Reporting and Ethical Practices HCS 405 June 24, 2014 Reporting and Ethical Practices Financial and accounting professionals must follow the ethical standards that regulate the type of business they conduct, who they conduct business with, and how they use their skills to conduct their business. These ethical standards are defined by professional finance organizations and the Financial Accounting Standards Board. This article will discuss reporting and ethical practices for any financial
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each year, from $3.8 million seven years ago, to a projected $15.6 million in the current fiscal year. (Agoglia, Brown and Hanno, 2003) The audit revealed that Dickinson Technologies, Inc does not have strong internal controls as required by the AICPA (AU Section 316) and Sarbanes-Oxley Act of 2002. Furthermore, the corporate culture of Dickinson Technologies, Inc. does not foster a proactive environment for safeguarding the company’s assets. Recommendations on how to handle this situation will
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as financial information services or expert services. [b] Independence rule 101 states that a partner or employee may not hold more than 5% and the partners holdings are just over half of one percent. Therefore, this is not a violation of the AICPA code
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24 September 2012 Operations Whole Foods Market Inc. was established in Austin, Texas in 1980, and is “the world’s leader in natural and organic foods and America’s first national “Certified Organic” grocer with over 310 stores throughout North America and the United Kingdom” (Whole Foods, 2012). Whole Foods consists of one operating segment, natural and organic foods supermarkets. Whole Foods is the “largest retailer of natural and organic foods in the U.S. and the 10th largest
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responsibilities of a CPA are to uphold the rules set forth by the State board of Certified Public Accountants, and to conduct ourselves in a manner bound by the rules of the AICPA’s Professional Code of Conduct. They also include: independence, scope of service, confidentiality, practice development, and difference on accounting issues. A CPA at all times should maintain a high level of ethical conduct that goes above and beyond society’s laws. As a CPA we are to keep our professional judgment unbiased and
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SU 1 In performing an attestation engagement, a CPA typically Expresses a conclusion about an assertion Attestation Standards are Sufficient evidence shall be obtained to provide reasonable basis for the conclusion that is expressed in the report The report shall identify the assertion being reported on and state the character of the engagement The work shall be adequately planned, and assistants, if any, shall be properly supervised Which of the following professional services is considered
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control function that acts as a third line of defense after the business and risk management function. The other control functions are – finance controller, legal and compliance, business continuity, and risk management. The primary responsibility of the control functions within organization is to provide oversight based on the guidance as stated by the company. Internal audit is an independent control function that assesses the risk and control effectiveness of the firm. The scope of the Internal
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American Institute of Certified Public Accountants The American Institute of Certified Public Accountants (AICPA) was established as a professional organization to assist members with their role and responsibilities as accountants. More specifically, the foundation of their profession is built upon a Model Code of Professional Conduct guiding members in the basic belief and framework of ethical conduct. These guiding principles call for an “unswerving
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Sarbanes-Oxley Act (SOX) has significantly increased the authority and responsibilities of audit committees and the board of directors in overseeing their companies’ financial reporting processes (American Institute of Certified Public Accountants [AICPA], 2005). The board of directors and its audit committee are responsible for overseeing the actions of management. A proactive audit committee and board of directors promotes the likelihood of preventing, deterring, and detecting fraudulent financial
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In addition, almost one-quarter of reported fraud is exceeding $1 million dollars. The accounting industry is constantly growing and changing. Consequently, difficult decisions have to be made every day. While accountants follow a simple code of conduct; nevertheless, due to the infamous scandal of Enron, the Sarbanes-Oxley Act of 2002 was constructed to reestablish confidence in the public marketplace. The importance of ethics and integrity are highly significant to individuals in this profession
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