CASE STUDY 1: FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM A. INTRODUCTION OF THE CASE There are many puzzling issues that could occur in the process of auditing a listed company. These issues could be created either intentionally or the other way around. Therefore, an objective analysis is needed to clear the puzzles especially if the auditors wish to curb fraud cases among their clients. In the case of Flat Cargo Berhad (FCB), the auditor has found some inconsistencies in
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Reporting Practices and Ethics Christine Crumity HCS 405 Module R4 October 10, 2011 Barbara Archer Reporting Practices and Ethics Reporting practices and ethics are the seams of health care accounting and management. It is important that the principles and practices are adhered to in order for the organization to continue operating. Health care is an organization which thrives on care and safety along with stability. It is management’s responsibility to ensure that not only care criteria
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of philosophy dealing with the values relating to the human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions (Webster). There are numerous types of ethical issues involving marketing research. Marketing researchers have a social responsibility to provide the public with honest and accurate findings. It important that marketing researchers not mislead the public by providing misinformation or by participating
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Chapter 1 Cost Accounting: Information for Decision Making Solutions to Review Questions Financial accounting is designed to provide information about the firm to external users. External users include investors, creditors, government authorities, regulators, customers, competitors, suppliers, labor unions, and so on. Cost accounting systems are designed to provide information to internal users (managers). This difference is important, because it affects the design of the systems. Financial
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Accounting Standard Boards Paper ACC/541 September 09,2013 Heber Howard Accounting Standard Boards Paper In the business of accounting two boards stand out the first one is the International Accounting Standards Board (IASB), and the second is the Financial Accounting Standards Board (FASB). The two boards are putting together this joint adventure to have a universal standard recognized internationally by entities for reporting of financial statements. This adventure will help to ensure
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Challenges Faced by Accounting Profession ACCT 5100 Professional Development Challenges Faced by Accounting Profession Introduction Accounting has evolved, like many other professions, over time and is playing an increasingly significant role in today’s business environment. The key accounting practices are still identify, measure and communicate the economic condition of an entity with both inside and outside stakeholders. Accounting professionals have
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in 1966, ethical standardsof the accounting profession JOHN carey and William Doherty state: the code of ethics in the effect is an announcement that, in return for the faith which the public responses in CPA’s, members of the profession accept the obligation to behave is a way that will be beneficial to the public. Comment on the meaning of this statement as your understand it. Do you think this standard of behavior has changed in the past 40 years? Why or why not? 2.- The accounting profession
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assets and more than 20 million customers. John Sidgmore (2002), Ebbers’ successor after the scandal, said “WorldCom is a key component of our nation’s economy and communications infrastructure.” However, the giant collapsed in 2002. 2. The Main Issue: Earnings Management 3.1 Definition of Earnings Management A commonly acknowledged definition of earning management by Healy and Wahlen (1999) demonstrates that managers implement personal judgement in financial reporting and transactions to
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Ethical Behavior Page 1 Ethical Behavior Jeffrey Wiese II XACC/291 07/26/2015 Rashad Abdullah Ethical Behavior
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With the recent increase in financial crimes and business fraud, forensic accountants are in great demand. Forensic accounting is the practice of utilizing accounting, investigative, organizational, analytical and communicational skills to conduct examination into a company’s financial statements in legal matters (Crumbley, 2007). Forensic accountants can own their own accounting firms or be employed by lawyers, insurance companies, banks, or large corporations. The use of accountants has played
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