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Wal Mart‘S Earnings And Financial Quality And Report How This Process Relates To The Ethics Of Professional Accountancy

808 words - 4 pages

Wal-Mart‘s earnings and financial quality and report how this process relates to the ethics of professional accountancy.

Most public companies are required to file its financial documents and annual reports with the SEC. To ensure that they are complying with both the financial and ethical guidelines ethical consistent with professional accountancy practices. Generally, companies like Wal-Mart posts ethical policies and procedures both in their stores and on their website. The SEC regulation remains constant; a company has the option of the process it uses to comply with the regulations. The financial health of a company can be determined by analyzing a company’s financial performance ...view middle of the document...

, 2011).
Due to the Enron sandal companies are required to reveal how they are complying with SEC regulations. “Wal-Mart’s Chief Executive Officer and Chief Financial Officer have filed their certifications as required by the Securities and Exchange Commission (SEC) regarding the quality of the company’s public disclosure for each of the periods ended during Wal-Mart’s fiscal year ended January 31, 2011, and the effectiveness of internal control over financial reporting as of January 31, 2011 and 2010. Wal-Mart’s CEO has certified to the New York Stock Exchange (NYSE) that he is not aware of any violation by the company of the NYSE corporate governance listing standards, as required by Section 303A.12(a) of the NYSE listing standards” (Wal-Mart Store, Inc., 2011).
“Wal-Mart’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). This company’s internal control over financial reporting includes those policies and procedures that pertain to the maintenance of records and that accurately and fairly reflect the transactions and dispositions of the assets of Wal-Mart. In addition, they provide reasonable assurance that transactions are recorded to permit preparation of financial statements in accordance with generally accepted accounting principles (GAAP), and those receipts and expenditures of Wal-Mart are being made only in accordance with authorizations of management and...

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