the new board members into prostitution if the board member ever went to the authorities. Scarfo and Pelullo also utilized the assistance of five attorneys and one CPA. The CPA is specifically accused of being hired on retainer by Pelullo to serve as FPFG’s internal accountant. According to the Department of Justice‚ Howard Drossner‚ CPA‚ repeatedly submitted false information‚ or omitted material information‚ in required SEC filings. As a result‚ FPFG’s shareholders and the investing public had no
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Enron Corporation Question 1‚ In my point of view‚ the parties are most responsible for the “crisis of confidence” on the part of the public in the accounting profession as following. • The parties who create these auditing standard rules‚ such as SEC‚ Auditing Standard Board. They should publish the Sarbanes-Oxley Act earlier. They should be considered the non-auditing services for auditing clients is a serious issue earlier. • The auditors of the Andersen firm. They didn’t do their
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a finance manager could be very difficult for me as it requires me to have a degree in Accountancy or finished in ACCA and years working experience in a managerial position (appendix 1 and 2)‚ which means I need to be a Certified Public Accountant (CPA)‚ hence after finish the diploma course in JCU‚ I would go and take all the ACCA courses while I am working. However‚ this subject helps me when I start pursuit the ACCA courses as it prepare me in the accounting areas and provides me a better foundation
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Hong Kong institute of Vocation Education (Haking Wong) Department of Hotel‚ Service and tourism Studies Higher Diploma in International Hospitality Management (Level 4) HOS8407 Managerial Principles and Practices Content 1. Company profile P.2 2. Competitive advantages P.3 3. Characteristics of competitive advantages P.3 - 6 * Value * Rareness * Limitability * Substitutability 4. SWOT analysis
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Practice” and the “Conceptual Framework DECEMBER 2014 / THE CPA JOURNAL for Members in Business‚” which become effective on December 15‚ 2015‚ with early adoption permitted. This article describes the process to be followed by CPAs in both public practice and business to evaluate whether conflicts exist that make it difficult to comply with the rules of conduct and interpretations‚ as well as relevant laws and regulations. It provides guidance to CPAs in determining whether ethical conflicts can be resolved
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overhead cost deferred in inventory (absorption costing) . . . . . . . . . . . . . . . 20‚000 Net operating iincome (absorption costing) . . . . $10‚000 2. Was the CPA correct in suggesting that the company earned a profit for the quarter? " The CPA was correct in saying that the company earned a profit if the
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8. The American Institute of Certified Public Accountants is the primary professional association for certified public accountants. It has developed a Code of professional conduct that sets standards of conduct for CPAs. People can file complaints about ethical conduct of a CPA with the AICPA‚ which can levy sanction and other penalties against its members. Do you think the unethical conduct at Andersen (and possibly other accounting firms) was the fault of the AICA for not setting and enforcing
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Case 3.3 1. Identify and briefly describe fundamental and cost-effective internal controls that charitable organizations could implement to reduce their exposure to theft losses. Fraud has been on the rise over the past decades‚ and America’s charitable communities have not been immune to these acts. With the tremendous expanding‚ charity organizations have controlled a lot of financial and nonfinancial resources. While it is common that many small and medium-size volunteer organizations have lack
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of Things to Come? 1) To see how similar the cause of collapse of both Laventhol & Horwath and Andersen‚ let’s examine these two cases from two perspectives. a. From the clients’ side The last straw which led to the demise of these two CPA firm were PTL club to L&H and Enron to Anderson. PTL Club had a very weak internal control. As it is pointed out in the case‚ whenever Jim Bakker needed money‚ he could just simply make a board member introduce a resolution for a bonus. Auditors
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Accounting Standards Boards University of Phoenix Accounting Theory and Research ACC541 The history of the Financial Accounting Standards Board and the International Accounting Standards Board The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are currently working together on a short-term international convergence project to remove a variety of individual differences between United States Generally Accepted Accounting Principles ( U.S. GAAP)
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