北美財(cái)務(wù)報(bào)告(ppt33)全英文-財(cái)務(wù)綜合-免費(fèi)閱讀
【正文】 Auditing 1 ? Standard setting or regulation is necessary to protect the investors (conflicting interests of investors and managers). The FASB (Financial Accounting Standards Board and the CICA ( Canadian Institute of Chartered Accountants) are independent bodies. 14 Standard Setting amp。 promotion not affected. CONS: Your integrity and the integrity of the financial statements affected. Investors and other users can lose a lot of money. Potential lawsuit against your pany. Your professional certification may be revoked. 31 No Easy Answers!!! 2 ? DISAGREE. PROS: Integrity maintained. Acting equitably. Doing the ?right thing‖. CONS: May harm your career prospects. ? CONSULT SENIOR PARTNER. 32 For Further Information ? Email: ? University of Windsor website: Odette Business School. 33 Thank You 。 revenues recognized before they are earned. ? Liabilities hidden from balance sheet. ? Gambling on energy futures contracts. ? Sherri Watkins ( Enron manager) blew the whistle but no one listened. 19 Arthur Andersen (Former “Big Five”Accounting Firm) ? Issued unqualified opinion to financial statements. Did not disclose accounting irregularities. ? Shredded documents to hide evidence. ? Guilty of obstructing justice. 20 Management’s Incentives to Manage Earnings ? Ine taxes—Postpone payment by minimizing reported ine ? Bonus—Maximize their bonuses by increasing reported ine ? Debt Agreements– Easier to meet debt agreements (covenants) by increasing ine and assets ? Stock options (give you the right to purchase a stock at a fixed price in some future period)—maximize share prices (believed to be related to reported ine). 21 Accruals and Earnings Management ? Amortization expense ? Increase in receivables ? Increase in inventory ? Decrease in accounts payable and accrual liabilities 22 What could be done? ? Better accounting standards and better disclosure. Less emphasis on historical cost
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