Cpa-Philippine Accountancy Act of 2004

They must possess the skills and knowledge necessary to perform the functions of the auditing position and update their skills on an ongoing basis.

This is also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act'.

* Complete 30 semester hours or quarter-hour equivalents of upper level accounting courses from a board-recognized college or university, of which 15 semester hours or quarter-hour equivalents must be in traditional face-to-face courses. Within the coursework two-semester hours of accounting or tax research and analysis are required.

The Board requires 150 semester hours earned to sit for the exam. One way to accomplish this is to complete a master’s degree or higher from an eligible institution. Another option is to complete a baccalaureate degree from an eligible

Reciprocal application is for the individual who was not certified in Texas and have intended to apply for Texas CPA. Depend on the certificate, they can complete either interstate reciprocal application or international reciprocal

The accounting provisions require companies to "keep books and records, and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets". The purpose of this accounting provision is to make it difficult for organizations to "cook the books" or use slush funds to hide any corrupt payments. Representative means for transfer of corrupt payments which included overpayments, missing records ("No receipt"), unrecorded transactions, misclassification of costs and, retranscription of records. The accounting provisions include a requirement that companies design and maintain adequate systems of internal accounting controls. This will provide reasonable assurance that transactions are executed in accordance with management’s authorization, transactions are recorded as necessary and access to assets is permitted only in accordance with management's authorization. Any internal document that misrepresents the actual nature of a financial transaction could be used as the basis for a charge that the "books and records" section of the FCPA has been violated.

The act contains provisions that formed a new federal agency, reorganized the whole accounting industry, transformed Wall Street practices, dramatically improved corporate governance practices here and aboard, and tackled insider trading and obstruction of justice. With a goal to combat corruption SOX, detail both criminal and civil penalties for noncompliance, certification of internal auditing, and increased financial disclosure. It affects public (and private) U.S. companies and non-U.S. companies with a U.S.

This is my formal report written from my research on becoming an accountant and paralegal.

It affects the businesses by making the corporate officers can interact with the auditors. The act gives more independence to outside auditors as well. With the new act every business should know that every financial statement they produce should be valid and able to be backed up. Businesses can no longer get off the hook for simply not knowing that they were

AICPA Code of Professional Conduct principles prevents vises such as fraud that are experienced in accountancy field. Audit is the best measure of the effect of the fraud that are imposed to investors by accountants. The relationship of the investors and account holders are supposed to be affirmed through auditing to ensure accounting principles are upheld(Weirich, Pearson, & Churyk, 2010). Improper loss of the funds through propagation of the accountant officer should be treated as fraud and criminal activity that should lead to prosecution. Therefore, the paper seeks to relate two fraud cases that have been audited and presenting AICPA Code of

Imagine trusting your hard-earned money like your retirement savings to a financial adviser or Certified Public Accountants (CPA) only to lose it all in a fraudulent Ponzi scheme. In today’s world of business many organizations, financial planners and accountants are in the news due to the financial ethical breaches that have affected their customers, employees, and the general public. A CPA has to be responsible for their audits and take any punishments as a result of their mistakes, incompetence or illegal actions. CPAs are expected to have integrity in their work,

The PCAOB gives a new meaning to the public accounting industry. The board must be composed of five members, appointed for a 5-year term, two of which are Certified Public Accountants (CPAs) or have previously been CPAs, and three of which have never been CPAs. The chair of the PCAOB may be a CPA, but only if he has been out of practice for at least five years. "The members must be independent of the accounting profession as no member may, concurrent with service on the board, share in any of the profits of, or receive payments from, a public accounting firm, other than fixed payment such as retirement payments" (4). All members of the PCAOB must be appointed by the Securities and Exchange Commission (SEC). The board performs various jobs which include: "oversee the audit of public companies, establish audit report standards and rules, inspect, investigate and enforce compliance on the part of registered public accounting firms and those associated with the firms" (4). Not only do public accounting firms who audit the financial reports of public companies have to register with the PCAOB, but foreign public accounting firms must register as well. The standards of auditing include:

In this report I will be describing how legislation and accounting concepts, could affect a business company’s accounting policies. I will also be talking what Acts contain, concepts and their importance, and also accounting policies. I will be supporting my work with examples.

Regulation is defined as a set of rules that is designed to control and govern conduct by authority (Deegan 2009, p.59). On the basis of this definition, Deegan (2009, p.59) has defined regulations relating to financial accounting as rules that are developed by independent authoritative body to govern the preparation of financial statements which are accounting standards. Since decades ago, there have been arguments for and against the existence of accounting regulations. With a stance of pro-regulation, this essay is going to examine the reasons that financial accounting and reporting should be regulated and the merits of accounting regulations.

What draws me into the field of accountancy? Why do I want to launch a career as a certified public accountant (CPA)? What is there about numbers, spreadsheets, profit and loss statements, audits, inventory and fiduciary responsibility that appeal me? In this paper I will describe in detail the reasons why I am attracted to this field. Also, what are the duties and responsibilities of a CPA? How available are job openings for a person with the education and experience to work as a CPA? How well to companies compensate those hired as CPAs? These questions and issues will be thoroughly reviewed in this paper.