| Team C | Memo To: WorldCom Executives From: Shernelle Rooplal, Wilder Pascual-Torress, Benson Paul, Monika Wojnakowska, Rosa Varrillas Date: June 13, 2011 Re: Audit Decision Dear Worldcom Executives, We as your audit team have decided to conduct a survey in several areas in particular within your company. 1. Corporate culture: a. We would like to gather more information in regards to communication between departments. b.
Case 9 – Individual assignment: “Inspecting PCAOB Registered Accounting Firms” Background You are to access and evaluate the latest PCAOB inspection report for four audit firms that you select from the list below (one large U.S. firm, one foreign firm, and one smaller U.S. firm). Our objective is to better understand quality control in contemporary auditing practice and to assess the possible effects of public disclosure of inspection reports by the PCAOB. PCAOB inspection reports are available on the PCAOB’s website at www.PCAOB.org. To locate them, on the PCAOB’s home-page, click on the Inspections tab and then click on “All Firm Inspection Reports to Date”. This will give you an alphabetic listing of all firm inspection reports.
| List each document used in the recruitment process your organisation, use documents you find as evidence | | 3. | Explain the purpose of each document, ensuring you relate your description to the organisation you are investigating | | This task should achieve the following criteria:P1P1 describe the recruitment documentation used in a selected organisation.Guidelines.Please include forms outlined in the guidelines. You may do this in groups and share resources if you put all the names of the group on your assignment and highlight your contribution. 1. Introduce the company which you will be referring to in your write up.
The paper discusses the options of responses to being asked to modify client work papers by the engagement partner. It goes on to also discuss if auditors have a responsibility to assess the quality of the key strategic decisions made by client executives. Keywords: Deloitte Touche Ross, Securities and Exchange Commission, audit work papers, Generally Accepted Auditing Standards, Generally Accepted Accounting Practices. Audit work paper manipulation by Richard Fiedelman of Deloitte Touche Ross in the audit of North Face Inc. When the newly appointed audit partner at DTR, Will Borden, upon reviewing the audit of North Face Inc.’s 1997 financial statements, questioned why the adjustment shown and required by the work papers had not been adjusted in the financial statements, Fiedelman realized his error.
I will be using their annual report from 2011, and explain the main sections of the report, discuss key factors that helped influence the company’s financial performance for the year stated above, the company’s assets, and we will also explain how management characterizes the internal control environment. Annual reports for a company are usually divided into sections to separate different topics or ideas. In the annual report for eBay, the main sections that are spoken about are the business section, legal proceedings, selected financial data, market for related stockholder matters and issuer purchaser equity. The business section of the annual report basically tells exactly what the business is. It informs the reader on when the business was founded, who founded it, what products and services the business offers, and how many customers have used their business.
TABLE OF CONENTS INTRODUCTION PG 1 COMPANY EVALUATION PG 2 COMPLIANCE AND RECOMMENDATION PG 4 SUMMARY / CONCLUSION PG 5 REFERENCES PG 6 Introduction The primary objective of Accounting Ink, is to provide LJB Company with the required information to consider the regulations for converting to a publicly traded company. Within this analysis we will identify internal controls currently being used within business operation and the required mandated internal controls enforced by the Sarbanes Oxley Act. Internal Controls are established and or regulated by the Sarbanes-Oxley Act. There are six principles of internal controls 1) Establishment of responsibility, 2) Segregation of Duties, 3) Documentation Procedures, 4) Physical Controls, 5) Independent Internal Verification and 6) Human Resource Controls (Keller, 2012). Companies and their independent accountants or auditors should report the effectiveness of the companies internal controls based on these six principles.
Keywords: Sources of GAAP, Consolidation of Variable Interest Entities, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and Disclosure of Subsequent Events Week One Homework Assignment The four most recent FASB Accounting Standards Codification amendments will be summarized within this text. A description of each Amended Codification Standard will be given. In addition, the impact that it has on the existing authoritative accounting literature. The four most recent issuances refer to Change in Sources of GAAP for Public Companies, Consolidation of Variable Interest Entities, Accounting for Transfers
The AICPA is basically a community of accounting professionals and CPAs. Individual: AICPA Code of Professional Conduct The purpose of the AICPA is to have a precedent of set ethical standards for the accounting profession and auditing standards of companies that are private, nonprofit organizations, federal, state and local government. In having support for those in the accounting profession and to improve the profession as a whole. It is responsible for aiding in setting certain technical standards for those accounting professional who goes on to get their licenses to becoming CPAs. The AICPA have several publication that helps with guiding the accounting profession and to enhance the member’s technical and professional abilities.
Overview of companies in Turkey and UK. The main types of business organisation in the UK are the Sole Trader, Partnership, Franchise, Private Limited Company and Public Limited Company. The main company types in Turkey are Private Limited, Joint Stock companies, Commandite and Collective Companies. Foreign businesses can also open a Liaison Office or a Branch in Turkey. Forming a company in Turkwy Foreign investors can form a company in Turkey.
The use of many analytical tools allows evaluating many levels of company’s environment and specifying its position among competitors. All the main finding of this report are included in its final which is Chapter 7. CHAPTER 2 – COMPANY BACKGROUND This chapter is fully based on information published by the company on its website www.pilkington.com. St. Helens Crown Glass Company – it was the first name of the company (glass manufacturer) founded in 1826 in United Kingdom. It remained a private company until 1970 when it was listed on the London Stock Exchange.