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Special Report on

Financial Audit Articles

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Given today’s complex and rapidly changing management climate, companies must implement continuous improvements to achieve efficiency, and assure investors and other concerned parties of solid corporate governance.The recent scandals at Enron, Worldcom, Parmalat, and others have raised the profile of corporate governance across the globe. Trust in the process of financial accounting, corporate governance, and auditing has been undermined by... Best Practices in Risk-Based Internal Auditing In designing risk-based auditing and monitoring activities, it is important that the internal auditor works closely with the ...
in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron undoubtedly is the biggest audit failure. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth . Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that, through the use of accounting loopholes, special purpose entities , and poor financial reporting, were able to hide billions in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives were able to mislead Enron's board of directors and audit ...
REVIEWS AND OPINIONS
Ezines Articles » Congress's Future Plans Speaks Volumes of the ...
Congress has been working on new legislation that is designed to overhaul current financial regulations.  This legislation points fingers in key critical areas across the nation’s economy.  Important for homeowners is Congress’s plans to form a new agency to crack down on deceptive mortgages and other financial products in the future.  It also aims to better protect consumers, tighten the reins on financial institutions and stop rewarding executives for taking reckless risks to fatten their quarterly earnings and bonuses. However, while this legislation is looking to the future to prevent another financial collapse and stop ... market research, surveys and trends
Articles Fly Blog » Congress's Future Plans Speaks Volumes of the ...
Congress has been working on new legislation that is designed to overhaul current financial regulations. This legislation points fingers in key critical areas across the nation’s economy. Important for homeowners is Congress’s plans to form a new agency to crack down on deceptive mortgages and other financial products in the future. It also aims to better protect consumers, tighten the reins on financial institutions and stop rewarding executives for taking reckless risks to fatten their quarterly earnings and bonuses. However, while this legislation is looking to the future to prevent another financial collapse and stop ... market research, surveys and trends

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FINANCIAL AUDIT ARTICLES

International audit trends in the public sector: a comparison of ...
THE MODERNIZATION OF FINANCIAL MANAGEMENT IN THE PUBLIC SECTOR has led to an increased focus on auditing and control. Performance budgeting, accrual accounting, and accountability for results require a different type of control and audit than used in the past. Modern audit and control systems must look beyond compliance with legislation and regulation, and toward controlling and auditing for results. In fact, the modernization of internal audit systems is crucial to helping public managers achieve results and make governments more efficient and effective. To understand the international evolution of internal auditing in the ... industry trends, business articles and survey research
Sarbanes Oxley Drives Up Large Companies' Audit Costs by $1.4 Billion
Fortune 1000 companies' auditing costs have increased by $1.4 billion collectively so far, and much of this increase is in response to the corporate governance act known as Sarbanes-Oxley, according to University of Nebraska at Omaha researchers. The insurance industry has seen its audit fees escalate this year by more than 70 percent, while retailers have faced a 180 percent jump, the researchers found. With the latest figures reported, as of April 27, a total of 633 Fortune 1000 firms have reportedly paid more than $3.6 billion for their 2004 audits, compared to $2.2 billion in 2003, according to accounting professors ... industry trends, business articles and survey research
RELATED NEWS
Weekly Audit: Brown-nosing Wall Street reform
The Media Consortium is a network of leading progressive, independent journalism organizations whose bloggers report weekly on the top news in healthcare, immigration and economy. | June 29, 2010 More than two years after the collapse of Bear Stearns, the House and Senate finally ironed out their differences on Wall Street reform in the wee, small hours of Friday morning. The bill now goes back to both the House and Senate for final approval, but it’s fate in the Senate is uncertain following the defection of Tea Party Sen. Scott Brown (R-MA). The resulting bill has several things going for it, but largely misses ... market trends, news research and surveys resources
Weekly Audit: Senate Republicans Nix Jobs Bill
It looks as if election-year strategies are trumping any actual problem-solving by Republican lawmakers. In the midst of one of the worst unemployment crises in U.S. history, Senate Republicans killed a jobs bill last Thursday by a 56-40 vote. As congress carries on with the seemingly impossible task of helping the unemployed while keeping Republicans happy, over 15,000 progressives and 1,300 organizations will convene in Detroit this week for the U. S. Social Forum (USSF) to explore alternative solutions to the jobs crisis. Editor’s note: Stay tuned for USSF coverage from Media Consortium members throughout the week in The Audit , market trends, news research and surveys resources

INFORMATION RESOURCES

Financial Conglomerates in China
and the remaining one is the stipulation on financial audit. Articles 59-63, the Law of Commercial Banks. Page 31. 31 recent actions were the Tentative ... technology research, surveys study and trend statistics
Accountants and Auditors
Job opportunities should be favorable; those who have earned professional recognition through certification or licensure, especially a CPA, should enjoy the best prospects. Much faster than average employment growth will result from an increase in the number of businesses, changing financial laws and regulations, and greater scrutiny of company finances. Accountants and auditors help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and ... technology research, surveys study and trend statistics
As the Demand for Audit Committees has Increased, So Too has Their ...
took to the stage to present her latest research at the 17th annual Southeast Summer Accounting Research Conference, which was held this year at Emory. Initially designed as a presentation setting for junior faculty members from four schools in the Atlanta area, including Georgia State, the University of Georgia, Georgia Tech and Emory, the conference has expanded to include accounting faculty and doctoral students from Duke University, the University of Virginia, the University of Florida and the University of North Carolina at Chapel Hill. Says Wang: “It’s an important forum to get feedback.” Wang and her co-authors, Ellen ...
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FINANCIAL AUDIT ARTICLES
QUESTIONS AND ANSWERS
Grantwriting for nonprofits - how do I address the "Certified ...
I'm looking for a discussion of how to approach the problem of grant writing for a small nonprofit when the funder requires a Certified Financial Audit. My organization of course happens to be one of the multitude which does not have one because of the cost. Any ideas other than to buckle down and cough up the money? Thanks for any constructive thoughts you have. Thank you all for your wonderful responses. Lisa - thanks for the referrals; Linh - good idea, I hadn't thought of that; Laura - your ideas would be good ones if I had not already tried them (I should have mentioned that in my question). Unfortunately, ...
Auditing: How to set-up an external audit, IRS, Circular 133
I was recently appointed to the Board of a 501(c)3. However, I now have some concerns about past and ongoing financial activity and I want to have an audit. While there is an accountant that has been in charge for the past several years, this is part of my concern and I would want to know how to call for and set-up an external audit. Suggestions? Answer Dear Timothy, Congratulations for being proactive and taking your responsibility as a Board member that way. Having an audit may or may not be a requirement for your organization. If your organization is required to have an audit because of the level of revenue, it would take ...