8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics Analysis Analysis, ethics Analysis Exercises 1.1 1.2 1.3 1.4 1.5 1.6 1.7
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A manipulation of the company's reported earnings or assets can affect a bank that extends credit to the company, a shareholder who invests money in the company, and those organizations that enter into contracts or agreements with the company. The manipulation of financial statements also affects employees. It has the power to put employees out of work once the fraud is exposed or collapses. It also has the power to enrich employees – mostly those involved in the fraud, but potentially those who
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CORPORATE REPORTING AND ANALYSIS By Dr. S.A.S. ARUWA[1], CNA ____________________________________________________________________ Being a paper presented at ANAN Practitioners’ Forum at Mainland Hotel, Lagos on 3rd August, 2010 ____________________________________________________________________ Abstract Good corporate reporting is generally an indication of competitiveness and superior corporate governance. Good reports show initiative and effort on the part of the preparers. Significant
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Ethical and Legal Implications of Excello Telecommunications Cheryl Moore ETH/376 March 4, 2012 Susan Paris Ethical and Legal Implications of Excello Telecommunications Excello Telecommunications has suffered a downward financial spiral. This downward spiral will affect bonuses, share prices, and stock options (Mintz & Morris, 2011). Terry Reed, the Chief Financial Officer of Excello Telecommunications, frets over showing the downswing in profits. In searching for additional reportable
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“Disclosure of Certain Contingency Losses” Exposure Draft Critique Contingencies refer to existing conditions, situations, or sets of circumstances involving uncertainty as to possible gains or losses to an entity that will ultimately be resolved when one or more future events occur or fail to occur (ASC Glossary). The Financial Accounting Standards Board (FASB) issued an exposure draft in July 2010 relating to additional disclosures relating to certain loss contingencies. FASB argues the necessity
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and Business Structures The Hierarchy of Generally Accepted Accounting Principles identifies the sources for the accounting standards and principles. These sources include “FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins” (Kieso, Weygandt, & Warfield, 2007, p. 12). When companies prepare financial statements in accordance with GAAP, they sometimes run into situations in which some standards do not address a certain situation or two standards
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Internal Auditor This brief will study the subject of using an internal auditor to assist a company with a system currently not working. It will also examine a candidate qualified to assess the organization and can make recommendations to the company. This can help ensure the company conforms to regulations set forth by the Securities and Exchange Commission (SEC), System Not Working The company has realized that their risk management efforts were not
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information presented to stockholders. (Kieso, Weygandt & Warfield, 2007, p .6). The SEC does not work by itself even though it is independent, but in partnership with the private sector. The American Institute of Certified Public Accountants (AICPA) is the national professional organization of practicing Certified Public Accountants (CPAs) (Kieso, Weygandt & Warfield, 2007, p .7). Kieso Weygandt and Warfield stated, “The Wheat Committee’s recommendations resulted in the demise of the APB and
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responsibility for establishing auditing standards. The Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) previously played this role. The PCAOB has the authorization to provide rules governing the following areas; ethics, independence, and quality control for any registered accounting firms, supplanting the role of the AICPA for auditors of SEC registrants. Ethical and professional responsibility issues represent actual and increasing challenges for CPA's and
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Today’s Risk of Fraud: Forensic Accountants Help Protect Identity Theft Megan Laughman Financial Accounting Theory Michael Miller 4/7/15 Abstract The purpose of this study is to explore the recent cyber breaches that have occurred within companies throughout the United States and to look at the different ways these cyber breaches could have been prevented. The research also examines the need for forensic accountants within the business field, as they are able to help protect a company’s
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