ACCT project - External effects

ACCT project - External effects - retirement b.ii....

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External Corporate Effects a) External Audit Practices a. SOX a.i. Increased role of auditors increases demand for profession, salaries increase a.ii. American Institute of Chartered Public Accountants (AICPA) adopts Internal Control System framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) a.ii.1. Control environment a.ii.2. Risk assessment a.ii.3. Control activities a.ii.4. Information and Communication a.ii.5. Monitoring b. Enron b.i. “Florida [State Board of Administration] has the distinction of losing more money on Enron stock than any other organization” (due to investments in
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Unformatted text preview: retirement b.ii. Accounting firms cannot be both auditor and consultant b) General Public a. c) Transparency a. WorldCom a.i. Filing for Chapter 11 Bankruptcy a.i.1. “Chapter 11 ensures that firms can demonstrate their future viability [and] can sort out their financial affairs while remaining effective competitors in the market”. a.i.2. “Section 525 of Bankruptcy Code…prohibits discrimination against entities because they are, or have been, a debtor in bankruptcy.” a.i.3. Only those in charge are penalized/jailed...
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This note was uploaded on 03/12/2012 for the course ACCT 211 taught by Professor Kamlet during the Spring '08 term at Binghamton University.

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