If this policy was in place at the time of the Enron scandal, Anderson may not have had any incentive to lie on behalf of Enron. Another extremely important rule that would have had an impact upon Enron is the rotation rule. The lead and concurrent Continue Reading...
Ethical Dilemma on Enforcing the Sarbanes-Oxley Act As the controller of a medium-size manufacturing company, I have developed an effective accounting and internal control systems. This has been achieved through keeping the staffs updated on changes Continue Reading...
International Financial Reporting Standards IFRS and Canada Canada was one of the first prominent nations involved in the North American Free Trade Agreement to consider switching their financial reporting to the International Financial Reporting S Continue Reading...
skills that a forensic accountant needs to possess and evaluate the need for each skill. Over the last several years, the role of forensic accountants has been continually evolving. This is because there have been a number of cases surrounding thei Continue Reading...
costing system for use within the Company. Costing systems serve a valuable role in monitoring the health of a company. They are designed to keep a focused eye on expenditures. When the data that is collected and generated by the costing system is Continue Reading...
Apollo Audit Auditing Apollo Shoes Inventory and Warehousing: Test of Controls Testing the controls that exist in the inventorying and warehousing processes at Apollo Shoes consists of the auditor ensuring that the existing controls actually measu Continue Reading...
This implies a comparison of the results of the internal and external audits. Additionally, aside results and documents consulted, it is also necessary to assess the various variables used in the evaluations. It is for instance possible for the com Continue Reading...
One critical area is with respect to board oversight. The Act mandated that the boards contain enough external members in order to function with relative independence from management. Board members must be sufficiently competent to detect fraud. Thi Continue Reading...
and, most internal auditors are still reporting to the CEO or chief financial officers -- the very people who were responsible for most of the past enormous scandals. Therefore, the affectivity of internal audits in correcting the original problems Continue Reading...
A major objective of the custodial Financial reporting system is to be continuously and accurately responsive to regular and ad hoc requests for custodial financial reports" (Website of the Internal Revenue Service, 2008). The new information syste Continue Reading...
Ratio Analysis: Setbacks Ratio Analysis: Potential Pitfalls In basic terms, ratio analysis comes in handy in the evaluation of a firm's current financial position and the direction this position is expected to take in the future" (Besley and Brigha Continue Reading...
Financial Audit SOW Financial Audit Statement of Work The objectives of this work order is for the contractor to express an opinion on the fairness in which the financial statements are fairly presented, in all material aspects, financial position, Continue Reading...
Auditing function has undergone several transformations from the periods when it was simply a function of giving opinion but also to an error where auditors are looked upon to offer advisory roles. The auditors should therefore advice the government Continue Reading...
The other two cases looked at errors that were made deliberately by subsidiary management and, in both cases, were both quantitatively and qualitatively material. Due to the fact that most fraud starts at the bottom, is it very important for execut Continue Reading...
Balance Sheet Financing The SEC's definition of "off-balance sheet arrangement" includes any contractual arrangement to which an unconsolidated entity is a party under which the registrant has any obligation under certain guarantee contracts, a ret Continue Reading...
This suspicion seems to have become more prevalent in the wake of the collapse of the dot-com sector and Enron. Long-term investors polled about earnings accuracy for companies in 1990 and 2000 indicated that trust in the audit process had slightly Continue Reading...
However, each chapter does include a paragraph explaining the intended purpose and outcome of the study. This study was not a traditional academic study and did not follow a standard academic format. It followed specific departmental government guid Continue Reading...
Most audit managers assign supervisory tasks to senior auditors and, in general, consistently encourage more senior auditors to fulfill a mentor role within the audit team. The dual benefit of this practice is that it fosters greater team unity an Continue Reading...
Argentinas Financial Crisis [Name] 15[NAME][PROFESSORS NAME][COURSE TITLE]23 April, 2021Argentinas Financial CrisisThe 1990s brought with it a sudden and deep change in economic organization in Argentina. The cornerstone was the 1991 implementation o Continue Reading...
ENRON The objective of this study is to answer the questions of: (1) In what ways did the failures by the auditors and other gatekeepers contribute to the failures of Parmalat and Enron? (2) In what manner could it be ascribed to the corporate vultu Continue Reading...
Through the establishment of a clear structure, recommendation of the internal audit team will be implemented and hence the company will realize improved performance. To ensure that the internal auditing standards and other auditing standards are u Continue Reading...
Running head: APPLYING THE AUDIT PROCESS APPLYING THE AUDIT PROCESS 2Part A: Identifying Internal Controls and Tests of Controls/Prepare an Audit Programa) List the internal controls for the six transaction-related audit objectivesThe six transaction Continue Reading...
Financial Crimes, Fraud, and Investigation The banking sector is a critical part of a country’s economy. This is more so the case given that it is actively involved in the holding as well as management of diverse financial assets and the coordi Continue Reading...
Starbucks Ratio Analysis The relevance of ratio analysis cannot be overstated in seeking to assess the financial viability of an enterprise. As Porter and Norton (2012) point out, ratio analysis is one of the most important “techniques used by Continue Reading...
Q1. Why is a budget important for a nonprofit institution? Even if an institution is a charitable nonprofit, it must still adhere to a budget. Nonprofits must be accountable to donors and shareholders for the ways in which they spend their funds. Add Continue Reading...
AUS 2016-08 Analysis The Accounting Standards Update (ASU 2016-08) covers the topic "Revenues from Contracts with Customers". This move was made to bring the FASB standards more in line with IASB standards, as part of the effort to converge Continue Reading...
SEC v. Zurich Financial It is important for reinsurance to transfer risk because that is the entire point of reinsurance. Any reinsurance that does not transfer risk is not reinsurance at all, by definition. The transfer of risk is key -- insurance Continue Reading...
Auditing The first thing that I did for this audit was to gather the balance sheet and the work papers. This is the basic information that I used to conduct the audit. Having these two things allows me to reconcile the two. Ideally, the work papers Continue Reading...
Auditing Operating Standards According to the article, GAAS were eight standards written as short statements. Over the years, it is shown that the eight standards have been integrated by further requirements and explanations in the CICA recommendat Continue Reading...
Investors will have to adjust and discount IFRS figures, one additional dollar of IFRS profit indicates slightly lesser incremental economic health and, if the underlying assumptions of accounting are accepted, slightly lesser ability to pay down de Continue Reading...
Care and Diligence and Audit Committee Members "The duty of due diligence and due care has been defined, generally, as a requirement that each director and officers exercise the care which ordinarily prudent and reasonable persons would exercise un Continue Reading...
As pointed out by Bill Travis (2004), I'm not going to argue that the concept of improving financial reporting and auditing isn't valuable, because it is. The question, however, is at what point in time do the costs and the hours exceed the value? Continue Reading...
Ace CompanyExecutive summaryThis research is to depict the relationship between the organization's lending loan and the financial performance of Ace Company. The study uses Ace Company as their case study approach using their qualitative and quantita Continue Reading...
The Sarbanes-Oxley Act: Compliance Hazards and Ethical DilemmasThe critical components of compliance with the Sarbanes-Oxley Act include the acknowledgement of responsibility by CEOs and CFOs for all financial reports, the issuance of regular interna Continue Reading...
