“The Declaration of Independence” from The Autobiography of Thomas Jefferson Enlightenment Essay Sir Isaac Newton unveiled the gravitational theory in 1687. Although this idea may sound basic to us today‚ at the time it was revolutionary. It contradicted religious beliefs and created a cultural movement. The theory created an alternate way of viewing the world‚ through a lens of rationality and experiment. This single theory allowed others to break through the confines of the Puritan and religious
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the executives employed at WorldCom. Before 2002‚ WorldCom was one of the top telecommunication businesses in its industry because of many acquisitions obtained by the company. Due to the increased popularity of the internet and the acquirement of UUNet and MCI Communications‚ WorldCom share significantly increased. According to Moberg and Romar (as cited in Browning‚ 1997) "By 1997‚ WorldCom’s stocks had risen from pennies per share to over $60 a share." WorldCom had become an attractive investment
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Audit Committee Quality‚ Auditor Independence‚ and Internal Control Weaknesses Yan Zhang‚ Jian Zhou‚ and Nan Zhou* * All authors are from SUNY – Binghamton. We thank two anonymous reviewers for detailed and insightful suggestions that have significantly improved the paper. We also thank workshop participants at the 2006 American Accounting Association Auditing Midyear Meeting and the 2006 American Accounting Association Annual Meeting for comments‚ and Raj Addepalli‚ Shanshan Chen‚ Yujing
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In 1998‚ Betty Vinson was promoted to a senior manager in the firm’s corporate accounting division. Two years later in her position she experienced a major ethical dilemma. The company WorldCom was a very successful company up until the middle of 2000 when the telecommunication industry entered a protracted slump. The company’s earnings were not Wall Street expectations‚ and it was saddled with unpaid bills. Vinson’s job was to repair the problem by doing some wrong accounting practices. The ethical
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The Declaration of Independence is a treasured National document for The United States of America. Many people visit the National Archives Building in Washington‚ DC every day to get a glimpse of this national treasure. During many Independence Day celebrations across the Nation‚ the Declaration of Independence is read to crowds of patriotic Americans. Why is this document so important to the United States of America and the people in it? To answer this question‚ we must first examine why The Declaration
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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Auditing Case 6.3 Question 1 Recent Developments in WorldCom Case * March 26‚ 2010: Third Distribution of Settlement Fund Made in Accordance with Court Order of September 18‚ 2009. * September 18‚ 2009: Judge Cote Grants Approval of the Final Distribution Plan * February 15‚ 2008: Second Distribution of Settlement Fund Made in Accordance with Court Order of January 23‚ 2008. * January 23‚ 2008: Judge Cote Grants Approval of Second Distribution of Net Settlement Fund. Question
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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AUDIT FAILURE OF WORLDCOM Group 1 Background • WorldCom‚ first named LDDS (Long Distance Discount Services)‚ grew largely by aggressively acquiring other telecommunications companies in 1990s. • For a time‚ it was the United State’s second largest long distance phone company (after AT&T). Background However‚ the year 2002 comes… • In March‚ the SEC began to investigate WorldCom as it reported large profit while AT&T reported loss. • In May‚ Arthur Anderson was replaced by KPMG
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Audit Theory Written Essay Assignment Does Opinion Shopping Impair Auditor Independence and Audit Quality? by: Tong Lu Journal of Accounting Research‚ Vol. 44‚ No.3 (Jun.‚ 2006)‚ pp.561-583 Additional articles: Ghosh‚ A.‚ Moon‚ D.‚ (2005). Auditor Tenure and Perceptions of Audit Quality. The Accounting Review‚ Vol. 80(2)‚ pp.585-612. Myers‚ J. N.‚ Myers‚ L. A.‚ Omer‚ T. C.‚ (2003). Exploring the Term of the Auditor-Client Relationship and the Quality of Earnings:
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