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Essay / Research Paper Abstract
This 5-page paper discusses SAS 99, Sarbanes-Oxley and Lucent Techologies, in terms of what might be a "red flag" on Lucent's financial statements. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTlucsar.rtf
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Unformatted sample text from the term paper:
industry (accounting) that was refusing to police itself, and that could let such scandals happen. The result, ultimately, was passage of the Sarbanes-Oxley Act, which companies were required to adhere
to by the middle of 2003. In addition, the Statement on Auditing Standards 99 (SAS 99) also mandates that auditors should include an increased emphasis of identifying financial statement fraud
(Datawatch, 2003). The question here is, has SAS 99 (and S-B) been effective? Have corporations been able to clean up their acts
to the point where another Enron or WorldCom wont happen? In this paper, well examine the financial information of Lucent Technologies, and
determine if there are any pitfalls this company might be facing through SAS 99. Despite the fact it hasnt been publicized quite as much as Enron or WorldCom has been,
Lucent has had its share of reporting woes as well. For one thing, it has just settled a class action suit against investors claiming that earnings were misleading, and because
of that, investors purchased stock (based on the misleading earnings). But is Lucent totally in the clear? Before we actually examine the
financial information and balance sheet, its first a good idea to examine what, exactly, compliance means under Sarbanes-Oxley and SAS 99. As an aside, we examine both S-B and SAS
99, because by definition, SAS 99 more outlines specific procedures auditors need to perform to address risk of management takeover of control, rather than actually identifying specific measures on financials
that auditors should take (which is addressed by Sarbanes-Oxley). First off, one component of Sarbanes-Oxley is that the CEO and CFO must
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