and early 2000s, non-audit services revenue increased rapidly for all of these firms. Then, non-audit services revenue dropped significantly for the Big Four, due to the bankrupt of Enron and the adoption of the Sarbanes-Oxley Act of 2002 (SOX). From 2003 to 2007, in spite of the drop in non-audit service revenue, increases in assurance service revenue more than made up the difference, resulting in overall revenue increases for all of the firms. However, since 2008, non-audit services revenue has
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QUESTION 1 (a) The caller must in good manner, show respect to the CEO and has a talk with the CEO tell the CEO on your professional view that the sales transaction did not meet the revenue recognition criteria specified by GAAP., if they still want to make this kind of transpired transaction, company might get law sue by the bank. Caller also should not continue sign the commitment letter, because if that is a fraud, and she signed the letter, caller is liable to take responsibility about
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Directors meets 4 times throughout the year. –The Audit Committee is made up exclusively of external members. –In June and December, the Audit Committee holds a joint meeting with the external auditor partner, director of internal audit, and controller to be briefed on audit findings and approve the scope of planned audit activities. Also, significant changes in internal control over financial reporting are presented and explained. –The Audit Committee and compensation committee approves the recommendations
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Audit Process Letter Laura Sferra ACC/546 November 23, 2015 Allen Foster Mrs. Susan Right Senior Partner Anderson, Olds, and Watershed 1 Shoe Street New York, NY. 90001 Dear Mrs. Right, Mr. Lancaster, President of Apollo Shoes, has expressed his satisfaction with the services that our firm offers and would like to continue with a full audit. Because our client does not want our firm to talk to the predecessor auditor, I recommend
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Androids guilty of issuing materially false and misleading audit reports on Solid Waste financial statements for the period 1993 through 1996. Then, Androids also issued an audit report on Solid Waste’s financial statements in which it stated that the company’s financial statements were presented fairly, in all material respects, in conformity with generally accepted accounting principles (GAAP) and that Androids had conducted its audit of those financial statement in accordance with generally accepted
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1.What does Applied Corporate Governance mean to you? As for me, Applied Corporate Governance is a subject about the application of mechanisms of management and supervision of a corporation. Rights and responsibilities are distributed to different people in the corporation, such as shareholders, the Board of Directors, managers and so on. Corporation governance also covers the rules and procedures for decision making of corporate affairs. Besides, it also includes the whole control structure of
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1. What would you like the GGSB admissions board to know about your professional work and / or academic experience? I graduated in 2007 from Hariri Canadian University holding a Bachelor degree in Accounting & Finance; I started my career path working as an external auditor with Deloitte Beirut working on auditing financial statements for major clients. In Late 2007 I had the opportunity to join the Enterprise Risk Services within Deloitte Middle East based in Kuwait; I was able to prove my capabilities
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Can Auditors be Truly Independent With the globalization of investment market and enhanced regulation, independent audits of the financial statements of public companies are one of the most valued contributor to the confidence of the investors. It is crucial that auditors could provide reasonable assurance of the fair presentation of a company’s financial statements. In the past decades, especially with the enactment of Sarbanes-Oxley Act of 2002, auditors are required to
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Enron, Arthur Andersen, WorldCom, and Tyco, these corporate names are heard and scandal is what it thought. When corporate names become associated with scandal and greed, public confidence begins to falter. The Sarbanes-Oxley Act (SOX) came to be in July 2002 and introduced major changes to the regulation of corporate governance and financial practices. Also like other regulatory requirements, some sections of the act are more pertinent to compliance than others. Sarbanes-Oxley has been called by
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Vendor Rebates Audit Work Program PROJECT TEAM MEMBERS: * Project Timing | Date | Comments | * Planning | | | Fieldwork | | | Report Issuance (Local) | | | Report Issuance (Worldwide) | | | ITEMS TO BE CONSIDERED: Audit Objectives To review supporting documentation for significant or unusual reconciling items and determine whether: * Vendor rebate receivables have been properly recorded * Vendor rebate receivables have been properly calculated according to
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