External fixation

The fraud was perpetrated in two ways. First, reserve accounts were drawn down to boost earnings. However, when the reserve accounts eventually ran out of money, Scott Sullivan ordered the accounting staff to treat line costs, which should have been treated as expenses, as capital assets. This accounting treatment was against the Generally Accepted Accounting Principles, which should have been used by WorldCom’s accounting department. By classifying the line costs as capital expenditures instead…

foundation of excellent corporate governance. Corporate governance concentrates on management as well as on shareholder’s wellbeing . Internal as well as external corporate governance helps organization in board culture, their share price in market, future need for raising capital and the most important is to gain shareholders trust. The internal and external check upon the company’s management is maintain by the help of the process of audit and the role of auditors has to be a very concrete…

did not put more emphasis on the negative side effects makes me question the reliability of the information I am being given. Reliability also came up with the fact the media article does not tell us how the participants are being operationalized . External validity is low because of the lack of information on how the study was conducted. We did not know the operational definitions, conceptional definitions or the specific variables being studied, without that information how can one replicate…

External Auditor: External Auditor performs an audit, Previously, understanding for particular laws or rules, of the fiscal explanations of a company, legislature entity, different legitimate entity, or organization, and is autonomous of the substance being audited. clients of these entities ' monetary information, for example, investors, legislature agencies, and the general public, depend on the outside evaluator will exhibit an impartial What 's more autonomous review report card. Those way…

Q4. Identify the key auditing principles violated by the E&Y auditors in this case. Briefly explain how each principle was violated. https://pcaobus.org/Standards/Auditing/Pages/Auditing_Standard_3.aspx In this case, E&Y auditors violated several auditing principles among the ten generally accepted auditing standards, and I would like to illustrate specifically four key auditing principles that they violated: 1) Due professional care (General Standards), 2) Sufficient appropriate evidence…

Gross Profit Reflection Paper When an organization face a froud, it is not an error for the guilty person; this is more a mistake from the own organization system. it might sounds conflicted, however, the management of the sytem is not well monitores or prepared for any mysterious activity. Of course there are several activities that an organization is not able to notice them because we are more concern and worried for those top amd big mistakes instead of the little ones. I have to mention that…

The integration of the GAAS, the AICPA, the PCAOB and the IAS Background Information The Generally Accepted Auditing Standards refers to standards that are used to audit Private Corporations (Sunder, 2010 P. 100). The standards are divided into three categories. The categories include; fieldwork standards, reporting standards as well as general standards. The general standards address the individual’s qualifications to become an auditor as well as the minimum standards for the work product.…

Introduction: Forensic audit includes lots of activities and it is not part of regulatory guidance. Forensic auditing are the wide range of activities for investigation purpose, which are performed by accountant in practice. The work of the forensic auditor is to investigate the financial affairs of the organization and most importantly includes investigation of any fraudulent activity. Internal auditor can use a third party forensic auditor for this purpose and than report the findings to the…

Assignment # 5 1. Visit the IMA website www.imanet.org . List, describe, and evaluate the requirements to become a Certified Management Accountant. What topics are covered on the exam for certification? Would you be interested in a career as a management accountant? In order to become Certified Management Accountant, the candidate need to be active member in the Institute of Management Accountants & Pay for the entrance fee. Candidate must complete the CMA certification within three years from…

Title IV focuses on enhancing financial disclosures. Section 401 requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors. The section also required the SEC to establish standards to address off-balance sheet transactions. Result was rules for consolidation of variable interest entities. Section 402 prohibits personal loans to directors and executive officers. Section 404 requires that management acknowledge its…