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Aims and objective of auditing standard and guidelines
Aims and objective of auditing standard and guidelines
history and development of accounting standards
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During the early 1970s, formal financial reporting standard setting activities were commenced. On 10 September 1971, a technical committee was formed in 1971 with the remit to act on a letter dated sent by Bank Negara to the President of Malaysian Association of Certified Public Accountants (MACPA). Nowadays, MACPA is now known as Malaysia Institutes of Certified Public Accountants (MICPA). MACPA was set up by individuals as a private association in 1958 (Susela 1999). After an extended pause marked by a high level of inactivity, the Malaysian Institute of Accountants (MIA) was approached to develop a standard in 1987. MIA has been set up in 1987 by the State as a statutory body to regulate the accounting profession. Therefore, both MACPA and the MIA committed to a process of joint work towards the objective of the development of a Malaysian accounting standard for goodwill. Based on Ahmad & Ishak (2003), an element of that agreed course of action, on July 1, 1987 the President of MIA and the President of MACPA signed a joint Circular to members enclosing a questionnaire inviting com...
Financial Accounting Standards Board (FASB). Accounting Standards Codification TM. Financial Accounting Standards Board (FASB), 2010. Web. 16 May 2014.
The goal of the Codification is to simplify the organization of thousands of authoritative U.S. accounting pronouncements issued by multiple standard-setters. To achieve this goal, the FASB initiated a project to integrate and topically organize all relevant accounting pronouncements issued by the U.S. standard-setters including those of the FASB, the American Institute of Certified Public Accountants (AICPA), and the Emerging Issues Task Force (EITF)
Goodwill was first founded in 1902 in Boston by a Methodist minister, Rev. Edgar J. Helms (Goodwill, 2015). He collected used goods and clothes from the wealthy areas around the city and hired the underprivileged to restore and repair the used items (Goodwill, 2015). The restored goods were then sold or donated to the poor workers who mended them (Goodwill, 2015). This was the foundation of today 's $4 billion nonprofit of the Goodwill Industries that is responsible for providing training and rehabilitation for people with limited access to employment (Goodwill, 2015). Henceforth, the mission of the Goodwill industries of South Central California (GISCC) was established.
Goodwill International is a not-for-profit organization whose main objective is to offer job trainings, employment placements, and other community-based projects to individuals with disabilities. The organization also extends its services to veterans who include people who lack the necessary job experience, education, or face challenges in securing employment. The non-profit organization is financed by a chain of retail thrift stores, which also operate as not-for-profit entities in places where they are situated. Goodwill is constituted by a system of 165 community based independent organizations operating in 15 countries, including the United States, Brazil, Venezuela, Uruguay, Panama, and Canada among others. The organization uses the most part of its revenues to provide training, employment, and other relevant support to its dependants who are currently more than 6 million. This paper assesses Goodwill International based on key concepts such as volunteerism, accountability, strategic planning, and fundraising in relation to its mission, vision, and purpose. In addition, the paper suggests several recommendations that could bring various benefits to Goodwill if implemented.
The PCAOB has the authorization to provide rules governing the following areas; ethics, independence, and quality control for any registered accounting firm...
The Public Company Accounting Oversight Board, by authority of the Sarbanes-Oxley Act of 2002, is responsible for the creation of auditing and the associated professional practice standards for registered public accounting firms to abide by when preparing and issuing audit reports. The auditing standards relating to audit risk, audit evidence, and the relationship of auditing standards to quality control are outlined in Auditing Standards 1101, 1105, and 1110. This block of standards enumerates the general concepts relating to auditing standards.
" Journal of International Affairs 52.2 (1999): 691. Academic Search Elite -. Web. The Web. The Web.
This paper will discuss these steps in detail. Because I work at home, I am not currently involved in any of the steps of the accounting cycle. The examples I give in this paper will be from various jobs I have held in the past.
The FAS has made changes throughout the years in the way to account for goodwill. Goodwill is when a company attempts to merge with another company to obtain the valuable intangible assets. These assets are anything that can 't be seen or touched. Valuable intangibles can be anything like a company name because it is well known. Many times companies will decide to merge because it can be beneficial to them to merge with well-known entities. This can also be less costly and less time-consuming versus building a brand new business on its own. On many occasions, gooodwill is amortized on accounting records. Amortization is not the most favorable approach for companies who are trying to attract investors. This because when amortization is not present in the books, it means that there aren 't high physical cash profits for shareholders.
Goodwill industries offer an abundance of stores across the country that offers products that were donated to Goodwill. These donations include but not limited to designer goods and department store labels. Because of the wide variety of donations that Goodwill receives they are able to offer specialty boutiques that offer upscale clothing and other stores that offer more traditional products. Goodwill has done a good job to make sure the type of store and the types of products are located in different geographical areas based on number factors which include demography, economic, and cultural environments.
AASB, Australian Accounting Standards Board, Statement of Accounting Concepts SAC4 ‘Definition and recognition of the elements of financial stat
The history of the Carnival Corporation begins in 1972, when Ted Arison set up Carnival Cruise Lines as a subsidiary of the American International Travel Service. The first ship ran aground, but Arison remained steadfast in achieving his vision of a cruise line offering affordable vacation packages to middle-income consumers. By 1977, Carnival had three ships, and ten years later, as the industry leader, the company went public. In the early 1990s, Carnival began to diversify into land-based entertainment, thus changing its name to Carnival Corp. The company is the world's #1 cruise operator with about a third of the market.
According to business, or any organization, Accounting plays a major role in developing and growth of the business. Financial standards of the organization expected as the complexities of business growth and expansion. Hence determining the implementation of the standards can vary according to the type of industry, business or organization.
In 1887, the American Association of Public Accountants was formed with the first standardized tests coming out about a decade later (Zeff, 2003, pg. 2). In 1896, New York State passed the first law for Certified Public Accountants (CPA), which Zeff (2003) “marked the beginning of an accredited profession of accounting in the United States” (pg 2). In Canada, the first association began in 1902 with the Dominion Association of Chartered Accountants (Buckstein, part 1 pg 2). Buckstein quoted John L. Carey, the author of a paper outlining the history of the accounting profession worldwide stated “the reason for creating a full-fledged professional organization was to distinguish skilled accountants of integrity from self-styled accountants whose competence had not been demonstrated” (pg. 2) As Zeff (2003) stated with the passage of the Securities Act of 1933 and the Securities Exchange Act of 1934 all publicly traded companies were now required to have their financials audited by independent CPA’s (pg. 4). This showcased the importance of having skilled and knowledgeable individuals produce verifiable and accurate information that the public (in all its forms) could rely upon. The combination of having professional accounting bodies and government legislations have attempted to establish
The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.