We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Business - Discussion and Participation Questions - Essay Example

Comments (0) Cite this document
Summary
1. The auditor, client, and external groups are three stakeholder groups that are affected by an accounting audit. The auditor that performs the audit of a corporation must not have any other business dealings with the client as stipulated the auditor independence mandate of the Sarbanes-Oxley Act of 2002…
Download full paper
GRAB THE BEST PAPER
Business - Discussion and Participation Questions
Read TextPreview

Extract of sample
Business - Discussion and Participation Questions

Download file to see previous pages... The final report of the auditor should be included in the annual report of the company so that the findings become public information. Sox-online.com (2006). Section 201 of the Sarbanes-Oxley Act. Retrieved January 19, 2012 from http://www.sox-online.com/act_section_201.html 2. The five major areas covered by the American Institute of Certified Public Accountants (AICPA) are: code of professional conduct, auditing standards, compilation and review standards, other attestation standards, and consulting standards. I believe that all areas are important due to the fact that they are part of a unique algorithm the must be followed to properly conduct an audit. If I were to choose one area that stands out from the rest it would be the code of professional conduct. During the Enron scandal a lack of professional conduct in the auditing process led to the biggest bankruptcy case in the history of the United States at the time. Ethics and professionals should have prevented the scandal from ever occurring, but greed took over the minds of the auditors at Arthur Anderson and they preferred to get rich than to do their jobs based on the principles of professional conduct. The integrity of the entire process is dependent on auditors complying with the code of professional conduct. 3. I like your response and I agree with you that compliance with SOX improves the accountability of the entire auditing process. When Sarbanes Oxley was created people did not know whether the Act would work. In 2012 it seems as if the initiative has helped stabilize the information coming out of Wall Street. A lack of confidence in the market was one of the main reasons Congress got involved in the process about a decade ago. Independence is achieved when the auditor works an audit without any external pressures to alter the results because of the existence of a conflict of interest. 4. I agree with you that the communication between the client and the auditor must be honest and open at all times. The managers of the company being audited should facilitate the process of providing the auditor with all the data and information the auditor needs to perform his job. Auditors must have superb analytical ability and great communication skills. Verbal communication skills are required to interact with the client in order to retrieve the information necessary to complete the audit in an efficient manner. 5. Information risk occurred back in 2001 when the Enron scandal was revealed. In this case the risks of information occur because of collusion between the executive management team and Author Anderson. It would be hard to visualize in 2012 how history could repeat itself at such as large scale since compliance with SOX reassures external groups that the firm’s financial data is free of material error or fraud. I agree with you that the Public Company Accounting Oversight Board was very instrumental in improving the reliability of accounting information. 6. I agree with you response in regards to the importance of professional conduct. When accountants are dirty it is highly feasible for a smart accountant to cook up the books in order ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business - Discussion and Participation Questions Essay”, n.d.)
Retrieved from https://studentshare.org/business/1441495-week
(Business - Discussion and Participation Questions Essay)
https://studentshare.org/business/1441495-week.
“Business - Discussion and Participation Questions Essay”, n.d. https://studentshare.org/business/1441495-week.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Discussion and Participation Questions
In an internal audit article published by the Kansas State University, the discourse on internal controls has clearly indicated that there are four purposes of internal control systems, to wit: “(1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the level of performance in all organizational units of the organization” (Kansas State University par.
4 Pages(1000 words)Essay
Discussion and Participation questions
The product specifications vary based on the demographic characteristics of the customers. For example senior citizens are the ideal customers to target for a firm in the tourism industry. Generation Y are a good group to target for companies that create video games.
3 Pages(750 words)Essay
Discussion and Participation Questions
Successful companies such as Starbucks have strong CRS in place with initiative such as purchasing only fair trade coffee. Ethics plays an important role in the future success of a company. Back in the late 1990’s the apparel giant Nike Corporation got involved in a messy sweetshop scandal the image and reputation of the company.
3 Pages(750 words)Essay
Participation and Discussion Questions
An example of an unethical practice is changing depreciation methods without a justification and without including the change in the notes to the financial statements of the company for the purpose of altering the actual financial performance of a company.
5 Pages(1250 words)Essay
Participation Discussion Questions
Project Technical Planning is a series of successful steps or a sequence of successful steps that leads a project towards a successful completion (Kerzner, 2006). As we talk about the problems and troubles with the project
3 Pages(750 words)Essay
Discussion questions and participation questions continued
How can risk be mitigated? A process improvement opportunity within my organization is in the transportation department where I work. Right now there are two people who route the trucks and schedule the appointments for all trucks leaving Cargill
2 Pages(500 words)Essay
Participation Questions
cedures, launching new products, revision of rules and regulations, change of management or other staff, new planning for more profitable business and so on. The responses given for the question, “What is enterprise management?” reveal about changes that occur in a business
3 Pages(750 words)Essay
Discussion Questions and Participation Questions
The desired benchmark is to achieve 100% recycled plastic usage in its packaging of 20z coke bottles and liter bottles. The usage of water has been reduced by 20% since 2002; a desirable benchmark is further reduction of 10% by
4 Pages(1000 words)Essay
Participation and Discussion Questions
Based on the category I choose the top five eBooks are The Kuma Sutra, The Adventures of Sherlock Holmes, Pride and prejudice, Alice’s adventure in Wonderland, and Ulysses. In the website there was data concerning the total amount of books downloaded the
4 Pages(1000 words)Essay
Discussion Questions and Participation Questions
The terminology of sample and population must be understood well prior to designing the experiment. Academic theory is important for professionals in all fields of study. A person that does not utilize theory in
5 Pages(1250 words)Essay
Let us find you another Essay on topic Business - Discussion and Participation Questions for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us