Researching a company that has had publicly known problems with internal controls is not that hard to find. These controls are put into place to reduce the possibility of fraud‚ waste‚ and abuse (FWA) on the annual financial reports of a company. “The Commission voted to adopt rule and form amendments to implement requirements of Section 404 of the Sarbanes-Oxley Act of 2002” (SEC‚ 2003). Section 404 is one of the hardest‚ most argued‚ and most expensive to actualize of all Sarbanes-Oxley Act (SOX)
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implemented and delivered. While understanding that each company will have different preferences as to how to implement the code‚ I will submit an outline of what I believe is the best and most efficient way to deliver the code of conduct for both companies equally. A code of conduct will create a framework or visual of how employees and clients will view the company as a whole. “The existence of the codes seem to frame how the companies and their activities are understood.” (Frostenson‚ Helin‚
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Background of the company Parmalat Finanziaria SpA‚ an Italian food giant started out as a family business specializing in dairy products. It was founded in 1961 by 22 year old Calisto Tanzi‚ who discontinued his studies to expand his father’s sausage and cheese shop. It began as a small pasteurization plant in Parma and further expanded into cheese‚ yoghurt‚ cookies‚ fruit juice and ready-made sauce production that are under different names in each country. They were the ones to produce the world’s
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Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political environment GAAP • GAAP hierarchy •Professional judgement • Role of ethics Challenges Facing Financial Reporting • Globalization of companies and capital markets • Impact of technology • Changing nature of the
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ISSUES IN ACCOUNTING EDUCATION Vol. 24‚ No. 1 February 2009 pp. 63–76 Assessing Information Technology General Control Risk: An Instructional Case Carolyn Strand Norman‚ Mark D. Payne‚ and Valaria P. Vendrzyk ABSTRACT: Information Technology General Controls (ITGCs)‚ a fundamental category of internal controls‚ provide an overall foundation for reliance on any information produced by a system. Since the relation between ITGCs and the information produced by an organization’s various application
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1) Anna Thomas committed a fraudulent act by making personal charges and cash withdrawals on Rusher Automotive’s credit card. The accounting profession believes there are three conditions necessary for fraudulent behavior. (See Statement on Auditing Standards No. 99‚ Consideration of Fraud in a Financial Statement Audit. For additional explanation‚ you may want to review Buckhoff [2001].) a) List the three elements and discuss how each of these elements is present in Anna Thomas’ fraud at Rusher
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accounts receivable both Michael and Brian showed a severe lapse in judgment in the testing and reporting. The team showed a lack of due professional care by not complying with GAAS. More so‚ Michael and Brian had several conversations with CMD’s chief accounting officer‚ and in those discussions‚ it was made evident that CMD’s goal was to maximize revenue by allocating a larger portion of the write-off to bad debt expense and a smaller portion to returns. Michael and Brian seem to have left the onus of
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PWC……………………………………………………6 3. Description of the Job………………………………………………8 4. Application of Theoretical Concepts……………………………………11 5. Application of Accounting Concepts………………………………….13 6. Conclusion……………………………………………….14 7. Bibliography……………………………………………………19 Introduction The opportunity to gain professional industry experience for accounting students while undertaking their undergraduate degree provides them with both a competitive edge in the marketplace and an opportunity to experience
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Confirming Pages 15th Edition Financial Accounting Jan R. Williams University of Tennessee Susan F. Haka Michigan State University Mark S. Bettner Bucknell University Joseph V. Carcello University of Tennessee wil28701_fm_i-xxxiii.indd i 12/3/10 4:21 PM Confirming Pages FINANCIAL ACCOUNTING Published by McGraw-Hill/Irwin‚ a business unit of The McGraw-Hill Companies‚ Inc.‚ 1221 Avenue of the Americas‚ New York‚ NY‚ 10020. Copyright © 2012‚ 2010‚ 2008‚ 2006‚ 2003
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What is the IRS Oversight Board? The nine-member IRS Oversight Board was created by Congress under the IRS Restructuring and Reform Act of 1998. The Board’s responsibility is to oversee the IRS in its administration‚ management‚ conduct‚ direction‚ and supervision of the execution and application of the internal revenue laws. Why was the Board created? The Board was created to provide long-term focus and specific expertise in guiding the IRS so it may best serve the public and meet the needs of
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