comprised of independent non-executive directors. (2) Chair of the audit committee is a fellow of the ICAA (3) All members of the AC will be financially literate. (4) The responsibilities of the audit committee include: integrity of financial reporting; risk management & internal control framework; &oversight of independence of external & internal auditors. (5) Qantas rotates the lead audit partner every five years and imposes restrictions on the ex-employees of the external auditor Additional
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Journal of Diversity Management – First Quarter 2010 Volume 5‚ Number 1 To Be Ethical Or Not To Be: An International Code Of Ethics For Leadership Ala’ Alahmad‚ University of the Incarnate Word‚ USA ABSTRACT To be ethical or not to be that is the question? Leadership is about setting the right example and making a difference in people ’s lives. You do not have to do great things to make a difference (Ayres‚ 2004). Honesty‚ tell the truth no matter what‚ respect‚ punctuality‚ not judgmental
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Question 3: Frieda‚ an accounting student‚ states: “Strategy analysis seems to be an unnecessary detour in doing financial statement analysis. Why can’t we just get straight to the accounting issues? “Explain to Frieda why she might be wrong. Without strategy analysis‚ it is impossible to identify what drive profits and what are key risks. Moreover‚ assessing firm’s current performance and doing realistic forecasts of future performance are also directly linked with firm’s strategy. Three important
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AN INTEGRATED MANAGEMENT INFORMATION SYSTEM MUSUMBA B. F. MUGOYA B.SS(Mak) CCNA‚ CCNP(Mak) PGDCS(Mak) Department of Information Systems Faculty of Computing and Information Technology Makerere University beatricemugoya@yahoo.com‚ +256 075 2408 687 A Pro ject Report Submitted to School of Graduate Studies in Partial Fulfillment for the Award of the Degree of Master of Science
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Usefulness Theory 5 Critical Accounting Theory and Critical Theory 6 System-Oriented Theories 7 Open System Theories 8 Behavioral Decision Theory 9 Legitimacy Theory 10 Political Economy Theory 11 Institutional Theory 12 Stakeholder Theory 13 Agency Theory 14 Normative Theory 15 Public Interest Theory 16 Capture Theory 17 Economic Interest Theory/Private Interest Theory 17 Positive Accounting Theory 18 Chambers ’ Theory of Accounting 19 Trickle Down theory
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The American Accounting Association Seven-Step Ethical Decision Model Each case is analysed using a seven-step model‚ shown below. 1. Determine the facts What? Who? Where? When? How? What do we know or need to know that will help define the problem? Define the ethical issue List the significant stakeholders. Define the ethical issues. Identify the major principles‚ rules and values (For example; integrity‚ quality‚ respect for persons‚ profit) Specify the alternatives List the major alternative
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Corporate ethical breaches in recent times have raised questions about whether the current business and regulatory environment is conducive to ethical behavior. Cases leading to regulatory changes through scandalous financial reporting include Enron‚ Worldcom‚ Tyco‚ HealthSouth and others (Enofe‚ 2010‚ p.54). Since the barrage of scandals in the early 2000’s‚ regulatory bodies like the Federal Accounting Standards Board (FASB)‚ Securities and Exchange Commission (SEC)‚ and law reform like the Sarbanes-Oxley
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Framework for Financial Reporting I am from England‚ and here in the UK‚ unlike most countries‚ our system of government has no comprehensive written constitution. Many countries do have such constitutions and in these circumstances the laws of the land are shaped and influenced by the constitution. Now while the International Accounting Standards Board (IASB) is not a country it does have a sort of constitution‚ in the form of the Conceptual Framework for Financial Reporting (the Framework)‚ that
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Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property‚ Plant‚ and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business‚ inventory that is ready for sale is called store
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INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books
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