Federal Trade Commission requested AICPA to provide guidance to accountants and auditors in 1917 as a response AICPA issued a series of recommendation to the accounting community on financial reporting and auditing. In 1929 the AICPA issued a specific guide for auditing (Verification of Financial Statements) and it stated that the extent of the work is a responsibility of the auditor which is one of the most important auditing concepts even now. In 1936 AICPA issued Examination of Financial Statements
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issues under the AICPA Code of Professional Conduct, pronouncements of the Public Companies Accounting Oversight Board, the Sarbanes Oxley Act, federal securities laws, and cases relating to CPA malpractice. Students will have a thorough professional knowledge of CPA reports on financial statements and special reports. Students will also learn how to apply statistical sampling and technology in auditing. Course Overview Students will become familiar with issues under the AICPA Code of Professional
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Legality and Ethicality of Financial Reporting 2-25-2013 Ethics 376 Phoenix University Unethical Practices are forbidden in every industry but at the same time they are also performed. Unethical practices occur when a business does “not conform to approved standards of social or professional behavior”. ("The free dictionary,") There are many situations that can lead to unethical practices and behaviors within the accounting profession. The Sarbanes Oxley
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the behavior of the firm's production costs. (Use the form Y = a + bX, where X denotes the quantity of sausage produced.) A. 1. Variable 2. Variable 3. Fixed 4. Semivariable 5. Fixed B. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement Bloom's: A, N Difficulty: Medium Learning Objective: 2 Learning Objective: 5 68. Viscount Corporation has a machining capacity of 200,000 hours per year. Utilization of capacity is normally 75%; it has been as
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INTRODUCTION For more than a decade now, there has been a movement around the world to develop a common set of high-quality accounting standards that can be applied globally. Comparable accounting around the world, if high standards are instilled and application was consistent, would make markets more efficient by letting investors compare companies from different countries. In particular, the issue of American adoption of International Financial Reporting Standards (IFRS) is of importance because
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“SAERS” School of Accounting Electronic Research System Tutorial Fall 2011 SCHOOL OF ACCOUNTING ELECTRONIC RESEARCH SYSTEM (SAERS) Welcome to the world of electronic accounting and auditing research. The use of electronic media to research an accounting and/or auditing issue can reduce the research time significantly and thus can make the accountant/auditor more efficient in today's business environment. Efficient and effective accounting
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Positions, APB Opinions, AICPA Accounting Research Bulletins and other authoritative pronouncements. The hierarchy is as such: Category A, B, C, and D and Category A is the highest hierarchy. The following hierarchy is used in selecting the principles to be used in the preparation of the financial statements. Category A: FASB Standards, Interpretations and Staff Positions, APB Opinions, AICPA Accounting Research Bulletins. Category B: FASB Technical Bulletins (no longer issued), AICPA Industry Audit and
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Clark & Cathey, 2005, p. 563). Therefore, the American Institute of CPAs (AICPA) established a Code of Professional Conduct to ensure public confidence in the quality of services provided by CPAs (Schroeder, et al., 2005). The June 12, 2012 Code of Professional Conduct list the Principles as; Responsibilities, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of Services (AICPA, 2013). The principle of responsibilities requires the CPA
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Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2007 AICPA Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories
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Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2006 AICPA Newly-Released Auditing Questions An auditor observes the mailing of monthly
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