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Good Accounting Practices

Good Accounting Practices

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Good Accounting Practices

6 Ethics Please respond to the following:

The SEC released its final rule to implement a code of ethics under SOX Title 404. The stock exchanges have proposed that each company listed on the exchanges publishes its code of ethics. Discuss whether or not these additional disclosures will both have a positive impact on public confidence and influence investors behavior. Support your position. (Good Accounting Practices)

Evaluate the impact that a companys code of conduct can have on promoting positive employee behavior, improved decision making, or the willingness to report unethical behavior of coworkers. Recommend at least two ethical policies that might encourage employees to report unethical behavior.

7 Audit Planning Please respond to the following:

Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitigate those risks. Provide specific examples.
Imagine that you are a senior auditor, and your firm has been selected to audit a medium-sized sporting goods company with one single location. Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.

8 Accounting Irregularities Please respond to the following:

Imagine that you were auditing accounts receivable balances to confirm sales and found significant discrepancies between the recorded account balances and returned confirmations from customers. Recommend an alternative approach to confirming sales revenue. Provide rationale for your recommendation.
Research a recent accounting scandal within the past five years related to irregularities in financial statement reporting. Discuss the improper recognition treatment you researched, and make a recommendation regarding the type of analytical procedure that should have detected the improper accounting transactions. Propose the internal control activities or audit plan that might have detected the improper transactions. Be specific with your recommendation.

9 IT Controls Please respond to the following:

Discuss at least three to five advantages and disadvantages of implementing an IT-based system. Identify at least four inherent operational and financial risks in using computerized reports. Propose at least two mitigation risk strategies, and justify your recommendation.
Identify at least three risks that auditors need to consider for companies that process Web-based sales transactions, including credit card payments. For each risk identified, develop a mitigation risk strategy. Provide specific examples.

10 Fraudulent Behavior Please respond to the following:

Research Beazer Homes USA, Inc. and the SEC vs Michael T. Rand. Discuss the motives of the executives to commit fraud. Discuss the culpability of the accountants in preparing the questionable accounting estimates for the cost to compete.
Evaluate whether the SOX and PCAOB have been effective in reducing unethical behavior of corporate executives. Propose at least two amendments or provisions to SOX that would make management more accountable for the accuracy of financial statements, or provide additional sanctions that might reduce unethical behavior. Support your position.

Solution

Title: Good Accounting Practices

Pages: 3

Style: APA

Paper Review

Good Accounting Practices

Ethics refers to the acceptable code of conduct that organizations should adhere to in the course of their operations. These codes of conduct provide the moral guidelines on the company should run its operations. Fraudulent activities have been common in most companies listed on the stock exchange market. This has promoted the security exchange commission, (SEC) to implement the provisions of the Sarbanes-Oxley Act of 2002, (SOX) which provides guidelines on the code of conducts of the listed firms. Most of these requirements such as requiring the firms to disclose their financial positions to the public might be helpful in boosting the trust of investors. Most of the listed companies overstate the capital base and annual revenues in order to attract more investors. Public disclosures will therefore help the investors to make informed decisions thereby influencing them positively.

The company’s code of conduct also impacts the employees’ behavior, the company’s processes and the willingness of the employees to report unethical behavior displayed by their coworkers. Studies have shown that employees in a company that observes ethical behavior are well behaved and motivated than their counterparts in an unethical company. The employees will concentrate on achieving the company’s goals when the organizations observe ethical codes of conducts. Ethical practices will also improve the speed and quality of decisions made. This is because all the stakeholders are interested in promoting the good practices that are supported by the company’s policies. The employees will also be willing to report unethical behavior at the work place only when the organization supports good practices. Some of the ethical policies that would serve to encourage employees to report bad behavior include punishing the perpetrators and creating conducive environment that motivates the employees to report any bad behavior at work place.

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