IMPORTANT AICPA INFORMATION ON SARBANES-OXLEY |How the Sarbanes-Oxley Act of 2002 Impacts the Accounting Profession (AICPA) | | | | | |
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report all of our hours, as it is our ethical responsibility to behave with integrity in our line of work. Beyond maintaining our own principles, the practice of under-reporting hours violates the rules regarding integrity within the AICPA Code of Professional Conduct. In our opinion, the potential short-term benefits of under-reporting our hours do not outweigh the potential risks of suspension or losing our job. In this case, Lauren Hutchison behaved very unethically by underreporting her time worked
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Chap 1 1.23 Which of the following would be considered an assurance engagement? a. Giving an opinion on a prize promoter’s claims about the amount of sweepstakes prizes awarded in the past. b. Giving an opinion on the conformity of the financial statements of a university with generally accepted accounting principles. c. Giving an opinion on the fair presentation of a newspaper’s circulation data. d. Giving assurance about the average drive length achieved by golfers with a client’s
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Lakeside Auditing Case Study Case 1 Prepared by: January 27, 2011 1: An independent annual audit can provide credibility to information, and this could be very helpful for decision making. In this specific case, the owner of the Lakeside requires an independent CPA firm to perform an annual audit because the owner wants to show the public a “good-look” of its financial statements; since he would like to receive more capital by making his company public. In addition, good-looking financial
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Duty, Rights, and Justice. Kant discusses the Categorical Imperative. Absolute objectives are ruled that are characteristically substantial; they are great all by themselves; they must be obeyed by all, in all circumstances and circumstances, if our conduct is to watch the ethical law. Kant expressed that the ethical means can be connected to the clear cut basic, that normal creatures can seek after specific "closures" utilizing the fitting "means". The straight out basis may be constructed just with
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Accounting Scandals? Ethics: Is It The Most Important Reason Behind Years of Accounting Scandals? Ethics is a term that refers to a code or moral system that provides criteria for evaluating right and wrong (Spiceland, Spe, Tomassini, 2007). An ethical dilemma is a situation in which an individual or group is faced with a decision that tests this code. Many of these dilemmas are simple to recognize and resolve. For example, have you ever been tempted to call your professor and ask for an extension
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Case Study of Just For Feet Inc. Xuan Zhang Q1. Prepare common-sized balance sheets and income statements and compute key ratios for 1997-1998. What were the high-risk financial statement items for the 1998 audit? * Common-sized financial statements: * Key ratio analysis: Liquidity and solvency: | 1999 | 1998 | 1997 | Current ratio | 3.387 | 1.998 | 2.142 | Debt to equity | 1.117 | 0.672 | 0.720 | Times interest earned | 6.376 | 24.665 | 28.286 | Activity | |
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Assignment Week 1 The Case of Phar-Mor Inc Devry University ACCT 525-15768 January 12, 2014 Abstract The Sarbanes-Oxley Act of 2002 was implemented with the sole purpose of assuring the investors in the financial reporting system. One example is a case such as Phar-Mor which fabricated their inventory in most of their retail stores in order to conceal a massive fraud by the leading executives. Or the Waste Management scandal which did things such as capitalizing items which should have
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Case #2.4 – Enron: Quality Assurance I. Technical Audit Guidance To maximize the knowledge acquired by students, this book has been designed to be read in conjunction with the post-Sarbanes-Oxley technical audit guidance. All of the post-Sarbanes-Oxley technical guidance is available for free at http://www.pcaobus.org/Standards/index.aspx. In addition, a summary of the Sarbanes-Oxley Act of 2002 is also available for free at http://thecaq.aicpa.org/Resources/Sarbanes+Oxley/Sarbanes-Oxley+–+The+Basics
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Members in Government Guide to Internal Control and Internal Control Services Members in government, both mangers and auditors, must understand the concepts of internal control and independence and the effect they have on the CPA practitioners that the government hires for both its financial statement audits and for other nonaudit engagements related to internal control services. As auditing standards have evolved, the auditors may no longer default to a maximum control risk but now should obtain
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