During your weekly consultation, the Controller of Accounting has shared with you the topics discussed at a new Association of Certified Fraud Examiners (ACFE) consultation. Of point attention was the agenda ace about how some companies feel gotten in regulatory vexation with the SEC balance their income and outlay recollection practices. While you twain are positive that there are no issues about to this at your crew, you twain firm that you wanted to acquire gone-by about these cases.
The Controller of Accounting wants you to elimination brace such cases and transcribe a abridgment relation to offer at the next Accounting Department consultation. The controller honors that mind what has happened to other companies in this area of accounting can succor nullify issues in your crew.
The Controller provides you with the SEC website that they feel used in the gone-by to do stipulation searches: www.sec.gov
You are asked to selecteded brace new SEC actions over companies (not attributable beings) that recite to income and outlay recollection and Prepare a Word instrument that:
summarizes reasons control the SEC actions.
identifies the SEC issues recited to accounting axioms and/or operations and the ameliorative actions assigned and/or penalties consecrated to the crew.
critiques the ameliorative actions/penalties.
Gives an theory as to whether you honor they gain be telling in nullifying coming violations by the crew.
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