Litigation, Censures, and Fines - Term Paper Example

Only on StudentShare

Extract of sample
Litigation, Censures, and Fines

In recent years auditors are using unqualified comments to warn the companies to take good care of their bookkeeping process but the latter entities are not following the recommendations. The situation got worst with the passage of time and due to this reason public started to challenge the practices of national accounting organizations. Government responded to these challenges by tightening the regulations and ordered the auditors to give qualified objections upon repeated incidents of non-compliance from the companies. Nevertheless the public’s knowledge grew with the help of internet and other modern day technologies that resulted in a significant growth in the number of lawsuits against accounting firms. Recently internet and other technologies compensated for the producer-customer knowledge gap and therefore the organizations cannot fool general public by not following matching principle (Persons, 2011). It is suggested that organizations focus on enhancing their effectiveness and efficiency. But the major question arises that why do litigations happen against the accounting firms? The answer lies within the inability of accounting companies to uphold the accuracy of the financial statements. ...Show more

Summary

Why Litigation Happens: A Case of Accounting Firms Name Institution Why Litigation Happens: A Case of Accounting Firms Introduction The accounting firms are operating in the filthiest industry of the world because it is normal for them to face litigation and prostitution every now and then…
Author : brantjohns
Save Your Time for More Important Things
Let us write a custom term paper on your topic
"Litigation, Censures, and Fines"
with a personal 20% discount.
Find out more

Related Essays

Failure of Canadian Solar
The researcher of this essay aims to analyze several reasons which have led Canadian Solar to situation where the company is showing negative net income and one of the major reasons for Canadian Solar suffering from losses is the increasing competition and this report discusses different factors that have resulted Canadian Solar to be in loss.
14 pages (3500 words) Essay
General Background for business plan
She comes from the civil engineering profession and her construction background had helped her in formulating this business concept. Indeed, her initial idea was full of criticisms and conflicts for it had come from her previous work which is an insurance company.
3 pages (750 words) Thesis
Marketing analysis - industries, trends and competition
Owner? The construction industry is therefore modifying its image from a commodity market to a service providing industry. The renewed interest in the entire project cycle will present unique opportunities for A/Es and contractors to offer new services. General contractors now are marketing professional services such as design/build, construction management, financing assistance, total program management, operation and maintenance (O&M), and renovation services.
5 pages (1250 words) Thesis
Advanced financial reporting
The paper comprises 3 questions, each related to aspects pertaining to environmental reporting. It begins with an initial introduction about the aspects of environmental compliance and reporting.The first question is in connection with two provided annual reports of Halma plc and United Utilities plc, which required critical evaluation adequacy of disclosures given in the reports regarding environmental reporting.
12 pages (3000 words) Essay
Account standardization, IFRS and US GAAP.
Financial Accounting. Account standardization, IFRS and US GAAP. Accounting refers to the systematic way of summarizing, analyzing and reporting the financial transactions. Accounting helps in clearly understanding the financial position of the organization and comparing it with other organizations within a particular financial period.
9 pages (2250 words) Essay
Litigation, Censures, and Fines
To make these organization practices efficient, labor laws have tightened legislations that protect creditors and investors from frauds. Most cases of fraud are conducted in the accounts department where auditors and top management provide wrong financial statements to investors which may lead to loss of investors’ funds and assets investments.
3 pages (750 words) Essay
Conceptual Framework
Equity differs from liability in the sense that equity depends on the kind of an account an individual owns. It might include preferred stock, common stock, retained earnings, stock options, reserve and capital surplus. IASB seeks to amend equity in terms of preferred stock in that the fixed dividend, which the bank pays an individual because of the profits, accrued before any dividend can be paid to an individual on common stock.
5 pages (1250 words) Assignment
The Role of Safeguards in Strengthening Independence
The purpose of auditor safeguards to independence is to reduce the threats that may impair the auditor’s opinion forming process. Three are different threats that occasion impairment on auditor’s objectivity such as the self-interest threats that include financial and personal interests (Basu, 2009).
5 pages (1250 words) Research Paper
Ethics Case
industry and should remain persistently vigilant to decrease the likelihood of outside forces influencing financial records, which could lead to both criminal and ethical violation. (Moore 19). The trouble for public organizations and companies to be successful at high levels
1 pages (250 words) Case Study
Business Finance Week 5 Discussion Post
Secondly, the pattern is driven by high cost of capital (Daft, 120). In order to meet such costs, companies tend to focus on goals that generate returns in the short-term. Thirdly, the shorter tenure of
1 pages (250 words) Assignment
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT