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  • Point 2 Require An Independent Audit Committee
    506 words
    10 point plan to improve oversight of financial reporting process. 10 point plan to improve oversight of financial reporting process The New York Stock Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing. They released a report of IO far-reaching recommendations intended to improve the quality of corporate financial reporting, Point # 1. Revise the definition of independent director. They say the definition should read as follows Members of the audit committee...
  • Financial Managers And Accountants
    973 words
    For most organizations, values statements are simply rhetoric that sits on a fancy plaque on the wall. The real values are seen in the halls, not on the walls. High performing organizations are clear about their values and about what they translate into in day-to-day behavior. They use their values strategically, to guide every decision and action. The challenge with values is that they are usually vague concepts that have different meanings to different people. Every person usually has a strong...
  • Coles Myer Financial Report
    509 words
    Apply AASB 1001 to Report: The Financial Report 2004 of Coles Myer Ltd has proven that the company has obliged the Standard of AASB 1001 Accounting Policies. The report has satisfied relevance by Relevant financial information assisting users in making and evaluating decisions about the allocation of scarce resources (Statement of Financial Position-profit or loss). It assists them in making predictions about future situations and in forming expectations, or it plays a confirmatory role in respe...
  • Title Of The Sarbanes Oxley Act
    1,722 words
    The Sarbanes-Oxley Act of 2002 was signed into law on July 30, 2002 by President Bush. The new law came after major corporate scandals involving Enron, Arthur Anderson, World Com. Its goals are to protect investors by improving accuracy of and reliability of corporate disclosures and to restore investor confidence. The law is considered the most important change in securities and corporate law since the New Deal. The act is named after Senator Paul Sarbanes of Maryland and Representative Michael...
  • Situation The Internal Auditor
    558 words
    The Act requires the CEO / CFO to certify They have reviewed the annual and quarterly reports Based on the officer's knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements not misleading Based on their knowledge the fairness of the financial statements and the financial information included in the quarterly reports, fairly represent the financial conditions and the results of the operations of the ...
  • Financial Information Through Annual Financial Statements
    993 words
    The primary means of communicating the financial effects of organizational activities and transactions of a company to outsiders is the financial reporting system. This reporting system includes communicating financial information through annual financial statements, as well as through reports filed with the Securities and Exchange Commission, voluntary forecasts, and other financial and nonfinancial releases. Financial statements are the main source of financial information conveyed to parties ...
  • Company Records Goodwill As An Asset
    1,556 words
    Abstract Goodwill is an unidentifiable intangible asset that has always been a debatable issue when it arrives during financial reporting. The reason being that it is dependable on various factors, which are of a variable nature, for its value determination. Nevertheless, it is an important asset that can not be neglected and has to be accounted for properly for realistic financial statements. Other than that, it plays an extremely crucial role in giving a competitive edge to companies against t...
  • Pressures And Tricks Of Earnings Management
    2,498 words
    On September 28, 1998, Chairman of the U.S. Securities and Exchange Commission Arthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action to assure credibility and transparency" of financial reporting. Levitt speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the pressures and tricks of earnings management. Levitt specifically addresses five of the most po...
  • Generally Accepted Auditing Standards
    626 words
    GENERALLY ACCEPTED AUDITING STANDARDS April 10, 1996 Generally Accepted Auditing Standards are those guidelines which auditors must adhere to while conducting an audit of a company's or government entity's financial statements. It must also be stated in the audit report that the audit was conducted following Generally Accepted Auditing Standards. This has been required since 1941 after the investigation of a large drug company, McKesson & Robbins, Inc., which had had funds embezzled by its presi...
  • Year 2003 Emi Group Plc
    2,101 words
    a) Describe briefly the core activities of the company and its operations for the past year, relating these to developments in the industry EMI, abbreviated from Electric & Music Industries, began life around 1897 with the formation of The Gramophone Company & Columbia Phonograph, which would go on to merge in 1931, to form EMI. EMI, which known as famous in music recording, also working with all kinds of retail, distribution, hardware and software companies to catch up consumers! | needs in dif...

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