Effect of Unethical Behavior Article Analysis From Enron to Tyco‚ accounting scandals have always been a worrisome issue in accounting. Regardless of how many internal controls there are‚ there will always be a chance for unethical practices in accounting. Where and when do these problems arise? This paper will analyze an article listing situations that lead to those unethical practices and behavior that lawmakers try to prevent. In his article “What Are the Causes of Ethical Lapses in Accounting
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reports which are to include certification that the financial statements and related information fairly prestent the financial condition and the results in all material respects information on any fraud that involves employees who are involved with internal activities. There are some requirements that the organizations will not try to avoid by reincorporating in the activities or trasferring the activties outside of the United States. The certification of financial statements should be published and
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WorldCom: internal audit lessons to be learnt On June 9 2003‚ the U.S. Bankruptcy Court of New York issued a report on the WorldCom accounting fraud that expands on the court’s earlier findings of mismanagement‚ lack of corporate governance‚ and concern regarding the integrity of the company’s accounting and financial reporting functions. Supervised by former U.S. Attorney General Richard Thornburgh‚ the study was commissioned by the court to investigate allegations including fraud‚ mismanagement
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anyway. Keep your eyes open! The good news is that the predecessor auditors‚ Smith and Smith‚ CPAs‚ have a good reputation‚ so you can use last year’s audited numbers from the 10-K. The bad news is that we don’t have access to prior year working papers. You’ll need to come up with programs for the substantive audit procedures for each of the functional balance sheet areas (indicated with an asterisk (*) below). You can download copies of the audit programs from AuditNet (www.auditnet.org) under
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Case Study 2 -Internal Control LJB Company‚ a local distributor‚ has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax
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Continuous monitoring and continuous auditing From idea to implementation Continuous Monitoring and Continuous Auditing: From Idea to Implementation Most financial and auditing executives are aware of continuous controls monitoring and continuous auditing and of the general benefits of such programs. Yet relatively few enterprises have realized their full potential‚ particularly at the enterprise-wide level. Deloitte sees the reason for this as twofold: first‚ executives have not seen
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nor did management try to enact the five components related to the objectives. The biggest internal control weakness was that they relied on the honesty of employees; therefore they didn’t implement many control procedures that could have significantly reduced Woody’s ability to steal from the company. There was no segregation of duties in the Huntington office which is critical to effective internal control. The sales representative (Woody‚ along with two other employees‚ was able to do any of the
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AUDIT PLANNING AND CONTROL 1.0 LEARNING OBJECTIVES After studying this chapter‚ readers should be able to understand: ! The general concept of audit strategy. ! The Importance of audit strategy as an effective plan for an audit. ! Internal control systems‚ evaluation and assessment. ! Audit documentation. ! Relationship with experts. ! Audit risks and its relative importance to audit. ! Components of audit risks. ! How to assess audit risks. 1.1 INTRODUCTION Auditing has developed over many years
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and Statement of Accounts. • Central Bank of Nigeria (2003) CBN Briefs‚ 2002/2003 Edition • Drobert W. et al (2003)‚ Corporate Governance and Firm Performance: Evidence from Germany http//www.wwz.unibas.ch/cofi/publication/paper/05-03pdf • http://www/fma.org./SLC/papers/bankgovernance_1_15_06.pdf • Nigeria Stock Exchange (NSE) Fact Book (2006). • Okereke‚ E J.‚ Sanni T.A‚ Anyanwu G I. and Ogunbiyi‚ S. (2009)‚ Money and the Nigerian Financial System 3rd Ed.‚ JESO International‚ Owerri. • Okereke
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raise public awareness of economic and developmental issues. The Issues Paper Series is part of CEPA’s publications and presents analysis of current economic issues relevant to Ghana’s developmental agenda. The Centre for Policy Analysis is funded by the African Capacity Building Foundation (ACBF)‚ Harare- Zimbabwe. For enquiries on publications email: library@cepa.org.gh CEPA website: www.cepa.org.gh Page 3 CEPA Issues Paper No. 10 State Audit: An Instrument for Accountability and Good Economic
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