Auditing Standards Accounting 491 November 16, 2015 Dwayne Thompson Auditing Standards The art of auditing has evolved over several decades. The use of technology has changed the procedure significantly. Along with the evolution of standards and procedure are necessary to ensure economic growth and financial stability. Before 2002, it seems as though auditing took a reactive approach to questionable circumstances and dealings. Today the powers in control are producing a proactive approach
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ACC 291 WEEK 5 INDIVIDUAL EFFECT OF UNETHICAL BEHAVIOR ARTICLE ANALYSIS To purchase this visit here: http://www.nerdypupil.com/product/acc-291-week-5-individual-effect-of-unethical-behavior-article-analysis/ Contact us at: nerdypupil@gmail.com ACC 291 WEEK 5 INDIVIDUAL EFFECT OF UNETHICAL BEHAVIOR ARTICLE ANALYSIS Write a 350- to 700-word article analysis in which you identify situations that might lead to unethical practices and behavior in accounting. Examine the effect of the Sarbanes-Oxley
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Sarbanes-Oxley Act Sarbanes-Oxley is a United States federal law, which is also known as the public company accounting reform and investors protection act and corporate and auditing accountability and responsibility act. Sarbox or Sox are shorter names given to the company. Paul Sarbanes (US Senator) and Michael G. Oxley (US Representative) are the ones who support this act. This act is intended to protect investors by improving the precision and consistency of corporate disclosures made pursuant
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Enron – “The Smartest Guys in the Room” Who were the smartest guys in the room? Kenneth Lay, the founder of ENRON. Louis Borget, the CEO who diverted company money to offshore accounts. Jeffrey Skilling, the CEO who implemented the mark-to market accounting. J. Clifford Baxter and Lou Pai, the executives who Skilling hired. Andrew Fastow, the CFO who created companies solely to do business with Enron. The auditors, who turned the head when the money came rolling in. Are these the
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Reporting Practices and Ethics Latarshia Jackson HCS 405 February 19, 2012 Conway Brew Reporting Practices and Ethics The misrepresentation of financial reports for any organization can bring about dire consequences. A financial accounting system provides insight into the company expectations and Many organizations depend on account management that works closely with organization management performance. Having effective management of accounting information, allows an organization to be able
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Mr. Leverage, I was recently informed through a colleague about your upcoming decision of going public with your company. Let me first congratulate you on making such an executive decision. This decision will not only change your company it will also change your life. There is much entailed in going from a private entity to a public one. There are many advantages as well as disadvantages, and you must be well prepared and informed of both in order to deal with these issues. From the information
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to be some guidelines in accounting to prevent fraudulent activities from occurring. In the 1990’s businesses would create false financial statements in hopes to raise their stock prices to get more investors. The most notable company to crash was Enron, followed by Global Crossing which is the parent of MCI, and Xerox; later, almost one thousand publicly traded companies restated their financial statements. This resulted in almost $6 trillion of stock market value disappearing (Cunningham, 2003)
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Sarbanes-Oxley Act (SOX) ACC290 March 29, 2012 Sarbanes-Oxley Act (SOX) The Sarbanes-Oxley Act (SOX) was created on July 2002 after numerous financial scandals involving companies such as Enron and WorldCom. The main section of the act which is section 404(a) requires management to provide the financial reporting accurately and effectively. This is called Internal Control over Financial Reporting (“ICFR”). There are several sections that have been created to assure the accuracy of the financial
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Legal Advice Question #1 - Summarize the actions that lead to the lawsuit. In the suit Board of Trustees of Community College District No. 508 v. Coopers & Lybrand, the Board filed suit due to Cooper’s failure to report discrepancies and inappropriate investments by the Treasurer and Chief Financial Officer Phillip R. Luhmann. According to Kilbride (2003, p.1), “in 1988, 1990, and 1992, the Board Adopted Resolutions authorizing its treasurer to invest City Colleges’ funds only
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September 2011 (updated January 2012) Effect analysis IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities In The IASB’s approach to effect analysis Before we issue new requirements, or make amendments to existing IFRSs, we consider the costs and benefits of what we are proposing. This includes an assessment of both the costs incurred by preparers of financial statements and the costs incurred by users of financial statements when information is not
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