answers, keep in mind that different rules may apply for nonpublic and public companies. SOX, SEC, and PCAOB rules apply to public companies. Links on the readings page may help you answer some of the questions. Use the new online AICPA Code of Professional Conduct that is linked on the readings page. There are 3 parts to this assignment. 1. (12 pts) Case 1.1 Enron Corporation (the high profile disaster that changed the face of auditing!) Watch the video Bigger Than Enron
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ACKNOWLEDGMENTS Statement on Responsibilities in Personal Financial Planning Practice Task Force Clark Blackman II, Chair (PFP Executive Committee) and Past Chair Dirk Edwards, Chair John Connell Charles Kowal Jerry Love Randy Ryan Scott Sprinkle Ken Strauss AICPA Staff Mark Koziel, Director (Specialized Communities) Andrea Millar, Sr. Technical Manager (PFP Division) Teighlor March, Senior Manager (Legal, Legislative & Regulatory Affairs) Sarah Bradley, Project Manager (PFP Division) 2 Contents Acknowledgments
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apply to partners and professional staff. Give an example of when stock ownership would be prohibited for each. If the partner is part of an audit engagement, they can not own stock for the company in which they are responsible for reporting the audit for, even if the client is out of another office. The audit report must be from an individual that is independent of the company. As for the professional staff members, they too can not own stock with any of the clients they conduct audits with, if they
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decision defensible from a GAAP, Generally Accepted Accounting Practices, stand point. The firm must adhere to all the laws and regulations as they are set. Among the GAAP regulations there are also the SOX, Sarbanes-Oxley Act of 2002, and AICPA Code of conduct. The accounting team must ensure they make the right decision to help maximize the wealth of the shareholders while still following the laws and regulations.
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Case7.2:Stephen Gray, CPA Answer for Q1 Ethical codes create a boundary that members of a profession could act in to the professions highest beliefs. Where code of ethics is not enforced, a profession’s name could be tarnished by the wrong acts of some individuals that would affect all members of the profession and as the consequence the general public will also be affected. The main reason for the change of these codes overtime is the change in the culture or values systems and attitudes
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rules and regulations protect the stakeholders and public from any wrong, fraudulent reporting and unethical behavior. The main agencies are (SOX), Sarbanes and Oxley Act of 2002, (GAAP), Generally Accepted Accounting Principles and the AICPA Code of Professional Conduct. In order for Terry Reed, and his accounting team to come up with a viable solution to their reporting dilemma, they must follow the rules and regulations of these agencies to make a sound decision which is legal and ethical for their
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company with provided recommendations by our firm. These recommendations can help improve productivity, decrease expenses or losses and possibly lead to an increase in profit (Arens, Elder, & Beasley, 2012). During a compliance audit, our firm conducts a review to
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maintained, it turns out to be morally basic for the calling to give genuine thought to what constitutes moral conduct, how such conduct is spurred, and what rights and interests of influenced gatherings may
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Certified Public Accountants (AICPA) has a section about its code of professional conduct on its website. The categories on this website consist of the introduction, section 50, 90, 100, 200, 300, 400, 500, appendix and index. The introduction has two parts which include composition, applicability and compliance also a section called other guidance which includes the interpretations of Rule of Conduct and ethics rulings. Section 50 consists of principles of professional conduct. This section talks about
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CAPSTONE CASE STUDY ON ORGANIZATIONAL ARCHITECTURE: ARTHUR ANDERSEN LLP 1. Discuss the environmental, strategic and organizational changes that occurred over the life of Andersen in the context of Figure 11.1. Architectural design of firm may vary among companies. There are most common categories are business environment, strategy, and organizational architecture. Business environment of Andersen includes technology that was used effectively; structure of its markets, regulations which helped
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