The board of directors is responsible for overseeing and exercising corporate powers and certifying the company’s business affairs while managing the goals and objectives for long-term interests of the shareholders. Organizational Annual Report and SEC Filing The SEC requires publically traded companies to file annual financial reports, and these reports are open to the public. Investors are interested in these reports because it helps in determining the financial health of a company. As a means for providing guidelines, principles, and objectives for the financial markets in the United States, the Sarbanes-Oxley Act of 2002 enhances the SEC’s roles for reforming corporate accountability. This also includes establishing a private-sector regulator to oversee the auditing profession to combat accounting fraud, and enhancing financial disclosures.
ACCT 555 External Auditing Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27 Chapter 13, pages 429–430: Problems 13-22, 13-23, and 13-24 Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27 12-17 a. (2) technologies reduce some types of risks while introducing new types of risks to be managed. b. (1) Controls that determine whether a vendor number matches the pre-approved vendors in the vendor master file. c. (3) expand testing of automated application controls used to reduce control risk to cover greater portions of the fiscal year under audit.
Running head: EMERGING ISSUES Assignment #2 Emerging Issues Task Force Accounting 557: Financial Accounting Abstract In 1982, the Financial Accounting Foundation Structure Committee produced a report on operating efficiency that indicated a need for more timely guidance on implementation questions. That report resulted in the formation of an advisory group, which evolved into the Emerging Issues Task Force (EITF). This task force was established to assist the Financial Accounting Standards Board (FASB) in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues. (FASB, 2011) This paper discusses and explores the EITF in greater detail. Discussion Question 1 Discuss how the Emerging Issues Task Force influences Generally Accepted Accounting Standards.
However, certain factors require public administrators to update or adjust allocated monies for the fiscal year. This is called rebudgeting. In this article, authors John Forrester and Daniel Mullins give a better understanding of this process. They also address the reasons why municipal governments use it. Re-budgeting tends to focus on small-scale issues; more of a tweaking of the original budget.
The audit objectives auditors use to perform year-end sales cutoff tests are to determine if the information they obtained by the confirmation reduces the audit risk level. This has a heavy emphasis on the materiality of the account being assessed, and the lower the audit risk the better. The sales cutoff tests are usually performed based on the existence and completeness assertions regarding the accounts receivable balance (SAS No. 67, AU Section 330.09). 2.
This can affect the growth of the company. By adopting IFRS, U.S. will also be adopting a big risk, if the quality of the new standards do not match the U.S. GAAP. Looking at the various possibilities of adopting IFRS in the U.S, it can be said that it is a big decision to be made. Although, in my opinion we should adopt to IFRS in financial reporting only if the benefits outweigh the costs of transition. If adopting IFRS benefit monetarily and make the transition easy for the investors, auditors, and the public companies, then there should be no harm in accepting it for financial reporting
Consider the following: • What kinds of accounting, audit, and tax services does the firm provide? • Who is their target market(s) by industry and company? • Why would prospective clients give serious consideration to have KSM handle their accounting, audit and tax services? 3. Working in an ever changing accounting, audit and tax environment that is driven by change and strict regulatory adherence, how does the managing partner (David Resnick): • Ensure strict employee compliance to federal and state regulation and the company’s high ethical standards?
Week 9 Final Project – Financial Analysis Beverly Moorer XACC/280 Financial Accounting Concepts and Principles January 22, 2012 Lisa Pendleton, MAcc, MTax, CFE In determining whether or not company is financially healthy and whether or not they would be a good investment it is of the utmost importance several analyses should be performed on their financial reports. Every company should present accurate analysis, of their companies’ annual financial reports. These revenue analyses of the annual reports will reveal insights and knowledge regarding the revenue performances of the companies. I am hoping that I will be able to reveal a financial evaluation and a comparison involving The Coca-Coca Company and PepsiCo. The information provided in this paper was taken from both Coco-Cola and PepsiCo Consolidated Financial Statements to present the analyses performed by utilizing three revenue statement analyses tools: The Vertical Analyses, Horizontal Analysis, and Ratios Analyses.
The Financial Accounting Standards Board (FASB) started in 1973 to provide standards for private sector companies to prepare their financial statements. The Securities and Exchange Commission (SEC) recognizes the standards given by the FASB as authoritative as long as the FASB fully acts in public interest. FASB standards are used by companies in the United States and IASB standards are used for companies in other areas of the world (Schroeder, Clark, & Cathey, 2011). The International Accounting Standards Board (IASB) was formed in 2001 to promote the use of international accounting standards. The IASB was formed to replace the IASC.
The third section will provide an in depth analysis of Caterpillars publicised strategies from 2001-2010. As evidence to the success or failure of these strategies, this analysis will include financial information and reports as an indicator of the influence that they have had on the Caterpillars bottom line over the last decade. Finally, the conclusion will aim to summarise the report and to give an opinion on both the successfulness and the extent of the influence of strategy on performance and profitability in an increasingly globalised world. Strong links to business strategy theory will be present throughout the report, and comparisons to competition (Komatsu)