commonly face challenging technical and ethical dilemmas while carrying out their professional responsibilities. This case profiles an accounting and financial reporting fraud orchestrated by the chief financial officer (CFO) of a major public company and his subordinates. The CFO‚ who was a CPA‚ took extreme measures to conceal the fraud from his company’s audit committee and independent auditors. Despite those measures‚ the independent auditors identified suspicious entries in the company’s accounting
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implications do such circumstances pose for a company’s independent auditors? How should auditors take such circumstances into consideration when planning an audit? Implications and something needs attention 1. The unusual relationship between CEO and CFO‚ especially when they are close to each other. 2. Accountant in charge doesn’t want anyone else to see the financial information. 3. Accounting personnel takes the full responsibility for fraud instead of management. 4. The inverse relationship between
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Case 1.3 Jamaica Water Properties Prepared by Alex Gonzalez for Professor C.E. Reese in partial fulfillment of the requirements for ACC 540 – Fraud Examination School of Business / Graduate Studies St. Thomas University Miami Gardens‚ Fla. Term A7 / Fall‚ 2014 October 24th‚ 2014 Table of Contents Issues 1 Facts 1 Analysis 7 Conclusions/Recommendation 7 References/Bibliography 7 Issues 1. In David Sokol’s position‚ after discovering the suspicious items in JWP’s
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Financial Statement Review Tamara Harrell‚ Samara Holmes‚ Brittany Naron‚ Jennifer Turner HCS/405 May 25‚ 2015 Louis Eubank How did the audited and unaudited financial statements differ? The audited and unaudited financial statements differ in many ways. One way was the unaudited balance sheet did not provide the specific date when the balance sheet was prepared while the audited balance sheet stated the date clearly at the top of the page. Another way they differ was if you look
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The Effects of Sarbanes-Oxley The Sarbanes-Oxley Act of 2002 (SOX) was created in response to the series of misleading and fraudulent activities of publicly traded big business’s in the 1990s. During this time‚ multiple large publicly-traded businesses increased their stock prices by “publishing false or deceptive financial statements” (Lasher‚ 2008‚ p. 187). The most publicly charged company was Enron‚ which was then followed by Xerox‚ WorldCom and Global Crossing. This resulted in millions
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web browser.) Plan to use some descriptive keywords along with your business name on your home page. If you specialize in silver bullets and that’s what people will be searching for‚ don’t just use your company name "Acme Ammunition‚ Inc.‚" use "Silver and Platinum Bullets -- Acme Ammunition‚ Inc." The words people are most likely to search on should appear first in the title (called "keyword prominence"). Remember‚ this title is your identity on the search engines. The more people see that interests
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FINC2011 Tutorial 1 BMA Ch.1 Problems 1‚ 2‚ 3‚ 4‚ 7‚ 9‚ 10‚ 11‚ 12 |1.| |Read the following passage: “Companies usually buy (a) assets. These include both tangible assets such as (b) and | | | |intangible assets such as (c). To pay for these assets‚ they sell (d) assets such as (e). The decision about which | | | |assets to buy is usually termed the (f) or (g) decision. The decision about how to raise the money is usually termed | | | |the (h) decision.” Now fit each of the following
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record keeping of an organization. Additional responsibilities can include management of information technologies‚ insurance‚ sales tax reporting‚ federal income tax reporting‚ outside CPA audits and human resources.” They also define the CFO as‚ “Though a CFO is ultimately
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by the Board of Directors‚ through an Audit Committee that is comprised solely of independent directors. The SEC on October 24‚ 2011 filed a Complaint against‚ and proposedsettlement with‚ Koss Corporationand Michael J. Koss‚ its CEO and former CFO‚ based on Koss Corporation’s preparation of materially inaccurate financial statements‚ book and records‚ and lack of adequate internal controls
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as Kris Krishnan was once the CFO of Digi Corporation based in Plymouth‚ Minnesota. He was a graduate of Bangalore University who further studied at Minnesota State University and finished up at the Wharton School of Finance. His career began back in 1979 at Hansen Company as a CPA‚ and he soon moved though several positions as an International tax manager at Eco Lab and Director at Valspar paint. His last appointment prior to Digi was at Lawco Financial‚ as CFO of a private investment-banking
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