(5) Auditors and CPAs should consider several ways that the Sarbanes-Oxley Act and SEC implementation rules as a whole impact accountants and work closely with regulators to address these effects. (6) Public accounting firms need to reconsider external auditors' participation with their client's internal audit function and control structure. This reporting on the internal controls can be very useful and add value to the integrity and quality of the financial reporting process. However, management accepts full responsibility for the design and maintenance of the adequate and effective internal control system. (7) Auditors should advise their clients and make recommendations for the appropriate disclosures of financial information. A more timely, relevant, objective, and transparent financial reporting process should improve the quality, integrity, and reliability. (8) it is necessary to use more effective and objective audit procedures and related standards to improve audit efficiency. The role of independent auditors on financial statements is not clearly defined and understood by the investing public. (9) Auditors need to continually focus on anti-fraud education and training programs for the audit staff and clients. (10) the accountants must assist clients to combat fraud, particularly financial statement fraud, by employing management and anti-fraud programs and controls. (11) Auditors must be skeptical, alert, professional, and inquisitive and understand the public trust in their profession and why they are licensed to serve as auditors. (12) Auditors need to work closely with accounting organizations to improve the timeliness, reliability, and transparency of financial reports.
Finally, in order to rebuild the status of the accountant field, it is essential for more than just today's professionals to learn about ethics and their role in accountability. By the time they are hired, entry-level accountants should have an understanding of what is expected of them and how their own values compare to these expectations. This would include:
Offer student internship opportunities as part of the higher education curriculum. with hands-on experience for optimum learning.
Develop comprehensive practice sets and case-study scenarios with a solutions manual. Many accounting educators do not use traditional practice sets, because many available programs are either outdated or difficult to follow. Comprehensive case-study scenarios with...
Staff AuditorCorporate responsibility, accountability, and ethics have become some of the most critical and hot issues in the business world (Nuseir & Ghandour, 2019). Business organizations are faced with numerous ethical issues relating to workplace safety, privacy threats, and legal liability. For business managers and management personnel, ensuring trust, honesty and integrity is an essential step toward promoting ethical decision-making and practices in an organization. Given the complexities relating to
Introduction In the business actuality of the present day, where knowledge management together with intangible assets are fundamental sources of competitive advantage, the individual action and behavior of employees ranging from first-line personnel to management can facilitate the success or downfall of an organization’s reputation. This has a substantial effect on share value, the capability to attract and sustain consumers, investors, personnel, or clients, and the risk of violating compliance (Jamshidinavid
……South African Municipalities Municipal Revenue Loss Reduction through Improved Municipal Valuation Methodologies:Balance Sheet Enhancement of South African Municipalities to Improve Rates and Taxes Revenue GenerationAbstractThis study examines the property valuation process of Municipalities in South Africa and develops a strategy for strengthening that process in order to more efficiently value properties and ultimately to enhance municipal balance sheets and increase revenue streams. This study proposes an innovative valuation method based
Independence of Auditors The objective of this study is to consider the statement as follows: "Unquestionably, the HIH story is also one of auditor failure" and to research into the background of the HIH collapse in Australia insofar as it relates to the role of auditors and their liability. A report will be prepared with summaries of the most important documents concerning this issue of auditor independence after the HIH collapse,
The first set of rules required in-house lawyers to report frauds to the organization's highest authorities. The second set provided exceptions to the general rule on legal confidentiality. Both sets were heatedly discussed for decades. Similar scandals since the 70s, which gave rise to similar heated debates, included the National Student Marketing securities fraud, the OPM commercial fraud, the Lincoln Savings & Loan and Allied Savings and Loans scandal
These blackouts were orchestrated as away to drive up the prices of energy. Tapes of conversations were released to the public and the employee's are on tape mocking the people of California after they were at the root cause of the problem for consumers (Johnston, 2004). References Buchholtz, a. & Carroll, a, (2008) Business and Society, 7th ed. Cengage Learning Harvard Law Review, (2003), the good, the bad, and their corporate codes
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