PART FORM ANU AUSTRALIAN UNIVERSITY : Enron‚ Parmalat‚ WorldCom‚ HIH – these corporate failures and accounting scandals have shaken the foundations of investor confidence in the transparency‚ integrity and accountability of corporations and capital markets. There has also been public disquiet about the role professional auditors and audit firms have played in these corporate scandals. The consequences for many of the players in the market for financial information have been enormous; reputations
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1. What did Arthur Andersen contribute to the Enron disaster? Arthur Andersen (AA) contributed to the Enron disaster when AA consulting became its own separate entity‚ named Accenture. Revenues from consulting services surpassed revenue from auditing services. A natural competitiveness grew between the two rivals and this is where the problems began to start. Management held maximinizing revenues as their primary focus of success and promotions/bonuses were based on this factor. The CEO of AA‚ Joe
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1. Adsteam Adonist@gmx.de‚ quigonjinn@hotmail.de was a very model of conglomerate(jujie). In the eyes of the outside‚ it was a successful company. But it’s not true. It’s far from other companies in its complex structure. Adsteam group comprised numerous less-than-majority-owned companies. It acquired major share-holdings in numerous companies throughout the 1980’s. The acquisition strategy resulted in an extremely complicated cross-shareholding-based structure. It was noting that the maximum amount
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Mock IEP By: Ed Bell‚ Jason Freitas‚ Doel Lugo‚ Stephanie Pearson‚ and Erica Priscella University of Phoenix SPE 514: Survey of Special Populations Sharina Prince December 15‚ 2012 Mock IEP Team Meeting In this mock IEP meeting‚ we examine John Grohman from Kelsey Elementary School. John is a 2nd grade student who has Asperger’s Syndrome. He is a student who has extreme behavioral problems. John’s parents are extremely concerned about his behavior at home and at school. In this mock IEP
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does the issues and complications associated with the process. The auditing process is a major part of Accounting. The issues about ethics in relation to Accounting process are becoming a more serious problem in today’s world. The Accounting process is highly sensitive‚ because it deals with what many people consider one of the most important thing in life: “money” Accounting incorporates a variety of functions- such as auditing- in which activities must be carried out with utmost care‚ adequacy
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management kept finding ways to go around the system. Finally‚ the collapse can also be attributed to management integrity and Andersen’s failure to detect accounting irregularities. Auditors should have looked closer at the complex and complicated SPEs transactions in whish the company was venturing. What is the Emerging Issues Task Force (EITF)? Is it the same as FASB? Does a Consensus of the EIFT have the same power of GAAP as an FASB Statement? No they are not the same. The EITF was formed
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threats‚ if any‚ that the provision of the given service can pose for an audit firm’s independence. In the recent years‚ auditing firms provides the following consulting services to their clients: a. Internal auditing b. Design of accounting systems c. Various types of Information Technology (IT) services 2. Briefly describe the key requirements included in the professional auditing standards regarding the preparation and retention of audit workpapers. Which party “owns” audit workpapers: the client
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English 135 Instructor: Fawn-Bragg David Ross 15 February 06 Sarbanes-Oxley Act The "Sarbanes-Oxley Act" is a comprehensive corporate reform package that was signed into the US law on July 30‚ 2002. The passage of the Act has been heralded by some as a historic occasioncalling it the most significant accounting legislation since 1933‚ while others have severely criticized the Act either as a "too little too late measure" or as a hasty knee jerk reaction to a temporary situation. Without
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Anderson was also responsible because they allowed Enron to use these fraudulent statements for 15 years. It is the auditor’s responsibility to question any unusual circumstances and reports and they failed to do so. They should have questioned the SPEs‚ should have noticed that notes receivable were reported wrong‚ and should have noticed that there was no internal control being practiced. Also‚ Anderson should never have practiced consulting services for a company that they audited. 2. List
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Page 1 of 15 CEBU CPAR CENTER Mandaue City‚ Cebu AUDITING THEORY AUDITING IN A COMPUTER INFORMATION SYSTEMS (CIS) ENVIRONMENT Related PSAs/PAPSs: PSA 401; PAPS 1001‚ 1002‚ 1003‚ 1008 and 1009 PSA 401 – Auditing in a Computer Information Systems (CIS) Environment 1. Which statement is incorrect when auditing in a CIS environment? a. A CIS environment exists when a computer of any type or size is involved in the processing by the entity of financial information of significance to the audit
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