Jack Greenberg‚ Inc. 1. Family owned business is a business that is owned by one family‚ most of the shareholders are from the same family. One of the major problems in this type of business is a conflict in interests among the family’s member. The auditor should be careful and observe the type of the relationship among the family’s member. There should be a written agreement to specify rights‚ duties‚ and obligations for each member‚ the auditor should read those documents for further information
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The cognitive reasoning behind an individual’s ethical decision-making is a topic that has sparked interest in researchers for years. One variable that research has revealed frequently as having a significant correlation with ethical decision-making processes is gender (Chung 2003‚ Loo 2003‚ Hume 2006‚ Bernardi 2008‚ Dalton 2011). However‚ studies about social desirability response bias (SDRB) suggest that this bias can be highly correlated with gender and in some cases fully mediate the effects
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Chapter 2: Professional Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally
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ruling in Free Enterprise Fund vs. PCAOB saying that Sarbanes-Oxley (SOX) will remain “fully operative as law” with the exception that The Securities and Exchange Commission will be able to remove at will members of the Public Company Accounting Oversight Board. Previously they were not able to and was said to violate the appointment clause of the constitution. This changed job security for its five board members ending a three-year battle between a Nevada firm Beckstead and Watts who sued PCAOB
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| | |The History of Auditing | |A detailed overview | |
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Phillip Canamar Accounting Case Analysis LP1 Assignment: Audit Failure 1. Analyze the actions of the auditors in both cases and identify any errors in judgment made by the auditors. The action of the Auditors‚ Audit Committee‚ and top management that worked for Molex Corporation were in error because FASB Concept Statement #2 (materiality defined) appears to apply to this case and should have know the appropriate way to handle the situation that conforms with GAAP and adjust the financials
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Auditing Lecture Notes- Chapter Two The CPA Profession 14e Vignette Discussion- CPA Firms – 4 Types (Table 2-1……..pg. 26) 1. Big Four 2. National 3. Regional 4. Large Local Major Activities of these firms * accounting and bookkeeping * taxes * consulting Six Organizational Structures p. 29 1. Proprietorship 2. General Partnership 3. General Corporation 4. Professional Corporation 5. Limited Liability Company 6. Limited Liability Partnership Typical
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1. What you have learned from those movies? Every big company believes that they can’t fail or in another word “They are too big to fail”. However‚ they did not know how to be enough; all they want just put more and more money in their pocket. Good example from the movies: First Enron‚ they are the big company for oil and gas. But the manager in the movie tried to make more money. They did not care about the situation or account in the company. So the problems become worse when the real account
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Sarbanes-Oxley Act‚ I found that it is one of the biggest changes in US security laws since the New Deal in 1930. The act has 11 titles covering Corporate Board responsibilities to criminal penalties. This act established the Public Company Accounting Oversight Board which basically audits public companies for accuracy in accounting along with other things. (Sarbanes-Oxley Act‚ 2007) I work for Intel Corporation and being that Intel is a large corporation
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Worldcom appeared to be a great success story. However‚ the success began to unravel with the accumulation of debt and expenses‚ the fall of the stock market‚ and long distance rates and revenue. It would take 2 years for the extent of these problems to become public‚ and accounting scandals like that of Worldcom would make history in the finance and telecommunication areas. While the intent is to make money to benefit a person or a group of people through illegal acts while disguising their illegal
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