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Assuming that you are the controller for a publicly traded company, your CFO has asked you to prepare a presentation for the accounting department personnel and the public auditors about the importance of the SOX Act and the requirements and responsibilities that the Act establishes for the auditors in charge of an annual audit. After the presentation, the CFO wants all accounting personnel and public accounting auditors to understand the regulations and guidelines established by the SOX Act and also for you to provide recommendations as to how the Act's principles can be improved to make American corporations more ethically responsible. Prepare a Power Point presentation of at least 20 slides that includes the following: Assess the provision of the Sox Act that requires the establishment of the Public Company Accounting Oversight Board (PCAOB) and the measures that public accounting firms are taking to ensure that they maintain their independence in all audit assignments, including the mechanisms they are establishing to ensure that the necessary independence and integrity are prevalent in all aspects of their relationship with their clients. Analyze how executives of corporate America have embraced the new regulations and requirements of the Sox Act while maintaining their purpose to produce a profit for investors and staying in compliance of the new rules in the industry. Explain what those new requirements are for the CEO and CFO of publicly traded companies. Describe your assessment of the responsibilities established for accounting personnel-including protection for whistle-blowers-and for the public accounting auditors. Determine how the responsibilities of the board of directors audit committee have changed due to the Sox Act in overseeing the financial reporting process and to hire and be in charge of the independent auditors. Provide recommended sanctions to be imposed on those who do not comply with the SOX Act provisions, and whether or not the sanctions should be stiffened or should include other personnel in the organization. Researched sources should follow these guidelines: At least half of the researched sources should be from authoritative electronic sources related to the accounting field. The findings presented in the paper should be accurate renditions of the Sox Act, including citations and references. Follow APA guidelines when citing references. Include a reference slide.
addison inc. made a 20000 sale on account with the following terms 210 n30. if the company uses the net method to
Big Co. acquired 1,000 shares of voting stock in Little Co. for $100,000 cash. Little Co. currently has 10,000 shares of voting stock issued and outstanding. Little Co.'s shares are trading at $115 per share. Big Co. subsequently receives a divide..
On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
Lighthouse, Inc. uses the percentage of credit sales method to record bad debt and estimates the percentage to be 2.5%. What is the adjusting entry to record bad debt on 12/31/10?
delille company manufactures both traditional toothpaste and geltoothpaste with each type of toothpaste produced in
on janurary 2 2007 the s.h. park company installed a brandnew 87000 special molding machine for producing a new
Barry owns a 25% interest in a continuing partnership. the partnership distributes a $20,000 year-end cash bonus to all the partners. in a proportionate nonliquidating distribution, the partnership also distributed property (basis of $2,000; fair ..
Jake Smith opened his Balinese coffee shop business in downtown Boise on January 1st 2010. On December 31st, 2010, he sat down with his accountant to figure out how his business had done in its first year and heaved a sigh of relief when his accou..
How did the acquisition of Internode affect iiNet? You should briefly discuss the impacts in different aspects, e.g., how iiNet's liquidity and solvency was affected. Overall, do you think the acquisition was beneficial to iiNet? Provide your reasons..
Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.
Prepare the journal entry to recognize the income tax benefit of the operating loss in 2011. Fores elects the carryback option.
For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.
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