Case Study 2 Solution Date:-08/10/2014 LJB Company :- Internal control No | Particular | Page no | 1 | Introduction | 1 | 2 | Topic 1 Explanation | 1-2 | | Internal control requirement | | 3 | Topic 2 Explanation | 2-3 | | Internal control requirement | | 4 | Topic 3 Explanation | 3-4 | | Internal control requirement | | 5 | Summary of recommendation | 5 | 6 | conclusion | 6 | case study 2 solution Dear president of LJB Company
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statements to Quinn, the audit senior. After reviewing the financial statements, Quinn thinks the client may have omitted an important item. Issues: Whether interim financial statements are required to include earning per share amount? ASC 270-10-05-1 and 2 addresses that publicity trade companies must issues an interim financial statements covering periods of less than a year to enhance the timeliness of financial information. Moreover, the interim financial statements provide investors and
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The Sarbanes-Oxley Act of 2002 Presented by: Ibrahim M. Conteh; Ruby Proctor Garcia; Kathleen M. Parry; Joseph M. Schmerling; Jaime Ulloa Auditing Theory and Practice 0902 ACCT422 4021 Due: April 29, 2009 Table of Contents Page Number What is the Sarbanes-Oxley Act of 2002? 3 Why was SOX established? 4 When did SOX take effect? 5 What companies were affected and how? 6 What does SOX compliance require
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traded companies need to publish financial documents and other information * Audited financial statements came about later * They get reported to SEC through EDGAR * 10-K – annual report on financial information * 10-Q – quarterly report on financial information * 8-K – annual report on financial information plus other important information (mergers, change of auditors, etc.) * So much regulation b/c effects can lead to loss of faith in system, finances
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Home Page» Business and Management Fi504 Practice Case Study 2 Internal Controls In: Business and Management Fi504 Practice Case Study 2 Internal Controls SUBJECT: Evaluation of Internal Controls Mr. Smith, We have completed our assessment of LBJ Company’s system of internal controls. In addition, our firm researched the regulation regarding publicly traded firms in order to provide you with the most current information. Securities and Exchange Commission. “Official
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auditing standards for public companies, whereas the AICPA (Auditing Standards Board)is responsible for private companies. Prior to the SOX, the AICPA was responsible to establish auditing standards for both private and public companies. . Problem 2-10 Although the generally accepted auditing standards are quite general, it is probably best to keep them that way rather than having specific audit guidelines. I believe this is the best way to set the standards because it would still allow the CPA
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Brochure More information from http://www.researchandmarkets.com/reports/687309/ Attock Petroleum Ltd 2008 Annual Report Description: An Annual Report provides a detailed look at the financial results for the prior twelve months of operations. Reporting requirements vary by country, but almost every Annual Report will include: - Chairmans Statement - Income Statement - Cash Flow Statement - Balance Sheet - Notes to the Accounts - Auditors Report. Annual Reports may also include a marketing/product
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External and Internal Environmental Analysis DSW is the leading footwear specialty retailer in the United States operating 305 shoe stores in 39 states as of January 30, 2010. The shoe warehouse offers a wide assortment of better-branded dress, casual and athletic footwear for women and men, as well as assessories. The company’s main focus is to create a distinctive shopping experience that satisfies both the rational and emotional needs of DSW customers by offering a vast, exciting assortment of
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Does the accounting profession deserve its reputation? Why or why not? At the time Stephen Zeff wrote this article, the accounting profession deserved it reputation it had developed. From it humble begins in the early 19th century, to 2003 when this article was published, the accounting profession’s reputation became tarnished. At the time the Securities Act of 1933 and the Securities Exchange Act of 1934 were passed the intent was to create accounting standards for publicly traded companies. However
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MGT 600 BUSINESS RESEARCH FOR DECISION MAKING 1. For the task that Director of Technology Development gave. They should ask a corporate lawyer, unless you are the lawyer. They would use Lexis/Nexus in this research. They can also look at this web site but the chance of getting "assistance" from an SEC regulator is ZERO. EDGAR website for Corporate filings http://www.sec.gov/edgar.shtml Federal Register Most Recently Published SEC Materials www.ftc.gov/ Federal Register the Daily
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