users are loving it‚ and we have several more extraordinary products in the pipeline for this year.” “Looking ahead to the third fiscal quarter of 2010‚ we expect revenue in the range of about $13.0 billion to $13.4 billion and we expect diluted earnings per share in the range of about $2.28 to $2.39‚” said Peter Oppenheimer‚ Apple’s CFO. Apple will provide live streaming of its Q2 2010 financial results conference call beginning at 2:00 p.m. PDT on April 20‚ 2010 at www.apple.com/quicktime/qtv/earningsq210/
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to report the actual amount of goods and services they had purchased from the company. Several of the amounts returned by clients did not match what HBOC had recorded. As a result‚ McKesson HBOC‚ Inc. had to restate earnings for the last four quarters. When the restatement of earnings was announced in April 1999‚ shares of the company plunged from $65 to $34 in a single day. Some believed that certain HBOC managers‚ seeking to ensure that the company would meet or beat analysts’ expectations
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The British Accounting Review 36 (2004) 345–368 www.elsevier.com/locate/bar What do we know about audit quality?* Jere R. Francis* University of Missouri—Columbia‚ 432 Cornell Hall‚ Columbia‚ MO 65211‚ USA University of Melbourne‚ Victoria‚ Australia Abstract This paper reviews empirical research over the past 25 years‚ mainly from the United States‚ in order to assess what we currently know about audit quality with respect to publicly listed companies. The evidence indicates that outright audit
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Multiple Choice Questions The balance in Newsprint Corp.’s foreign exchange loss account was $10‚000 on December 31‚ 2008‚ before any necessary year-end adjustment relating to the following: (1) Newsprint had a $15‚000 debit resulting from the restatement in dollars of the accounts of its wholly owned foreign subsidiary for the year ended December 31‚ 2008. (2) Newsprint had an account payable to an unrelated foreign supplier‚ payable in the supplier’s local currency unit (LCU) on January 15‚ 2009
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1. How many truckloads of product are actually required to carry $10million of product? Show your calculations 0.028 Truckloads are required. This is derived from $10‚000‚000/$2.83 price per tablet‚ giving approximately 3‚533‚569 tablets. The dimensions of the truckload include 17mx4.5mx2.5m= 191.25m^3‚ or 191‚250‚000 cm^3. The volume each tablet takes up is 1.5cm^3‚ so a truckload can fit 191‚250‚000cm^3/1.5cm^3=127‚500‚000. 3‚533‚569/127‚500‚000=.028 truckloads. 2. How should the company
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In the past decade‚ in Australia have had a negative impact on investor confidence in capital markets. In response‚ corporate regulators have searched for mechanisms to achieve a return to reliable‚ high quality financial reporting‚ resulting in an increasing emphasis on corporate governance. In addition‚ regulators and investors have increasingly recognised the role of audit committees and an important corporate governance mechanism in restoring confidence in the capital market. The ASX Corporate
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THE ASSOCIATION BETWEEN AUDIT COMMITTEE CHARACTERISTICS AND FINANCIAL RESTATEMENTS ABSTRACT: The second section focuses on the background of corporate governance provisions such as the Blue Ribbon Committee (BRC) and Sarbanes Oxley (SOX) that aim to improve the effectiveness of audit committees. The composition of audit committees is heavily critiqued with an emphasis on independence‚ financial expertise and frequency of meetings. This paper will examine each of these characteristics
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(2007). Journal of Accountancy‚ 204(4)‚ 21. Retrieved from EBSCOhost. Bisoux‚ T. (2005). The Sarbanes-Oxley. Retrieved from http://www.aacsb.edu/publications/archives/julyaug05/p24-29.pdf Bumgardner‚ L Burks J. (2011). Are investors confused after restatements after Sarbanes-Oxley Act? The Accounting Review‚ 86(2) 507-539. Retrieved May 13‚ 2011 from ABI/Inform Global. Document ID: 2298723681 Kamar‚ E.‚ Karaca-Mandic‚ P.‚ & Talley‚ E Livingstone‚ L. (2009). Ethical Decision Making. Lobo‚ G.J.‚
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redistributed among themselves and to other select Huron employees. As a result‚ the Audit Committee of Huron was in the opinion that the historical financial statements for these periods are no longer reliable. The restatement items are non-cash charges with an impact on net income and earnings before interest‚ tax‚ depreciation and amortisation (“EBITDA”) for all restated periods‚ amounted to US$57 million. On the same day‚ Huron also announces the change in management‚ whereby its Chairman and Chief
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AFM 201 – Part 1 Auditing Fall 2007 Group Assignment 2 Publicized Cases of Alleged Audit Failures Involving Large Public Companies 1) Ten Publicized Audit Failures i. Parmalat (2003) - Deloitte & Touche Tohmatsu /Grant Thornton Misleading investors with “Brazen Fraud” was what the United States (US) Securities and Exchange Commission (SEC) had sued Parmalat for in 2003. It all began when Parmalat defaulted on a bond payment worth $185 million. This raised a flag for auditors and banks
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