Financial Restatement Paper Financial Restatement Paper University of Phoenix ACC/537 After the introduction of the Sarbanes Oxley Act lots of companies have had to submit financial restatements in their financials. This paper is to examine the financial restatements that have been done by Kodiak Energy Inc. over the past several years due to incorrect reporting on the value of their stocks. Kodiak Energy entered into an agreement
The National Collegiate Athletic Association’s (NCAA) motion to dismiss at the US District Court for the Western District of Pennsylvania involves Plaintiff Matthew Onyshko’s (Plaintiff) claim that his health issues resulted from the NCAA’s negligence to inform, protect, and mediate student-athletes that are exposed to head related injuries. This memorandum will establish the relationship that the two parties share and the extent that the duty of care applies to this relationship. By analyzing NCAA’s
Restatement of Huron Consulting Group, Inc.: The Effect on Financial Statement and the Affect on Stockholders Abstract Huron Consulting Group, Inc. provides business consulting services in diverse industries in regard to improving performance, complying with complex regulations, resolving disputes, recovering from distress, leveraging technology, and stimulating growth. On July 31, 2009, the Company made the announcement that it will restate its financial statements for the fiscal years 2006
Accounting restatement has been a hot subject for academic research since the recent high profile financial reporting failures. Much of the academic research on restatements has explored the causes and consequences of financial statement restatements (Kinney and McDaniel 1989; Dechow et al. 1996; Hribar and Jenkins 2004; Kinney et al. 2004; Palmrose et al. 2004; Desai et al. 2006; Karpoff et al. 2008; Plumlee and Yohn 2010; Schmidt and Wilkins 2011). This investigation is driven by the assumption
and firm size and its correlation to financial restatements. A client’s restatements suggest low audit quality because it indicates that the client’s financial statements are not in line with GAAP. I analyzed a sample of 250 firm-year restatements from public companies during 2008 to 2012. I gathered the data using COMPUSTAT and AuditAnalytics. For my results, I have found that auditor tenure has a negative correlation with financial restatement. I also found that industry expertise has a negative
ON THE UNIVERSALITY OF RAWLSIAN JUSTICE John Rawls argues for an universal standard of justice, conceived as “Justice as Fairness”. Rawls presents his standard of justice as a framework of principles for determining optimal and fair resolutions among persons in society. In this essay, I will analyze Rawls’s principles of justice and his original position and contemplate a utilitarian response to the original position while critiquing the universality of the original position. Lastly, applied to
4. Currently management has two problems on their hands. The first and most pressing is the fact that they have to issue a restatement of previous years’ financial statements due to accounting errors associated with premature revenue recognition. The second problem, which may have contributed to the first problem, is the fact that the company’s revenue streams are drastically
and firm size and its correlation to financial restatements. A client’s restatements suggest low audit quality because it indicates that the client’s financial statements are not in line with GAAP. I analyzed a sample of 250 firm-year restatements from public companies during 2008 to 2012. I gathered the data using COMPUSTAT and AuditAnalytics. For my results, I have found that auditor tenure has a negative correlation with financial restatement. I also found that industry expertise has a negative
choice of law approach of the forum state. Domicile Every person has one and only domicile. A person keeps their domicile until its validly changed. For example, at birth a person is assigned the domicile of his or her parents. First Restatement Under the First Restatement, a person can acquire a domicile of choice if there is a concurrence of an intent to make that state home, and a physical presence in a dwelling there. These two elements must be aligned for at least a moment. Specific Issues A person
THE ASSOCIATION BETWEEN AUDIT COMMITTEE CHARACTERISTICS AND FINANCIAL RESTATEMENTS ABSTRACT: The second section focuses on the background of corporate governance provisions such as the Blue Ribbon Committee (BRC) and Sarbanes Oxley (SOX) that aim to improve the effectiveness of audit committees. The composition of audit committees is heavily critiqued with an emphasis on independence, financial expertise and frequency of meetings. This paper will examine each of these characteristics