The Effects of Technology on the Accounting Profession Eliot Sherman ACC/340 June 11, 2015 Michael Raponi According to Accounting Web, the next decade will see industries transition to a Cloud-enabled world where work can be accomplished anywhere, anytime. This will especially be true of the accounting profession, according to Intuit, as such tools as Cloud-connected smartphones and tablets will enable firms to provide clients with an "accountant in their pocket" at all times. In the modern
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respects in accordance with the applicable financial reporting framework. Putra, in his article entitled Understanding Audit Reports and Auditor’s Opinion, foremost conferred about the significance of the auditor’s report. Basically, designing an accounting information system that will capture all of its business transactions and compile the financial statements is the management’s responsibility. However, third parties, such as a current or potential investor or creditor, may be concerned about whether
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Sarbanes-Oxley Act (SOX) ACC290 March 29, 2012 Sarbanes-Oxley Act (SOX) The Sarbanes-Oxley Act (SOX) was created on July 2002 after numerous financial scandals involving companies such as Enron and WorldCom. The main section of the act which is section 404(a) requires management to provide the financial reporting accurately and effectively. This is called Internal Control over Financial Reporting (“ICFR”). There are several sections that have been created to assure the accuracy of the financial
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The Sarbanes-Oxley Act Creates Ethics in Accounting While contemplating the question of has the Sarbanes-Oxley Act (SOX) made a difference in ethical behavior; the question came to mind; has any law ever succeeded in legislating ethical behavior? The short answer is no, but SOX has lessened the chance of unethical behavior going un-detected. In 2006 top executives at over 150 companies took advantage of lenient reporting policies; where they chose the lowest stock price during a previous quarter
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century, forensic accounting will be to the 21st century”. When people first see the word “forensic”, they naturally categorize it into a science-related field. According to Webster’s Dictionary, the term “forensic” is defined as “belonging to, used in, or suitable to courts of judicature or to public discussions and debate”. Therefore, forensic accounting is generally defined as relating and applying financial facts to legal problems (Singleton and Singleton 12). Forensic accounting consists of a
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Ethical Breeches and the Current Corporate Environment Gretchen Tyler Dr. Alfred C. Greenfield, Jr. Strayer University ACC 557 Financial Accounting July 20, 2013 In recent years, there have been many ethical accounting breeches in large corporations that ended up costing investors and employees of the corporations a lot of money. Enron was a major player in many breeches, and ultimately was one of the key players for the SEC creating new guidelines and punishments for fraudulent behavior, the
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Forensic Accounting In Practice Contemporary Business 508 This paper discusses the role of forensic accounting practices. It takes a look at the skills sets of forensic accountants and the role they play out in the court room. It goes also analyzes the legal responsibilities of a forensic accountant form a professional perspective as their role for expert opinion in the court room. A forensic accountant is someone uses their accounting credibility for investigative or other legal applications
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The Culpability of Accounting Fraud: Auditors, Managers or Both ACC 503 – Accounting for Management Abstract The purpose of this term paper is to provide insight to the reader about accounting fraud and on whom the responsibility lays whenever there is an allegation of accounting misconduct. Based on the rash of accounting fraud by major respectable corporations in recent years, no one organization is immune to accounting fraud and it is prevalent in the
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CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS, (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE, (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS, (D) DEGREE OF CORRESPONDENCE, (E) ESTABLISHED CRITERIA, (F) COMMUNICATING THE RESULTS, AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining
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financial scandals that have occurred in both the United States and abroad in the past decade. For many organizations, the way to rebuild shareholder confidence was to implement a fundamental framework of procedures that would ensure scandals like Enron, WorldCom and Tyco would not occur in the future. It is precisely these scandals that made corporate governance the focus of organizations worldwide. Corporate governance is defined as the principles and processes that provide the strategies on how an organization
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