Total internal reflection

According to the 6th Consumer Bill of Right people have a reasonable right to limit the personal data that companies will collect and retain. Companies should only collect and keep the amount of data needed to complete the transaction the data was given for. There is no reason for a medical insurance company to gather and keep information about someone’s financial situation for long periods of time or at all. There is a large risk of keeping more data than needed for longer than necessary. The…

Financial specialists have customarily relied upon the stone strong notoriety of examining firms. These autonomous companies were — and the companies that until now are with us — accused of fundamentally looking into the records and the accounting books of their customer partnerships and rendering assessments about the dependability of those records. That was not the same any more, notwithstanding, because of Enron and their auditing company, Arthur Andersen. Till the revelation of Arthur…

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 enlighten in Section 104 that the PCAOB will conduct inspections— either annually or every three years (for firms that audit fewer than 100 issuers) of registered public accounting firms and publicly…

Auditors determine whether a company’s financial statements are presented fairly and accordance with the financial reporting framework. When providing auditing and other attestation services, an auditor should be independent. Amanda was assigned to audit LAW LLC financial statements. Amanda was faced with an ethical dilemma when LAW LLC’s audit report showed little evidence of the different assets on its balance sheet. Also, LAW LLC violated their loan covenant which due whether it was on the…

This act also put responsibility on the management to establish and maintain internal control of financial reporting which can also increase the credibility of the financial statements and create a sustainable internal control environment. Further, it requires that their financial reports include a statement about their code of ethics of senior management. And the reason if they don’t have code of…

Professional indemnity insurance pays for negligence claims. When a professional gives out inaccurate information, he may be responsible for damages. For some careers, professional indemnity insurance is a government requirement. What Does Professional Indemnity Insurance Cover All professionals should purchase professional indemnity insurance. When dealing with the general public, liability insurance is a necessity. Personal injury claims and structural damage can be covered under a general…

It is the most contentious aspect of the bill, where it requires management and the external auditor to report on the adequacy of the company’s internal control on financial reporting (Wang, 2008). One of the issues Chowdhury (2007) raised, about the cost-effectiveness of the bill, is posed in this section as this is the most costly aspect of the legislation for companies to implement. To help ease…

Calorimetry has a very broad range of uses such as, drug design in pharmaceutical industry, or even the study of metabolic rates in biological systems. Hess’ law allows the experimenter to add up all the enthalpies of multiple reactions or stages to get the total enthalpy of change for the target equation. The enthalpies of several elementary steps can be calculated and then these can be added up in a process known as heat summation. Hess’ law states that energy changes are state functions. A…

With certain people, Hamlet is resolved to get revenge for his father’s death. With other people, this thought is the last thought in his mind. If he had any of the resolve he had showed earlier, his act of revenge would have already been completed. Instead of playing the part of the vengeful son, or dropping the issue entirely, he spends the entire act “slacking off';. He avoids the decision he has to make and pretends to be mad. This is shown when he says to Rosencrantz and…

According to Louwers et al, the authors of the book “Auditing and Assurance Services, control environment is defined as the foundation for all other components of internal control on which an effective system of internal control is built and operated by an organization. It serves as a guide to all participants and stakeholders. Control environment includes three important factors; integrity, ethical values and competence of the entity’s people. There are several aspects of the control…