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Full-Text Articles in Business
Wirecard And Potential U.S. Audit Issues, Benoit Boyer, Danny A. Pannese, Paul N. Iannone
Wirecard And Potential U.S. Audit Issues, Benoit Boyer, Danny A. Pannese, Paul N. Iannone
WCBT Faculty Publications
The German company Wirecard saga is yet to be fully written. Similar in scope to Enron and others in the early 2000’s, many lessons will be learned for company executives, regulators, and especially auditors worldwide. For U.S. companies and auditors, the PCAOB (Public Company Accounting Oversight Board) has promulgated comprehensive audit standards and procedures designed for public companies, but these standards also could have ancillary application to private companies for auditors when planning the audit engagement. The red flags and audit issues that manifested in the Wirecard events will provide the financial and academic communities with robust case studies as …
Corporate Revenue Miscalculations & The Impact On Stakeholders, Karen Cascini, Alan L. Delfavero, Ryan Bezner
Corporate Revenue Miscalculations & The Impact On Stakeholders, Karen Cascini, Alan L. Delfavero, Ryan Bezner
WCBT Faculty Publications
Corporate earnings restatements are regarded as one of the most significant issues in accounting today. While there are various factors that can influence profitability, revenue is the key contributor to a business’ net income. During the 2000s, a multitude of domestic and multinational corporations faced significant issues with their revenue recognition practices. Although the investing public might regard any revenue restatement as laden with possible fraud, this is not always the case. Multinational firms face dual accounting systems, such as U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Currently, similarities and differences between the accounting systems …
An Assessment Of The Impact Of The Sarbanes-Oxley Act On The Investigation Violations Of The Foreign Corrupt Practices Act, Karen Cascini, Alan L. Delfavero
An Assessment Of The Impact Of The Sarbanes-Oxley Act On The Investigation Violations Of The Foreign Corrupt Practices Act, Karen Cascini, Alan L. Delfavero
WCBT Faculty Publications
During the late 1990s and early 2000s, a plethora of corporate scandals occurred. Due to these corporate debacles, corporate executives have been placed under fire. In response to such unethical conduct with regard to internal practices and financial reporting, legislation has been passed in order to ensure that corporations conduct their business in an ethical manner. The purpose of this paper is to assess the connection between the Foreign Corrupt Practices Act of 1977 (FCPA) and the Sarbanes-Oxley Act of 2002 (SOx), to determine whether SOx has influenced the FCPA’s investigative violation activities by examining the number of such investigations …