Financial independence

receives the best professional service. Both explains that a professional accountants need to comply with the current rules, regulation, and laws. However, AICPA talk about how a member should act in a way to serve public interest. c. Compare the independence section from Part B of the International Code with Rule 101 of the AICPA Code of Conduct. How are they similar or different? Which provide better guidance? Both explain how the auditor needs to be independent. Which means that the…

3. Expansion and Creation of Financial Institutions: The State bank as the banker of the banks expand the banking sector and improve its currency and credit system over the time. Pakistan is a big country with huge population to meet the needs to such a large population. The State Bank pave the way for more financial institutions to provide financial products to every Pakistan. State Bank not only strengthens the financial institution in urban areas but also try to provide credit facilities in…

Phar-Mor Inc. was a discount drugstore chain that was founded in 1982 by Michael J. “Mickey” Monus. Within ten years of their first store opening, Phar-Mor had 310 stores, and over 20,000 employees in 34 states. Mickey Monus also owned Tamco warehouse, which was the distributer for Phar-Mor. Mickey Monus also owned 60% of each of the ten teams in the World Basketball Leage (WBL). While everything seemed to be growing, and succeeding rapidly, in reality the company was losing money. Between…

The investors of Capstone are people who put their money in the company and expects profits. Capstone shareholders rely on a board of directors to make sure customers' deposits are secured and invested safely, interest is paid to depositors, and that the customers' principal is available to them on request. Positive aspects • The board of directors is experienced and monitors the board members have a limit of years. • Chairman is not CEO, meaning that the head of the board of directors and the…

serious indication towards the extent of IKB’s plight. The rationale for this type of secrecy, in the event where wide-spread panic has not yet occurred, was set out in a speech by Eddie George, Governor of the Bank of England in 1994 (cited in Financial Stability Review, 1999, p.…

♣ to the audit committee, as in the GM case. NYSE requirements require the audit committee to discuss policies with respect to risk assessment and risk management. However, the NYSE commentary clarifies that the “audit committee is not required to be the sole body responsible for risks assessment and management” [See Part I, Exhibit C Rule 303A.07(b)(iii)(D)]. If the board allocates risk responsibilities to the audit committee, these responsibilities should be thoughtfully addressed in the…

company’s control environment was deeply undermined by the employment of several immediate relatives and family members as the company’s top management and board of directors. The close relationships among top executives greatly diminished the independence of the board of directors from management and their abilities to exercise oversight of the development and performance of internal control, which caused ineffective monitoring of internal controls and fostered collision among officers and…

Show your support for your state and country by purchasing a New York State flag. A flag expressing the motto “Excelsior” Latin for “ever upward” loosely translated to mean superior or above. Since its declaration of independence from Great Britain New York has experienced more growth in population that any other city in America. The population in the city of New York is slightly above 8 million people easily doubling the population of the next city LA. The NY flag symbolizes inland and foreign…

There are three main factors in COSO: operations, financial reporting and compliance.(4) For each of the factor, there are five points which are control environment, risk assessment, control activities, information and communications and monitoring.(4) From page 52 is the part of accountability. This part…

banks and other official institutions. • It is responsible for the monetary and banking policies of the bank. • It also manages Australia’s gold and foreign exchange reserves. 2) Describe the place of ethical principles, behaviors and cods in the financial services…