IMPORTANT AICPA INFORMATION ON SARBANES-OXLEY |How the Sarbanes-Oxley Act of 2002 Impacts the Accounting Profession (AICPA) | | | | | |
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series of industry codes of conduct and guidance 2.2 Introduction The emergence of today’s auditors happened during the Industrial Revolution that started in Great Britain around 1780. This revolution led to the emergence of large industrial companies with complex bureaucratic structures and, gradually, the need to look for external funds in order to finance further expansion: the separation between capital provision and management. Both developments resulted in demand for the services of specialists
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Week 7 assignment Fraud is a major problem for organizations all over as it involves theft and fraudulent financial statements. As the number of individuals involved increases, fraud expands and worsen within a company since there are more people supporting the wrong acts instead of doing what is right. Cardillo Travel Systems was the largest company in the travel agency industry in the 1980’s where it was first listed on the national stock exchange. The CEO of the company was a businessman from
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FINANCIAL REPORTING QUALITY AND CORPORATE GOVERNANCE: THE PORTUGUESE COMPANIES EVIDENCE Cristina Gonçalves Góis Senior Lecture Instituto Superior de Contabilidade e Administração de Coimbra Instituto Politécnico de Coimbra Área temática: C) Dirección y Organización Palabras clave: gobierno corporativo; la calidad contable; información financiera; 1 FINANCIAL REPORTING QUALITY AND CORPORATE GOVERNANCE: THE PORTUGUESE COMPANIES EVIDENCE. ABSTRACT The main objective of this paper is
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GG Accounting Firm Control Analysis of LJB Company Prepared for: Harry Truman President, LJB Company 2300 Pennsylvania Ave. New York, NY Prepared By: Student Name CFO, GG Accounting Firm August 11, 2013 233 S Wacker Dr Chicago, IL 60606 Web:www.GGaccountingfirm.com │Tel 1-800-CON-TROL│ Email GGaccountingfirm@email.com Table of Contents Introduction ………………………………………………………………………………………………………………… 3 Internal Control ……………………..…………………………………………………………………………………
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Case 3.1 Name Q1. Based on the information from the case, three specific facts that increase the risk of misstatement are listed as below. 1. A 15-year contract Enron signed with Brooklyn Union, transported gas through contracting with another company. The long term contract was risky because prices and cost could rise that make the contract unprofitable. 2. Enron served as an intermediary to collect as profits between the prices purchased and sold the gas. "Merchant Model" revenue
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(2012). For a company to be listed in the NYSE, it must have in excess of 2,200 shareholders, and have an average daily trading volume of at least 100,000 shares. In other words, the company has to be big, very profitable, in order to be listed. NASDAQ is another well known stock exchange. It was developed in 1971, and is the first electronic stock exchanged in the world. It was also recognized, as the most technologically-savvy stock exchange in the world. (Money-Zine, (2012). In the 1990’s NASDAQ,
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Web WorldCom: The Accounting Scandal Bob Lyke Specialist in Social Legislation Domestic Social Policy Division Mark Jickling Specialist in Public Finance Government and Finance Division Summary On June 25, 2002, WorldCom, the Nation’s second largest long distance telecommunications company, announced that it had overstated earnings in 2001 and the first quarter of 2002 by more than $3.8 billion. The announcement stunned financial analysts and, coming on top of accounting problems at other corporations
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Final Paper: Case Study of WorldCom Financial Statement Fraud Introduction This paper will discuss the financial statement fraud committed by WorldCom by examining what led up to the fraud, who committed it and why, and the impact it caused on various stakeholders and the economy. WorldCom applied aggressive and undisclosed accounting tactics to provide financial statements that reflected a $10 billion profit for the years 2000 and 2001, rather than the actual combined loss of $73.7 billion
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through the cash accounts * Cash can be either and asset or a liability * The audit of cash accounts assists in the verification of other asset and liability accounts as well as revenue and expenses * Cash is the highly liquid asset in a company and it is an area of high inherent risk since there is a relatively high risk of misappropriation. * Investors rely on the accuracy of cash in evaluating the company’s financial well being The audit steps for cash are a routine part of an
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