...Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS3 AUDITING STANDARD No. 3 – Audit Documentation June 9, 2004 AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS Auditing Standard No. 3 – Audit Documentation [Effective pursuant to SEC Release No. 34-50253; File No. PCAOB-2004-05, August 25, 2004] 302 As of February 15, 2005 Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS3 Auditing and Related Professional Practice Standards Auditing Standard No. 3, Audit Documentation [supersedes SAS No. 96, Audit Documentation] Introduction 1. This standard establishes general requirements for documentation the auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the Public Company Accounting Oversight Board ("PCAOB"). Such engagements include an audit of financial statements, an audit of internal control over financial reporting, and a review of interim financial information. This standard does not replace specific documentation requirements of other standards of the PCAOB. Objectives of Audit Documentation 2. Audit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report or otherwise. Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality...
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...enhance share holder value. For the retail and customer industry, globalization, which entails multinational operations, various financial reporting systems, and complex supply chain with wholesalers, distributors, and multiple types of retailers, not to mention multiple brand portfolios, and various types of outlets, provides significant rationales for management and boards to develop an effective GRC program. Successful corporate governance depends largely on trade-off among the various conflicting interest groups like government, society, inventors, creditors and employees of the organization. This study critically discusses the implementation practice of the corporate governance guidelines issued by Securities and Exchange Commission (SEC) in Bangladesh. Following the much reported collapses of companies such as Enron, World Com, HIH and One. Tel, corporate governance...
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...was sentenced to five years probation (Sachdev, n. p.). Also during 2002, the telecommunications firm WorldCom was found guilty of fraud as a result of having “improperly accounted for more than $3.8 billion of expenses” (Klein, 2002, p. 1). Other companies too, such as Tyco, Qwest, and Adelphia Communications, all became involved in accounting- related scandals. These various scandals had a negative impact on public views regarding the accounting profession. As stated in an article in the CPA Letter, the high-profile business failures of Enron and others “called into question the effectiveness of the profession’s self-regulatory process as well as the effectiveness of the audit to uphold the public trust in the capital market” (Landmark accounting reform, 2002, p. 1). Many people began arguing for stricter regulations in the accounting industry. The Securities and Exchange Commission (SEC), for example, offered some proposals for changes in the industry. In particular, the SEC expressed concern for the idea of increasing the independence of auditors who work with major corporations. To enhance this type of independence, the SEC “proposed rules that limit the length of time key personnel can work on a company’s audit, restrict what outside services auditors can perform for...
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...27MAR201319523653 ORCHIDS PAPER PRODUCTS COMPANY 2013 ANNUAL REPORT To Stockholders Dear Stockholders, In 2013, Orchids Paper Products Company experienced record converted product net sales and total net sales levels for the second consecutive year. We continued to broaden our product offerings and experienced additional penetration into the mid/premium tier product markets. Net sales of converted products exceeded $100 million for the first time in the Company’s history. During 2013, we focused on continuing to increase sales of converted product to fully consume our parent roll capacity. Our efforts centered on new product development in both paper making and converting and combining those efforts with an effective sales and marketing plan. As a result, we continued to expand our converted product offerings into the mid/premium tier market, creating new sales opportunities which resulted in shipments of 8.2 million cases, or approximately 53,000 tons, an increase of 16.2% over case shipments in 2012. More specifically, during 2013, our net sales increased 15.4% to $116.4 million compared to $100.8 million in 2012. This included a 21.1% increase in converted product sales. Our sales of mid-tier and premium tier products comprised 37.9% of our unit net sales in 2013, compared to 15.0% in 2012 and 6.8% in 2011. We also focused considerable efforts on controlling production costs while improving quality attributes to supplement the high quality production capabilities of...
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...matter of life. We are thankful to our respected Principal, Dr. Dean and our Head of the Department, Dr. Shahnaz Choudhry, who permitted us to avail the opportunity of working in such a helpful and cooperative environment. We greatly wish to acknowledge Dr. Amir Saeed, the Manager of R & D for allowing us to work in Packages Limited, Pakistan and Mr. Ishtiaq ur Rehman, the Senior Research Chemist (R&D) for providing us the opportunity of this work and encouraging & appreciating us at every step. He not only permitted us to undertake this important part of internship work but also helped us a lot in conducting this study as a Supervisor. We felt motivated and encouraged every time we attended his meeting, Mr. Imran Khan, the incharge of Paper and Pulp Laboratory, Mr. Zafar Hussain (working staff) and the members of Physical Laboratory in Packages Limited, Pakistan who helped us throughout the work & shared their experiences & knowledge with us. The success of this project depends largely on the encouragement and guidelines of many others, apart from our efforts. We take this opportunity to express our gratitude to the people who have been instrumental in the successful completion of this project. Thanks to our parents whose prayers are always with us to achieve our goals in our whole life. Also, we would like to extend masses of gratitude to R & D Department for facilitating us with their leadership. Anam Nawazish Mahrukh Saleem Khan Sadaf Sherwani ...
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...activity was prevalent in the Goldman Sachs administration and the charges filed against them by the SEC were inevitable. The underlying thought at Goldman Sachs amidst the allegations was a social purpose and a contribution to the economic cycle. While there were many gray areas of activity, this research will focus on the investment strategies used to control the clients financial investment gain and in most cases loss. Furthermore, this paper will outline the unethical behavior that was associated with the fraudulent transactions of Goldman Sachs as it related to the clients and public investors. Was Goldman Sachs Socially Responsible? The problem to be investigated is whether Goldman Sachs violated its own Code of Ethics in dealing with clients and public investors. According to the Preamble of the Business Code of Ethics, Goldman Sachs believes the highest standard of integrity should be included as the focal element in a business relationship. Regardless of how perceptive one might be in understanding the investment strategies of Goldman Sachs or even its relationship to the difficulties of the market, it is clear that not all activities were in accordance with the good old-fashioned law of principle and ethics. Background Goldman Sachs history has never been clear of controversy, dating back to its inception in 1829. The Laddering investment strategy closely related to a pyramid scheme would collapse close to 42,000 investors causing over $300 billion in losses...
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...East West University TERM PAPER On Compensation strategy of RAHIMAFROOZ HRM412 Submitted to: SSM Sadrul Huda Assistant Professor Department of Business Administration Submitted by: Mahbuba Chowdhury 2004-3-10-013 Sec-01 Md. Tarekul Islam 2005-2-10-161 Sec-01 Shamsun Nahar Airin 2005-2-10-231 Sec-02 Tangina Jesmin 2005-3-10-029 Sec-02 Date of Submission: 14.08.2008 Acknowledgment At first we present our due regards to the Almighty, who has provided us the brilliant opportunity to build and complete this term paper successfully with good health & sound mind. We would like to acknowledge our instructor SSM Sadrul Huda for his guidance starting to data collection and preparing for the writing; our regards and heartfelt thanks to him. Moreover, we are grateful to our administration as they provide us with the facility to use computer lab for browsing net & study room for teamwork. May be it would have been impossible to finish the report in time if we didn’t get the facility. Letter of Transmittal August 10, 2010 SSM Sadrul Huda Assistant Professor Dept of Business Administration East West University 45 Mohakhali C/A, Dhaka 1212 Dear Sir, Here is the term paper that you have asked us to prepare as a group for our course Compensation Management (HRM- 412). We have done group work for this term paper and did it as per as the rule. We are encouraged...
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...Abstract This investigatory project was conducted to prove if nipa palm fruit husk, distilled water, Ferrous Sulfate and gum Arabic can produce an ink that can be substituted to commercial ink. In conducting the experiment, the researchers gathered nipa fruits, these were cut into small portions and weighed into 200 grams. The reduced fruits were soaked in a mixture of 100ml distilled water and 1 gram Ferrous Sulfate (FeSO4) as solvent, vinegar, and salt. Theset-up was boiled for one hour. After boiling the mixture was filtered to separate the black filtrate from undissolved particles. On a laser bond paper the ink produced was tested after being refilled to a pen and was compared to other synthetic commercial ink available in the market. The conductivity and transmittance time , drying time and luminance and adhesion were tested and compared. Results of the test showed that the experimental ink with a proportion of 200 grams nipa palm fruit husk, 100 ml distilled water, 1 gram ferrous sulfate and ½ tablespoon of salt and ½ tablespoon of vinegar produced an output with the highest conductivity and transmittance time, drying time and luminance and adhesion. With the cost of production much lower than that of a commercial ink and having no significant difference in the mean property to the commercial ink the Nipa Palm Fruit Husk Ink proved to be more economical to produce. ...
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...Homework: Term Paper GEB2430 Business Ethics & Social Responsibility Dr. Harvey Weiss June 16th, 2012 Abstract The main purpose of this research paper is to show how the Sarbanes-Oxley Act of 2002 may have contributed to holding corporate executives accountable for their actions then and for the future. This research paper will examine and discuss the origin of the Sarbanes-Oxley Act and go into detail regarding the eleven titles, or sections, of the document that it consists of. This research paper will then touch upon the different countries around the world that have been subsequently enacted with the Sarbanes-Oxley Act and conclude with the debates over the perceived benefits and costs from both opponents and proponents. The following research paper will prove to be useful for any executive running a public corporation. After reading this research paper, one will come to discover and understand the new standards implemented for corporate accountability as well as the new penalties for acts of wrongdoing. Body The Sarbanes–Oxley Act of 2002, also known as the “Public Company Accounting Reform and Investor Protection Act” by the Senate and “Corporate and Auditing Accountability and Responsibility Act” by the House of Representatives and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law passed on July 30, 2002, which set new or enhanced standards for all United States public company boards, management and public accounting firms. It...
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...An Analysis On The Role of Bangladesh Securities and Exchange Commission Course Name : Financial Institution and Market Course Code: Fin-335 , Sec: 1 Prepared for Prof. Tanvir Ahmed Chowdhury Chairman, Department of Business Administration East West University Prepared by Holistic Heroes Submission Date: 25th March, 2014 Group Profile Department Of Business Administration Letter of Transmittal 25th March 2014 Prof. Tanvir Ahmed Chowdhury Chairman Department of Business Administration East West University Dear Sir, It gives us immense pleasure to present our term paper on the topic “ An Analysis on Bangladesh Securities and Exchange Commission, for the course Financial Institution and Market (FIN_335). By doing this paper we have learned a lot practical issues regarding BSEC , Capital Market, Stock Market, Bond Market etc and we think that will help us in our near future. We would like to thank you for your valuable guidance in every problem we had the precious time that you give us. We will be available for any further clarification required and requesting to accept our term paper. Thank you Sincerely All the Members of Holistic Heroes Syed Md. Fakruuddin Nahid Hasan Sayma Sultana Al Mumtahina Shuovy Asma Sultana Nusrat Sharmin Eva Table of content | Page no | Introduction | 6 | 1.0.0 Bangladesh Securities and Exchanges Commission | 7 | 1.2.0 Function of BSEC | 9 | 2.0.0 Capital...
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...Earnings Management Eli Mudrick Professor David Heier, CPA, MBA 11 June 2014 Earning Management This paper looks at the speech entitles “The ‘Numbers Game’” that SEC chairman Arthur Levitt delivered at the NYU Center for Law and Business regarding earnings management in 1998. While companies use many techniques and illusions to improve their numbers, this paper will only look at three: “Cookie-Jar” Reserves, “Big Bath” Charges, and Revenue Recognition. After discussing and using real world examples of these techniques, this paper will examine ethical questions related to the selection of audit committee members such as qualifications and independence. Cookie Jar Reserves Cookie Jar reserves refers to the practice of intentionally recording unreasonable estimates or one time transactions during good economic times in order to smooth out activity in bad economic times (Levitt). These transactions directly violate, not only simple human honesty, but also Conservatism, one of the main accounting principles. A real world example of the use of cookie jar reserves is the computer company Dell. In 2010, they paid a penalty to the SEC of $100 million dollars due to their using of cookie jar reserves. To establish their reserves, Dell did not disclose payments from Intel which were paid in order to maintain exclusive use of their microprocessors. When times were tough, Dell drew on these reserves. At one point, these reserves made up more than 70% of their quarterly earnings...
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...assess the role of ethics and compliance in Amazon’s financial environment we examine the procedures that ensure ethical behavior and that business is conducted following ethical standards. Compliance with SEC regulations and the last two years overall financial performance of Amazon will be examined and discussed. . Assess the role of ethics and compliance in your organization’s financial environment. Amazon.com employees, from the Board of directors to the newest employee agree to follow the Code of conduct. All employees agree to act lawfully, ethically and, in the best interest of Amazon.com. They maintain all financial statements, books, records and accounts in appropriate detail. They must properly reflect the company’s transactions while conforming to both applicable law and the organizations system of internal controls. The Company's financial, accounting and legal groups are responsible for procedures designed to ensure proper internal and disclosure controls, and all employees should cooperate with these procedures. Amazon.com in their message to shareholders states that one of the company’s main focuses will be to “make bold investment decisions in light of long-term leadership considerations rather than short term profitability considerations or short term Wall Street reaction.” They have made cash flow a priority over the appearance of their GAAP accounting. Measurement of investments is another priority, and those programs that do not provide acceptable returns...
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...Information Name of the Company: The Hershey Company. See SEC Form 10K, front page 0. Hereinafter. “Hershey.” or the “Company.” See Proxy Statement, page 2. Fiscal year covered by the annual report: Fiscal year 2009. See SEC Form 10K, front page 0. Stock Exchange where shares are traded and stock ticker symbol: New York Atock Exchange under ticker symbol HSY. See SEC Form 10K, page 16. State of Incorporation: Delaware. See SEC Form 10K, page 1. Describe the Company’s business(es), e.g. types of products manufactured: The Hershey Company sells quality chocolate and is the global leader in chocolate and sugar confectionery. Principal product groups include chocolate and confectionary products; snack products, gum and mint refreshment products; and pantry items, such as baking ingredients, toppings and beverages, See SEC Form 10K, page 1. II. Management and Audit Report Who are the Company’s Auditors? KMPG LLP. See Proxy Statement, page 35. What opinion did the auditors issue? KMPG opinion says the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The Hershey Company and subsidiaries as of December 31, 2009 and 2008 and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2009, in conformity with U.S. generally accepted accounting principles. See SEC Form 10K, page 52. In addition KMPG opinion is that the...
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...A "strategic extension campaign" (SEC) methodology developed by FAO has been introduced in Africa, the Near East, Asia and Latin America. This methodology emphasizes the importance of people's participation (i.e., intended beneficiaries such as fields extension workers and small farmers) in strategic planning, systematic management, and field implementation of agricultural extension and training programmes (see Fig. 2-4). Its extension strategies and messages are specifically developed and tailored based on the results of a participatory problem identification process on the causes or reasons of farmers' non-adoption, or inappropriate practices, of a given recommended agricultural technology or innovation. The SEC technology transfer and application approach is needs-based, demand-driven, and has a problem-solving orientation. The Strategic Extension Campaign (SEC) is not an alternative to the conventional extension programme or activity. SEC is, and should be, an integral part of the programmes of an agricultural extension service. The effectiveness and efficiency of such a service could be increased due to SEC's emphasis on its problem-solving orientation, participatory planning approach, intensive extension personnel training, multi-media materials development, and extension manage meet, monitoring and evaluation procedures. Its activities should be carried out by extension personnel and to support the Ministry of Agriculture's policies, strategies and priority programmes....
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...reguiators often see earnings management as pervasive and probiematic—and in need of immediate remediai action. Academics are more sanguine, unwiiiing to beiieve that earnings management is activeiy practiced by most firms or that the earnings management that does exist should necessarily concern investors. We explore the reasons for these different perceptions, and argue that each of these groups may benefit from some rethinking of their views about earnings management. INTRODUCTION Despite significant attention on earnings management from regulators' and the financial press,^ academic research has shown limited evidence of earnings management. While practitioners and regulators seem to believe that earnings management is For example, SEC Chairman Levitt delivered a major speech on earnings management in the fall of 1998 in which he advocated a niunber of initiatives to improve the quahty of financial reporting (Levitt 1998). As part of this effort, the Blue Ribbon Committee has proposed, among other things, that auditors report on "accounting quality," including the quality of reported earnings. See Recommendation 8 of the "Report Eind Recommendations" ofthe Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees, 1999, available from the NYSE and NASD through their web sites,...
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