Accounting and Communication: Final Project I plan on graduating from Temple with a bachelors in science in Accounting. Afterward, I desire to enroll in Graduate school at Temple University to complete my Masters degree. Hoping I will be skilled enough (CPA test preparatory classes may be necessary) to pass the CPA (Certified Public Accountants) exam, I intend to apply to a private accounting firm. In order for an Accountant to internally do their job correct, they need to ensure that firms are
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The Major Regulatory Bodies and their Functions There are nine major regulatory bodies. The first is Internal Revenue Service, or, (IRS).The function of the IRS is to administer and enforce the internal revenue laws. The second is Securities and Exchange Commission or (SEC). The function of Securities and Exchange Commission is to regulate the securities markets. The SEC requires public companies to obey the generally accepted accounting principles, or, (GAAP). Third is Financial Accounting Foundation
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International Financial Reporting Standards (IFRS) An AICPA Backgrounder 1 Table of Contents Get Ready for IFRS ........................................................................................ 2 Worldwide Momentum ................................................................................. 2 SEC Leadership in International Effort .......................................................... 3 The SEC Work Plan.................................................................
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lacked 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
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Independent Auditor), “The auditor has the responsibility to plan and perform the audit to obtain a reasonable assurance about whether the financial statements are free from material misstatements, whether caused by error or fraud.” (PCAOB, AU 110-02; AICPA 315; Whittington, 2012). Fraud is a pervasive problem. The Association of Certified Fraud Examiners’ (ACFE) 2006 “Report to the Nation on Occupational Fraud and Abuse” estimated that a typical organization loses 5 percent of its annual revenues
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with the agency. Answer: True Difficulty: Medium 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. Answer: False Difficulty: Easy 6. An annual peer review is a requirement of the AICPA. Answer: False Difficulty: Medium 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. Answer: True Difficulty: Easy 8. Staff assistants in CPA firms generally are responsible
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Ethics Made Easier: How to use the revised AICPA Code of Professional Conduct By: Ellen Goria, CPA, CGMA June 2014 This article mainly introduces the new website http://pub.aicpa.org/codeofconduct and explains how to use the online version of revised AICPA Code of Professional Conduct. PART 1: Background The whole article is an analogy. You, an auditor, whose job is to perform an ethics and independence check. Your client is a holding company that owns a small privately held bank
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David Friehling will quite possibly be a future case study in auditing textbooks and courses throughout the United States. Mr. Friehling was the auditor for Bernard Madoff, who was recently convicted of running the largest Ponzi scheme ever uncovered through his business, Bernard L. Madoff Investment Securities, LLC (BMIS). Mr. Madoff claimed to actively oversee more than $65 billion in private investments (it was later revealed that roughly $823 million remained of the more than $170 billion that
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CAP was made up of part- time members whose independence quickly came into question. The members of the CAP were also required to also be members of the AICPA and it was not long before accountants and the financial statement users were demanding a wider representation in the development of accounting principles. In response to the demand the AICPA forms the Accounting Principles Board or the APB. The APB was made up of seventeen to twenty- one accounting professionals, individuals from the industry
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establish a uniform financial statement accounting standard across the world (AICPA, “What is IFRS”). These standards will create a consistency among financial statements, and will allow external uses better comparability from one entity to another, regardless of the entity’s country of origin. IFRS was developed by the International Accounting Standards Board, IASB, a London based organization established in 2001. The AICPA was a founder member of this board, and, while not in direct affiliation thereof
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