Total internal reflection

Integrity: A professional accountant should be honest and straightforward in all of his business and professional relationships Objectivity: in order to override business and professional judgments, a professional accountant must not allow bias, conflict of interests and undue influence of others. Professional Competence and Due Care: while providing professional services, a professional accountant should act diligently and in accordance with application professional and accounting standards…

Are your policies and procedures something that sit on a shelf until the auditors and/or regulators ask to see them? Have they become akin to "Shelfware"? As I write this, my colleagues and I are very busy assisting companies with assessing risks, recommending security posture and well yeah, auditing IT controls too. So what about policies and procedures? Where do they fit? Are they anything more than the product of “give the auditors what they want”? When was the last time or better yet,…

Chemical reactions can be categorized based on the release or absorption of energy. For instance, chemical reactions that release energy are known as exothermic reactions and have a positive change in enthalpy. Moreover, chemical reactions that absorb energy are endothermic, which have a negative change in enthalpy. Since the energy released is usually heat, keeping track of the heat flow in reactions will help determine the change in enthalpy of a reaction. Observing the measurement of heat…

dollars. Therefore, strict methodologies needed to be established to ensure future investors that the accounting industry can operate and produce quality and reliable results. The SEC requires all publically traded companies to submit annual report internal accounting controls. SOX is also known for its financial disclosures and corporate governance. Provisions of SOX details the criminal and civil penalties for not being compliant. Being SOX compliant includes, Control for Information and…

framework and stated that that the categories of objectives should be one that follows (a) strategic objectives: which are goals aligning with the company’s mission/vision (b) Operational objective which imbeds performance and productivity (c) effective internal and external reporting, financial and non-financial (d) compliance with applicable laws and regulation. The COSO framework does not only reflect the assessment of hard controls such as authorization, supervisory and segregation of…

(a) The manager of the laboratory has several duties toperform. The first and foremost duty of the manager is to ensure such practices in the laboratory that complied with the prevailing laws and regulations for the chemical laboratory. The failure to comply with the regulations related to the laboratories will result in the legal actions against the laboratory. Another important duty of the manager is to ensure quality practices in the lab so as to increase the performance of the laboratory.…

Various accounting bodies establish their own ethics board that is in charge of creation and implementation of ethical standards. In America, these guidelines are established by the ethics committee of the American Institute of Certified Public at domestic level, with contribution of state level establishments. Execution of these ethical guidelines is performed by these bodies and by other legal bodies including SEC. Many accountants and firms have been punished by these bodies for their…

from white-collar crime. Even though the economic loss was done by a small group of offenders, they could still create a significant large amount of dollar losses. (Payne, 2011)The second consequence is the societal economic loss which indicate to total loss to society as a result of white-collar crime event. From the 2005 National Public Survey on White Collar Crime, it is estimated that white-collar crime trigger annual financial cost between $300 and $600 billion dollars (Kane & Wall, 2006).…

limiting a person’s ability to gain access to this information through the initial vetting process, the ability to enact stronger countermeasure to combat the threat from insiders is only strengthened. (Kramer, Heuer jr, Crawford 2005, 3) In the past history of Insider threats derived in the intelligence community, a factor that had been a driving factor was financial instability, or even greed for the matter. (Kramer, Heuer jr, Crawford 2005, 26) This poses an ability to determine potential…

the fraud. The other Phar-Mor employees that were previous Cooper auditors met the one year stipulation and still contributed to the fraud. Corporate management is responsible for providing an assessment of internal controls as part of the yearend audit regarding the effectiveness of internal controls. SOX section 406 states that a strong Code of Ethics should be put in place and adhered to by senior financial officers. Phar-Mor fraud was carefully carried out by corporate management and…