Nature of Auditing and the Public Accounting Profession 1. Auditing neither creates goods nor adds utility to existing goods and therefore does not add value to business. Auditing exists only because it has been legally mandated. Auditing exists because it is needed by the company. It is beneficial to users who need assurance if their financial statements reflect economic conditions that occurred in a period. Without reliable information‚ companies might make less effective decisions which
Premium Financial audit Auditing Audit
(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
Premium Certified Public Accountant Finance Accountant
Introduction Traditionally‚ cash basis of accounting has been used in the public sector; however‚ in recent years extensive debates have emphasised whether a move to accruals basis of accounting would be more feasible. The proponents argue for such a change due to the benefits accruals basis has to offer. There are still heavyweight supporters for cash basis such as IFAC – a body that issued 21 IPSAS based on IMF‚ EU Commission‚ and IFRS / IAS (Jorge Faustino‚ 2008). Moreover‚ there are several organisations
Premium Generally Accepted Accounting Principles Financial statements Government
the Enron Debacle: An Ethical Perspective Blackwell Oxford‚ Business BASR © 0045-3609 O 1 110 BUSINESS CULPAN riginal 2004 Center UK Article and and Publishing‚ and TRUSSEL Society for SOCIETY Business Ltd. Review REVIEW Ethics at Bentley College REFIK CULPAN AND JOHN TRUSSEL INTRODUCTION W e examine the infamous Enron debacle from an ethical perspective by defining its theoretical underpinnings and analyzing the unethical conduct by top executives at the company in the areas of accounting‚ finance
Premium Enron Enron scandal
CRIMINAL LIABILITIES OF PUBLIC OFFICIALS misfeasance is any person‚ who‚ by direct provision of law‚ popular election or appointment by competent authority‚ shall take part in the performance of public functions in the government‚ or shall perform in said government or in any of its branches public duties as an employee‚ agent or subordinate official of any rank or class Dereliction of Duty by Officers Related to the Administration of Justice Articles 204 - 209 Art. 204
Premium
a "crisis of confidence" and a "national malaise" by the late 1970s. On July 15‚ 1979‚ Pres. Jimmy Carter gave the "malaise" speech‚ where he identified what he believed to be a crisis of confidence among the American people. He felt that the American people were no longer listening due to the assassination of important leaders‚ The Watergate scandal‚ and the Vietnam War. Many assassinations occurred in this era which shocked many Americans. On November 22‚ 1963‚ Pres. John F. Kennedy was assassinated
Premium Vietnam War Richard Nixon John F. Kennedy
Part I: Understanding Auditor Responsibilities Chapter 4 Professional Liability Learning Objectives: By studying this chapter‚ students should be able to: 1. Discuss the liability environment in which auditors operate‚ the factors that have led to litigation against auditors‚ increasingly including shareholder class actions‚ and the effects of lawsuits on audit firms. 2. Describe the causes of legal action against auditors and identify parties that may sue auditors. 3. Explain
Premium Audit Auditing Financial audit
document e. Treasury Circulars - new rules f. Government Accounting Standard (PPK) - standard & basis g. International Public Sector Accounting Standard (IPSAS’s) - standard by IFAC for global 2. Non-financial procedure Financial Provisions of the Federal Constitution (Art 96 to 112) 1. Objectives a. Establish general framework for control of public expenditure b. Provide good financial management systems c. Govern methods of public funds to be administered & accounted d. Define borrowings
Premium Federal government of the United States Tax Finance
Public Relations and Crisis Management Hung Fook Tong Table of Contents Executive Summary 2 Define and Explain the Crisis 3 Crisis Management Concepts and the Crisis 4 Crisis Management Strategies and Communication Strategies - Actual 5 Executive Summary This report critically defines‚ analyzes and provides recommendations on a recent crisis Hung Fook Tong (HFT) has encountered‚ product deficiency. Through crisis management concepts‚ communication strategies this report will show what
Premium Crisis management Public relations Retailing
right for you will depend upon your career goals. Earning one of the accounting-related professional certifications is no easy task; however‚ earning and maintaining your certification can increase your chances for advancement and promotion‚ enhance your reputation among colleagues and within the profession‚ and result in salaries that are higher than your non-certified peers as long as you remain ethical. The Profession of Accounting When most people go to college they think of what major would
Premium Certified Public Accountant