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Reforms of Auditor Standards Research Paper

… " Allen states that the HIH board depended on independent actuary reports and its auditor assessments of those reports but that the reports were never tabled at the audit committee or board meetings and there was never an actuary who was asked to be at the meetings to provide explanations for those reports or to answer any questions that might be posed. Therefore, Allen reports that "the inefficacy of the HIH board is a theme that permeates the entire Royal Commission report" which states that there was a lack in "clearly defined limits on the authority of the chief executive" resulting in "some areas of the system being out of control." (1997) In addition, the board lacked a policy that was understood well in terms…. [read more]


Reforms in Accounting Research Paper

… Reforms in Accounting

Over the last three years, the credit crunch and severe recession have had a profound impact upon the world of business. What happened was when the recession first began in 2007 many: banks, brokerage firms and insurance companies were over exposed to the subprime mortgage market in real estate. Simply put, a subprime borrower is someone who cannot qualify for a traditional mortgage (such as a fixed rate mortgage). The reason why is because these buyers have some kind of problem that is preventing them from being eligible for the traditional mortgages. This usually involves the buyer having: poor credit, no credit or lower income. With these kinds of mortgages, the lenders will offer a low introductory rate with little or no…. [read more]


Auditing Standards in Australia Term Paper

… Auditing Standards in Australia

The objective of this work is to examine Auditing Standards in Australia.

This case study conducts an examination of the Auditing Standard in Australia and specifically the 'Auditing Standard ASA 200' published in April 2006. The Auditing Standard ASA 200 is issued by the 'Auditing and Assurance Standards Board'. The purpose of the 'Auditing Standard' is to: (1) set out the objective of an audit of a financial report; (2) to require the auditor to comply with relevant ethical requirements relating to audit engagement; (3) to require the auditor to conduct an audit in accordance with Auditing Standards; (4) to require the auditor to comply with each of the Auditing Standards relevant to the audit in determining the audit procedures to…. [read more]


Auditing Operating Standards Research Paper

… General

I. Auditors should have sufficient proficiency and technical training to conduct audits

II. Auditors ought to maintain independence of their mental attitudes in all issues pertaining to the audits

III. Auditors should practice maximum professionalism when performing the audits and preparing auditing reports

Fieldwork standards

I. Auditors must sufficiently plan their work and appropriately supervise any assistants

II. Auditors should acquire an adequate understanding of entities and their environments. This includes assessing statements of risk materials whether due to fraud or error, checking internal controls and designing the timing, nature and extent of additional audit procedures (Giove, 2012).

III. Auditors should acquire adequate proper audit evidence by conducting procedures of auditing to have a reasonable ground for opinions about financial statements being audited

Reporting…. [read more]


Standards and Accreditation: ACA Essay

… The ACA works to counteract that with its initiatives to educate officers and offer them new, proactive solutions. Education can be expensive and the ACA provides proven training materials and resources.

Accreditation enables officers to more effectively meet national standards such as achieving the goals of PREA. Changing an institutional culture and standard operating procedures can be extremely challenging. The ACA can provide advice about what initiatives have worked for other institutions in the past to achieve reforms and meet standards and goals. The interviews and auditing conducted of the institution, while it may be experienced as intrusive at first, will ultimately prove beneficial.

In short, there are few downsides to seeking accreditation. The only initial issues which may arise is the expense in making…. [read more]


Apple Corporation and Ethics Essay

… But instead of taking stock of its available resources to at least reduce the already exposed and publicized abusive management practices in its supply chain, Apple chose to minimize the cost of its business practices, which even pressure suppliers to resort to cutting corners in production. The intricate designs and very high demand for iPhones in addition to low margins compels Apple suppliers to compete with one another. They in turn compel workers to work overtime and, in so doing, engage or expose themselves in unsafe production practice as well as employ underage people to work. Foxconn's new quality control standards for iPhone 5 in October 2012 required greater precision levels, which increased the number of abuses in Apple suppliers' factories. As a result, their…. [read more]


Global Financial Crisis Essay

… After the demise of huge financial corporations such as Enron, WorldCom, etc., the Sarbanes-Oxley Act was issued in the U.S. This act refrained audit firms from providing both type of services to their clients. The blame upon the audit profession was that if they had not been involved in providing such services then they would have been more independent in reviewing the financial statements of the financial institutions and therefore could have detected the wrong accounting practices (Mohamed Ariff, 2012).

Responses of the Accounting and Auditing Professions in the Aftermath of the Global Financial Crisis

In response to the finger pointing and to address the criticism leveled on the accounting and audit professions after the global financial crisis, international bodies and national regulatory agencies brought…. [read more]


Rite Aid Fraud Term Paper

… P. Carey School of Business, released a list of organizations that succumbed to ethical meltdowns. By 2001, Jennings dossier comprised Arthur Andersen, Rite Aid, Merrill Lynch, General Electric, AT&T, and United Health Group among many more, in fact, a lot more that she ran out of space to accommodate them in her PowerPoint presentation slides. In a presentation dated April 5, 2007 addressed to the Business and Organizational Ethics Partnership dubbed "Seven Signs of Ethical Collapse: How to Spot Moral Meltdowns Before it's Too Late,"

Professor Jennings discussed the pointers of ethical collapse and recommended potent antidotes to thwart such a predicament. She underscored seven common threads that prompt reputable organizations to bend the ethical code of professional conduct. These pointers include conflicts of interest,…. [read more]


Integrating Total Quality Environmental Management Term Paper

… Environmental management includes recycling and remanufacturing of parts and products (Anthony, 2002). Disassembly and recycling of reusable parts help the cause of environment protection, reduces the cost of usage of a fresh component, and avoids disposal costs. Material Resource Planning (MRP), an assembly-oriented scheduling system, does not support the process of disassembly. Uncertainty of quality, quantity and timing of recovery of reusable parts makes production planning difficult. To incorporate product recovery planning in MRP, use of reverse bill of material for every retrieved component or product is recommended. Concepts used in planning probabilistic demands for end items are used in structuring the bill of material.

Closed loop system is a widely used environment practice by many companies. This system requires new material only on non-receipt…. [read more]


Switch to IAS IFRS the Challenge Presented by Goodwill Term Paper

… Switch to IAS/IFRS: The Challenge presented by Goodwill

As the months go by, European listed companies are discovering the upheavals involved in implementing IAS/IFRS from the FY 2005. The controversy surrounding IAS 39 (recognising and measuring financial instruments) has been a case of missing the forest for the trees; although there is no doubt that this standard is likely to have a major impact on companies in the financial sector, other IAS/IFRS standards are likely to impact just as much on the balance sheets of large industrial or retail groups. For example, there is IAS 22 (business combinations) and IAS 36 (impairment of assets) which will completely overhaul the way goodwill is treated - depreciation is replaced with the impairment test, which means a strict…. [read more]


Segregation of Duty the Enron Research Paper

… Segregation of Duty

The Enron Corporation scandal led to its bankruptcy and the dissolution of the Arthur Anderson corporation; a leading accountancy and audit partner worldwide. Besides being the largest bankruptcy case in the history of America, Enron is still viewed as the biggest audit failure (Mesa & Financial Executives Research Foundation, 2012). Although it is the most well-known U.S. firm across the world, Enron collapsed too fast. This study analyses the events that led to the fall of Enron, including details of conflict of interest, the management, and accounting fraud.

Enron's Rise and Fall

In the early 1990s, Enron Corporation was globally recognized as the most innovative company. It revolutionized the old industries in favor of e-commerce business. Enron continued to operate gas lines…. [read more]


Statistical Process Control Essay

… Instead, the CAE decided to report to personnel of their choosing, which was the CFO.

What should the Audit Committee of the Board of Directors do to ensure auditor independence?

The Audit Committee of the Board of Directors should create rules to ensure auditor independence. One important rule that should go into effect immediately is term limits. After a number of years, companies would be required to hire new auditors. Knowing that work is available for a limited amount of years would force auditors to become more independent.

There is a second rule that the Audit Committee of Board of Directors should create to ensure auditor independence. The rule should state that the external auditor should provide non-audit services which in turn should be approved…. [read more]


Consolidation of Financial Statement Analysis Term Paper

… In the asset section of the balance sheet, assets are listed in the "order of liquidity" (where liquidity is defined as the ability to convert an economic resource into cash with minimal risk of loss). It is a common practice to report financial position through the use of a classified balance sheet. In the classified balance sheet, assets are then classified as being current (if the economic resource is expected to be used or consumed in operations or converted into cash within one year from the balance sheet or one operating cycle, whichever is longer). In this regard, the operating cycle is considered to be the "cash-to-cash" cycle of the firm. For some types of applications, such as those needing an aging process, a single…. [read more]


Public Sector Accountability Term Paper

… Public Sector Accountability

In the recent years the top management of public sector organizations has come to realize that they are required to be eventually accountability to the community in which they exist. Moreover, presently, it is pertinent for this accountability to be exercised in a manner that supports rather than stalls the efficient management of the agency. The urgency for greater public sector accountability perceptibly arise from the actuality that most agencies have a defined mission and objectives which are actualized in programs; to put it differently they exist and are given resources so as to provide value to the community in particular ways. The community in its part have a right to be assured that the schemes and programs on which their monies…. [read more]


Outsourcing Process Analysis Outsourcing Weapons Essay

… With a price tag attached, information is much more digestible. This price tag specifically will translate into the difference what it costs the government of WA to have a police officer process paperwork per hour as opposed to what it will cost to have an outsourced clerk processing paperwork. Minimally, a typical Australian police office at the beginning of his or her career makes $47,778 per year or $24.88 per hour (Salary for Police or Patrol Officer Jobs 2011). This does factor in overtime. The typical secretary's pay in 2007 was $14.50 per hour to start (How much Is paid in Australia 2007). In addition, more economy can be had if clerical services would be out-sourced to a foreign country such as India. In this…. [read more]


Sarbanes-Oxley Act on Auditing Changes Research Paper

… This particular reform significantly improved the transparency and independence of the reporting process. A study of the contents of the audit committee reports from the 2003 and 2004 proxy statements of 100 randomly selected companies listed on the NYSE found significant improvements in terms of the "clear identification of the financial experts on the committee; a definitive conclusion about the independence of the auditor; and a disclosure about the policy regarding the preapproval of nonaudit services" (Pandit, Subrahmanyam, & Conway 2005).

Critics of Sarbanes-Oxley said that the Act's main beneficiaries were audit firms, which experienced a boom in business as companies had to comply with its more complicated reporting requirements. Additionally, some critics said that the change in the mentality of many firms and the…. [read more]


Accounting for Income Taxes Term Paper

… Accounting for Income Taxes

The role of the tax professional has changed substantially in the past decade. Previously, the focus was on tax planning and the marketing of tax products. The focus today is more on the corporation's tax provision and compliance work. This shift has occurred as the result of changes in the regulatory environment. In particular, the enactment of Sarbanes-Oxley (SOX) has shifted emphasis towards the compliance side of the business. This paper will analyze the changes in the tax accounting profession over the past decade with particular attention to the increase in emphasis on compliance. Not only did SOX change the operating environment for tax professionals, but another concern arose concerning the use of abusive tax shelters. In the mid-1990s the use…. [read more]


U.S. Securities and Exchange Commission Thesis

… U.S. Securities and Exchange Commission

What is the U.S. Securities and Exchange Commission (SEC) and what they do?

Securities and Exchange Commission -- SEC was formed by the Congress way back in 1934 as an autonomous government body charged with supervising the U.S. securities market, implementing laws relating to securities and monitoring exchanges for stock, options, as also other securities. SEC also supervises the modalities of corporate takeovers. One of the vital responsibilities charged with the Commission is bringing about transparency in the securities markets and thereby safeguarding the investors from scams or corporate swindles through filing of quarterly and annual financial reports. The SEC is obliged with providing direction to the corporations as regards contemporary U.S. accounting rules, and the Congress mandates the Commission…. [read more]


Boards of Directors Are Driven by Far-Reaching Term Paper

… ¶ … boards of directors are driven by far-reaching regulatory reforms and increased corporate expectations in order to comply with the Sarbanes-Oxley legislation. Consequently, many feel an ever-growing need for orientation, education, and evaluation. Corporate directors are currently trying to gain the hands-on knowledge required to become more valuable professionals in the boardroom, with the help of general counsels, financial executives, HR representatives or corporate secretaries. Ethics is a very important part of their change, since enforcing business morality is the main objective behind the Sarbanes-Oxley act.

Sarbanes-Oxley is a U.S. law passed in 2002 designed to strengthen corporate governance and restore long lost confidence to the investors. The Act was supported mainly by Senator Paul Sarbanes and Congressman Michael Oxley. It was the natural…. [read more]


Foster Children/Foster Care Issues Term Paper

… Beginning in the 1960s, the numbers of reports of child abuse and neglect grew dramatically -- from ten thousand in 1962 (Lindsey, 1996), to almost three million in 1999 (U.S. Department of Health and Human Services, 2001a). Consistent with legal mandates that certain professionals report suspected child maltreatment, more than half (54.7%) of the reports in 1999 were from professionals (educators, medical staff, law enforcement personnel, social services personnel, and others); the remaining reports were from relatives, friends, neighbors, and anonymous sources (U.S. Department of Health and Human Services, 2001a). 1.8 million reports that were investigated were substantiated for child abuse or neglect (U.S. Department of Health and Human Services, 2001a).

According to the National Child Abuse and Neglect Data and the 1997 AFCARS report,…. [read more]


Enron Was a Texas Term Paper

… However, as in the case of the Rhythms Hedge, the protection that the Raptors Hedge was supposed to give was more illusory than real. The reason was the same. The Raptors were not independent, creditworthy outside parties but counterparties created by Enron and LJM2. The risk was almost all borne by Enron itself. In short, Enron was trying to protect Enron which was not an acceptable proposition by any standards. However whatever the merits of the arrangements made, Enron's financial statements reflected a rosy picture all round. And that is what the creative accounting was all about.

A basic principle of accounting stipulates that, barring exceptional circumstances, it was not permitted for a business to recognize gains as income on its income statement when the…. [read more]


H 1b Shortage Research Proposal

… H-1B Shortage

In today's society, knowledge and expertise are raw materials that are essential for companies and countries so that they can be more competitive. The economy is dependent on innovative companies and whether they can not only attract but also retain the talent that will provide them with the most benefit. This should re regardless of the citizenship or nationality of those talented individuals. The most unfortunate issue here, however, is that the United States immigration system makes doing this very challenging, and many U.S. firms are incapable of getting the people that they really need to keep the economy strong because of immigration requirements (Written testimony of William H. Gates Before the Committee on Science and Technology, United States House of Representatives, P…. [read more]


Enron Case Study

… By not having competition between the various authorities, there was "no incentive to respond quickly to market forces…" (Niskanen, 2005, p. 80) which were proceeding rapidly. Enron entered into new financial territory and the regulating authorities did not move fast enough to keep up with their new tactics. Competition is expected to keep the regulating authorities on their toes.

Despite these changes, which will most likely prevent a recurrence of another Enron type financial scandal, other types of financial scandals will happen. Regulations often lag behind offenders, meaning that it takes someone performing an unethical or illegal act, before the regulatory agencies will act to prevent it. Someone will think up new ways to get around the rules that have been set up to prevent…. [read more]


Antigua Guatemala Coffee Business Plan

… Any well-funded and large company, where capital is not an issue might be potential entrants because they have a solid brand image in the business sector (Blackwell, 2011).

Rivalry: in this market segment, there are many big players. With the high number of small-scale coffee shops, big players must battle with small players across the market segments. With customers increasingly taking coffee home, it provides the convenience, which is the main factor for players. There is an intense competition in this industry, as companies must battle each other to increase their customer base.

Bargaining power of suppliers: there is a high bargaining power for suppliers. The developments in technological innovations like the automated coffee machines and espresso machines have made them bargain over the industry.…. [read more]


Albert Einstein, a Famously Mediocre Term Paper

… This is not an exhaustive list of elements that could be included in a student's portfolio, but it is a start. You need to consider the concept and build components into it that are appropriate for you and your students. (Ashe, 11)

Although a certain degree of leeway is always afforded teachers that wish to innovate, it often is difficult for these teachers to adopt sweeping changes. In certain respects, this is preferable: the interaction between parents associations in the community and school administrators has traditionally kept teachers in check as this insures that the ultimate authority over the welfare of students lies in the hands of their parents. Although this process is at odds with European systems that favor the national co-ordination of education…. [read more]


Medicaid Health Care Assistance Essay

… The reason why is because of the problems that federal government is facing with their run away budget deficits.

Does the organization implement financial accountability measures to ensure that funds are being used properly?

No. Since its inception, Medicaid has not been held to various standards that will ensure transparency and accountability. Evidence of this can be seen with study that was conducted by the General Accounting Office. They found that out of every $10 that is spent on providing health care services, $1 is wasted in fraud. This despite the fact, that the program has undergone various reforms to try to improve transparency. However, the overall amounts of abuse continue in spite of various changes to the program and increased amounts of accountability. (Robertson,…. [read more]


Privatization of American Prisons Thesis

… Privatization of American Prisons

The history of Prison privatization as well as its merits and demerits

Cost

The Policy Recommendations and ability to adapt to Changes

The origin of Private prisons and why they were developed

Comparison and analysis of cost, efficiency, value and flexibility of private prisons vs. state and federal run facilities

In this paper, we present a discussion on the issue of the privatization of American prisons. We look at the current state of the prisons, the prevalence as well as the conflicts which they face. We then examine into detail the various problems which they face as well as the dominant issues. A presentation of the policy issues that should be adopted is also presented. A brief history of prisons and…. [read more]


NGO Alliance Chiquita -- Rainforest Research Proposal

… Rainforest Alliance and its allies guided Chiquita's efforts at reinventing itself, one farm at a time through the Sustainable Agriculture Network (Rainforest Alliance, 2002). The network consists of environmental groups in 8 tropical nations. Their auditors inspect Chiquita's banana farms every year to assure strict compliance with the NGO's environmental and social standards. Farms, which meet these standards, are given the Rainforest Alliance Certified seal as awards. On the other hand, the improvement on the company's farms has produced a huge positive impact on the vast tracts of land and more than 100 communities. The grant of certifications to independently owned farms is steadily increasing their size, making the population reap benefits from the use of these standards. Through the tie-up, Chiquita has shown that…. [read more]


Enron's Misleading Accounting & Fraud Tactics Thesis

… Enron was the seventh-largest corporation in the world. Enron Company was divided into five distinct parts including; Wholesale Services, Transportation and Distribution, Broadband Services, Retail Energy Services, and Corporate and Other. By the late 1990's, Enron had gone from a gas pipeline company to an energy trading company and then to a company based on trading gas, oil, water, forest products, minerals, broadband, and any other product that could be made into a commodity. Ultimately, the company began trading derivatives. Derivatives are useful because they provide a hedge against future business risks such as hikes in oil prices, changes in interest rates. When used legitimately derivatives can be beneficial to a company. The paper endeavored to explain the tactics that Enron used to evade detection…. [read more]


Awarding Audit Contracts by U.S Term Paper

… Chapter 3 - LITERATURE/DESKTOP RESEARCH

3.1 Summary

The information available for researching this project was based on a cross-section of materials. Although this was an immense task because of all the government guides available on the subject, not to mention non-government materials, most of it was readily available on the Internet.

Some of the major websites that provided basic information included the following.

Non-Government Sites

American Bar Association Section of Public Contract Law. It is organized into six divisions that have links on the home page.

NASPO-National Association of Procurement Officials. Has a section on contract information and auditing procedures.

Fedmarket.com, The Federal Marketplace

Government Sites

Defense Contract Audit Agency. Provides audits, reports and financial advisory services.

CBDnet, which is Commerce Business Daily. Provides information…. [read more]

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