Include an abstract. A running head is optional. Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments. ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client.
The consultation involves a determination on whether financial statement reporting follows regulations and guidelines established in the Sarbanes-Oxley Section 404. The consultation also includes identity of internal risks detected within Apollo Shoes. A brief synopsis of our responsibility concerning the detection and reporting of fraudulent activity follows at the end of this engagement letter. Sarbanes-Oxley Section 404 An integral part of a financial audit includes an evaluation of the internal controls in the company's financial reporting. As an auditor, understanding and testing internal control over financial requires knowledge of standards applicable to the corporation established by GAAP or IFRS.
The first requirement is establishment of responsibility, which states that responsibility should be assigned to specific employees. The reason for this is because it is said that control is most effective when there is only one person in charge of a given task. The second requirement is called Segregation of Duties, which states that different individuals will have different responsibilities. The rationale for this concept is that the work of one employee should provide a reliable basis for evaluating the work of another. This also decreases fraud by ensuring that many different people in different departments are handling company business.
Financial Statement Paper P Agnes Pierre Louis ACC/280 September 26, 2011 Minh Truong Financial Statement Paper In today’s business world it is required to keep an accurate account for assets and liabilities of each company. Good and ethical accounting practices can build the base for a strong and profitable company if the information is used properly. The definition of accounting is obvious but one most know the purpose of accounting which will be covered in the following paragraphs. There are four financial statements that are prepared by companies in today’s society as a form of reporting accounting companies. Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows.
Everyone one from their employees all the way up to upper management and partners must adhere to the code of ethics put into place at the corporation. Microsoft recognizes that they face intense competition and will continue to face harsh competition across the markets of products and services, but yet they refuse to bend any rules in order to make it to the top. Microsoft also has a code of standards for their finance division that is separate but in addition to their ethical standards. The finance code of ethics demands the executives and the employees to act in a responsible manner and to avoid conflicts of interest. It also demands the employees to abide by the laws and regulation set forth by the state and federal governments.
The CEO and CFO must certify which control framework was used to design internal control. Finally, where a proportionately consolidated or variable interest entity, or a recently acquired business, is excluded from disclosure or internal controls, CEOs and CFOs must certify that this has been disclosed in MD&A The company is definitely moving in the right direction by using pre numbered invoices. This is an example of documentation control. The purchase of an indelible in machine would be another step in the right direction since the ink cannot be altered or erased. Printing your check with this machine will help reduce errors and fraud.
Out of the purposes of the AICPA Code of Professional Conduct, three of the most important include public interest, integrity, and due care. This is because CPAs always should put others’ interest ahead of their own. Public interest, which includes clients, credit grantors, governments, employers, and investors, calls for resolving conflicts between stakeholder groups by recognizing that it is the CPA’s responsibility to best serve in the interests of their clients and employers. Integrity involves being honest and candid with clients and not subordinating public trust to personal gain and advantage. Due care
As an auditor one is required to remain objective, an auditor should at all times remain independent in fact and appearance. They should take special precautions to assure there is no conflict of interest. An auditor is required to make an unbiased opinion on the financial stability of an organization (Schumerhorn, 2012). It is customary to charge a fee for auditing services, this is how auditing firms produce revenue to support their business and employees. However if this fee comes from the agency in which is being audited this firm is subject to scrutiny in regards to the audit.
The employees must keep company’s tangible assets and knowledgeable things. The company and its employees have obligation to protect their tangible and intangible assets. Generally, the protection of assets is most important part in profit entities. County of San Diego and G.M Financial conduct their businesses that elementally trust employees. Nevertheless, the reason that company adopts the code of ethics is forbid to fraud, theft, and corruption by
The CEO of any organization needs to not only be part of the policies and standards that present but they also need to be the main supporter of all initiatives. Whether the CEO writes their own policies or buys them of the shelf, they need to make sure they are followed and that all compliance issues are covered correctly. It is important to remember that information security is as much a business issue as it is a technological issue. If all groups work together and abide by policies and standards that are written for the organization then the organization will stand a better chance at being secure. Having a security policy that is easily measured and enforced is the key (Symantec, 1995-2010) to this success.