Running head: INTERNAL ACCOUNTANT’S REPORT TO MANAGEMENT Internal Accountant’s Report to Management ACCT 556 Introduction As the internal accountant of the European Newspaper Company‚ I have to perform various financial operations‚ and I am considered the expert in this field. As we all are faced with preparation for the upcoming government contract bid‚ we need to have a better understanding of how our company runs the business and issues that we can face if we
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figures for personal gains and corporate malfeasance. This paper will identify agencies that regulate accounting practices and briefly discuss the basic concepts and principles of accounting. Regulatory Agencies The Public Company Accounting Oversight Board is a five-member‚ SEC-appointed board‚ created as a result of the Sarbanes Oxley Act. This group serves as the audit process’ regulatory agency. As stated on its website‚ its primary mission is to oversee the auditors of public companies in
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Sarbanes Oxley Act to protect the investors. “The Sarbanes Oxley Act mandated strict reforms to improve financial discloser from corporations and prevent accounting fraud (Investopedia.com)”. This act also established the Public Company Accounting Oversight Board (PCAOB). “The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative‚ accurate‚ and independent audit reports.”(PCAOBUS
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of 2002. The biggest way that SOX impacted financial reporting is that it ended self-regulation of the public accounting industry. SOX achieved this by establishing a independent‚ non-profit organization called the Public Company Accounting Oversight Board (PCAOB). The PCAOB is given authority by the Securities Exchange Commission (SEC) to regulate and enforce the regulations and provisions of the accounting industry established by SOX. The mission of the PCAOB is to ““protect the interests of
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great fall that was the result of corporate and accounting fraud‚ in the early twenty-first century nearly destroyed the economical welfare of the country. The Sarbanes Oxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB) which is a regulatory oversight entity which oversees publically traded companies to protect the investors‚ consumers and American people from unethical criminals. The government did what they should have‚ which is stepped in to secure the protection of its
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Cited: D ’Aquila‚ J. M. (n.d.). Tallying the Cost of the Sarbanes-Oxley Act. Retrieved June 14‚ 2011‚ from The CPA Journal: http://www.nysscpa.org/cpajournal/2004/1104/perspectives/p6.htm Public Company Accounting Oversight Board. (n.d.). Retrieved June 13‚ 2011‚ from Wikipedia: http://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board Sarbanes-Oxley Essential Information. (n.d.). Retrieved June 14‚ 2011‚ from SOX-online.com: http://www.sox-online.com/basics
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traded companies. It does not apply to privately companies. The Act is administered by the Securities and Exchange Commission (SEC)‚ which deals with compliance‚ rules and requirements. The Act also created a new agency‚ the Public Company Accounting Oversight Board‚ or PCAOB‚ which is in charge of overseeing‚ regulating‚ inspecting‚ and disciplining accounting firms in their roles as auditors of public companies. In my opinion‚ the benefits of the act cant be able to overcome the frustration and the cost
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The extent and expanse of the finance and accounting branches have been expanding at a considerable step which has also put load on this ground field. Companies and businesses interface their financial rank by producing few outlines to the exterior world so as to retain the interest of employees‚ shareholders‚ investors‚ customers‚ etc. This statistics is shared in the outline of financial declarations‚ annual reports‚ etc which makes it easier on the decision making procedure as well. Besides‚
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Ethical decision making: A dilemma Ethical issues have greatly transformed in our lives since the great Enron‚ Xerox and other huge corporations proposed big profits showing earnings of billions of dollars and yet in reality facing bankruptcy. These corporations faced great trouble with the federals and state for manipulating financial statements. But not only corporations can be blamed on this‚ accounting firms were involved in this as much as the corporations were. With the business stand
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financial practices of and financial reporting by American public companies and public accounting firms‚ dictate the way American corporations are governed‚ and discipline those not in compliance. The Act also created a Public Company Accounting Oversight Board which is charged with monitoring and regulating the auditing practices of accounting firms. SOX addresses several accounting issues‚ including the financial auditing process and disclosure of financial information and was established in response
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