Ethics Charging Authority (“ECA”) (comprised of the AICPA Professional Ethics Executive Committee and the New York State Society of CPAs Professional Ethics Committee) alleging a potential disciplinary matter with respect to David G. Friehling. Mr. Friehling advised that he would be willing to sign a settlement agreement charging him with violating AICPA Bylaw Section 7.4.6 and Rule 506 of the New York State Society of CPA’s Code of Professional Conduct, without admitting or denying such charge. 7
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the warehouse capacity to hold the product until then. The firm must adhere to all the laws and other regulations as set. Among the regulations include Generally Accepted Accounting Principles (GAAP), Sarbanes-Oxley Act of 2002 (SOX), and AICPA code of conduct. The rules impact the mechanism, of financial reporting in the company and also help sin the actions of major principles of accounting. As a result of this, the accounting team must ensure they get the best method that will help in maximizing
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answers, keep in mind that different rules may apply for nonpublic and public companies. SOX, SEC, and PCAOB rules apply to public companies. Links on the readings page may help you answer some of the questions. Use the new online AICPA Code of Professional Conduct that is linked on the readings page. There are 3 parts to this assignment. 1. (12 pts) Case 1.1 Enron Corporation (the high profile disaster that changed the face of auditing!) Watch the video Bigger Than Enron
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rules and regulations protect the stakeholders and public from any wrong, fraudulent reporting and unethical behavior. The main agencies are (SOX), Sarbanes and Oxley Act of 2002, (GAAP), Generally Accepted Accounting Principles and the AICPA Code of Professional Conduct. In order for Terry Reed, and his accounting team to come up with a viable solution to their reporting dilemma, they must follow the rules and regulations of these agencies to make a sound decision which is legal and ethical for their
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of the most important attributes of the public accountant. Before pursuing a course of action to resolve ethical dilemmas, a CPA may want to consult with legal counsel, applicable professional bodies, and appropriate firm or employer personnel. The AICPA[1] provides an ethics hotline to assist members in this and other ethics issues. Going through the case, one can see that there are a few breaches of some accounting rules and there is a dilemma about what exactly Jane’s responsibilities are and what
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Midterm Exam – Summer 2011 Chapter 01 Ethical Reasoning Implications for Accounting Multiple Choice Questions 1. Each of the following characteristics describes the importance of integrity in decision making except for: A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others 2. The ancient Greeks thought of the virtues as characteristics of behavior that: A. Could lead
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The Ethicality of Excello Telecommunications Cody S. Smith ETH/376 April 22, 2013 Ding Hardin The Ethicality of Excello Telecommunications Excello Telecommunications has been a profitable company for many years, but recently the competitive landscape has become tougher. Competition from overseas manufacturers has lowered Excello’s market share and profits. For the first time it looks as is Excello will not meet earnings estimates. This information directly impacts bonuses, stock options
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must consider the actions that will take place under the restrictions of laws and regulations. In the accounting profession, the regulations included GAAP (Generally Accepted Accounting Principles), SOX (Sarbanes-Oxley Act of 2002), and AICPA Code of Professional Conduct. The team need to use these regulations as guideline to ensure that no illegal misstatement will be presented and get the best result from the sale of $1.2 million to Data Equipment Systems. GAAP and Excello Telecommunications GAAP
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Consult the AICPA Code of Professional Conduct. What components might guide a CPA working in a corporate environment? The AICPA established a Code of Professional Conduct which guides a CPA working in a corporate environment. The AICPA Code of Professional Conduct includes two sections: principles of professional conduct and rules of conduct. The principles of professional conduct provide the framework for the rules of conduct. The framework for the Code of Professional Conduct includes six
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CAPSTONE CASE STUDY ON ORGANIZATIONAL ARCHITECTURE: ARTHUR ANDERSEN LLP 1. Discuss the environmental, strategic and organizational changes that occurred over the life of Andersen in the context of Figure 11.1. Architectural design of firm may vary among companies. There are most common categories are business environment, strategy, and organizational architecture. Business environment of Andersen includes technology that was used effectively; structure of its markets, regulations which helped
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