Viktoria Martirosyan Case 1.1 Qt.1 Several parties were responsible for Enron crisis‚ including independent auditor‚ key executive officers‚ internal auditors‚ SEC and FASB. The hypocrisy‚ dishonorable actions and unethical behavior of Kenney Lay‚ Jeffrey Skilling‚ Andrew Fastow led to bankruptcy. This and many other problems‚ such as loss in transactions involving the swaps stocks‚ SPE related issues and est.‚ finally contributed to crisis. As Enron executives‚ all of their concerns should
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WHY IS AUDITOR INDEPENDENCE SO IMPORTANT? Auditing is the efficient critical examination done by one person or group of people’s independent from the system audited. To do an audit‚ confirmed information must be present and some standards by which the auditor can evaluate the information. Another is gathering and evaluating any information to determine whether the information being audited is identified in accordance with establish criteria to satisfy the purpose of the audit and also auditors must
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material fraud and illegal client acts to the audit committee and the Board of Directors. If the financial statements are not restated‚ the auditor should issue a qualified‚ an adverse opinion or consider withdrawing from the engagement. The team auditing Enron should have followed the guidance when the management acted with scienter. As mentioned in the case‚ Arthur Andersen was being paid exorbitant amounts of money to audit Enron and attest to the validity of its financial statements. The firm
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Managerial Auditing Journal Emerald Article: Audit evidence: the US standards and landmark cases Rocco R. Vanasco‚ Clifford R. Skousen‚ Richard L. Jenson Article information: To cite this document: Rocco R. Vanasco‚ Clifford R. Skousen‚ Richard L. Jenson‚ (2001)‚"Audit evidence: the US standards and landmark cases"‚ Managerial Auditing Journal‚ Vol. 16 Iss: 4 pp. 207 - 214 Permanent link to this document: http://dx.doi.org/10.1108/02686900110389151 Downloaded on: 30-04-2012 References: This
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to fund a building in his name. Buntrock was not the only one involved in the fraud at Waste Management. Phillip B. Rooney‚ president and COO‚ James Koenig‚ CFO‚ and four other officers were named in the complaint by the SEC. In addition‚ the auditing firm Arthur Anderson was alleged to have been aiding Waste Management in their schemes. Every CFO and CAO in Waste Management’s history as a public company had previously worked as an auditor at Anderson. This interesting fact gives some insight
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strong accounting information system in place but there is room for improvement. Kudler’s has taken the steps in the correct direction by implementing an industry specific system. Computer technology only makes auditing Kudler Finer Foods easier and more accurate. Computer assisted auditing tools and techniques CAATs is highly recommend for Kudler finer Foods. The ability to share information with clients and auditor’s is one of the selling points. The main selling point of using CAATs is that every
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The Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley Act of 2002 Presented by: Ibrahim M. Conteh; Ruby Proctor Garcia; Kathleen M. Parry; Joseph M. Schmerling; Jaime Ulloa Auditing Theory and Practice 0902 ACCT422 4021 Due: April 29‚ 2009 Table of Contents Page Number What is the Sarbanes-Oxley Act of 2002? 3 Why was SOX established? 4 When did SOX take effect? 5 What companies were affected and how? 6 What does SOX compliance require? 9 Conclusion 11 References 13 What is the Sarbanes-Oxley
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Standards on Auditing applicable from the 1.04.2011 Index Sr. No. 1 2 3 Name of the Standard SA 700 (Revised)- Forming an Opinion and Reporting on Financial Statements SA 705- Modifications to the Opinion in the Independent Auditor’s Report SA 706- Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 4 SA 710(Revised)- Comparative Information - Corresponding Figures and Comparative Financial Statements 5 SA 800- Special Considerations-Audits
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August 2012 The High Cost of Enterprise Software by Craig S. Mullins What is the most difficult thing about acquiring enterprise software? If you are like most IT technicians‚ your first inclination was probably something related to cost justification. Let’s face it‚ enterprise software typically is very expensive… and eventually‚ something will need to bring costs more in line with value. Certainly‚ the software environment ten years from now will look very different than it does today. Of
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In the business world nowadays‚ being ethical is vital to maintain the confidence of consumer. Meanwhile‚ the professional ethics of auditors are more significant to increase usefulness of financial statement and users’ confidence towards financial statement. 5 professional ethics that auditors must possess are (1) Objectivity‚ member should not allow bias‚ conflict of interest or undue influence of others to override professional or business judgement. (2)Professional behaviour‚ member should
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