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.
This information gather is viewed through use of the four financial statements that are made available by accounting departments. The income statement, retained earnings statement, balance sheet and the statement of cash flows are the four financial statements available for users. Each statement is supported by each other and each statement is independent of each other as well. The financial statements have their own purpose but when each statement is available it tells the financial story of a company and shows that accounting is very important and necessary in today’s
Engagement Letter Dear Mr. Lawrence, This letter is to confirm that there is a mutual understanding on the auditing process and arrangement of the financials for Apollo Shoes, Inc. We will begin the process by auditing the balance sheets for the company and any statements of income, stockholders equity, cash flows, and comprehensive income that is related for use to express an opinion. We will also include in the auditing process the internal controls over financial statements and whether they were properly maintained based on established criteria in Internal Control- Integrated of Sponsoring Organizations of the Treadway Commission (COSO criteria). The financial records and information that are made available for the audit are also the responsibility of Apollo Shoes, Inc. as is the management of
Under Section 404 of the act, these findings must detail any uncovered control deficiencies or instances of employee fraud, and must also be reviewed and attested by the registered accounting firm. The authors of the report must certify that the report does not contain any false information, misleading statements or significant omissions, and that the financial statements and information included in the report accurately represent the financial condition of the company. Under Section 401 of the act, this representation must account for both balance and off-balance sheet debts, obligations and transactions in order to facilitate maximum transparency for shareholders (Nikolas, Daniel. Nd Effects of the Sarbanes-Oxley Act). The act serves as a guideline and governs what an accountant should and should not do when reporting financial flows.
The Public Company Accounting Over-sight Board (PCAOB) has oversight and enforcement authority and establishes auditing, quality control, and independence standards and rules. ● Implements stronger independence rules for auditors. Audit partners, for example, are required to rotate every five years and auditors are prohibited from offering certain types of consulting services to corporate
As well, public companies must file a pro forma financial statement with the Securities and Exchange Commission (SEC). The SEC also requires publicly traded companies to file pro forma financial statements anytime there is a significant change in the accounting means used by that company. (What is a Pro Forma Financial Statement?,
Tesco PCL Board: The individuals who are selected to be on the board of directors of a corporation have overall responsibility for the activities of the corporation. A corporate board is not responsible for the day-to-day decision-making; the daily decisions are made by the corporation's executives and managers. The corporate officers are the people who head departments, and these executives are responsible for running the business. The board acts on behalf of the shareholders to make overall policy decisions and provide oversight. The board has a fiduciary duty with respect to the shareholders; that is, the board has financial and other responsibilities to keep the corporation running efficiently so the shareholders don't lose money.
This Code of Ethics is supposed to comply with the requirements of Section 406 of Sarbanes-Oakley Act of 2002 and is not meant to replace the Company Code of Ethics updated in 2012. (UAC (b), 2012) Company Code of Ethics 2012 is applied to all employees of the company, officers and directors including its subsidiary (UAC, 2012) and is being reviewed annually for applicable modifications. Latest modification is done in November 2011. Why Ethics? Business ethics has been defined as a behavior that business holds on in its every day dealings with the
Lockheed Martin has a Vice President of Ethics and Business Conducts that consist of elected officers that report directly to the Executive officer and the Audit & Ethics Committee of the Board of Directors. Lockheed Martin has a board of directors that oversee the company’s ethics compliance program. Each board member has a specific responsibility. For example, they may be responsible for audits, ethics and corporate responsibility, executive decisions, management development and compensation, nominating and corporate governance, and strategic affairs and finance. In