continuing professional education (Kursh‚ Lant‚ et Al‚ 2014‚ pgs. 32-33).Therefore they should not accept the engagement.Would the knowledge required to audit aconsumer electronics company differ significantly from that needed in the examination of a cardealership?The knowledge required to audit a consumer electronics company is significantlydifferent than that needed to audit a car dealership.Does the auditor have an obligation todiscuss his lack of expertise‚ or his plans to obtain the expertise with
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Internal Control Requirements for Publicly Traded Companies In a meeting last week‚ the president of LJB expressed interest of going public in the near future and asked us about the internal control requirements for such action. To become publicly listed‚ LJB must follow the Sarbanes-Oxley Act of 2002 (SOX)‚ which requires all US publicly traded companies to maintain an adequate system of internal control. Under SOX Section 404‚ a company must report on internal controls over financial reporting
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State Owned Enterprises in china The problem of the state-owned enterprises is like a big‚ broken-down truck that is blocking the road to development in China. Some traffic can find its way around the wreck but the difficulty that it creates grows with time. People are reluctant to destroy the truck because of the thought of how useful it would be if only it worked. There are about 300‚000 state-owned enterprises (SOEs) in China but the real problem lies with the very large enterprises that need
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3. Can a corporation be environmentally sensitive and still be responsible to shareholders? Is this easier for a privately held company? Absolutely yes! Patagonia has made an example of this. The company achieved annual revenue growth between 3% and 8% while being promoted as environmentally friendly companies. On the one hand‚ Patagonia has a social conscious - encouraging employees to be responsible citizens‚ promoting to produce with organically grown cotton and used plastic bottles‚ shipping
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system characterized by a large number of state-owned enterprises‚ centralized planning‚ and subsidies. b) This system constrained the growth of private sector and that time in India private companies could expand only with government permission. Under this system‚ dubbed the “License Raj‚” private companies often had to wait months for government approval of routine business activities‚ such as expanding production or hiring a new director. It could take years to get permission to diversify into
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accounting and finance by coming up with new ways to measure the sustainability of companies‚ through measurements of non-financial information‚ having to do with the environment‚ social and governance factors . This will‚ in turn‚ revolutionize the market by increasing competition in these areas. Since SASB will be reporting this new information to the public‚ investors will have new ways to measure the companies they may want to invest in. The culmination of all that SASB will do is great news
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limit is three pages + a two page appendix‚ if needed‚ for a total of 5 pages (single spaced‚ minimum 12 font)]. For the most part‚ the background needed to complete the cases is readily available in the text‚ the CPA Canada Handbook‚ IFRS or in companies’ annual reports. The SEDAR web site is an excellent source of annual reports and the notes on accounting practices in these reports provide valuable background material on industry practices. In some instances‚ students will be expected to do some
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obligations of companies in respect of their environmental and social impacts‚ including in relation to their reporting. The current company reporting regime is very largely tailored to shareholders’ interests. As is detailed later in this report‚ reporting is a central part of the process through which all stakeholders can ensure that companies act in the best interests of society. CORE has played an instrumental role in securing a new obligation for the largest public companies to report on their
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1. Apple Inc. (APPL) Apple Inc. is a multinational corporation that designs‚ develops and sells electronics and technology products. The company went public on December 12‚ 1980‚ generated one of the biggest amount of capital from IPO in history. At the moment‚ Apple is the largest publicly traded corporation in the world by market capitalization. The company is driving highest profit out of mobile device industry‚ and expected to growth strongly in the future. After the launch of its new iPhone
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Case Study Two Name Accounting and Finance 02Feb2011 Dear President of LJB Company‚ (1) If the LJB Company should decide to become a publicly traded company‚ a few internal controls should be implemented to comply with the Sarbanes-Oxley Act (SOX). * Management will need to provide periodic quarterly reports to evaluate the effectiveness and reliability of LJB’s internal controls over financial reporting procedures. * Management should certify the accuracy and fairness of presentation
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