Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
Briefly explain why you believe Robert feels he should or should not report to the NTSB. | He should report to the NTSB. It is everyone’s responsibility to tell the truth. Robert either. | Question #6 | Assume that Robert reported the problem to the NTSB and that he has applied for an accounting position with your company.
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.
Pro forma financial information is generally used to illustrate the effects of transactions such as business combination, and change in capitalization. There are countless reasons on why companies use pro forma statement in their business, the most significant is the planning and control received when using pro forma. The process of using pro forma statements are less time consuming, they help businesses evaluate and make a better distinction between business plans (Scarborough, Wilson, & Zimmerer, 2009, p. 196). Pro forma statements are an excellent outlet for resources that will help a business forecast expected earnings should the company chose to merge with another company or even if the company wanted to sell off part of it operations (Scarborough, Wilson, & Zimmerer, 2009, p. 196). The pro forma statements are commonly used when applying for a business loan.
What does Carmichael see as the underlying mission of the PCAOB? Mr. Carmichael believes that the main directive of PCAOB is to ultimately restore the confidence of the public and investors in the “independent auditors of public companies” accomplished in accordance with the Sarbanes-Oxley ACT Of 2002. This Act empowers the PCAOB to register public accounting firms, perform inspection audits on these firms, investigating, disciplining and imposing rectifying sanctions and by overseeing the standards that these firms need to meet. The act also allows the PCAOB to perform other activities that will further its mission to protect the investors and look out for the public’s interest. 3.
The auditor was originally reviewing recently submitted invoices in attempts to gain a further insight on the way the company coded, capitalized, expensed, recorded, etc, their transactions. He went out of his way to schedule interviews with the upper level management to become acquainted and ended up uncovering much more than standard procedures. In coincidence one, he enabled himself to request checks for false invoices, then taking it up a notch by recreating false invoices and submitting them to the accounts
Financial Statements Paper ACC/280 YOUR NAME University of Phoenix INSTRUCTOR NAME DATE Financial Statements Paper Accounting provides an exceptional contribution to the success of any small or large company. More specifically, accounting assists company owners in their management decisions by providing valuable financial information. Financial accounting is regulated by rules and concepts recognized as “generally accepted accounting principles” (GAAP). The GAAP requires four financial statements which include: the balance sheet, income statement, statement of cash flow, and statement of owner's equity. In this paper, the purpose of accounting and the four financial statements and how they correlate with each other will be discussed.
Financial ratios should be analyzed by a professional accountant. In order to keep a record of the company’s financial health, ratio analysis is used as a tool. Ratio analysis determines and interprets how efficiently a company is working in terms of its finances. Ratio analysis presents a simple and comprehensible understanding of the accounting variables. It is an effective tool for understanding a business’s success in terms of financial undertaking and
Riordan Virtual Organization Riordan is a company looking at all the areas of business. Starting with a strategic plan and the significance of having one, to accountability of social and ethical concerns. Having a strong knowledgeable employee base increases the moral and the security of the company both in the United States and Internationally. Providing the proper financial documentation discloses how the company is doing. Conducting key measurement guidelines to ensure they are on track with production and budget.
The Surveyor requested information and although the Executive Director knew the answer and what to submit to the surveyor, the call had to made to the corporate office to ask for permission to submit the requested information. The Executive Director was instructed what to submit to the surveyor. The outcome was a Federal Tag for the facility because the corporate employee did not give the appropriate answer. This was an ethical dilemma for the Executive Director because the Executive Director had to decide whether to follow policy and procedure, or do what she thought was right. Cultural or religious beliefs can also adversely affect the nursing facility.