Third Parties Accountants have a responsibility to third parties who rely on the financial information prepared by the accountant. Third parties are not accountant’s client, but these third parties also rely on accountants’ financial statements, reports, disclosures, and
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A review of Kroger’s annual report. Introduction This paper takes a look Kroger’s fiscal year 2010 Annual Report. Introduction The first part of Kroger’s annual report is an introduction on managements responsibility for financial reporting and managements report on internal control. These statements are an introduction to the report and set the tone for the annual report. In this section Kroger states their firm belief in operating ethically and identifies the group that audits their
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Homework Assignments 2-7 The Public Company Accounting Oversight Board was established through the Sarbanes-Oxley Act to provide oversight over auditors for public companies audit, establishes auditing and quality control standards for public company audits, and performs inspections of the quality controls at audit firms performing those audits. The American Institute of Certified Public Accountants (AICPA) is responsible for issuing auditing, attestation, and quality control statements
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WorldCon: A Case Study of WorldCom ACCT 424B Prof. R. Hayes May 12, 2011 WorldCom is a telecommunications company that was once worth billions but is now merged with Verizon after bankruptcy due to fraudulent activities. The question is what caused one of the largest US corporations began a spiral into financial ruin. WorldCom according to John Sidgmore, a former top executive of WorldCom, stated that WorldCom generated annual revenues of over $30 billion a year, has more than 60,000 employees
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Crazy Eddie, Inc. Question 1 Key ratios and other financial measures: |Pro Forma Balance Sheet Ratio |1984 |1985 |1986 |1987 | | |Account Receivable |7.12% |4.18% |1.77% |3.68% | | |Merchandise Inventories |63.83% |40.51% |47.16% |36.99% | | |Account Payable
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Introduction The audit expectation gap has been in existence for decades; it was first introduced during the early 1970’s. Collective evidence has gradually shown the existence of the expectation gap. Researchers, Salehi, Ali, Kandasamy, Ojo, Epstein, Geiger, Pierce, Kilcommins, Humphrey, Adeyemi, Uadiale, Monroe, Woodcliff, Jennings, Porter, Sikka, Hassas-Yeganeh , Khaleghi, Dixon, Woodhead, Frank, Lowe, and Smith, have continued to investigate the existence of the expectation gap and its complications
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Discuss whether the current international regulatory environment for the auditing profession is robust enough to ensure that the external auditors of listed companies provide reports to owners and investors which are sufficiently independent to serve the public interest. Introduction As we will discover, the topic posed above is a complex one, which has many arguments both in favour and against the stability of the present regulatory environment in ensuring that the audits which auditors produce
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Environment (December 5, 2008) Representation Letter A letter from management to the auditor representing that the financial statements are fairly presented. The letter is addressed to the independent auditor, and dated at the date of the auditor's report. It is signed by members of management whom the auditor believes are responsible for, and knowledgeable about, matters covered (chief executive officer and chief financial officer). Specific items included in the representation letter are: -
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Executive Summary Imagine a world in disarray. Imagine many people suffering devastating losses from large investments in the securities market, once perceived as providing generous future returns. There have been several events in our nation’s history that have impacted the lives of many Americans. Recent scandals and related corporate failures have triggered new laws and increased regulation in order to restore confidence in the securities market and to provide reliable and accurate information
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also known as annual reports. According to the section 210 of companies act 1956, it is compulsory for every company to presents its annual report before the shareholders in annual general meeting. this annual report Consist profit and loss account , balance sheet , directors report and auditors report. The board of directors of the company are required to publish these reports annually to provide information to the various interested parties. Therefore These published reports are also known as
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