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Articles 1 - 9 of 9
Full-Text Articles in Business
An Empirical Assist To Determine Whether An Activity Is Engaged In For A Profit, William Brian Dowis, Ted D. Englebrecht, Justin S. Cox
An Empirical Assist To Determine Whether An Activity Is Engaged In For A Profit, William Brian Dowis, Ted D. Englebrecht, Justin S. Cox
School of Accountancy Faculty Research and Publications
Taxpayers engage in activities for both tax and nontax reasons. Some of these undertakings are geared to earn a profit. Other activities provide personal pleasure and recreation. Regardless of the activity type, expenses are incurred and can be substantial. Depending on the type of engagement, profit may or may not be achieved. Naturally, many of these pursuits are undertaken for a number of consecutive years. Because of the tax benefits these activities possess, this issue remains highly litigated and closely scrutinized by the Internal Revenue Service. This study investigates the guidance delineated by the Service and creates a model of …
A Framework For Explaining Accounting Students’ Formal Communication Gap, Charles Harter, Robert Marley
A Framework For Explaining Accounting Students’ Formal Communication Gap, Charles Harter, Robert Marley
School of Accountancy Faculty Research and Publications
This paper introduces a framework that explains how innovations in communication technology have affected students’ communication skills. Our framework suggests that new communication mediums have reduced students’ exposure to contexts requiring formal communication and increased students’ exposure to contexts utilizing informal communication. As a result, today’s accounting students have less formal communication experience, thus less developed formal communication skills than their predecessors. To mitigate this communication gap, we discuss adapting the accounting classroom to familiarize, hone, and instill formal communication skills.
Lack Of Timeliness, Noise And Transitory Components In Earnings As Explanations For The Apparent Decline In The Value Relevance Of Earnings, L. Dwight Sneathen
Lack Of Timeliness, Noise And Transitory Components In Earnings As Explanations For The Apparent Decline In The Value Relevance Of Earnings, L. Dwight Sneathen
School of Accountancy Faculty Research and Publications
Prior studies identify three factors that contribute to the low contemporaneous association between returns (prices) and earnings: lack of timeliness of earnings capturing value relevant information, noise in earnings, and transitory elements in earnings. This study seeks to identify whether these factors contribute to the observed inter-temporal decline in the contemporaneous association between returns (prices) and earnings documented in recent literature. Prior studies do not explicitly examine the affect of these factors on the inter-temporal decline, and the extant evidence is mixed. Empirical evidence presented here indicates that lack of timeliness of earnings and value-irrelevant noise in earnings have increased …
The Importance Of The Control Environment: Expense Account Fraud At Blue Grass Airport, Thomas G. Noland, Paul Metrejean
The Importance Of The Control Environment: Expense Account Fraud At Blue Grass Airport, Thomas G. Noland, Paul Metrejean
School of Accountancy Faculty Research and Publications
COSOs Internal Control Framework discusses the components of internal control and how the control environment is the most important component. This paper analyzes how a non-existent control environment led to a massive expense account fraud at a regional airport. This fraud eventually led to the resignation and prosecution of the airports top four executives. The paper discusses the findings of the State Auditors investigation and outlines the red flags that should have been obvious to the external auditors. The paper concludes by discussing the changes made to the airports internal controls in the aftermath of the fraud.
Pension Accounting And Reporting With Other Comprehensive Income And Deferred Taxes: A Worksheet Approach, Robert E. Jackson, L. Dwight Sneathen, Timothy R. Veal
Pension Accounting And Reporting With Other Comprehensive Income And Deferred Taxes: A Worksheet Approach, Robert E. Jackson, L. Dwight Sneathen, Timothy R. Veal
School of Accountancy Faculty Research and Publications
This instructional tool presents pension accounting using a worksheet approach where debits equal credits for both the employer and for the plan. Transactions associated with the initiation of the plan through the end of the second year of the plan are presented, including their impact on accumulated other comprehensive income and deferred taxes. This article is intended as a supplemental teaching tool that demonstrates the impact of a plans funded status on the employers financial statements in a way that, based upon anecdotal evidence, accounting students and practitioners have found extremely beneficial beyond traditional accounting textbooks.
Accounting Majors' Perceptions Of Future Career Skills: An Exploratory Analysis, Abbie Parham, Thomas G. Noland, Julia Ann Kelly
Accounting Majors' Perceptions Of Future Career Skills: An Exploratory Analysis, Abbie Parham, Thomas G. Noland, Julia Ann Kelly
School of Accountancy Faculty Research and Publications
Business education is often criticized for its failure to develop lifelong skills. This study examines the opinions of 205 students to determine what skills they deem to be important for their future careers. The study then compares the opinions of accounting students against other business disciplines. The results of the study are mixed for the accounting profession. Many of the skills accounting majors ranked as important for their future were not surprising. However, there was some indication that accounting majors may be suffering from a silo effect and are not able to fully grasp how skills learned in other university …
A Fraud Audit: Do You Need One?, Thomas Buckhoff, Leslee Higgins, Debra Sinclair
A Fraud Audit: Do You Need One?, Thomas Buckhoff, Leslee Higgins, Debra Sinclair
School of Accountancy Faculty Research and Publications
This paper differentiates between a fraud audit and a financial statement audit and suggests that small businesses usually need a fraud audit although they engage a financial statement audit. A CPA trained in fraud examination and forensic accounting should conduct the fraud audit.
Evidential Effort And Risk Assessment In Auditing, Allen D. Blay, Tim Kizirian, L. Dwight Sneathen Jr.
Evidential Effort And Risk Assessment In Auditing, Allen D. Blay, Tim Kizirian, L. Dwight Sneathen Jr.
School of Accountancy Faculty Research and Publications
This study responds to prior literature highlighting the need for academic research to study the linkage of risks to audit procedures purported in the Audit Risk Model. We use audit workpaper data from a Big 4 firm to examine two significant relationships implicit in authoritative audit guidance: (1) the application of the audit risk model in practice, and the relationship between preliminary risk assessments and audit procedures, and (2) the potential loss of risk information upon risk aggregation suggested in the Audit Risk Model. Our findings indicate that preliminary risk assessments significantly affect planned audit procedures, and the potential for …
The Consideration Of Fraud In A Financial Statement Audit: Some Study Questions, Eddie Metrejean, Lou X. Orchard, L. Dwight Sneathen Jr.
The Consideration Of Fraud In A Financial Statement Audit: Some Study Questions, Eddie Metrejean, Lou X. Orchard, L. Dwight Sneathen Jr.
School of Accountancy Faculty Research and Publications
In October 2002, the Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement Audit in response to recommendations from the Fraud Task Force. SAS No. 99 is intended to improve auditor performance during audits and to increase the likelihood that the auditors will detect fraudulent financial reporting if any is present. Since fraud awareness is such a major part of any audit, accounting students should be well versed on the content of SAS No. 99. However, not all accounting students read SASs in detail. Then how do accounting educators get …