Single Audit

Hobby Lobby, the arts-and-crafts store operated by a Christian family which gained most of its publicity from a religious freedom case at the Supreme Court in 2014, has recently been gaining media attention once again — but this time, under accusations of smuggling biblical artifacts. The company came under fire when the U.S. Department of Justice found that it broke federal laws when it purchased and brought to America artifacts including clay bullae, cuneiform tablets, and cuneiform bricks…

Italy gets back stolen gold cart of Etruscan prince from Denmark A whole host of looted Etruscan treasures, including a Princes' golden carriage will begin arriving back in Italy later this year after spending the last forty years on display at a Danish museum. The priceless artefacts were stolen from the necropolis of in Eretum, the remains of an ancient, pre-Roman city in Lazio and sold to Copenhagen's Ny Carlsberg Glyptotek for 1.2 million Swiss Francs in the 1970s. Since 2008 Italian…

Introduction Financial reporting has changed a great deal over the past fourteen years. Many companies have went out of business for the most significant reason; unethical behavior in the work place. The Sarbanes-Oxley Act of 2002 was created to enforce financial reporting regulations and the punishments for non-cooperation. Before 2002, the regulations for financial reporting were less severe than they are presently. Companies weren't as worried about being under the radar if they decided to…

In 2002, Congress signed the Sarbanes-Oxley Act (SOX) in response to several notorious corporate scandals, including those at Enron/Worldcom. The piece of legislation was aimed to hold corporate officers personally liable and to rebuild public confidence in the corporate sector. SOX, “requires violations of securities laws or breaches of fiduciary responsibility to be reported to either the chief legal officer or CEO of the company by-house attorneys or outside counsel (Reed, & Bogardus, 2015)…

AggiePride Nationwide, assistant chief accountant at Martin Company, is trying to prepare a trial balance so that the quarterly financial statements can be prepared and released to management and regulatory agencies. Agg-ie noticed that the total credits on the trial balance exceeded the debits by $1,000. She added the amount of the difference in the Equipment account, the largest account percentage-wise, in order to force the debits and credits to balance. She assumes that her actions of…

Different governments across the world enact different acts to different business and investors in order to help them in curbing specific challenges facing various business. The provisions of this acts apply in both public and private companies and overs the major responsibilities that are expected to be carried out in order to ensure this provisions of the act are followed. In the following discussion we are going to look at Sarbanes-Oxley Act which was a United States federal law. Question…

Library Objectives The Objective of the university library is to provide books, periodicals, and other instructional materials to support the academic of the University. To carry out this objectives entail certain functions as follows. 1. Acquisition of Materials. Proper selection and acquisition of varied types of materials (books, periodicals, pamphlets, maps and other materials) needed to support the curriculum. 2. Making Materials Available. The role of the library is not to…

The purpose of generalized audit software programs is to perform a variety of auditing operations on the computer files used to store the information. The steps to be followed by the internal auditor to use generalized computer audit software include: • planning and designing the audit application. • ensuring that the output and final reports are generated from the files being • tested. ii. The purpose…

chief financial officer of WorldCom. The WorldCom CFO did not tell Andersen about the line cost transfers nor did he consult with Andersen about the accounting treatment. Upon recently learning of the transfers, Andersen conferred with the WorldCom audit committee and new management, and advised the company that WorldCom’s financial statements for 2001 should not be relied upon” (Accounting Web, 2002). Andersen lost their independence, violated the trust of the public and breached several…

Dell started out in 1984 with just 1,000 dollars and became the largest computer system providers worldwide. The founder of the company was Michael Dell who at that time was a 19 year old. Michael Dell went to the University of Texas as a pre-med student, but at the end of his freshmen year he left to devote his time to his growing business. Dells vision in 1984 was on how technology should be designed, manufactured and sold. Dell is more than a company with a vision, it’s a company with strong…