Financial Accounting Standards Board

It is important that financial statement to be relevant, transparent and truly represent the financial information in the accounting principle, therefore, updating clear and new accounting regulations and formulas is imperative in the fickle market. IFRS is used in around 100 nations (K and J, 2009), which is set by The International Accounting Standards Board (IASB) engages a close relationship with the stakeholder all over the world. In 2011, IASB issued IFRS 13 fair value measurement aim to…

a) The committee on accounting procedure, CAP, that has been in operation from 1939m to1959, was a natural development of the AICPA(then known as AIA)Committee, that was in existed during 1933 to 1938. The committee was formed as a result of the financial crisis that were experienced during 1929 and the years after that. The power to issue pronouncements on matter of accounting principles and procedure was based on the grounds that AIPCA had the power to establish practices that would be…

Where all five senior accounts staff report to the company accountant, who approves all payments along with the preparation of the monthly management accounts and reports for the finance director, George Bartlett who has overall responsibility for accounting procedures and systems. (Organisation chart Appendix1) 4.4 Systems Structure: The system structure is a decentralised one where all systems have their own computers. There are 38 computers in all in the head office in Nottingham and…

“Today, as never before, the role, responsibility, and accountability of the audit committee continue to be the focus of lawmakers, regulators, and shareholders. The audit committee's role in overseeing a company's financial reporting process, including the audits (and auditors) of the financial statements, is more visible and demanding.” (KPMG, 2003). The widening of the role of the AC is part of a greater plan in relation to the “globalisation” of corporate…

Stock Exchange ("NYSE") and NASDAQ to draw up. In UK there is the combined code followed and named as The UK Corporate Governance Code (Weil, Gotshal & Manges LLP, 2014). In the above mentioned codes of both UK and US, the chairman leads the board, sets the board agenda and ensures there is effective working group…

reports to the Group Chief Risk Officer, Vincent Choo, who is responsible for ensuring that risk management practices in OCBC are effective and comprehensive. GRM has financial responsibility in contributing independent risk control and management of credit, market, operational, liquidity and other key risks for the bank and its financial subsidiaries. Within the division, risk officers are committed to establish policies, measurement, monitoring and methodology focusing on risk profile and…

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. According these standards, an auditor must have adequate…

written as a response to several major accounting scandals that occurred at large companies (including Enron, WorldCom, and Tyco) in the early 2000’s. These scandals forced capital providers and the general public to question the judgement of public accounting firms as well as at the overall reliability of the financial reporting and audit process. The requirements included in SOX were designed to improve audit quality, increase the reliability of financial reporting, bolster corporate…

The Public Company Accounting Oversight Board (PCAOB) is a nonprofit organization that regulates auditors of publicly traded companies. PCAOB was organized as a result of the making of the Sarbanes-Oxley Act of 2002. PCAOB purpose is to ensure that the auditor is following a set of strict guidelines on the protection for investors and other stakeholders of public companies. PCAOB vision is to be a "model regulatory organization" that strives for new ideals without maximizing the cost. PCAOB is…

The Public Company Accounting Oversight Board (PCAOB) was formed under Title I of SOX. According to authors Johnstone, Gramling, and Rittenberg, Section 101 presents the PCAOB as auditing standard setters and regulators of the audits of corporations by public accounting firms. Section 102 mandates that the accounting firms auditing public companies register with the PCAOB. Section103 require audit firms to describe the scope of testing of issuers’ internal control structure. The authors further…