Ocean: (1) complexities and problems with Ocean’s new IT system (2) management’s tendency to aggressively reflect year-end accruals in order to meet creditors’ requirements As far as we know the company switched to a new system in 2011 and the transition to the system was not well managed. The company was working to modify the system to make it better. Also‚ our local office’s IT team is fairly confident they will be able to diagnose Ocean’s control weakness and help Ocean overcome current difficulties
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Technology with Accounting Research Journal article by James E. Hunton; Accounting Horizons‚ Vol. 16‚ 2002 Journal Article Excerpt See below... Blending Information and Communication Technology with Accounting Research. by James E. Hunton INTRODUCTION The purpose of this commentary is to explore how information and communication technologies (ICT) have forever changed many aspects of business and accounting practice and‚ as a result‚ offer new and exciting research opportunities to accounting professionals
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to obtain evidence to the account balance itself. Audit strategy approach The diagram (COSSERAT 1999) below describes the approach to developing an audit strategy. (Diagram provided as Figure 1.1) * To obtain the understanding of the accounting and
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The Auditing Process INTRODUCTION Auditing is defined by the American Accounting Association or AAA as “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (cited in Turney et al p. 108). From that definition‚ it is evident that the auditing process consists of three elements: evidence
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Discuss the following proposition in the context of the professional sporting clubs in this case (you may choose to focus upon only the Essendon Football Club): ‘Principal-Agent problems are caused by insufficient oversight by company directors.’ Corporate Governance is a complex field that started to develop very quickly this last decade. The collapse of international firms‚ the financial crisis‚ the international scandals‚ the pressure from the governments and non-profit organizations… are all
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AFFECTING ACCOUNTING PRACTICE IN NIGERIA AND THE WAY OUT Accounting Practice refers to the routine manner in which the day-to-day financial activities of a business entity are gathered and recorded. A firm’s accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis‚ typically by an accountant and/or auditor or a team of accounting professionals. In another context‚ an accounting practice is intended to enforce a firm’s accounting guidelines
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Accounting Standards Boards Leslie Brian ACC/541 November 14‚ 2011 Delphine Agnor Wolsker Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance
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Influence on Accounting Practice Learning Objectives ! ! ! ! Critically discuss the regulatory environme concerning Australian external financ reporting. Describe the main regulatory bodies th encompass the Australian reporti environment. Review some of the arguments proposed f and against regulation of the accounti profession. Outline the relevance of potential econom political and social impacts to the account Introduction Financial Accounting ! !
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2012). Involvement of stakeholders in piling pressure on an organization’s board has created the need for the so-called boards and risk management committees to be able to obtain an in-depth insight in handling risk factors. b) The Benefit of the report to Business entities The benefits of this report to the aforementioned entities are several. Firstly‚ it provides an insight to the organizations’ management boards and risk committees on how to comply with the assurance policies and strategies
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Veronica R. Pore Accounting for public-private partnerships In order to carry out the challenge and responsibility of developing and improving public infrastructure‚ government intends to collaborate with the private sector through the public-private partnership (PPP) program. RELATED STORIES Wider PPP platform available e-PhilHealth project eyed under PPP scheme PPP projects to cost P740 billion Stable environment promised A PPP is an arrangement between a public (grantor) and a private
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