financial statements and conclude whether its work is effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express an opinion on the financial statements based on his audit which
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Signal Processing Society; Publisher: Inst. of Elec. and Elec. Eng. Computer Society Author affiliation: 1 Center for Multimedia and Network Technology‚ School of Computer Engineering‚ Nanyang Technological University‚ Singapore 639798‚ Singapore Abstract: A working prototype of a building identification service which can be used on any camera cell phones equipped with GPS capability has been developed. Users can simply snap photos of architectures and send them‚ together with the corresponding
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What are the reasons why Enron collapsed? * Investments Enron dealt in energy. According to Infinite Energy‚ the first and main cause of Enron’s collapse was failed investments. Enron invested money in fiber-optic networks‚ a power plant in India and water distribution in the United Kingdom‚ to name a few. While a company the size of Enron could afford occasional losses‚ the mounting‚ failed investments added up and created a plethora of debt. * Hidden Losses Infinite Energy states that
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IT111P WEEK 7-1 ABSTRACT CLASSES ABSTRACT Before anything‚ take a look at the code below ABSTRACT How do we use them? ABSTRACT Abstract classes CANNOT be instantiated. So what are they good for? How can you use them? You might say that abstract classes are meant to be inherited It contains abstract methods Abstract methods are methods with no definition If abstract methods have no definition‚ how can you use them? ABSTRACT The derived class implements the abstract method’s definition
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Enron debacle: Case Report Table of Contents I. Understanding the Entity: Business Risk Assessment 1. Nature of the entity 1.1. Brief introduction: Enron Corporation‚ a Houston based giant company‚ conducted energy trading business and gas pipeline transportation and distribution business in the energy and industrial sectors. 1During the 1990s‚ Enron transferred from a natural gas supplier and to an intermediary midstream company facilitating distributions
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“Of all the arts‚ abstract painting is the most difficult. It demands that you know how to draw well‚ that you have a heightened sensitivity for composition and for colors‚ and that you be a true poet. This last is essential." -- Wassily Kandinsky. Abstract Art is art that is not a precise demonstration of a form or object. This depiction can be diverged in many ways including the shape‚ color‚ and form. The artist takes the object and then either simplifies it or exaggerates it using these
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ENRON: THE SMARTEST GUYS IN THE ROOM Kenneth “Ken” Lay‚ the founder of Enron Corporation grew up from a poor family. His father was a Baptist ministry. Ken Lay works many jobs at the same time. He was aiming to make wealth for himself and for his family. From his childhood‚ he learned the value of hard work to earn a living and to achieve his ultimate goal (to be rich). He actually did work so hard‚ been working with different companies and upgraded his skills and education in obtaining Ph.D. degree
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Case 9 Enron: Questionable Accounting Leads to Collapse How did the corporate culture of Enron contribute to its bankruptcy? The corporate culture at Enron was centered on a twisted lack of ethical behavior based on greed and profit seeking. Top management set a tone in the workplace that encouraged risk and rule breaking in the name of revenue. Employees were compensated for unethical behavior that brought money into the company and terminated if they did not reach the monetary levels of
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Ethical decision making: A dilemma Ethical issues have greatly transformed in our lives since the great Enron‚ Xerox and other huge corporations proposed big profits showing earnings of billions of dollars and yet in reality facing bankruptcy. These corporations faced great trouble with the federals and state for manipulating financial statements. But not only corporations can be blamed on this‚ accounting firms were involved in this as much as the corporations were. With the business stand
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Introduction to Abstract Expressionism Abstract Expressionism started in America as a post World War II art movement. It was the first art movement that arose from America and put New York at the center of the art world. The term Abstract Expressionism was first applied to American art in 1946 by art critic Robert Coates. It is most commanly said that Surealism is it’s predecessor because of the use of spontaneous‚ automatic and subconscious creations. Abstract Expressionism gets its name from
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