BUSN 70 Lecture Notes - Lecture 32: Kpmg, Accounting Scandals, International Financial Reporting Standards
13 Mar 2021
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The recording, measurement and interpretation of financial information. Since 1973 the financial accounting standards board has been setting principles standards for accounting. Scandals happen when accounting firms fail to follow generally accepted accounting principles, or gaap. The government, using the securities and exchange commission"s (sec) public. Company accounting oversight board, also sets rules, requirements and policies. Big bang theory"s sheldon talks about cpa. Certified public accountant (cpa) = an individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records. Most cpas are self-employed or members of large public accounting firms. After the accounting scandals of enron and worldcom in the early 2000"s, congress passed the: Sarbanes-oxley act required firms to be more rigorous in their accounting and reporting practices know this act for midterm. Restore faith of investors in corporate america. Increased fines and sentences for people who attempt fraud.
