Profit Essay Examples

THE DEVELOPMENT OF ACCOUNTING THEORY Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part discuss the significance of generally accepted. ”) Answer: Before I dissect the term “accounting principle,” I first want to provide a brief definition of  accounting and  a principle.Accounting is the systematic […]

Introduction In an effort to achieve organizational goals, a large part of General Electric’s overall strategy involves rigorous management oversight and dedication to controllership. Controls are processes that “direct the achievement of individuals toward the achievement of organizational goals” (Bateman & Snell, 2007).Four control mechanisms used by GE are Six Sigma, performance measurement, internal and […]

Introduction The company which our focus centers on is the prestigious Lululemon. What started out as an underground yoga and design studio blossomed today into a $225 million-dollar company that offers premium athletic clothing at high-end prices. It all started one day when the company founder, Chip Wilson, decided to try something new – yoga, […]

The Finance and Accounting departments in Riordan Manufacturing’s three operating entities are significantly different. Each department is managed separately, both from each other and from the corporate sector. The Georgia, Michigan, and California branches have different business systems for their ledgers, accounts, orders, procurement, sales history, invoicing, payroll, and financial reporting. Obtaining this information is […]

Introduction With globalization on the rise, the economic ties between nations are growing stronger. However, the existence of different local accounting standards presents a challenge in the international finance sector. This results in incompatible financial data, insufficient regulations for multinational company behavior, and uncertainty regarding global investors’ perception of financial performance. The harmonization of international […]

Case 1. 9 ZZZZ Best Company, Inc. Delta. Describe the elements of the Fraud Triangle that apply to this case. Assume you are the perpetrator. Is there a better way to perpetrate this fraud? If there is, describe your method. Specify practical recommendations for the client to prevent this fraud from occurring in the future. […]

In 1995, he saw the potential for a hypermarket business in Malaysia, as there was very little competition, specially from the local entrepreneurs. Together with his wife, who had worked as a Marketing Executive in one of the international retail stores operating in Malaysia, they formed “Mental Sad Bad”, which was located in Klan. Although […]

I have never seen such a beautiful aquamarines sky, such blue, much gentle. It reflects the color of our oceans blue, Oh what a beauty. I’d kill to fly a day and rest against a cloud. Effects of the SEC investigation on investor confidence * All sales of Flashily 2011 have been made to only […]

To decrease the chance of fraud, data and programs can be encrypted while forensic accountants are utilized. Vacations and rotation of duties should also be required, along with ensuring sufficient insurance coverage and preventing unauthorized access via logic bombs and trap doors. Cyber attacks such as eavesdropping, masquerading, pushing, tapping into a communications line, hacking, […]

He tries to find and answer to the question whether the independence of auditors and the quality of audit (reports) are threatened by a certain practice, called opinion shopping. Lu describes this practice as the involvement of the search for an auditor willing to support a proposed accounting treatment designed to help a company achieve […]

The Company’s dairy products have a strong consumer following and are represented by strong brands such as Dutch Lady, Frissons, Frisk, Complete, Meal and Joy. (Dutch Lady, 2014) Marketing training In Dutch Lady Company, all directors will attended briefings and trainings to enable them to effectively discharge their duties. Directors are encouraged to attend relevant […]

The Sarbanes-Oxley Act includes eleven objectives, which aim to promote auditor independence, ensure corporate and auditor accountability to the public, establish an independent body for financial reporting, deter fraudulent activities through sufficient measures, and hold someone responsible if fraud is detected. Section 101 establishes the Public Company Accounting Oversights Board (PCAOB), consisting of five members […]

The Energy Audit proposal is an inspection, survey, and analysis of energy flows in a building, process, or system aimed at reducing the energy input without negatively affecting the output(s) in order to achieve energy conservation. This audit seeks to identify opportunities for financial savings by eliminating wasteful use of electricity, coal, and fuel oil […]

Introduction Auditing is a subset of attestation, which is a subset of assurance. These services, which are governed by several organizations, are unique in their own way. Because of the constantly changing role of the auditor, particularly since the Sarbanes-Oxley Act of 2002, different types of services have become necessary. In this paper we will […]

The Chief Financial Officer and the CEO must outlay their responsibilities for each of these situations and prepare a program for implementation to improve corporate culture. 2 Responsibility as Chief Financial Officer 2. 1 Misrepresent products that come from environmentally irresponsible sources as environmentally friendly; Misrepresenting products is a serious act of unethical behaviour and […]

Audit risk is the risk associated with conducting an audit, which refers to the possibility of the auditor experiencing a loss due to providing an inappropriate audit opinion. Such a loss can be in terms of the auditor’s reputation or monetary compensation for damages to the client or a third party, or both. This can […]

Reasons for MAFR and partner signing Positively impact on appearance of independence: If the audit firm changes regularly, the purpose of being independent is more likely achieved. It separates the company and the audit firm and decreases the risk of familiarity or bias in appearance. By removing the management’s ability to threaten the auditor, such […]

The auditor must select suitable types and methods of testing to ensure the client’s financial statements are fairly presented and the client has maintained effective internal control over financial reporting. The chosen procedures must be persuasive, appropriate, sufficient, relevant, and reliable. Additionally, the auditing team inquired about the economic lives of the client’s lists and […]

In 2001, Enron went from being the seventh largest public company in the U.S to becoming the biggest company ever to declare bankruptcy in U.S history. The energy industry is prone to numerous business risks like price instability and foreign currency risks, which Enron faced. Furthermore, Enron operated globally where they encountered different regulatory and […]

It is crucial for professionals in fields such as law or public accounting to exhibit ethical and responsible behavior due to their societal impact. As these professionals provide important information about companies that people depend on, maintaining high levels of integrity is essential. Any minor mistakes or intentional concealment can lead to severe repercussions and […]

Corporate culture and ethics are very important sources to sustain positive working environment in an organization. Based on the pattern that caused the fraud, the management style of HealthSouth is clearly practiced very authoritative which the reason for Richard’s orders fulfilled dutifully in order to partake in the fraudulent schemes. It clearly stated that the […]

The concept of HR audit has emerged from the practice of yearly finance and accounting audit, which is mandatory for every company, to be done by external statutory auditors. This audit serves as an examination on a sample basis of practices and systems for identifying problems and ensuring that sound accounting principles are followed. Similarly, […]