footnotes of the financial statement stating if there is substantial doubt of the company to continue as a going concern. According to the Public Company Accounting Oversight Board, AU 341 describes the requirements for the auditor’s evaluation of an entity’s going concern. This standard states that an auditor’s responsibility is to evaluate if there is substantial doubt about an entity’s capability to carry on as a going concern for the next year. The period of substantial doubt is not to exceed twelve months. This evaluation is based upon any evidence that he or she has accumulated during the normal course of the audit. If there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time not to exceed one year, the auditor should review management’s plan to remedy the problems. If the substantial doubt goes unresolved, the auditor should add an explanatory paragraph to the audit report. In the event that an auditor receives a request to reissue his or her evaluation of going concern and remove the explanatory paragraph, one can refer to the PCAOB’s...
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...Accounting Reporting Criteria The world of accounting can look quite universal to any outsider. Most people assume that when you are dealing with money and business that everyone follows the same standards regardless of where the company is located. This is not the case when dealing with companies in different companies that do not utilize the US GAAP. While there are some aspects that may be similar there are many differences between these types of companies and how they perform different accounting transactions. Regulatory Environment The regulatory environments in the United States and the International business community have some very distinct differences that make them very unique. In the United States due to major corporate scandals that have occurred in the past, such as Enron, have brought about some major changes with regard to corporate governance. “The US Government passed the Sarbanes-Oxley Act of 2002 which, among other things, set out specific guidelines for the behavior of directors of boards and senior management” (2008,p.2). The Sarbanes-Oxley Act was created to set specific standards that all companies would have to abide by. This act also created an “oversight board titled the Public Accounting Oversight Board (PCAOB) was established to serve as a regulator of the accounting firms that audit public companies” (2008, p.2). The Security and Exchange Commission monitors the PCAOB and maintains changes and updates to the Sarbanes-Oxley Act. These boards...
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...Accounting Foundation Its mission is to “Establish financial accounting and reporting standards, through an independent and open process, resulting in financial reports that provide decision-useful information. Financial Accounting Standards Board The mission of FASB is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. Governmental Accounting Standards Board The mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. Federal Accounting Standards Advisory Board The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information. International Accounting Standards Board The mission of the IASB “is to develop, in the public interest, a single set of high quality, understandable and international financial reporting standards (IFRSs) for general purpose financial statements. Public Company Accounting Oversight Board The PCAOB is a private-sector, nonprofit corporation, created by the Sarbanes-Oxley...
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