Payal Mehta ACC416 October 1, 2013 Auditing Research Paper The profession of auditing plays a very important role in our economy especially after Congress passed the Sarbanes-Oxley Act its role in the economy was greatly solidified. Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent
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Application of Integrated Ethical Decision-Making Model into “Giles and Regas” Case 1. Identification of Ethical and Professional Issues (a) Identification of the Relevant Facts • Regas, a senior accountant in a CPA firm, was assigned to an audit engagement project working with the firm’s CPA partner Giles who has a higher rank in the same team, and had been in a dating relationship with Giles for several months, which was an uncommon story among the partners, but became clear to most
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Discipline Christopher Ziebell ACCT530 Week 4 1/29/15 Discipline to me is a type of training in order to teach someone to follow the rules. I think it applies to all of us when it comes to the professional world. When someone gets hired at new company there is always some sort of discipline in the beginning. If someone has experience in the work that they are hired to do doesn’t mean that they don’t still need training on how the company operates. I have a perfect example of this when
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the following in the Formation of Accounting Principles? * AICPA * FASB * SEC Ans: * AICPA: American Institute of Certified Public Accountant: The American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States. Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United
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AICPA May 26, 2014 ETH/376 According to Ethical Obligations and Decision Making in Accounting, The America Institute of CPAs (AICPA) is an association made of up volunteer CPAs. Their main objective to ensure that CPAs continue to conduct their business in an ethical manner. The values described in the Code of Professional Conduct are based on common principles and virtues and designed to guide CPAs in a positive light and maintain professionalism with the public in the accounting world
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look for a way out. The effect on bonuses, stock options, and even the share prices of Excello made Mr. Reed emulate behavior outside the scope of ethical behavior and he subsequently enrolled the help of subordinates in such a way that violated conduct protocol. The sale of $1.2 million of equipment may have seemed irrelevant until Mr. Reed began his quest to have that amount recorded in 2010 instead of the date the equipment would actually change ownership. A summary of Section 302 of the Sarbanes-Oxley
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Each of the following characteristics describes the importance of integrity in decision making except for: A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others 2. Ethical relativism can best be described as a: A. Point of view that morality is relative to the norms of one's culture. B. Concept that holds that integrity should be maintained in the face of pressure by others. C
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revealed that roughly $823 million remained of the more than $170 billion that went through his accounts over the years).(1) Mr. Friehling flagrantly and purposely violated provisions of the American Institute of Certified Public Accountants’ Code of Professional Conduct,(2) Generally Accepted Auditing Standards,(3) promulgations of the Public Company Accounting Oversight Board and Securities and Exchange Commission, and other applicable laws, regulations, rules, and guidelines. Mr. Friehling is a former
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Executive summery As professionals, certified public accountants perform an essential role in society. Consistent with that role, members of the Society of Certified Public Accountants have responsibilities to all those who use their professional services. Members also have a continuing responsibility to cooperate with each other to improve the art of accounting, maintain the public's confidence, and carry out the profession's special responsibilities for self-governance. We worked in this
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being reported. These three important components of accounting go hand and hand when to come down to enforcing laws are the Sarbanes-Oxley act, the AICPA Code of Conduct and the Generally Accepted Accounting Principles. Sarbanes- Oxley was created to protect investors from Corporations that may try to do fraudulent accounting activities. AICPA Code of Conduct sets standards for the professionalism and auditing for private companies, non-profit organizations, federal, state and local governments (“American
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