Professional Standards do not allow a company’s auditors to also provide tax services and retain independence. There have been myriad restrictions placed on professional service companies by the SEC and PCAOB. These companies are restricted on the nonaudit services that the company’s auditors can provide clients. If a service company provides auditing services for a particular company‚ they are restricted in terms of other services that they can provide. These restrictions were not always in place
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Sarbanes Oxley Act Brandy Lafontaine Mrs. Ashley Harper‚ MS‚ CPA Auditing ACC 403 May 20‚ 2013 The Sarbanes Oxley Act was passed in 2002‚ and came into effect in response to major accounting scandals such as Enron. The Act was intended to restore the public’s confidence in the accounting profession and in the stock market. Sarbanes Oxley Act Section 802 pertains to corporate and criminal fraud accountability. The section imposes penalties of up to ten years imprisonment for accountants
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small to midsize business at a lower cost than big accounting firms. Current Marketing Situation Market Description • Segmented by positioning: I segmented the accounting industry in 4 categories: corporate accounting‚ government accounting‚ public accounting‚ and independent accounting 1) Public accounting provides services including auditing‚ tax consulting‚ and merger and acquisition advices. (Main services provided by Big Four on wetfeet.com) The main business in public
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Case Analysis Arthur Andersen: Questionable Accounting Practices ●Introduction Arthur Andersen LLP‚ which is over a span of nearly 90 years‚ would become one of the "Big five" largest accounting firms in the United States. Moreover‚ the accounting firm seen as the symbol of trust‚ integrity and ethic. The good reputation is derived from the advent of consulting business‚ which was developed by Leonard Spack. However‚ with the growth of consulting services‚ many accounting firms viewed it as a
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public accounting firm stated in the new until the year of 1989. These firms went from 8 to the big four due to the merging and dissolution of (Arthur) Andersen LLP. In addition‚ they audit majority of all the largest American corporations. In despite of all the financial services offered; auditing represents a whole‚ if not all‚ share of the work. After the merging of all the firms‚ they are now called the Big 4 Firms which are made up of Deloitte & Touche LLP‚ Ernst & Young LLP‚ KPMG LLP‚ and PricewaterhouseCoopers
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Syed Adil On KPMG’s Internship Program [pic] |Service Line: |All my life I’ve made it a point to strive for the best regardless| | Audit |of the obstacles that stand in my way. While pursuing my studies | | |in UiTM‚ I was granted an offer I could not resist‚ that was an | |Education Institution: |offer from the KPMG’s Trust Fund. With a promising financial aid | |Universiti Technologi Mara
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Internship Project Acknowledgment First of all‚ I thank: Mr.Zeeshan Ahmed Senior Manager - Risk Assurance Services (Systems & Process Assurance) at Price Waterhouse Coopers. He offered comprehensive business and technical training‚ professional examination training support as well as an excellent environment for career development. Ahmed Godil Manager-Risk Assurance Services-Internal Audit at PricewaterhouseCoopers Dr Kaup Mohammed. The Dean and Director of the London American
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MBA-ET (2010-12) PROFILE:- Ernst & Young (EY) is one of the largest professional services firms in the world and one of the Big Four auditors‚ along with Deloitte‚ KPMG and PricewaterhouseCoopers (PwC). Ernst & Young is a global organization of member firms in more than 140 countries‚ headquartered in London‚ UK. It was ranked by Forbes magazine as the 9th largest private company
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Columbia Law School The Center for Law and Economic Studies 435 West 116th St. New York‚ NY 10027-7201 Working Paper No. 207 Understanding Enron: It’s About the Gatekeepers‚ Stupid John C. Coffee‚ Jr. July 30‚ 2002 This paper can be downloaded without charge from the Social Science Research Network electronic library at: http://ssrn.com/abstract_id=325240 An index to the working papers in the Columbia Law School Working Paper Series is located at: http://www.law.columbia.edu/law-economicstudies
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the needs of his “growing” business. He had come to the conclusion that insurance restoration contracts would be a good way of injecting a large amount of capital in his business. The problem was that his business was not capable enough to handle big restoration contracts thus leading to the fact that he had no customers in that regard. Therefore in order to give the impression he was getting these contracts he befriended an insurance claims adjustor named Tom Padgett. He asked Mr. Padgett that
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