information which our topic requires as to discuss. (Bather & Tucker 2011) Reliability Andrea Bather is an accounting lecturer in Department of Accounting, Waikato Management School, and University of Waikato, New Zealand. She has a bachelor degree in Law (University of Canterbury) and also completed Masters in Law from University of Waikato. She’s also an author of “The Public Company Accounting Oversight Board: national and international implications” (2006) journal. Journal is also peer-reviewed
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“This new law impacted accounting and financial decision making because it required companies to be responsible for their financial decisions; it also regulated the way board members and auditors interact, as well as, recognizing and regulating the problem of auditors working for companies that they have personal interest in” (Ganly, 2011, Para. 3). Sarbanes-Oxley affects smaller companies and makes sure the organization is under compliance. Management of such company has the legal duty to maintain
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White Collar Crime and Accounting Standards in the Nigerian Public Sector Nenyiaba, Ile Charles Faculty of Management Sciences Nnamdi Azikiwe University, Awka, Anambra State, Nigeria E-mail: nenyiabaic@yahoo.com ABSTRACT This survey examined the spate of white collar crime in the Nigerian public sector and the extent to which existing accounting standards are helping to stem the occurrence of the crime. Two null hypotheses were formulated and the primary data used to test the hypotheses were obtained
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displaying a lack of respect not only for themselves, but showing a great deal of disrespect for the company the employee work for. This can further be complicated when dealing with the funds of a company. The repercussions not only affect the company, but also clients, and employees. No greater case has proven this like the Enron Scandal. Enron was an energy trading and communications company based in Houston, Texas. Enron employed 21,000 people by June 2001. Enron was accused of misrepresenting
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interdependent. Companies all over the world including small- and medium-sized entities work together and across geographies to attain sustainable growth. With the world becoming more borderless, it is then imperative that a strong financial planning must be made available for universal adoption. The international business environment relies on unbiased, clear, consistent, relevant and high quality standards. The task to develop and review internationally accepted standards was given to accounting councils
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American Institue of Certified Public Accounting (AICPA) in the 1940's. In the 1940's, three guidelines to include General Standards, Standards of field work, and Standards of reporting. Each of these topics includes details as to the "flow" of the auditing process. After the Sarbanes-Oxley Act of 2002, (SOX), the regulations were increased with detail, and offered more insight as to the consequences of not following the "rules". The Public Company Accounting Oversight Board, (PCAOB), obtained more
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• In the wake of all the accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Fraud is defined as a deliberate misrepresentation that causes a person or business to suffer damages, often in the form of monetary losses (Elements of Fraud, 2014). To counter fraud in publicly traded companies, the Sarbanes-Oxley Act (SOX) of 2002 was introduced and signed
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ACC460( Government and Non-Profit Accounting )Complete Class Click This Link to Get The Tutorial: http://www.myhomeworkspot.com/ACC455-Corporate-Taxation-Complete-Class-002.htm Week 1 Individual Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB accounting. Explain the objectives of the two standards boards and how they are similar and different
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Accounting: Accounting Fraud at WorldCom Date: 1/26/2015 3. What are the pressures that lead executives and managers to "cook the books"? The CEO and CFO of WorldCom wanted to “cook the books” because they wanted to keep the company’s stock price growing. Managers and accountants “cook the books” because they are forced to do so by their CEO and CFO. WolrldCom CEO Ebbers believed that increasing the stock price is their number one priority, so he set up a goal for the corporation--“The
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How is the Sarbanes-Oxley Act likely to affect the accuracy of public company financial statements and the cost of capital for public companies? SOX The Sarbanes-Oxley Act (SOX) was signed into law in 2002 by President Bush. The law was put in place to increase corporate responsibility and enhance financial disclosures; therefore, reducing and preventing accounting fraud. SOX also created the Public Company Accounting Oversight Board (PCAOB). What is PCAOB? PCAOB oversee activities that
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