Enron Corporation and Andersen‚ LLP Accounting Fraud and Auditor Legal Liability 1 - What were the business risks Enron faced‚ and how did those risks increase the likelihood of material misstatements in Enron’s financial statements? The business risks that Enron faced included foreign currency risks and price instability‚ which is common for the energy industry. In addition‚ Enron faced pressure to perform well so that the stock price would rise. These risks increased
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1) Report about different careers: A. GOVERNMENT ACCOUNTANT A government accountant helps the federal government‚ as well as state and local agencies - record and prepares financial reports in accordance with government accounting principles and professional standards. An accounting specialist also aids federal authorities in evaluating budget data‚ estimating revenue and expense levels‚ and adjusting social programs. Based on theories: Advantages: * Challenging
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------------------------------------------------- Table of Content I. List of Table 1 II. List of Figures 1 III. List of Appendixes 3 IV. Abstract 4 V. Chapter 1 - Introduction 5 A. Corporate Governance 5 B. Problem Statement 6 C. Research Objectives 7 D. Research Questions 7 E. Significant of Study 7 VI. Chapter 2 – Literature Review 8 A. Board of Director 8 a. Board Size and Audit Fees 8 b. Board Meeting and Audit Fees 9 c. Role of Duality and Audit
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| | |29 Jan 2003 | | |Internal auditors‚ external auditors‚ and consultants who perform internal audit and review engagements provide reports to management | |(internal audit reports). These reports are important because they provide documentary evidence of the work performed‚ the conclusions
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told an unqualified audit opinion will be issued. Tom is quite shocked as he thought that an auditor reported the results of the audit directly to shareholders. Instead‚ he has found that results are discussed with management before communication to external users. Required: Explain to Tom why the auditor would normally meet with the client prior to releasing the audit report. Identify and describe the mechanisms in place to ensure auditors fulfil their duties to shareholders.
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1. Number of consumers (naturally‚ more consumers means more D) 2. Income & normal goods (as Y increases‚ D for these goods increases) 3. Income & inferior goods (as Y increases‚ D for these goods decreases) 4. Preferences (obviously‚ if they prefer to buy it their D will increase) 5. Price of a substitute (if the price of a substitute good increases‚ D for the original good will increase) 6. Expectation of future prices and income. 7. Government policies. e.g. ban pornography
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AUDITING THEORY AND PRACTICE ASSIGNMENT FIRST SEMESTER 2014 QUESTION 1 Brian Ltd was formed on November 2013 in order to manufacture microchips. The directors are unsure of their responsibilities and the nature of their relationship with the external auditors. The audit partner has ask you to visit the client and explain to the directors the more fundamental aspects of the accountability of the company and their relationship with the auditor. Required Through a memorandum‚ explain to the directors
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Lecture note on monitoring business and accounting systems. ------------------------------------------------- internal control systems and internal controls An internal control system is the whole system of controls‚ financial and otherwise‚ established by the management in order to * Carry on the business of the enterprise in an orderly and efficient manner‚ * Ensure adherence to management policies‚ * Safeguard the assets and secure as far as possible the completeness and accuracy
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SOLUTIONS Chapter 1: Assurance and auditing: an overview Review questions 1.1 (a) C Audit is one level of assurance that can be offered. Under the assurance framework‚ assurance can be at two levels: reasonable (sometimes referred to as audit) and limited (sometimes referred to as review). (b) D For the objectives of the assurance engagement‚ both A and B may be considered suitable criteria. 1.2 (a) B Systematic process refers to audits being properly planned and structured‚ following
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Group 4 Assurance of Learning Exercise 2 Questions 21‚ 22‚ 26‚ 29‚ & 31 21. Explain how to conduct an external strategic management audit External audits are conducted by gathering large amounts of competitive intelligence about various economic‚ social‚ and demographic trends. After the information has been gathered‚ it needs to be evaluated. Meetings should be held so that there can be conversations about the data. Once the data has been collected and reviewed‚ the company needs to
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