Accounting Journal Reviews

Accounting Journal Reviews
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This paper reviews four US accounting journals in relation to fraud, bonds, CPA license requirements, and GAAP. These journals include Managerial Auditing Journal, Journal of Accountancy, North American Actuarial Journal, and the Journal of Financial Economic Policy
Fraud
According to Hillison, Pacini and Sinason, (1999), employee fraud has become persistent in many organizations today. The scholars cited the well’s report generated in 1996 that claimed that fraud and abuse caused American organizations more than $400 per Annum. Another survey by KPMG Peat Marwick organizations established that 62% of organizations had experienced fraud in one form or the other. The Association of Certified Fraud Examiners (ACFE) also found out that the average loss per fraud incident for companies, which had fewer than one hundred workers, was $120,000 and that few organizations if any experienced no fraud. So in essence, employee fraud is a torn in the flesh for USA organizations.
Hillison et al (1999) also states that among the sources of fraud in a company includes, misstatements from deceptive financial reporting and misstatements arising from misuse of assets. Misstatements emanating from falsified accounts report are intentional or omissions of amounts to mislead users. Misstatements arising from misuse of assets include stealing of a firm’s assets. This type of fraud is mostly undertaken by employees rather than the management.
Majority of accounting personnel are in agreement that external auditors are not mandated to detect fraud in organizations. This is because, in many incidences, they are not aware of what happens behind closed doors of these organizations. Hillison et al also (1999) observes that an internal auditor in this case is best positioned to deal with these phenomena.
Bonds
A Journal by Santos (2009) was specifically written ...