Preview

Acc 556 Week 1 Internal Accountant's Report To Management

Good Essays
Open Document
Open Document
1015 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Acc 556 Week 1 Internal Accountant's Report To Management
Internal Accountant’s Report to Management
Marceila Jackson
ACC/556
October 27, 2014
Laurie McBroom

In preparing for the upcoming government contract bid there is a need to explain how performing a full financial status review prior to the bid is in our best interest. The steps taken for the review are as follows: visualizing the impact of occupational fraud and abuse on the company, knowing how the US government oversees the accounting fraud and abuse and its effect on the company, identifying potential corruption schemes within our company, and analyzing the types of accounting evidence and methods used to support the financial status review. All these topics need great discussion where managers can have a full understanding to be able to make their decision that can impact our company as a whole.
Occupational fraud and abuse Occupational fraud and abuse …show more content…
governmental oversight of accounting fraud and abuse has drastically improved over the years. In the past, many companies used the flexibly in accounting framework to alter financial statements. This was done to present a seamless depiction of the statements to their investors. There is a theory that not enough accountability has existed in government. Once governmental accountability improves, then companies will be more likely to deter from waste, fraud and abuse (acfea, 2009). The Security and Exchange Commission (SEC) eventually introduced detailed changes in the accounting framework to restrict fraud and abuse. The government now pays more attention to what is going on in the financial arena and is ultimately responsible for the oversight of accounting fraud. The implementation of internal controls helps to reduce the possibility of fraud and it also insures that the company complies with the SOX rules and regulations. If our company becomes a government supplier, once the bid is accepted, it will come under scrutiny and will be required to comply with the Sarbanes Oxley Act (acfe,
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Acc/280 Week 3 Accounting Report
    • 944 Words
    • 4 Pages

    Acc/280 Week 3 Accounting Report

    balance sheet of Mendez Company to balance. Mendez’s balance sheet is shown on page 37.…

    • 944 Words
    • 4 Pages
    Powerful Essays
    Read More
  • Best Essays

    Sarbanes Oxley Act
    • 3132 Words
    • 13 Pages

    Sarbanes Oxley Act

    Financial reporting has been dissected over and over again by legislation. The U.S. Securities and Exchange Commission (SEC) hold the key to providing protection and integrity when companies are submitting their financial statements. Although their mission is to provide order and efficiency for financial markets, insidious plans are still developed by companies which ultimately result in turmoil to the economy. To provide a safeguard to investors, the Sarbanes-Oxley Act (SOX) was passed by congress in 2002, which was constructed because of fraudulent acts of well-known companies such as Enron. Before the SOX was inaugurated, two sets of accounting rules were used as guides for CPA firms.…

    • 3132 Words
    • 13 Pages
    Best Essays
    Read More
  • Satisfactory Essays

    ACC 561 Week 1 Financial Statement Review
    • 312 Words
    • 2 Pages

    ACC 561 Week 1 Financial Statement Review

    What is the net income for the current fiscal year? Is it up or down from the prior year? Why would this information be important to investors?…

    • 312 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Acc/ 544 Internal Accountant Brief
    • 983 Words
    • 4 Pages

    Acc/ 544 Internal Accountant Brief

    If a company hires an internal accountant for a compliance audit the accountant determines if the company’s internal controls and accounting is in compliance with company policies as well as laws and regulation. If the accountant finds that internal controls or the accounting information is not in compliance the accountant must determine the cause of the non-compliance as well as recommend ways the company can prevent future deviations (Cytraus, 2013, para. 1).…

    • 983 Words
    • 4 Pages
    Better Essays
    Read More
  • Better Essays

    The Sarbanes-Oxley Act Case Study
    • 1488 Words
    • 6 Pages

    The Sarbanes-Oxley Act Case Study

    A quasi- governmental agency called the Public Company Accounting Oversight Board (PCAOB) was created and charged with direct oversight and regulation of the accounting industry (Jahmani et al., 2008). PCAOB works in conjunction with the Securities and Exchange Commission (SEC) to provide oversight of all public accounting firms and publically traded companies with the expressed purpose of protecting “ the interests of investors and further the public interest in the preparation of informative, fair and independent audit report” (PCAOB 2002)…

    • 1488 Words
    • 6 Pages
    Better Essays
    Read More
  • Powerful Essays

    Acc 290 Week 5 Analysis
    • 470 Words
    • 2 Pages

    Acc 290 Week 5 Analysis

    In recent years there have been many highly publicized financial accounting scandals. Enron, WorldCom, and AIG are a few of the well- known corporate companies that have been involved in financial reporting scandals. United Sates regulators and lawmakers made known their concerns of mistrust in corporate accounting, because of unethical financial reporting. In 2002 Congress formed the Sarbanes-Oxley Act to certify that publically traded companies were reporting their finances honestly. The Sarbanes-Oxley Act specifies the requirements for financial reporting for public Corporations. The Securities and Exchange Commission oversees the financial reports from these companies. The Sarbanes-Oxley Act calls for all publicly traded corporations to…

    • 470 Words
    • 2 Pages
    Powerful Essays
    Read More
  • Good Essays

    Acc 544 Week 1
    • 668 Words
    • 3 Pages

    Acc 544 Week 1

    The need for an internal audit function cannot be understated. While the need to properly assess a company’s risk and controls has always been important, in today’s world it is mandatory. The accounting scandals, such as Enron and WorldCom and the early 2000’s led to the passage of the Sabanes-Oxley Act (SOX). SOX aimed to give the investing public confidence in the financial statements of company’s by offering guidelines and spelling out regulations that publicly traded companies must adhere to.…

    • 668 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Sox Act
    • 2419 Words
    • 10 Pages

    Sox Act

    References: United States Securities and Exchange Commission (September 2009). Study of the Sarbanes-Oxley Act of 2002 Section 404; Internal Control over Financial Reporting Requirements. Retrieved from http://www.sec.gov/news/studies/2009/sox-404_study.pdf…

    • 2419 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Sarbanes-Oxley Act of 2002
    • 1496 Words
    • 6 Pages

    Sarbanes-Oxley Act of 2002

    Sarbanes-Oxley Act of 2002 is the most far-reaching change in organizational control and accounting regulations since the Securities and Exchange Act of 1934. The new law made securities fraud a criminal offense and made more strict penalties for corporate fraud. The law now requires top executives to sign off on their firms financial reports, and they risk fines and long jail sentences if they…

    • 1496 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Good Essays

    Article Review - Sox Act
    • 686 Words
    • 3 Pages

    Article Review - Sox Act

    Hunter’s article examines how the Sarbanes-Oxley Act (SOX Act) is too stringent and gives too much power over companies to governing bodies, i.e. the Public Company Accounting Oversight Board (PCAOB) (Hunter, 2007). It discusses how the SOX Act is unfair to domestic and foreign and small and large companies, their shareholders, and the public. The piece explains how the Act may compel some companies to use unethical actions to conduct business and prevent accruing penalties (Hunter, 2007).…

    • 686 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    The Sarbanes-Oxley Act
    • 1677 Words
    • 7 Pages

    The Sarbanes-Oxley Act

    The 1980s was a time where many corporate misbehaviors and takeovers cost many people their jobs. The Treadway Commission, named after the organizer James C. Treadway, Jr., took the lead in examining the factors why companies misbehave and made recommendations to reduce fraudulent financial reporting. A group of private sectors in the accounting profession volunteered to carry out the goals of the Treadway Commission. This led to the formation of the Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO (Arens, Elders, & Beasley, 2010). COSO was the venue in driving the swift passage of SOX. SOX established the Public Company Accounting Oversight Board (PCAOB) under the oversight of the Securities and Exchange Commission (SEC). The board is charged with the responsibility of overseeing and disciplining independent accounting firms in their role as auditors for public companies. The board has oversight on the implementation of stricter corporate governance, more disciplined exercise of auditor’s independence, enhanced audit reporting, more frequent review of control risk assessments and more informative report disclosures. Under the Sox, the SEC required firms to register with PCAOB to monitor strict compliance of SOX standards in the manner by which public accounting…

    • 1677 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Better Essays

    Sarbanes Oxley Act o
    • 1242 Words
    • 4 Pages

    Sarbanes Oxley Act o

    The American government has taken significant measures to protect the public from fraud with-in corporations. Many federal laws have been enacted, regulatory bodies created and empowered to monitor and enforce those laws. The Sarbanes-Oxley Act, (SOX), of 2002 was an attempt to address several violations to the public trust from corporations that continued to occur despite the previous attempts to govern corporate responsibility to the public. This act specifically tried to reduce unethical corporate behavior and increase public confidence in the financial reporting of corporations (Kimmel, Weygandt, & Kieso, 2011). This paper will address if the requirements of SOX will be enough to prevent future fraud in the corporate environment.…

    • 1242 Words
    • 4 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    The Corporate Con
    • 1118 Words
    • 5 Pages

    The Corporate Con

    In the movie the Corporate Con: The Internal Fraud and the Auditor there were several different people who seemed like your everyday "Joe," but were actually criminals who committed fraud. Some of the frauds committed in this movie were: Cash Fraud, Accounts Receivable Fraud, Expense Fraud, purchasing fraud, and corruption. Focusing on two individuals Pam and John, each of these criminals committed either cash or accounts receivable fraud.…

    • 1118 Words
    • 5 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Adelphia Communications Corporation Scandal
    • 1071 Words
    • 4 Pages

    Adelphia Communications Corporation Scandal

    Historically, ethical values, relating to professional business practice, continually raises controversy for business owners/founders, shareholders and consumers. Ethical standards perpetually change because personal and societal values evolve, and adapt accordingly to modern day lifestyle. It is as essential to adhere to your profession’s ethics, as it is to denounce questionable conduct within your work place. Some unethical practices are difficult to identify because companies can justifiably defend its actions. For instance, media outlets recently publicized that in an effort to buy Time Warner Cable, Comcast paid millions of dollars to the House and Senate Judiciary Committees assigned to oversee the hearings associated with the deal. Some people question the effect these sizable “donations” have on the lawmakers’ ability to procure a fair transaction. Comcast defended its actions in a statement, “It is important for our customers, our employees and our shareholders that we participate in the political process. The majority of our PAC contributions are to the senators and members who represent our employees and customers.” (2014, March 10). Seemingly more evident, Adelphia Communications Corporation committed illegal activity and violated distinct unethical standards by suspicious recordkeeping.…

    • 1071 Words
    • 4 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    I hate this essay
    • 554 Words
    • 2 Pages

    I hate this essay

    Fraud is a huge risk through accounting in many businesses. As the number of income and total cost increases throughout the company, the ethical risk of fraud increases as well. Accountants repeatedly encounter opportunities where accountants can commit fraud every time they step into their offices to work. Accountants can fall into the pressure by the company’s success and expectations, that accountants will illegally adjust the numbers to give a false image of success to the company. Accountants face ethical dilemmas when discovering violations. These violations could cause many employees to be laid off if accountants report them to the government. Not only that, but accountants have to deal with the effects of greed. Accountants need very good self- control when it comes to handling with large amounts of money. I plan to argue in this research project that companies should require more supervision throughout the acts of accounting to supervise and review the works of accountants to decrease the risk of ethical and criminal violations such as fraud in the workplace. I will argue that the more supervision in accounting the less risk of ethical or criminal violations in the workplace. Research indicates that the larger the financial numbers of a company, the higher the chance that the accountant will commit fraud. I will use this information to back up my claim that the work of accountants should be supervised and reviewed more often. Furthermore, not only should accountants be supervised in the work place, but the bank accounts of the accountant and the company should also be reviewed to look out for suspicious activities. I will support this claim by establishing a logical reason for accountants to be supervised by the company. The reasons the work of accountants should be supervised is so that the risk of fraud decreases. The…

    • 554 Words
    • 2 Pages
    Satisfactory Essays
    Read More

Related Topics