SEC and Corporate Audits, Volumes 4-6U.S. Government Printing Office, 1985 - Auditors |
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Common terms and phrases
accepted accounting principles accounting and reporting accounting firms ACCOUNTING OR IMPLEMENTATION accounting principles Accounting Principles Board accounting profession Added to Board AICPA APB Opinion Arthur Andersen assets audit failures auditing standards auditors Big Eight Briloff Bruce Cohen Certified Public Accountants Chairman clients Committee companies Concepts Statement conglomerate merger Cons for Adoption Coopers & Lybrand corporate debt DINGELL disclosure entities Exchange Commission exposure draft Exposure for public FASB Statement FASB's Federal fees Final Statement issued Financial Accounting Standards financial reporting financial statements GAAP guidance IMPROVES PREVIOUS PRACTICE interest lease LUKEN ment million operations peer review Price Waterhouse public accounting public comment Final question regulatory commission Remaining Alternatives Remaining Implementation Problems responsibility SEC's Securities and Exchange SHAD specific staff Standard Improved Practice STANDARD IMPROVES PREVIOUS Statement 33 STATEMENT OF FINANCIAL Subcommittee SUMMARY OF STANDARD task force Technical Bulletins transactions WYDEN
Popular passages
Page 464 - ... (b) The rights and remedies provided by this title shall be in addition to any and all other rights and remedies that may exist under the Securities Act of 1933 or the Securities Exchange Act of 1934, or...
Page 247 - Briefly, financial reporting should: Provide Information that Is useful to present and potential Investors and creditors and other users In making rational Investment, credit, and similar decisions.
Page 2 - Court ruled that: by certifying the public reports that collectively depict a corporation's financial status, the independent auditor assumes a public responsibility transcending any employment relationship with the client. The independent public accountant performing this special function owes ultimate allegiance to the corporation's creditors and stockholders, as well as to the investing public. This 'public watchdog1 function demands that the accountant maintain total independence from the client...
Page 469 - ... the independence of independent auditors. Public confidence would be impaired by evidence that independence was actually lacking, and it might also be impaired by the existence of circumstances which reasonable people might believe likely to influence independence. To be independent, the auditor must be intellectually honest; to be recognized as independent, he must be free from any obligation to or interest in the client, its management, or its owners.
Page 470 - Board will give appropriate consideration to all relevant circumstances, including evidence bearing on all relationships between the accountant and that person or any affiliate thereof, and will not confine itself to the relationships existing in connection with the filing of reports with the Board.
Page 442 - Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate.
Page 888 - ... to be determined in the light of all the facts and circumstances surrounding the applicant's entire operations.
Page 820 - Statement provides guidance for an independent auditor when acts that appear to him to be Illegal come to his attention during an examination of financial statements in accordance with generally accepted auditing standards.
Page 460 - Nothing in this rule shall be construed to imply authority for the omission of any procedure which independent accountants would ordinarily employ in the course of an audit made for the purpose of expressing the opinions required by paragraph (c) of this rule.
Page 465 - In cases where there is a difference of opinion between the Commission and the registrant as to the proper principles of accounting to be followed, disclosure will be accepted in lieu of correction of the financial statements themselves only if the points involved are such that there is...