Accounting And Auditing Essay Examples

  • Research And Development

    1105 words - 5 pages

    Statement of Financial Accounting Standards (SFAS) 2 defines research as “planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service or a new process or technique or in bringing about a significant improvement to an existing product or process1” and development as “the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or use.1” Design includes t

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    Financial Reporting

    2109 words - 9 pages

    Financial Reporting Major differences in the financial reporting practices of companies in different countries lead to problems for those preparing, consolidating and interpreting published financial statements. These differences will be discussed in the first part of the essay. Attempts to harmonise financial statements on an international scale have been made by bodies such as the IASC, more recently, the IASB and the EU. The success of these, however, remains open to interpretation. A company’s annual accounts, wherever they may be produced, provide information as to the financ

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    CIFA

    501 words - 3 pages

    In recent years many observers have said that traditional management accounting techniques are not fitted for companies functioning in present-day settings characterized by intense global competition, speedy technological change and the expansion of new management approaches, such as total quality management, just-in-time and flexible manufacturing systems(Bromwich, 1994; Bunce, 1995; Cooper, 1988). A variety of recently-developed techniques, including activity-based costing, balance scorecard, target costing, beyond budgeting or better budgeting, shareholder value analysis and benchmarking ha

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    Carenetwest Cnw Is A Large Healthcare

    744 words - 3 pages

    CareNetWest (CNW) is a large healthcare company that has grown almost exponentially in the past two years. In addition to dealing with issues of rapid growth, they are now facing required adherence to the Sarbanes-Oxley Act of 2002. Publicly owned companies are compelled to disclose all matters related to financial activities within the organization to minimize any possibility of dishonest financial disclosures to the public. Section 404 of the Sarbanes-Oxley Act requires public companies to include a report about the effectiveness of controls in their annual form 10-k. Internal controls consi

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    Accounting Regulatory

    557 words - 3 pages

    Accounting Regulatory Bodies Accounting regulatory bodies govern accounting practices around the globe. Although individual regulatory bodies adopt their own guidelines and standards they remain similar in many ways. Individual countries often integrate their own regulatory bodies, yet international organizations are compelled to abide by regulatory bodies adopted by their country of origin in addition to international guidelines. The Sarbanes-Oxley Act of 2002(SOX) was signed into law by President George W. Bush to provide publicly traded companies with additional rules and guidelines for

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    Accounting Regulatory Bodies

    516 words - 3 pages

    Accounting Regulatory Bodies Regulatory bodies serve an important function by establishing and enforcing rules of accounting that companies must adhere to. They provide a level of assurance that companies are not falsifying financial statements that the public relies upon. For this paper, I will examine four accounting regulatory bodies, the Securities and Exchange Commission (SEC), Financial Standards Accounting Boards (FSAB), Governmental Accounting Standards Board (GASB), and Public Company Accounting Oversight Board (PCAOB). Securities and Exchange Commission (SEC) The SEC se

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    Corporate Compliance

    1305 words - 6 pages

    Corporate Compliance University of Phoenix Corporate Compliance In the past few years many companies have taken well to the advice given by Committee of Sponsoring Organizations of the Treadway Commission (COSO) and made changes to their organization based on this advice. Specifically the enterprise risk management (ERM) model for companies which was released in 2004. COSO was formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private-sector initiative which studied the causal factors that can lead to fraudulent financial reporting (CO

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    Swot Potts Plants

    511 words - 3 pages

    Given the information supplied I have identified your problems and have noted some possible solutions for the long term success of Potts Plants. Problems You have understandably tried to modernise the company and increase sales, but through this you have lost many of your old customers, lost three of your key staff and consequently, lost most of your business. You have made changes to the selection of plants you supply, without knowing whether this is what the customers desire. This has caused many customers to stop purchasing from you. You have altered the staff structure, changing their

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    Accounting Reporting Criteria

    1816 words - 8 pages

    Accounting Reporting Criteria Paper Regulatory Environment Globalization has grown to the trade and investment of international businesses and the integration of economies around the world. However, companies need to take a more careful approach to how they manage that compliance to the principles that are enforced by legislative government agencies. Compliance deals with the worldwide standard principles of accounting, internal controls regulations or General Accepted Accounting Principles (GAAP). The GAAP is the standard framework of the guidelines for financial accounting. The US regula

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    Mba 560 Coso Erm Framework

    2587 words - 11 pages

    RUNNING HEAD: COSO ERM FRAMEWORK COSO ERM Framework University of Phoenix COSO ERM Framework Raytheon Missiles Systems is one of the major defense contractors specializing in missiles systems. As a publicly traded company that generates over $5 Billion in revenue, Raytheon’s mission is to provide top quality missiles to the United States Armed Forces and other military forces of allied nations. In order to continuously increase market share and profitability, Raytheon could benefit tremendously from implementing an enterprise risk management (ERM) strategy that

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    Audit Engagement

    1365 words - 6 pages

    You have requested that we audit the financial statements of The Crescent Textile MILLS LIMITED (“the Company”), which comprise the balance sheet as at 30 June 2009, the profit and loss account, statement of changes in equity, cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. We are pleased to confirm our acceptance and our understanding of this engagement by means of this letter. Our audit will be conducted with the objective of our expressing an opinion on the financial statements. We will conduct our audit in acco

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    Accounting Regulatory Bodies Paper

    730 words - 3 pages

    Accounting Regulatory Bodies Paper Acc 300 Svetlana Lasiter Teresa Felix Accounting Regulatory Bodies The success of an organization relies heavily on accounting. Investors are extremely important to publicly traded companies, and they rely on accurate accounting documents when choosing whether or not they want to invest in a company. Several accounting regulatory bodies exist, and each of them plays an important role in accounting and the effects that accounting has on an organization. The primary goal of these regulatory bodies is to establish a set

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    Corporate Compliance Report

    1598 words - 7 pages

    Corporate Compliance Report Over the past decade, the nation’s eyes have been opened to the scandalous world of business which has compromised the confidence of the public in the corporate world. This image has triggered a larger emphasis on internal control systems and audits. In section 404 of the Sarbanes Oxley Act, publically traded organizations are required to include a report about the effectiveness of controls in their annual form 10-k. These controls are the means an organization uses to ensure that business functions are performed in compliance of the law and procedures of the comp

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    Accounting Regulatory Bodies

    608 words - 3 pages

    Accounting regulatory bodies The goal of any regulatory body is to create, set in place, and enforce standard rules that will improve accounting standards of companies. In addition the regulatory bodies are set in place and give specific powers and duties to ensure that organizations are following the set rules and not able to create total havoc (as in the Enron fiasco) by regulating how the accounting is done by all US companies. First on the list is the “Financial Accounting Standards Board” or (FASB). According to the financial accounting standards board, “The mission of the FASB is to

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    Client Understanding

    1555 words - 7 pages

    Abstract As a newly hired staff, to ensure that clients understand fully the questions regarding the analysis of their work papers and understanding of the client’s requirement must be presented. A detailed proposal of long-term assets investments and intangibles must be discussed in detail. Questions on adjusting lower cost of market inventory, capitalizing interest on building construction, recording gain and loss on asset disposal and adjusting goodwill for impairment is expected from the client but are vital information in terms of tax purposes. This information is not the same for every

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    Audit Risk

    2793 words - 12 pages

    Audit risk is the risk of the auditor providing an inappropriate opinion on the financial statements. This is a term that is commonly applied in relation to the audit of the financial statements of an entity (Wikipedia 2007, Audit risk). Similarly ASA 200.31 defines audit risk at the financial report level as the risk that the auditor will give an inappropriate audit opinion when the financial report is materially misstated (Gay & Simnett 2007, p199). According to ASA 200.38-.41, there are three components of audit risk. These components are, inherent risk, control risk and detection risk

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    Ethics Accounting

    1294 words - 6 pages

    The purpose of ethics in business is to individuals to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services. In the accounting field, the AICPA maintains and enforces a code of professional conduct for public accountants. Professional accounting organizations recognize the accounting profession's responsibility to provide ethical guidelines to its members. The AICPA's first principle of professional conduct states: "In carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgme

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    Financial Accounting Research Systems Orientation Paper

    259 words - 2 pages

    Financial Accounting Research Systems Orientation Paper The Financial Accounting Research System (FARS) was designed to provide efficient and effective access to all necessary accounting literature. It has the ability to be installed as a stand-alone device or within a network. The purpose of FARS is to ensure data accuracy. With the many different accounting standards, laws, etc., it is both beneficial and crucial to have one database available to search for all the needed information. Without this, accountants would be forced to look into multiple databases and face the risk of receivin

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    Full

    668 words - 3 pages

    Full Disclosure Introduction The general practice of providing information that is of sufficient importance to influence the judgment and decisions of an informed user is often referred to as the full disclosure principle (Kieso, Weygandt, and Warfield, 2007). Full disclosure requires that financial statements and their notes present all information that is relevant to the users' understanding of the company's financial condition. The full disclosure principle in accounting is the ethical way to tell the truth about a company’s financial status to any party. Full disclosure allows for an in

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    Sarbanes Oxley

    2035 words - 9 pages

    The Sarbanes-Oxley Act was established on July 30, 2002 due to a number of accounting scandals by major companies. These companies include, but are not limited to, Enron, Tyco International, and WorldCom. When the share prices of the affected companies collapsed, the public’s confidence in the nation’s securities markets decreased. Also, these events resulted in a financial loss for employees and investors of these and other companies. The act was approved by the House by a vote of 423-3 and by the Senate, 99-0 (Wikipedia). Section 404 of the Sarbanes-Oxley Act represents the “managemen

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    Revoluntary Paper

    521 words - 3 pages

    Regulatory Paper This paper will discuss the responsibilities of four regulatory bodies. The paper will also discuss how organizations comply with the standards of these four regulatory bodies. There are many accounting regulatory bodies, like the Securities and Exchange Commission. Each one performs specific tasks and sets regulations for the accounting industry. The purpose of them is to protect the interest of the public, promote constant growth and protect its own self interest. I choose four regulatory bodies that I look at are Financial Accounting Standards Board (FASB) which is

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    Enron

    1078 words - 5 pages

    Once known as one of the worlds leading natural gas and electric companies with profits of over $111 billion dollars has now been reduced to bankruptcy and jokes on late night television. The company described is Enron which was involved in one of the biggest financial scandals of the century. Faced with the challenges of globalization, competitiveness, as well as increased profits, Enron engaged in fraudulent practices that ultimately led to its demise. After becoming one of the youngest certified public accountant in Illinois, Arthur Edward Anderson decided to start his own accounting fi

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    Accounting Standards Boards Paper

    1401 words - 6 pages

    Accounting Standards Boards Paper In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides a brief history of the relationship between the IASB and FASB will be how the MSA program wi

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    Corporate Compliance

    1729 words - 7 pages

    Corporate Compliance University of Phoenix MBA 560 January 20, 2008 Introduction The concepts of corporate governance are essential for any firm operating in today’s business environment, particularly with Sarbanes-Oxley. Corporations must at times reinvent a business model as it relates to managerial oversight and accountability. The goal of each company addressed in the benchmarked analysis will focus on corporate compliance issues as necessary measures to implement successful strategies that ensure greater shareholder wealth, managerial accountability and transparency. Si

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    Financial Accounting Research System FARS

    375 words - 2 pages

    The Financial Accounting Research System (FARS) is a system that contains six different databases that provide accountants’ access to official guidance to Generally Accepted Accounting Principles (GAAP). The purpose of FARS is to give accountants an effective and efficient way to research accounting literature that is up to date. It also helps to ensure data accuracy will all of the different accounting standards and laws. The FARS is beneficial to the accounting profession being a major database to search for all needed information. Without this type of database, accountants would be forced w

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    Worldcom Problems

    364 words - 2 pages

    Auditing is not an accounting function but rather an assurance service to provide creditors and investors the relevant and reliable information that they need. However, because the art of auditing as a whole is not 100% reliable, at times there can be misstatements and “book cooking”. This falsification of financial statements is usually made by middle and upper management. This creates a false sense of financial security and stability. Most of the time, the reason for financial misstatement is to increase shareholder wealth. Oftentimes, senior management is also a shareholder, so they have a

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    Code Of Ethics

    1375 words - 6 pages

    The purpose of ethics in business is to individuals to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services. In the accounting field, the AICPA maintains and enforces a code of professional conduct for public accountants. Professional accounting organizations recognize the accounting profession's responsibility to provide ethical guidelines to its members. The AICPA's first principle of professional conduct states: "In carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgme

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    Accounting Reporting Criteria

    1147 words - 5 pages

    Accounting Reporting Criteria Today, many businesses operate on a global scale. Each country has a different set of rules and regulations and this is no different when it comes to accounting criteria. Global business requires added consideration in the way of accounting reporting criteria and many countries do not have the high level of regulations that America has. This makes it extremely important for internationally operating organizations to understand and embrace best practices in financial reporting across borders. This paper will compare and contrast some of the challenges a U.S. comp

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    Induction Of IFRS And Its Impact On Financial Statement Accounts

    4545 words - 19 pages

    1. Abstract In a time of globalization throughout all facets of the society, IFRS is a system that changes every element of world’s monetary system. This essay focuses on impacts of IFRS induction how it differs with US GAAP. Over the past 5 years, the companies have been going through a lot of changes including the change of government and now in transition period of accounting system changes. 2. Introduction 2.1. Background International Accounting Standards (IAS) was issued by the International Accounting Standards Committee (IASC) from 1973 to 2000. The International

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    The Convergence Report

    1088 words - 5 pages

    Running Head: THE CONVERGENT PROJECT The Convergent Project Teresa Roland University of Phoenix Abstract This paper is about the overall objective of the short-term convergence project between International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to improve financial reporting in the United States and other countries, while concurrently eliminating a variety of individual differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Accounting Standards (IFRS). The main objective

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    Accounting Regulatory Bodies Paper

    513 words - 3 pages

    Accounting regulatory bodies were designed to set regulations for the accounting industry. These regulatory bodies are self-regulating associations that manages the daily actions and operations of companies in a business. Each body, such as the FASB, SEC, GASB and the IASB, has its own responsibilities and performs specific tasks and sets standards that organizations must comply with. The Financial Accounting Standards Board (FASB) is one of many accounting regulatory bodies. The FASB is an organization who takes on the responsibility of developing general acceptable accounting principles (

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    FASB

    978 words - 4 pages

    Financial Accounting Standards Board FASB stands for the Financial Accounting Standards Board. Its main purpose is to develop the generally accepted accounting principles in the United States known as GAAP. The Securities and Exchange Commission established FASB in 1973 replacing the Accounting Principles Board and the Committee on Accounting Procedure of the American Institute of Certified Public Accountants. The previous standards set by the prior boards are still in place unless they have been amended or superseded by FASB. FASB is not part of the United States government, but a pr

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    Risk Assessment

    677 words - 3 pages

    Risk Assessment Nick Leeson was appointed the general manager, head trader and an unofficial head of the back office at Singapore. Three different functions being performed by one person should be a red alert regarding segregation of duties. Nick’s job was to oversee the firm’s futures markets operations while also performing two very important functions: trading futures and options for clients or other firms within Barings, and arbitraging price differences between Nikkei futures traded on the SIMEX and Japan’s Osaka exchange. This risk in the Bearing Bank’s case had the most potential in t

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    Tax Law And Accounting Paper

    1288 words - 6 pages

    Tax Law and Accounting Paper In today’s financial world, preparation and reporting of income taxes has become one among the other main reasons why individuals and businesses are keeping and maintain their financial records. However, there has been some controversy between tax laws and accounting under the General Accepted Accounting Principles (GAAP). Simply because IRS is not always agrees with GAAP’s principles and thus creates its own tax laws. This paper will discuss the objectives of modern income tax statutes, compare and contrast the GAAS and tax accounting, and differentiate between

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    Corporate Compliance Report

    1694 words - 7 pages

    Corporate Compliance Report Nancy Caldwell January 15, 2007 MBA 560 Enterprise Risk When a company is facing issues dealing with corporate compliance, implementing a system to deal with the compliance and corporate governance issues is the best opportunity for the company. The company should develop a process to analyze alternatives and integrate the appropriate opportunity into the company's system. The company will begin by developing an internal control and corporate governance system. This process includes defining and implementing compliance steps and process. Next, the company wi

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    Kudler Fine Foods

    742 words - 3 pages

    This paper describes the accounting system of Kudler Fine Foods. BSA 310 Introduction There are many aspects to consider when purchasing an information system for your business. Choosing a system that is modular and scalable will ensure the design will be functional for your business procedures. With the help of an outside consulting firm, Kudler Fine Foods purchased and installed a Retail Enterprise Marketing System (REMS). The ability to purchase only the modules needed to operate their retail stores made this system a cost effective way to organize their transactions into printable

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    Regulation Labor Laws

    277 words - 2 pages

    Accounting Regulatory Bodies Paper Examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards of the regulatory bodies that I have selected. 1. “FASB – Federal Accounting Standard Board. The FASB provides additional application and guidance and enhance disclosures regarding fair value measurements and impairments of securities.” This regulation is designed to create greater clarity and consistency in accounting for presenting losses on securities. Also the FASB wants the title statement of cash flows, must be used instead of alternate s

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    ARBITRAG

    344 words - 2 pages

    ARBITRAG An arbitrage is a type of transaction or portfolio. Actually, the term is used in two different ways, so it refers to either of two very different types of transactions or portfolios. People also speak of arbitrage as an activity—the activity of seeking out and implementing either of the two types of arbitrage transactions or portfolios. An arbitrageur is an individual or institution who engages in such arbitrage In finance theory, an arbitrage is a "free lunch"—a transaction or portfolio that makes a profit without risk Formally, theoreticians define an arbitrage as a trading stra

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    Financial And Management Accounting

    955 words - 4 pages

    FINANCIAL AND MANAGERIAL ACCOUNTING Accounting is the backbone of the business financial world and can fall into two major categories which are managerial and financial accounting. Managerial accounting and management accounting is a process that identifies, measures, analyzes, interprets and communicates information in pursuit of an organization or company goals. Management accounting is also known as cost accounting. Managerial accounting provides top management with reports that are future-oriented. Financial accounting is comprised of information that companies present to the genera

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    Financial Restatement

    290 words - 2 pages

    Burlington Coat Factory opened its doors in 1972 specializing mainly on coats in Burlington, New Jersey. Over the years, the company evolved in selling “men’s and women’s suits, sportswear, shoes, and accessories” (Burlington, 2009). The company now has over 394 stores in 44 states. Burlington Coat Factory also owns Baby Depot, Luxury Linens and Cohoes. On April 5, 2005, Burlington Coat Factory announced that its financial statements need restatement due to “certain operating lease accounting matters” (Burlington, 2005). Based on review from its accounting firm and audit, the Company decided

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    Accounting Standards Board

    1193 words - 5 pages

    History of relationship between FASB and IASB IASB (International Accounting Standards Board) was formed in 2001 as the successor to the IASC (International Accounting Standards Committee). IASC had issued a series of accounting pronouncements called International Accounting Standards (IAS). IASB issues a series of accounting pronouncements called International Financial Reporting Standards (IFRS) and has adopted all the IAS guidance. FASB (Financial Accounting Standards Board) is the U.S.-based organization that issues Financial Accounting Statements (FAS) and other accounting pronounceme

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    Auditing A Publicly Traded Company

    742 words - 3 pages

    Auditing a Publicly Traded Company As Staff assigned to the audit of a publicly traded company, I have been asked to evaluate both share-based payment reporting and special purpose entities (SPE) reporting for the company.This memo will address the issues of accounting treatment of share-based payment and accounting consolidation theory as it relates to special purpose entities. Share Based Payments Financial Accounting Standards Board (FASB) Statement 123 (revised) requires an entity to recognize the cost of employee share based compensation in the company’s financial statements (FASB,

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    Smackey Dog Foods

    2521 words - 11 pages

    You Decide Project – Smackey Dog Foods, Inc. Smackey Dog Foods, Inc. manufactures two product lines of dog food, sells their product to retail store distributors and is growing faster than their competition. They have decided to expand their facilities and purchase more equipment in order to keep up with the demand, but found themselves in need of a capital loan in order to accomplish this objective. The bank is requiring that Smackey Dog Foods, Inc. provide audited financial statements before they are willing to consider the loan. Smackey Dog Foods, Inc. presented Keller CPA’s with the o

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    External Auditing Solutions Ch 2 3

    445 words - 2 pages

    External Auditiing Week 1 – Assignment – Ch 2 & 3 Problem 2-7 Since the Sarbanes-Oxley Act of 2002 (SOX), the PCAOB is responsible for establishing the auditing standards for public companies, whereas the AICPA (Auditing Standards Board)is responsible for private companies. Prior to the SOX, the AICPA was responsible to establish auditing standards for both private and public companies. . Problem 2-10 Although the generally accepted auditing standards are quite general, it is probably best to keep them that way rather than having specific audit guidelines. I believe this is the be

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    Sarbanes Oxley Problem

    2196 words - 9 pages

    Sarbanes-Oxley Problem The federal government in 2002 enacted the Sarbanes-Oxley Act (SOX) in order to reform accounting standards for publicly owned entities in the United States. Compliancy remains an issue not only for small organizations, but also with small businesses. This is mostly because of a lack of understanding that the managers have of the SOX. The benefits of SOX are debated among accounting professionals and supporters argue that the legislation has helped to restore the public’s confidence in capital markets by strengthening corporate accounting controls. Non-supporters argue

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    Role Of An Accountant

    1963 words - 8 pages

    Role of an Accountant Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. They also include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, and tax strategy. Most corporations, large and small, have an accounting group which prepares financial statements, track costs, hand

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    Accounting Standards Board Paper

    1198 words - 5 pages

    Accounting Standards Boards Paper University of Phoenix November 12, 2010 Accounting Standards Boards Paper The International Accounting Standards Board and the Financial Accounting Standards Board are currently working on a joint venture called the “convergence project.” Both organizations set standards for the compliance of financial reporting but the current standards have many differences. The ultimate goal is to have one set of globally accepted financial reporting standards to enhance the ease of comparability because of the ever increasing amount of global companies that exist. A

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    General Purpose Of The Accouting Standards

    274 words - 2 pages

    GENERAL PURPOSE OF THE ACCOUNTING STANDARDS The basic purpose of accounting standards is to facilitate the provision of financial information about entities to enable investors, analysts, creditors and the entities themselves to make informed decisions about the allocation of resources. Accounting standards are essentially about disclosure and, in many respects, are at the heart of market efficiency. Clearly, while accounting standards assist preparers of financial statements by providing a framework within which to construct the statements, their prime importance is to assist users of the

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    Business Research

    3021 words - 13 pages

    [pic] Management accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non management groups such as shareholders, creditors, regulatory agencies and tax authorities. [pic] The core activities of management accounting include: 1) Participation in the planning process at both str

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    Klein Is Niet Groot

    12385 words - 50 pages

    Journal of Accounting and Economics 33 (2002) 375–400 Audit committee, board of director characteristics, and earnings management$ April Klein* Stern School of Business, New York University, New York, NY 10012-1118, USA Received 20 October 2000; received in revised form 2 February 2002 Abstract This study examines whether audit committee and board characteristics are related to earnings management by the ?rm. A negative relation is found between audit committee independence and abnormal accruals. A negative relation is also found between board independence and abnormal accruals. Reduct

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