Agency Assurance - UniversitÃƒÂ¤t St.Gallen

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xiv Abbreviations AICPA a.k.a. CA CAD CAE CalPERS CEO CFO CICA CERN Cisco COSO CRM DJIA E&Y EDGAR EDI ERISA EVA® FAS 86 FASB FBI FCS FD FDA The Fed FEI FIFO FSC ftp G3 G&A GAAP GAAS GATT GDP GE Glaxo HTML American Institute of Certified Public Accountants also known as Computer Associates computer aided design chief audit executive California Public Employees Retirement System chief executive officer chief financial officer Canadian Institute of Chartered Accountants European Organisation for Nuclear Research Cisco Systems Committee of Sponsoring Organizations of the Treadway Commission customer relationship management Dow Jones Industrial Average Ernst & Young Electronic Data Gathering, Analysis, and Retrieval electronic data interchange Employee Retirement Income Security Act – US Economic Value Added® FASB Statement No. 86 Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed Financial Accounting Standards Board – US Federal Bureau of Investigation – US first customer shipment fair disclosure Food and Drug Administration – US Federal Reserve Board – US Financial Executives International first-in-first-out Foreign Sales Corporation file transfer protocol third generation telecommunications standard general and administrative generally accepted accounting principles generally accepted auditing standards General Agreement on Tariffs and Trade gross domestic product General Electric – US GlaxoSmithKline Hypertext Mark-Up Language
xv IA IAM IAS IASB IC ICGN ICT IFAC IFRS IL IMG IPO IR KM LLC LLP M&A M/B MD&A MSI NASD NDA NGO NPV NYSE OECD PC PCAOB PGA PR R&D ROI RSS SCAS SEC SOP 91-1 SPE SRO SWIB UC UK US VC WAP intellectual assets Intellectual Asset Management International Accounting Standards International Accounting Standards Board intellectual capital International Corporate Governance Network information and communications technology International Federation of Accountants International Financial Reporting Standards intellectual liabilities International Management Group initial public offering investor relations knowledge management Limited Liability Company Limited Liability Partnership mergers and acquisitions market to book management’s discussion and analysis management-supplied information National Association of Securities Dealers non-disclosure agreement non-governmental organization net present value New York Stock Exchange Organisation for Economic Cooperation and Development personal computer Public Company Accounting Oversight Board –US Professional Golfers Association public relations research and development return on investment Rich Site Summary Special Committee on Assurance Services Securities and Exchange Commission – US AICPA Statement of Position 91-1 Accounting for Software Revenue Transactions Special Purpose Entity self-regulating organization State of Wisconsin Investment Board University of California United Kingdom United States of America venture capitalist Wireless Application Protocol
Page 1 and 2: Agency Assurance: The Role of the A
Page 3 and 4: Acknowledgements I am very fortunat
Page 5: To Tina
Page 8 and 9: ii 2.2.4 The Communication Axis 28
Page 10 and 11: iv 6.1.7 Agency Cost Effectiveness
Page 12 and 13: vi 9.4.1 Transaction Cost Theory 20
Page 14 and 15: viii 12.8 Returning to Audited Fina
Page 16 and 17: x Figures 1-1 Corporate Governance
Page 18 and 19: xii Tables 1-1 Pay for Performance
Page 22 and 23: xvi WTO www XBRL XML World Trade Or
Page 24 and 25: 2 that corporation to regain their
Page 26 and 27: 4 new role as powerful centralized
Page 28 and 29: 6 Other international leaders, howe
Page 30 and 31: 8 Table 1-3. Reforms proposed versu
Page 32 and 33: 10 Figure 1-1. Corporate Governance
Page 34 and 35: 12 1.2.2 Systemic Conflicts of Inte
Page 36 and 37: 14 board structures providing leade
Page 38 and 39: 16 Audits have become a loss-leadin
Page 40 and 41: 18 “The Big Winner, Again, Is ‘
Page 42 and 43: 20 That is, as owners who remain in
Page 44 and 45: 22 management). 5 The American Inst
Page 46 and 47: 24 their individual qualifications,
Page 48 and 49: 26 reporting.” 11 The same study,
Page 50 and 51: 28 itself into a rules-based system
Page 52 and 53: 30 CFO’s (chief financial officer
Page 54 and 55: 32 Signalling theory identifies fac
Page 57 and 58: 35 CHAPTER 3. Constitution - The Au
Page 59 and 60: 37 To understand further the logica
Page 61 and 62: 39 3.2 Stakeholder Roles and Respon
Page 63 and 64: 41 quantitative approach combined w
Page 65 and 66: 43 Figure 3-1. Two Contrasting Appr
Page 67 and 68: 45 Executive stock ownership - when
Page 69 and 70: 47 or it increases the equity dilut
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49 member being a member of managem
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51 to-day management of individual
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53 CHAPTER 4. Constitution - The Re
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55 investors being driven by quarte
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57 to government authorities. From
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59 better measurement for evaluatin
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61 costs, especially residual losse
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63 This oversight function is typic
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65 The NYSE and NASD rules continue
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67 in entirety for that matter, is
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69 is reproduced in Appendix 3. 32
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71 “the Commission believes that
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73 organization. This is the percei
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75 pressure on boards’ recruitmen
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77 number of directors, as shown on
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79 In the few years following the s
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81 government has moved in the dire
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83 term. It directs more board reso
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85 CHAPTER 5. Constitution - The Ri
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87 outright fraud. Some of the prof
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89 Section 404 of the Sarbanes-Oxle
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91 data collected and analyzed. How
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93 Case Review 5-1 Financial Manage
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95 the gains for managers from high
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97 many years, not only as a result
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99 Jack Welch, the much heralded le
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101 options for future compensation
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103 equity class, which in its key
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105 1978 report identified the prob
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107 making clearly transparent warn
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109 field of management accounting,
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111 office. Although it is importan
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113 CHAPTER 6. Constitution - The I
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115 model is joint responsibility f
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117 continuously entered into the e
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119 “efficient allocation of risk
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121 The chart shows compellingly th
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123 firms to be solicited for polit
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125 in newspaper stock listings the
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127 Case Review 6-3. Allianz Dresdn
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129 managers, as well, generally do
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131 element in a constructive activ
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133 CHAPTER 7. Classification in th
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135 This is why auditors are asked
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137 products and services from comp
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139 influenced by accounting standa
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141 contact with consumers and prov
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143 supervisors, as well as any mac
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145 with products is increasingly m
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147 ownership rights that are quite
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149 dollars in trading derivatives
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151 Although there are many benefit
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153 Reinvestment and new investment
Page 177 and 178:
155 7.5 Agency Assurance Addresses
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157 Transactions for acquiring or p
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159 of financial statements are lef
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161 4.) the Statement of Cash Flows
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163 CHAPTER 8. Classification for I
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165 Because the authors consider th
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167 Figure 8-1. Classification Axis
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169 Michael Polanyi in his seminal
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171 assets have the potential to be
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173 - can be transferred separately
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175 Figure 8-2. Intellectual Capita
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177 expect any accounting standard
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179 This large market correction sh
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181 streams to a net present value
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183 negotiation ability, despite si
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185 “Definitions—The item meets
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187 Anyone who has actually led a b
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189 disclosure. These groups match
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191 CHAPTER 9. Classification as a
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193 Properly trained and certified
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195 The authors of a recent study s
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197 could even convince them to exp
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199 product based on a total produc
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201 telephone sales, and Packard Be
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203 as suppliers to each other and
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205 Revenue is a first, key indicat
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207 Gross profit is not just an int
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209 begin in the first quarter and
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211 and is fully amortized. Total r
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213 significantly by a system which
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215 6. Categorization as investment
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217 Expensing of stock options was
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219 favorable, and the share prices
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221 CHAPTER 10. Communication - Dis
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223 Case Review 10-1. Quality and Q
Page 247 and 248:
225 The main lesson that Computer A
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227 Based Reporting systems promulg
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229 intense conflicts of interest f
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231 also to earlier research by Chi
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233 assessment and analysis of busi
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235 A number of the Manchester area
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237 the SEC when it was reasonable
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239 JAVA are required to participat
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241 The internet embodies the techn
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243 6. Warnings, alerts, and urgent
Page 267 and 268:
245 CHAPTER 11. Communications for
Page 269 and 270:
247 11.2 Strategic Credibility - Il
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249 the questionnaire instruments n
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251 public releases, the analysts a
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253 direct interests to the underst
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255 is also legally bound to refrai
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257 The bank’s clients are the ac
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259 weeks of time, certainly not mo
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261 members, including the chief ex
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263 same market space. They also ca
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265 dissatisfaction over Apartheid,
Page 289 and 290:
267 As was related earlier, Higgins
Page 291 and 292:
269 CHAPTER 12. Communications Fail
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271 rules have been added to accoun
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273 partnerships. They simultaneous
Page 297 and 298:
275 Case Review 12-1. Special Rules
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277 The AICPA was compelled to issu
Page 301 and 302:
279 unfavorable opinions to the ear
Page 303 and 304:
281 Inflated historical profits in
Page 305 and 306:
283 industry. As might be expected,
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285 strategies leading edge compani
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287 financial statements are reliab
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289 of valuation models in preparin
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291 short-term results.” 21 Manag
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293 years” with stricter disclosu
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295 improvements in economic prospe
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297 to cover the cost of capital of
Page 321 and 322:
299 in revenues and profits or impr
Page 323 and 324:
301 CHAPTER 13. Agency Assurance an
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303 The contemporary corporate form
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305 13.2.3 Monitoring The second st
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307 making, which provided a voice
Page 331 and 332:
309 Directors and managers are chal
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311 triaxial framework for accompli
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313 audit committee can take the le
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315 A critical contradiction in acc
Page 339 and 340:
317 resulting higher book value of
Page 341 and 342:
319 Executives simply should never
Page 343 and 344:
321 Just a few weeks later, Ford an
Page 345 and 346:
323 boards, and owners, may be a go
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325 Now they must subject themselve
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327 earnings or to overstate the co
Page 351 and 352:
329 telltale sign that intransparen
Page 353 and 354:
331 13.7 Final Statement The conclu
Page 355 and 356:
333 performance of the company.’
Page 357 and 358:
335 APPENDIX 1. ICGN APPROACH TO TH
Page 359 and 360:
337 APPENDIX 2. GOOD PRACTICE GUIDE
Page 361 and 362:
339 Areas Requiring Special Attenti
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341 APPENDIX 3. AUDIT COMMITTEE CHA
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343 8. Assure that the auditor’s
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345 The AICPA Audit Committee Toolk
Page 369 and 370:
Page 371 and 372:
Page 373 and 374:
Page 375 and 376:
Page 377 and 378:
Page 379 and 380:
Page 381 and 382:
359 Appendix 6. Skandia Value Schem
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361 Appendix 8. Ernst & Young Measu
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363 BIBLIOGRAPHY Aboody, David and
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365 on Improving the Effectiveness
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367 Conger, Jay A.; Finegold, David
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369 The Economist (2005-2) Too many
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371 Gustin, Sam (2005) Grasso deal
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373 Johnson, Jonathan L.; Daily, Ca
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375 LoBue, Robert (2004) Corporate
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377 Morris, Richard D. (1987) Signa
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379 Petty, Richard and Guthrie, Jam
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381 Securities and Exchange Commiss
Page 405 and 406:
383 Tushman, Michael L. and O'Reill
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ROBERT M. LO BUE West Chester, PA U
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