Computer Associates Ethics Paper Brief Summary: Based in Islandia‚ N.Y.‚ Computer Associates dominated the market for mainstream utility software‚ programs that helped the computers used by big companies run more efficiently. The company also offers security & storage software. Computer Associates used variety of tricks to inflate its reported profits during the 1990’s. In October 2000‚ the company changed the way it sold software and the way it reported its sales. The Securities and Exchange
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[pic]Accounting 408 Test 2 Review 1. An auditor obtains knowledge about a new client ’s business and its industry to a. Make constructive suggestions concerning improvements in the client ’s internal control structure. b. Develop an attitude of professional skepticism concerning management ’s financial statement assertions. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated
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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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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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susceptible to risks. The expenditure cycle is a subsystem of the both the cash management system and the accounting system. The other parts of the expenditure cycle are purchasing‚ receiving‚ and warehousing. Each of these subsystems should have controls to ensure that its overall objective will be
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ABE Section: 4pm Howard Street Jewelers‚ Inc. 1. Identify the internal control concepts that the Levis overlooked or ignored. In the Howard Street Jewelers case‚ I strongly believe that Levis didn’t perform any internal control. According to the internal control concept‚ internal controls to work to achieve organizational objective of effectiveness and efficiency of operations‚ reliability of financial reporting‚ and compliance with applicable laws and regulations. In this case‚ Levis should
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by Mr. Jack Lam. D. Organizational Chart Hotel Position Descriptions Board of Directors – The governing body elected by the stockholders that exercises the corporate power of a corporation‚ conducts all its business and controls its properties.
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contracts and other documentary materials (to verify the validity and propriety of accounting treatment of transaction and account balances and compliance with internal control). Occurrence‚ measurement Observe‚ Test and Verify Observing the taking of physical inventories by the client’s personnel; of actual operation of internal control (to determine compliance with prescribed procedures). Existence Extend Foot Rechecking clerical determination by client (to verify the accuracy
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Accounts department in the business and review of accounting system Internal controls of accounting are an essential business function for a growth-oriented organization‚ and include the elements of risk assessment‚ information communications and even employees’ roles and responsibilities. Internal controls of accounting systems are designed to protect a company from fraud‚ abuse and inaccurate data recording and help organizations keep track of essential financial activities. Accounting techniques
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firms who render professional auditing services to clients. These services may involve financial statement audits‚ compliance audits‚ and operational audits. Internal auditors are employees of the companies they audit. They are involved in an independent appraisal activity‚ called internal auditing‚ as a service to the organization. Internal auditors are primarily concerned with compliance and operational audits. Government auditors are employed by various local‚ state‚ and
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