1. What are the four major types of firm in the U.S, how are they defined, and what are the key differences between them? I understand from the course text that within the context of corporate finance the four types of firms in the U.S. are sole proprietorship, limited liability companies, partnerships and corporations (Berk & DeMarzo, 2011). These four firms are fundamentally different in their makeup and operations. To begin with a corporation is a legally defined artificial being with legal powers
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Lab #1 assignment Assess the impact of sarbanes-oxley (sox) compliance law on Enron Course Name: Information Technology Audit & Control Student Name: Abdullah Shafea, Ammar Alshehri and Mohammed Rammal Instructor Name: dr. k. Mustafa Lab Due Date: 23/2/2016 Overview Enron, a corporation headquartered in Houston, operated one of the largest natural gas transmission networks in North America, totaling over 36,000 miles, in
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counterpart. Respond to at least two of your classmates’ posts. Week 1 DQ2 Annual Reports. Visit the website for Tootsie Roll (www.tootsie.com). Click on “Company Information” then “Financial Information”. Open the latest annual report and review it to find the answers to the following questions: § What are Tootsie Roll’s corporate principles? Do you agree with these principles, or do you feel there are additional principles that should be included? What was the total amount of Tootsie
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counterpart. Respond to at least two of your classmates’ posts. Week 1 DQ2 Annual Reports. Visit the website for Tootsie Roll (www.tootsie.com). Click on “Company Information” then “Financial Information”. Open the latest annual report and review it to find the answers to the following questions: § What are Tootsie Roll’s corporate principles? Do you agree with these principles, or do you feel there are additional principles that should be included? What was the total amount of Tootsie
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is auditing. Their main responsibility is to perform the annual statutory audit of the financial accounts, providing an opinion on whether they are a true and fair reflection of the company’s financial position. Audits are internal or external review of a company financial operation. Companies do not only require auditing to ensure accurate and reliable financial reporting, but also they are required by law to provide accurate and timely financial reports to their appropriate regulatory agency
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securities that are registered with the agency. Answer: True Difficulty: Medium 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. Answer: False Difficulty: Easy 6. An annual peer review is a requirement of the AICPA. Answer: False Difficulty: Medium 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. Answer: True Difficulty: Easy 8. Staff assistants in CPA
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implementation of procedures and corporate policies will help the employees to focus and will prevent compliance violations. Both officers and employees must comply with applicable laws and guidelines provided in the corporate policies. Regular reviews of the following governance committees will help to manage the liability of the directors and officers. Some examples of governance committees that could be implemented include ethics, legal and contract, labor relations, risk, export control
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Connie Burkey Unit 3 Regulations in the Industry of Accounting Research Paper Professor Lerner When looking at the regulations that the government has set down in the accounting sector the old saying “rules are made to be broken comes to mind. Like the rules that are created in the home or for society as a whole, government regulations are set in place to ensure that transactions are being conducted in an honest and lawful manner, and to give a sense of accountability to everyone.
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A Primer on Sarbanes-Oxley This paper is an investigation of violations in finance according to Sarbanes-Oxley (SOX) as related to ethics and those influenced by decisions from investment management. I assessed the financial and social business practices of different organizations and identified ethical issues within the businesses that impacted internal and external stakeholders. Research revealed issues and activities that should have been resolved voluntarily prior to SOX’s enactment to meet
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Enron’s demise was not as significant. Yet, in the wake of Enron’s collapse, the Sarbanes-Oxley Act was rushed into law in the USA in order to cure the perceived corporate ills of, and give back credibility to, corporate America. Organisations around the world have since spent thousands of hours becoming Sarbanes-Oxley compliant in order to be able to continue trading with companies in the USA. At the centre of Sarbanes-Oxley was its focus on strengthening corporate governance procedures to prevent fraud
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