auditors to identify and prevent the publication of misrepresentations in the financial statements of the companies that they audited. The most commonly known accounting firm that was involved in the corporate scandals of the past decade is Arthur Andersen. These corporate accounting scandals resulted in costing investors billions of dollars when the share prices of the affected companies collapsed. In response to the public outcry regarding loss of investments through these scandals‚ Jain and Rezaee
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Arther Radley or Boo Radley is a mysterious character in To Kill a Mockingbird by Harper Lee who lived in the Finches’ neighborhood in Maycomb. He never came out of his house in the day and wasn’t seen for fifteen years. There were rumors and myths about him and his family spread around town According to the rumor‚ he is an crazy man who he stabbed his father’s leg with a scissors and got locked inside the house. However‚ no one really knew the truth about him. At the beginning of the story‚ Boo
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Auditing Theory and Practice Case 1 WorldCom: A Focus on Professional Responsibility Prepared by: EL Ahmadi Med Reda Worked With: Ibtihal Slassi Fall 2013 1- Auditor independence refers to the disinterest from the internal and external parties that could influence the professional judgment of an auditor. In other words‚ auditor independence is the lack of any interest that may create a threat or a risk of material bias regarding the reliability of the financial statement
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standards generally require little judgment; you obey or incur a penalty‚ and the code provides a fairly clear set of expectations about which actions are required‚ acceptable or prohibited. Critically discuss the role Arthur Andersen in the ENRON scandal Arthur Andersen was Enron’s main accounting firm. It was responsible for auditing at the firm and for verifying that Enron’s financial
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in Mildred D. Taylor’s short story “Song of the Trees” is Cassie Logan who lives on Logan land in Mississippi during the Great Depression. The problem this character faces is that her family is being racially discriminated by a white man named Mr. Andersen. He threatens to chop down trees on the Logan land that have sentimental value to Cassie and the family. During the course of the story‚ Cassie must fight for her family‚ land‚ and dignity. Since Cassie loves her family and pictures the trees like
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There were several internal control issues with Arthur Andersen (AA) that contributed to the Enron disaster. Firstly‚ AA gave Enron nonaudit services as well as audit services‚ meaning that AA could advise the structuring of transactions for desired disclosure outcomes and other work and later give an audit opinion on these transactions. This resulted in a blatant conflict of interest issue that many audit professionals did not recognize. Secondly‚ the “tone at the top” of AA did not encourage ethics
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Executive Summary Background Waste Management‚ Inc.‚ founded in 1894‚ offers environmental services to nearly 20 million residential‚ industrial‚ commercial‚ and municipal customers in the US‚ Canada‚ and Puerto Rico. With a large customer base‚ it is difficult to picture such a large company committing fraud. However‚ between the years of 1992 and 1997‚ several chief officers in the company engaged in a systematic scheme to falsify and misrepresent Waste Management’s financial results. Heading
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420‚000 under FoxMeyer ’s original mainframe system (Jesitus 1997). Third‚ the execution of the project was an issue due to the shortage of skilled and knowledgeable personnel. FoxMeyer did not have the necessary skills in-house and was relying on Andersen Consulting to implement R/3 and integrate the ERP with an automated warehouse system from Pinnacle. Although at the height of the project there were over 50 consultants at FoxMeyer‚ many of them were inexperienced and turnover was high (Computergram
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The Fund of Funds: Valuation of Investments 1. Arthur Andersen did not rely on competent and sufficient audit evidence in auditing the valuation assertion related to FOF’s natural resources assets. According to Paragraphs .21 of AU Section 326‚ to be competent‚ evidence must be both valid and relevant. Evidential matter obtained from independent sources outside an entity provides greater assurance of reliability for the purposes of an independent audit. However‚ many aspects of the National Resources
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BA The Rise and Fall of Arthur Andersen Questions for discussion: 1. What do you think was the main reason that Andersen turned away from its core founding identity? How could this changed have been avoided? 2. Do you have any suggestions for how Andersen could have attracted high-quality graduates without offering the high salaries associated with consulting work? I think the main reason that Andersen turned away from its core founding identity it is because of the
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