economy. Many lessons can we learn from its collapse. In this paper we present an analysis of the factors that contributed to Enron’s rise and failure, underlying the role that energy deregulation and manipulation of financial statements played on Enron’s demise. We summarize some lessons that can be learned in order to prevent another Enron and restore confidence in the financial markets, as well as in the accounting and auditing professions. Keywords: Enron, Corporate Ethics, Corporate Bankruptcy
Words: 7654 - Pages: 31
Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise and problem in Intermediate Accounting
Words: 7572 - Pages: 31
approximately 250,000 workers. Kmart's annual sales averaged $37 billion, and the company was the nation's second largest discount retailer and third largest general merchandise retailer. Its direct competitors were Wal-Mart and Target. This research paper will illustrate an accounting fraud committed by Kmart when improperly recognized as revenue a $42.3 million payment from American Greetings Corporation. Kmart negotiated a multi-year contract (5 years) for exclusivity rights and company’s policies
Words: 1885 - Pages: 8
BENSON IDAHOSA UNIVERSITY BENIN CITY COUSE CODE: ACC 811 TOPIC: EXAMINE THE ISSUES WHICH WERE THROWN UP IN THE CBN AUDIT OF THE NIGERIAN BANKING SYSTEM IN 2009 AND ASSESS THE EXTENT TO WHICH THIS COULD BE ATTRIBUTED TO ACCOUNTING FAILURE BY OBOR OMUEKPEN EVARISTA (MSC ACCOUNTING) EXECUTIVE SUMMARY The reform started when it became clear that poor corporate governance practices, over and undue exposure to the capital market, oil and gas sector, poor risk management practices and inadequate
Words: 2977 - Pages: 12
responsible institutions. The Securities and Exchange Commission (SEC) is a US regulatory agency that has the authority to establish accounting standards for publically traded companies ("Quickmba financial accounting," 2010). When the SEC was established in 1934 there was no accounting standards issuing body. The SEC has encouraged the private sector to set the standards. In 1939, encouraged by the SEC, the American Institute of Certified Public Accounts (AICPA) formed the Committee on Accounting Procedure
Words: 2739 - Pages: 11
doi:10.5539/ijbm.v7n18p49 Accepted: June 20, 2012 Online Published: September 16, 2012 URL: http://dx.doi.org/10.5539/ijbm.v7n18p49 Abstract Islamic banks use finance leases as a mode of financing, after incorporating major alterations in the structure of the contract in order to meet Shariah principles. In this case, the contract is called ‘Ijarah Muntahia Bittamleek’. As different structures might lead to different accounting results, the Accounting and Auditing Organization for Islamic
Words: 5618 - Pages: 23
life of citizens, in particular, and on the society at large. Therefore, today, there is an increase awareness of social responsibility due to the challenges meeting the financial institutions (particularly, Islamic banking) around the world. This paper examines the influence of the board of directors’ characteristics, consisting of board size, board composition, and the separation roles of CEO and chairman, on corporate social responsibility (CSR) disclosure in 53 annual reports of Islamic banks
Words: 11161 - Pages: 45
A D I D T C ACN N D I D AAET E BULLETIN BULLETIN INFORMATION FOR APPLICANTS INFORMATION FOR APPLICANTS June 2008 June 2012 UNIFORM CPA EXAMINATION CANDIDATE BULLETIN PREFACE This bulletin is intended for individuals who plan to take the Uniform Certified Public Accountant (CPA) Examination. The examination is fully computerized and offered via a network of test centers across the United States and its territories, as well as Japan, Latin America and the Middle East. Successful completion
Words: 15757 - Pages: 64
34 audit sampling 审计抽样 35 audit staffing 审计工作人员 36 audit timing 审计定时 37 audit trail 审计线索 38 auditing standards 审计准则 39 auditors duty of care 审计（查帐）员的抚养责任 40 auditors report 审计报告 41 authority attached to ISAs 代理权附上到国际砂糖协定 42 automated working papers 自动化了工作文件 43 bad debts 坏账 44 bank 银行 45 bank reconciliation 银行对账单,余额调节表 46 beneficial interests 受益权
Words: 2307 - Pages: 10
the productivity of financial markets. Financial statements provided by the auditors are often reviewed as credible, unbiased opinion that truly reflects the company financial positions. There’s no doubt that auditor independence is the core of auditing profession when establishing its objectivity and integrity. Auditor independence, in particular, indicates the ability of an auditor to disregard any influence or control when conducting an opinion (AAA, 1973). Therefore, auditor must be, and must
Words: 12977 - Pages: 52
