financial accounting standards statement sets up the foundation for reporting and accounting for loss contingencies. A contingent liability is a potential liability that might‚ or might not happen in the future. For example this could be a lawsuit‚ a product warranty‚ a possible tax assessment‚ a government investigation‚ or even an environmental contamination. A contingent liability and the associated loss are recorded as a journal entry only if the contingency meets these two criteria; A.) the contingency
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continue to increase‚ due in part to growing financial markets and the lingering recession. The auditor’s responsibility to detect corporate fraud has also been on a general upward trend over the years. Especially since the Enron scandal‚ auditors are now required to be more proactive in searching for fraud when performing an audit. This responsibility is defined in International Standards on Auditing and enforced through legislation in national jurisdictions. This report identifies the factors
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Topics in Criminal Law May 25‚ 2010 Abstract Strict liability crimes require no culpable mental state and present a significant exception to the principle that all crimes require a conjunction of action and mens rea. Strict liability offenses make it a crime simply to do something‚ even if the offender has no intention of violating the law or causing the resulting harm. Strict liability is based philosophically on the presumption that causing harm is in itself blameworthy regardless of the
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General George S. Patton was often mentioned by many historians as the “Forgotten General” he really didn’t get to see much action in virtually the entirety of his military career. It wasn’t until World War II was he got to show what he knew about warfare. General George S. Patton finally got to show the world his genius in tactical warfare and believe it or not people even compared him to Aloft Hitler. Patton’s passionate love for war Patton’s love of war; conjoin with his superficially unemotional
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safety is the first thing customers will consider. Since the ticket of Airline are usually expensive‚ customers would not give their money to the firms they do not trust. Secondly‚ this industry needs planes and experience of flying which also lowers the threat of new entrants. If a new firm plan to enter this industry‚ they need to firstly become licensed which may take more than one year‚ and after that they will be constantly being regulated by different organizations like the Federal Aviation Administration
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The Audit of Smackey Dog Food‚ Inc. James Fleming Acct 555 Course Project AUDIT OF SMACKEY DOG FOODS‚ INC The Smackey Dog Food‚ Inc. is a family owned business. It was started by three sisters‚ Sarah‚ Kim and Jillian‚ in the kitchen of their home. They lived in a suburban area of Chicago‚ Illinois. Their business is making all natural dog food. After using their own dogs and the neighbor’s dogs as test subjects‚ it was discovered by local vets‚ pet stores and grocery stores. These local
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(5) Analyse the role that third parties play in influencing the dynamics of conflict. Conflict is defined as an open and hostile opposition occurring as a result of differing viewpoints. Conflicts may not be disagreement or misunderstanding .It is also defined as a condition between people‚ who are tasked or interdependent‚ and where one or both feel angry‚ and find fault with the other‚ use behaviors that cause problem.Some people see conflict as a situation while others see conflict as a behavior
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on the quality and quantity of audit evidence to be obtained when auditing financial statements and the procedures for obtaining that audit evidence. Audit Evidence (AE) "Audit evidence" means the information obtained by the auditor which includes source documents and accounting records underlying the financial statements and corroborating1 information from other sources. The auditor should obtain sufficient appropriate audit evidence to be able to draw reasonable
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Jane Doe‚ CPA CC: CPAs Forever‚ Inc. Date: February 1‚ 2010 Re: Summary of CPA Responsibilities On Monday‚ January 25‚ 2010‚ you requested that I provide the external CPAs answers to questions about deferred taxes‚ accounting changes and error corrections‚ and establishing the subsidiary as a corporation. The attached brief contains answers to those questions. Additionally‚ you requested information about my professional responsibilities as a CPA and the difference
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COMPANIES ……………………………………………………………………………….. COMPANIES ORDINANCE‚ 1984 …………………………………………………………….. WHY IS IT IMPORTANT TO REGISTER A COMPANY? ………………………………… SECURITIES COMMISSION OF PAKISTAN (SECP) ………………………………………….. THE FORMATION‚ INCORPORATION AND REGISTRATION OF A COMPANY ……. PRE-INCORPORATION STAGE ……………………………………………………………………….. FORMATION OF A COMPANY (FLOW-CHART) …………………………………………… MEMRANDUM OF ASSOCIATION……………………………………………………………………. ARTICLE OF ASSOCIATION………………………………………………………………................
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