the four elements is critical to increasing audit quality and the usefulness of the information provided. Independence According to the PCAOB Auditing Standards, auditors should maintain independent mental attitudes. Independence is defined by the AICPA Code of Professional Conduct as independence of both, mind and appearance. Independence of mind requires the auditor to act with integrity, free of outside influence whereas independence of appearance requires the avoidance of situations leading to
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Team Project: Financial Reporting and Ethical Practices Rakel Raigns, Jakeia Griffin, Victoria Jones, Samirah Merritt University of Maryland University College November 9, 2013 Author Note This paper was prepared for AMBA630 Economics Management Decisions, Section 9045, taught by Professor Victor Bahhouth. Executive Summary In order to avoid fraudulent reporting, the Securities Exchange Commission (SEC) has mandated that auditing for organizations must be completed by independent accountants
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in accounting between justification of standard setting and justification of auditing. Difference researcher, have a difference opinion. According to Macintosh (2002), decision usefulness as defined by FASB is myth and truthfulness as defined by AICPA is a reality. Another researcher, Moore (2009) characterized the economic reality the FASB set out to show a myth. Other than that, Williams and Ravenscroft (2010) argue that decision usefulness as defined by FASB is since there is no way to any
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corporation. This explanation includes the procedures for reporting accounting changes and error corrections, the methodology used to determine deferred taxes, and the rationale for establishing the subsidiary as a corporation. According to the AICPA (2012), “licensed CPAs are subject to regulation by their respective state boards of accountancy and strict professional ethics rules adopted by the boards to protect the public against fraud, incompetence and conflicts of interest” (para. 1). As
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ACCOUNTING 404 INTERNATIONAL ACCOUNTING FALL 2012 Instructor: Dr. Meihua Koo Office: Building 164, Room 2086 Email: mkoo@csupomona.edu Vmail: (909) 869-4531 Office Hours: Tuesday & Thursday: 5:00 – 5:45 p.m. Wednesday: 9:30 a.m. – 1:00 p.m. COURSE DESCRIPTION: Examination and discussion of accounting theories, techniques, procedures, accounting standards and regulations used in other nations. Examination of contemporary practices prevailing in different parts of the world. Emphasis on multi-national
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List of Textbooks College of Administrative and Financial Sciences Level 3 ID Course Name Title Author/Edition Publisher ECON 101 Microeconomics Survey of Economics: Principles, Applications, and Tools O’SULLIVAN / 5TH edition Pearson ACCT 101 Principles of Accounting Financial Accounting Wild / 6th edition MGT 101 Principles of Management Management: A Practical Introduction Kinicki / 6th edition McGrawHill CourseSmart McGrawHill
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Accounting Standards Boards Sandra Ferrara ACC541 June 18, 2012 Professor Sonja Wilson Accounting Standards Boards Accounting standards Accounting standards boards maintain and produce accounting standards to keep financial reporting accurate and useful. Financial reporting should provide a fair presentation of the financial position and financial activity of an entity and permit comparison among other entities. To obtain a true “apples to apples” comparison between entities the statements
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Sarbanes – Oxley Act (SOX) became law in the year 2002. This act was proposed and created by a Paul S. Sarbanes, United States Senator and Michael G. Oxley, United States House of Representative. The purpose of the act was to bring transparency to gain investors’ confidence (CPA Journal, 2008, Pg. 16 p.1). The SOX Act is a complex law that includes several regulations, procedures, and penalties for fraudulent financial practices and reporting. In 2008 U.S. Senator Paul S. Sarbanes was interviewed
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handful of forward-looking accounting and technology experts came up with the idea of structured data for business information. Later that year, the American Institute of Certified Public Accountants (AICPA) was approached to spearhead the introduction of what was to become XBRL to the world. AICPA provided funding to begin research and development. In 1999, the prototype is completed and named XFMRL (Extensible Financial Reporting Markup Language). The prototype is describing XML as important for
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The Progressive Path: A New Approach for the Modern Student Mitchell M Rodgers Western Governors University The Progressive Path: A New Approach for the Modern Student Recent college graduate…in debt. Early to mid-twenties…in debt. No retirement or emergency savings…in debt. Minimal work experience…in debt. Too many Americans are subject to this common denominator…in debt. For far too long we have become accustomed to the monotony and strenuous financial burden of at least four years of college
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