MGMT 1 Lecture Notes - Lecture 17: Public Company Accounting Oversight Board, Financial Accounting Standards Board, Certified Public Accountant
Document Summary
Accounting is the recording, classifying, summarizing, and interesting of financial events and transactions in an organization to provide management and others interested parties the financial information the need to make good decisions about its operations. Provides a great basis for a career in business. Certified public accountant (cpa): must meet strict requirements, take exams, and participate in continuing education programs. Financial information often certified by an unbiased auditor"s opinion. Accounting scandals at enron, worldcom and other firms had significant impacts. Dodd-frank wall street reform and consumer act passed in response to financial crisis in 2008. Once hailed as poster child of the new economy. One of the largest corporation in the world. Personal responsibility of ceo"s and cfo"s to certify financial reports. Generally accepted accounting principles set standards defined by the financial accounting standards board (fasb) This principles are hugely important (e. g. , format of financial statements)
