Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion. ACC 290 Week 5 Individual Assignment Financial Reporting Problem Part II Financial Reporting Problem Part II Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four.
Audit work paper manipulation by Deloitte Touche Ross in the North Face Inc.case. Course Title: Advanced Auditing Date: November 15th 2012 Author Note Abstract This paper explores the instance of audit work paper manipulation by Richard Fiedelman of Deloitte Touche Ross (DTR), a leading Public Accounting firm who failed to exercise due professional care in the carrying out of his duties in the course of the audit of their client North Face Inc. It evaluates the severity of the Securities and Exchange (SEC’s) sanctions imposed on Richard Fiedelman for the violation of Generally Accepted Accounting Practices (GAAP) and Generally Accepted Auditing Standards (GAAS). It also covers the practice of ‘materiality’ used by public accounting firms and how this should be addressed with audit clients. The paper discusses the options of responses to being asked to modify client work papers by the engagement partner.
January 2000 Davidge turns over a trove of documents describing the price-fixing scheme and how it came about to federal investigators in return for conditional amnesty. January 2000 Christie's announces it is cooperating with the government in the antitrust investigation. January 2000 Clients of both Christie's and Sotheby's file hundreds of civil lawsuits,
However, sometimes the right decision in one person’s mind is far from the best decision to make. This is the same situation that Flex Packaging Limited found themselves in 2001. November 8, 2001 Indian woke up to the news of an arrest of a well-known entrepreneur, Ashok Chaturvedi, he was the owner of Flex Packaging Limited along with the arrest of Someshwat Mishra, the central chief excise commissioner (Mishra, 2007). The Central Bureau of Investigation (CBI) recovered $25,000 from the commissioners’ car and office that was being held for Chaturvedi and he was accused of evading to pay excise duties and bribing the central chief commissioner (Mishra, 2007). “CBI alleged that Chaturvedi acted as a middleman to the Pan Masala (chewable tobacco) industry and the central chief excise commissioner” (Mishra, 2007).
E) A 130 million dollar judgment was ruled against Jim Bakker, and to be paid to the plaintiffs. Issues 1.Identify the ethical questions raised by the maintenance of PTL’s secret payroll account by laventhol partner. Does the fact the PTL was a private organization not registered with the SEC affect the propriety of the partner’s actions? The time line of H&L’s audit of PTL Club is: End of fiscal year (May 31, 1984), Audit Completion Date (Dual dated as August 31, 1984 and October 24, 1984). Based on the timeline and the above definition of subsequent events, I believe that it is a subsequent event.
This source is relative to my paper discussing auditing collusion because it discusses collusion as a whole in a corporation. Currie III, D. (2003). ANALYZING FAILURES. CPA Journal, 73(2), 21. Retrieved from EBSCOhost.
Dell’s Delusive Marketing Activities a) Deceptive Promotion On May 15, 2007 Dell was being sued by New York Attorney General Andrew Cuomo for deceptive business and advertising practices. According to State A.G. (attorney general), Dell was practicing the "classic bait-and-switch scheme", offering “no-interest” for payment plans (Ogg, 2007). When customers tried to take on such offers they were denied and offered financing rates of over 20 percent. According to Business First (2008), Dell was brought to court in 2007 due to engagement “in repeated misleading, deceptive and unlawful business conduct, including false and deceptive advertising of financing promotions and the terms of warranties, fraudulent, misleading and deceptive practices in credit financing and failure to provide warranty service and rebates." Dell is has been charged for deceptive marketing practices, especially with deceptive promotion or ‘bait and switch’ scheme (Armstrong & Kotler, 2009).
AO1 – Explain and interpret features of a business organisations profit and loss statement In this report I will be analysing and writing about Whitbread PLC’s 2001 to 2002 and 2002 to 2003 profit and loss statements. In this report I will also be explaining and analysing the features of a profit and loss statement such as: * Turnover * Expenditures * Cost of sales * Gross profit * Opening and closing stock * Materials * Depreciation * Group operating profit * Net/Profit loss on disposal of fixed assets * Profit and loss before interest * Profit and loss before tax * Profit and loss after tax * Profit and loss for ordinary shareholders * Retained profit What is a profit and loss statement? A profit and loss statement is a financial statement which summarises what comes and goes in and out of the business account over a specific period. Monthly or annually is the most common period of time in which a profit and loss statement can be done. What’s the purpose of a profit and loss statement?
1) What were the individual factors that contributed to the failure of Enron? Briefly explain two key factors. In the repercussion of Enron’s bankruptcy filing, numerous Enron executives were charged with criminal acts. Those charges were fraud, insider trading and money laundering. Enron was described as “House Of Cards” as it was built over a pool of gasoline.
Skilling was indicated on 35 counts of wire fraud, securities fraud, conspiracy, making false statements on financial reports and insider trading. Lay was indicted on 11 criminal counts of fraud and making misleading statements. He died in 2006 (Weiss, 2009). b) A corporate culture that supported unethical behavior. Enron listed its core values as: Communication, respect, integrity, excellence (Enron Annual Report, 2000).