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· In today’s business environment where publicly traded companies
feel pressure to meet short-term earnings expectations, management
may be tempted to “manage earnings”. Assess how a financial
statement user may be able to detect managed earnings when
reviewing the firm’s balance sheet, income statement, and cash-flow
statement. Indicate how a potential investor might interpret these
“red-flags”. Provide support for your rationale.
· Assess how the Sarbanes-Oxley Act addresses the concern of
corporate “managed earnings”, indicating whether or not you
believe the requirements within the Act are sufficient to minimize
these concerns. Provide support for your rationale.
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ACC 573 Week 3 Assignment 1 Financial Statement
Restatement and Ethics
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Write a two to three (2-3) page paper in which you:
1. Assess the factors that contributed to the financial statement
restatement, signifying the executive management team’s attitude
toward the restatement. Suggest how the restatement may have been
avoided during the initial reporting process.