Robbin Industries is jeopardizing itself by not properly reporting the advertising costs. As an operating company, they must understand the generally accepted accounting principles and adhere to them (Weygandt, Kieso, & Kimmel, 2010). (c) What would you do if you were Wayne Terrago? Wayne Terrago should try to report the financial condition and results of operations fairly and in accordance with the generally accepted accounting principles. As controller, Wayne should inform management and understand what is acceptable according to the GAAP.
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
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.
Internal controls By: Diana Clavijo XACC/280 1. Internal controls consist of methods and measures that must be adopted by any business or company it is what is needed to keep any dishonest behavior from happening such as stealing or any type of frauds from occurring. Internal control safeguards the company’s assets and also enhances the reliability of its accounting records; internal controls were created to govern a company’s financial records. In my personal opinion this is something that can definitely help a company from any fraudulent behavior and reduces the amount of errors that it can have in the financial records, Internal controls helps a company keep their assets safe which is what is most valuable in any type of business. Without internal controls dishonest work would keep recurring thanks to
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.
WINTERBOURNE VIEW The review found that there was a systemic failure to protect people or to investigate allegations of abuse. The provider had failed in its duty to notify the C.Q.C(Quality Care Commission) of serious incidents involving injuries to patients, or occasions when they had gone missing. Inspectors said that staff did not appear to understand the needs of the people in their care, adults with learning disabilities , complex needs and challenging behaviour. Staff who had no background in care services had been recruited, references were not always checked and staff were not trained or supervised properly. Some staff were too ready to use methods of restraint without considering alternatives.
Sarbanes-Oxley Act reiterates the importance of the cost of law to the companies and to the future of the economy by placing officers in charge of such obligations. “These officers require lower-level employees to certify accuracy of those portions of the financials for which they are responsible, and are creating a practice of a series of meetings down the line to discuss control issues” (Carney, 2006, p 144). Many other sanctions have been put into place to regard the cost of owning a business and the importance of safekeeping of financial records. “The law also forbids corporate loans to officers and directors, requires issuers to disclose a code of ethics for senior financial officers or explain why one has not been adopted, and prohibits adverse employment actions against whistle-blowers” (Carney, 2006, p 144). The adaptation of pushing such a law into firm action can make for either a better future for the economy or for a fiscal cliff as it is now
ALL WK 1, DQ’s: WK 1, DQ 1: What is a business’s obligation to build an ethical culture and balance its desire for profit with ethical responsibilities to employees, customers, society, and the environment? Ethics is different from one person to the next, so it is imperative that business clearly define the norm for staff members and management. The decisions organizations make influence more than business partners, affiliates, culture, and others. It is important for organizations center of attention on maximizing shareholder revenue. Therefore, maximizing profit without causing destruction to the business culture can be a balancing act for most organizations.
Everyone one from their employees all the way up to upper management and partners must adhere to the code of ethics put into place at the corporation. Microsoft recognizes that they face intense competition and will continue to face harsh competition across the markets of products and services, but yet they refuse to bend any rules in order to make it to the top. Microsoft also has a code of standards for their finance division that is separate but in addition to their ethical standards. The finance code of ethics demands the executives and the employees to act in a responsible manner and to avoid conflicts of interest. It also demands the employees to abide by the laws and regulation set forth by the state and federal governments.
Every day people are losing privacy little by little without them realizing it. In the places they thought they would not be heard or tracked or even watched, they are. People will feel that everywhere they go they are not safe because they know they do not have any privacy. With the growth of technology, people find different ways to get ones information. Never give out any type of information online or anything because one never knows if what they are filling out is fraud or not.