puzzles. How could the accounting and audit failures associated with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well.
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Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarised, interpreted, and communicated; for public companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organisation and is usually confidential and accessible only to a small group, mostly decision-makers. Tax Accounting is the accounting needed to comply with jurisdictional
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ASSIGNMENT COVER SHEET 1. ASSIGNMENT DETAILS: | | | Student ID: | 22009138 | Submission Date: | 5th June 2012 | Assignment Number: | | Assignment Type | Essay | Word Count: | 1690 | 2. PROGRAMME DETAILS: | | | Programme of Study: | BA (HONS) BUSINESS AND MANAGEMENT/Combined Studies | Lecturer / Tutor: | Posi Olatubosun | Module Title: | Principles Of Finance | Module Code: | OUBMC 1507 | 3. STATEMENT OF AUTHENTICITY: | | | I have read and understood the
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puzzles. How could the accounting and audit failures associated with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well.
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BUS 424 Auditing Summary of Key Audit Planning Concepts Dr. Miller I. GAAP versus GAAS/SAS Generally Accepted Accounting Principles (GAAP) – Consists of Statements of Financial Accounting Standards (SFAS) created by FASB to guide the preparation of financial statements. Generally Accepted Auditing Standards (GAAS) – 10 general standards representing a framework from which AICPA can provide interpretations. They are organized into 3 groups – General Qualifications, Field Work Performance
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Audit Assignment Case: Burnaby Wholesalers Ltd. INTRODUCTION: Burnaby Wholesalers Ltd. is a closely held company. The company distributes building materials, hardware, and related products to retail stores that service the “do-it-yourself” home improvement market. The company operates in a very competitive industry and the company’s profit margins and sales have both been decreasing during the last several years as new competitors have entered the market. The company’s fiscal year end is Sep
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IT Audit Seminar organized by National Audit Office, China 1 to 4 September 2004 Paper on “Formulation of IT Auditing Standards” By -- Ms.Puja S Mandol and Ms. Monika Verma Supreme Audit Institution of India Introduction The use of computers and computer based information systems have pervaded deep and wide in every modern day organization. An organization must exercise control over these computer based information systems because the cost of errors and irregularities that may
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Enron Case 10.8.2014 Melissa Becker Boya Du Sidi (Fiona) Chen Wei (David) Yu In June of 2001 Enron’s new CEO, Jeff Skilling, was heralded as the “No. 1 CEO in the entire country and Enron was saluted as “America’s most innovated company.” Just six months later, in December, Enron filed for bankruptcy. The failure shocked the public and angered investors. How could this have happened? Did no one see this coming? Where were the accountants? Where were the controls? Enron’s public troubles
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Sarbanes-Oxley Act (SOX) The accounting industry as a whole endured quite a lot of publicity in last few years. Accounting scandals at mega-corporations likes Tyco, Enron, and WorldCom had made the public painfully aware of the limitations of internal accounting practices and the apparent ease with which corporate executives can manipulate the industry and report false financial information. In light of that limitation, the United States government passed the Sarbanes-Oxley Act (SOX) in 2002,
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The Implications of Risk Management Information Systems for the Organization of Financial Firms Michael S. Gibson* Federal Reserve Board Abstract Financial dealer firms have invested heavily in recent years to develop information systems for risk measurement. I take it as given that technological progress is likely to continue at a rapid pace, making it less expensive for financial firms to assemble risk information. I look beyond questions of risk measurement methodology to investigate
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