Accounting Function-1

Accounting Function-1 - The Accounting Function Keeping the...

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10-1-07: The Accounting Function- Keeping the Scorecard Accounting is the scorecard o Bones/skeletons of the business o Need to have reports to make business decisions o Everything builds on top of it Enron made mistakes when scorecard and failed Sarbanes Oxley Act- 2002 o Public company accounting oversight board o Works with security and exchange commission o Works with financial accounting standards board o Security fraud punishable as a felony o Corporate officers must personally certify The last 2 are different, CEOS & CFOS have to sign and say this is correct on the scorecard Federal Sentencing Guidelines for Organizations- FSGO o Before SOA o Increased organizational accountability for misconduct o Management has responsibility for control and prevention of misconduct o Management is in control Public Accountant o Certified public accountant (CPA) o Independent profession who provides accounting services to the public (individuals/firms) for a fee Private Accountant
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Accounting Function-1 - The Accounting Function Keeping the...

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