The United Way of America‚ based in Alexandria‚ Virginia‚ is a non-profit organization that works with more than 1‚200 local United Way offices throughout the country in a coalition of charitable organizations to pool efforts in fundraising and support. The focus of United Way is identifying and resolving pressing community issues‚ as well as making measurable changes in the communities through partnerships with schools‚ government agencies‚ businesses‚ organized labor‚ financial institutions‚ community
Premium Non-profit organization Charitable organization Audit
sections from more corporate board responsibilities to criminal penalties. Some of the underlying causes for the enactment of the SOX ranked in the order of importance were Public company accounting oversight‚ lack of independence of public company auditors or conflicts of interest‚ and weak corporate governance. First‚ the accounting industry in 1990s was self-regulated opening the door for creating accounting and corporate financial misreporting. The Big
Premium
Running Head: " Bernard L. Madoff Investment and Securities: A Focus on Auditor ’s Legal Liability and Due Care" "Bernard L. Madoff Investment and Securities: A Focus on Auditor ’s Legal Liability and Due Care" XNAMEXXX New England College Abstract Friehling & Horowitz were the auditing firm that "audited" Bernard Bernard L. Madoff Investment and Securities (BLMIS) for over 15 years‚ while Bernie Madoff ran a Ponzi scheme under their noses. This paper addresses the legal liability
Premium
1 Auditing issues in Enron case Independent Needed for the Houston office of Andersen‚ an audit partner that understands the role of being a "public watchdog" with "ultimate allegiance to the creditors and shareholders" . Arthur Anderson abandoned its roles as independent auditor by turning a blind eye to improper accounting‚ including the failure to consolidate‚ failure of Enron to make $51million in proposed adjustments in 1997‚ and failure to adequately disclose the nature of transactions with
Premium Enron Enron scandal Auditing
1.0 INTRODUCTION The stereo headphone industry is created by John C. Koss in 1958 with his first stereo headphone. Koss Corp. was incorporated in 1971 in Milwaukee‚ Wisconsin and manufactures stereo headphones‚ speaker phones‚ computer headsets‚ telecom headsets‚ noise reducing headsets‚ and wireless headsets. Koss Corp. went public in 1965 at $5 per share. Over the last ten years‚ its stock price has ranged from $8 in July 2002‚ to its peak at $15 in July 2006 to its low at $4 in July 2010. It
Premium Audit Financial statements Internal control
dollars. Investigations of wrongdoing may take years to conclude‚ but Enron’s failure already raises financial oversight issues with wider applications. Why didn’t the watchdogs bark? This report briefly examines the accounting system that failed to provide a clear picture of the firm’s true condition‚ the independent auditors and board members who were unwilling to challenge Enron’s management‚ the Wall Street stock analysts and bond raters who missed the trouble ahead‚ the rules governing
Premium Enron Enron scandal
organization’s activities and accountability back to its stakeholders.” The key players in corporate governance are the stockholders (owners)‚ board of directors‚ audit committees‚ management‚ regulatory bodies‚ and both internal and external auditors. 2-2. In the past decade‚ all parties failed to a certain extent. For detailed analysis‚ see exhibit 2.2 in the chapter and repeated here: Corporate Governance Responsibilities and Failures Party | Overview of Responsibilities | Overview
Premium Auditing Audit Financial audit
industrial group and contributed to 0.8% of the country’s GDP. Around 36000 workers and 6000 dairy farms depended on Parmalat. The company had to change its external auditor from Grant Thornton to DeLoitte and Touche in 1999 as Italian law states that changes in audit firms has to occur every nine years though the previous auditor can be consulted for concerns related to the firm. This was the main reason the scandal came to light. In 2003‚ the firm tried to raise €300 Million in the form of bonds
Premium Public Company Accounting Oversight Board Calisto Tanzi Italy
There is a growing worldwide concern over corruption at the present time. Several factors are responsible for this. A consensus has now been reached that corruption is universal. It exists in all countries‚ both developed and developing‚ in the public and private sectors‚ as well as in non-profit and charitable organizations. Allegations and charges of corruption now play a more central role in politics than at any other time. Governments have fallen‚ careers of world renowned public figures ruined
Premium United States Terrorism Human trafficking
Permanent Depositing Funds 14 Corporate Governance Situation of Anglo 16 Ernst & Young – External Auditor 17 Impact on Shareholders & The Public 18 Company Law‚ Financial Regulator‚ Accounting Standards IFRS and GAAP 19 TYCO INTERNATIONAL 20 DETAILS OF TYCO’S SCANDAL 21 ACCOUNTING ISSUES IDENTIFIED 22 THE CORPORATE GOVERNANCE WEAKNESSES AT TYCO 22 PERFORMANCE OF EXTERNAL AUDITORS 23 CONCLUSION 27 The Main Reasons for The Scandals 27 Steps taken afterwards-will they prevent
Premium Corporate governance Audit