corporate scandals of Enron‚ Tyco‚ and WorldCom. Before filing for bankruptcy in 2001‚ Enron Corporation was one of the largest integrated natural gas and electricity companies in the world. It marketed natural gas liquids worldwide and operated one of the largest natural gas transmission systems in the world‚ totaling more than 36‚000 miles. It was also one of the largest independent developers and producers of electricity in the world‚ serving both industrial and emerging markets. Enron began as a pipeline
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The major accounting regulatory bodies would include the Securities and Exchange Commission‚ American Institute of Certified Public‚ Financial Accounting Standards Board‚ and Government Accounting Board. Each regulatory body contributes to the ethical over watch of companies by keeping them transparent‚ follow GAAP‚ and other ethical practices that should be used by accountants and their companies. The Securities and Exchange Commission regulates companies in how they report their financial statements
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What is Mgt Accounting? Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning‚ controlling and decision making. Management accounting combines accounting‚ finance and management with the leading edge techniques needed to drive successful businesses. Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations‚ to provide
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Final Exam Review Practice Case IPI Case: Required: 1. Identify Accounting System Issues System implementation Lack of training I: people try to override the system‚ inaccurate reporting R: The company who installed the system needs to be contacted and hold training session for employees Glitches I: inaccurate reporting‚ create room for error R: Contact the company again and get them back and give them responsibility to fix the glitches 2. Identify Control Issues: Understaffing
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True False 4. The SEC does not pass on the merits of the securities that are registered with the agency. True False 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. True False 6. An annual peer review is a requirement of the AICPA. True False 7. Many small companies elect to have their financial statements reviewed by a CPA firm‚ rather than incur the cost of an audit. True False
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True/False Questions 2-1 F 2-2 F 2-3 T 2-4 F 2-5 T 2-6 T 2-7 F 2-8 T 2-9 F 2-10 T 2-11 T 2-12 F Multiple Choice Questions 2-13 B 2-14 B 2-15 B 2-16 E 2-17 D 2-18 C 2-19 C 2-20 D 2-21 A 2-22 D 2-23 E 2-24 B Review and Short Case Questions 2-25 Fraud is an intentional act involving the use of deception that results in a material misstatement of the financial statements. Two types of misstatements are relevant to auditors’ consideration of fraud (a) misstatements arising
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Audit Risk Model Summary First: Let’s think about each of the components of the audit risk model. The auditor selects the overall audit risk they are will to accept‚ assesses inherent and control risk at the account (or account group) level‚ and calculates planned detection risk at the account (or account group) level. Audit Risk (AR) is the probability that the auditor issues a clean opinion when the financial statements are materially misstated. Note that acceptable level of audit risk is
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Effects of the Enron Scandal (Kassie) The Enron scandal had a great effect on the United States‚ with an impact on individuals from the consumer level to those running the company as well as the stock market and investors. Throughout the scandal‚ 4‚500 employees lost their jobs and investors lost approximately $60 billion dollars within a few days. The loss of such a large sum of money meant the loss of old-age and retirement security for many of the investors who put their money and faith in the
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Enron The affect of the unethical behavior of the profitability of Enron was that the third party “outside” independent auditors was not able to backup and have accounting financial statements‚ some of those auditors and financial institutions may have been misled by the corporation’s net income. If I was an accountant for this company I would have followed regulated federal security laws‚ and if failed to provide prove of documents or financial statements‚ I would admit to my mistakes but also
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To begin‚ the population of interest is childcare professionals such as teacher’s assistants or lead teachers who work in daycare centers. They are a group of low-wage workers and therefore‚ more likely to experience chronic stress. There are 1.3 million childcare workers in the United States‚ a third of whom are women of color. Childcare professionals make about $8.87 per hour‚ which is about half the living wage in North Carolina. Being a member of several vulnerable populations‚ specifically being
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