required to make inquiries of the prospect’s predecessor auditors to obtain information that might enter into the acceptance decision, such as information regarding the integrity of management. The prospect’s financial reports, SEC filings, credit reports, and tax returns are used as sources of financial background information. 6–2 The audit committee of a board of directors must be composed of at least three independent directors. Independent directors are those who are outside directors (not officers
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required to make inquiries of the prospect’s predecessor auditors to obtain information that might enter into the acceptance decision, such as information regarding the integrity of management. The prospect’s financial reports, SEC filings, credit reports, and tax returns are used as sources of financial background information. 6–2 The audit committee of a board of directors must be composed of at least three independent directors. Independent directors are those who are outside directors (not officers
Words: 9695 - Pages: 39
Michael F. Peters ABSTRACT: Many students have not spent much time studying or contemplating the importance of non-GAAP (Generally Accepted Accounting Principles) earnings to the ‘‘Street.’’ Based on the facts of an actual company and utilizing the financial information drawn from this company’s 10-K and Earnings Release, this case introduces students to the strengths and weaknesses of GAAP and non-GAAP earnings measures, and why the Street might be more interested in cash and recurring earnings in attempting
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What are the benefits of international financial reforting standards since thier adaption at the beginnng of the 21st? essay EXECUTIVE SUMMARY International Financial reporting Standards IFRS as a recent accounting phenomenon has drawn the attentions of Accountant, financial institutions and financial managers, multinational companies, government, financial regulatory institutions and in all the participants in capital market. This research is aim at examining the benefits of IFRS as against the present
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is the sole part of financial accounting and financial reporting. It is “a coherent system of interrelated objectives and fundamentals that can lead to consistent rules and that prescribes the nature, function, and limits of financial accounting and financial statements.” It is a kind of constitution. Roles: * Conceptual framework is to be useful and rule-making should build on and relate to an established body of concepts and objectives. It increases financial statement users’ understanding
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Introduction An analyst must have a clear understanding of the firm’s objectives to effectively measure its business performance and management. In most financial textbooks, the objective of a company is maximizing the value of the owner’s interest in the firm. For the investor-oriented firm (IOF), the firm’s value depends on earnings used to reward investors and to reinvest in productive assets that will generate future earnings. The interdependence of a firm’s value and its earnings has led to
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Reporting Practices and Ethics Tiffany L. Richardson HCS 405 July 18, 2011 Todd Brown Reporting Practices and Ethics Financial Management is a fundamental part to successful healthcare financial planning. Financial decisions are a necessary part of the day to day operations of any type or sized health care facility. These decisions are made in accordance with the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper
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Efficiency and Effectiveness of Waqf Institutions in Malaysia: Toward Financial Sustainability Maliah Sulaiman Email: maliah@iium.edu.my Department of Accounting, Kulliyyah of Economics and Management Sciences International Islamic University Malaysia Jalan Gombak, 53100 Kuala Lumpur, Malaysia and Muntaka Alhaji Zakari* Email: alhajizak@gmail.com Department of Accounting, Kulliyyah of Economics
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Auditors’ and Accountants’ Reports 1. (N95,62) Which of the following statements is a basic element of the auditor’s standard report? a. The disclosures provide reasonable assurance that the financial statements are free of material misstatement. b. The auditor evaluated the overall internal control structure. c. An audit includes assessing significant estimates made by management. d. The financial statements are consistent with those of the prior period. 2. (N95,68) The fourth standard
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Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk..............................................................3 Module II – PRELIMINARY ASSESSMENT OF CONTROL RISK BASED ON AN UNDERSTANDING OF THE DESIGN OF CONTROLS ................17 Module III - Control Testing: Sales Processing................................................29 Module IV - PPS Sampling: Factory Equipment Additions............................31 Module V - Accounts Receivable Aging Analysis.
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