Accounting is the way we identify‚ record and communicate financial transactions in an organization‚ and how that financial information is processed has essentially remained the same for hundreds of years. However‚ with the arrival of the computer‚ we have seen the structures and operations of many companies‚ and even entire industries‚ become transformed by new technologies with the modern information technology system. Information Technology and mercantilism have literally become entwined‚ and
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collapse of Enron had substantial and far-reaching ramifications throughout the financial investment field‚ tax compliance professions and the accounting profession. Intense Congressional scrutiny resulted in a new era of transparency in financial reporting‚ stricter reporting standards as provided in Sarbanes-Oxley and substantial penalties for failure to comply with new financial reporting and tax compliance standards in the Internal Revenue Code (Bottiglieri et. al.‚ 2009) Enron Assignment
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Background The accounting profession seems to be ever changing and is currently facing many challenges. It is a well-known truth that the world we live in is changing at a great speed. The accounting profession does not make an exception and it can be said that it is constantly changing‚ reorganizing and standing in front of many challenges of the modern world. Nowadays‚ accounting standards are undergoing the most significant reorganization in nearly a century with the Financial Accounting Standards
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2010‚ foreign companies will be able to file on U.S. Stock Exchanges using IFRS standards. With that in mind‚ what are some of the challenges facing the accounting profession‚ and how do you see them affecting you in the future? Provide specific details to support your opinion in your response. Answer: The accounting field has standards in place that are used to report financial information of companies so that one can get a clear understanding of the company’s financial standing
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Enron: The Smartest Guys in the Room Importance of Accounting Accounting is important because it manages the checkbooks of company which are important to analyses and determine the success of the business by looking through the different account statements and translating the company documents. An accountant or accounting firm starts and maintains auditing of a company. Accounting is also important because it offers a great assistance in planning the future investments as well as being able
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II. Accounting and Auditing in the Philippines T his chapter presents an overview of Philippine accounting and auditing arrangements. It provides context for the following chapters on professional infrastructure‚ accounting and auditing standards‚ accounting and auditing training‚ and government budgeting and accounting arrangements. The chapter comprises eight sections‚ as follows: Part One: Accounting 1 – Introduction – identifies historical factors that have influenced accounting arrangements
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ENRON: The Idiocy and the Irony Introduction Red flags were blinding as Enron learned about possible corruption with Enron Oil Trading in Valhalla‚ New York. After the merger between HNG and InterNorth‚ the Valhalla office‚ originally established by InterNorth seemed all but forgotten until quarterly and annual reports were due. Supervisors Tom Harding and Steve Sulentic were rarely on-site‚ preferring the comfort of offices in Houston. Louis Borget who established and operated the trading
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CheckPoint Ethics in the Accounting Profession Dawn Carrera ACC/260 March 15‚ 2013 Peggy January Checkpoint Ethics in the Accounting Profession 13. Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? This is a hard one to answer. Many accountants start off looking to make a living. The question is where do they want to go and what they see themselves doing. An accountant main goal is to a fiduciary that is to act in the
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(Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs. State Boards of Accountancy 2. Promulgate GAAP. Securities & Exchange Commission (SEC)‚ American Institute of Certified Public Accountants (AICPA)‚ Financial Accounting Standards Board (FASB) & Government Accounting Standards Board (GASB). There
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today’s world businesses and firms are required to uphold high levels of ethical behaviors for them to run successfully. There have been an overwhelming increased number of unethical behaviors in the accounting environment where a lot of accounting environment present accountants with many accounting dilemmas. Accountants handling any financial information such as companies financial statement must be operate out rightly in an ethical manner because such information is critical to a company’s well
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