Trueblood Case Analysis 08-9: Fraud and Illegal Acts Sean Chang‚ Billie Sayavong‚ John Hamilton‚ ACC 695M September 24‚ 2011 Background Our project team analyzed the Fraud and Illegal Acts Case (True blood Case Studies- Case 08-9)‚ which involves a questionable sales transaction made between Jersey Johnnie’s Surfboard‚ an SEC registrant‚ and Mr. Sinaloa‚ an independent sales representative of the company. As a simplified overview of the case‚ an external
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FRAUD VS. ILLEGAL ACTS WHAT IS THE AUDITING DEFINITION OF FRAUD AND ILLEGAL ACTS? DEFINITIONS Fraud: Fraud is an intentional act that results in a misstatement in financial statements that are the subject of an audit (AU-C 240.11) ILLEGAL ACTS: Illegal acts‚ in the context of auditing‚ is referred to Noncompliance. Noncompliance is “acts of omission or commission by the entity‚ either intentional or unintentional‚ which are contrary to the prevailing laws or regulations‚” AU-C 250.11
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majority of the students I asked “if you had the power to make an act that is now illegal into a legal act what would that act be?” and the versa “what legal act would you make illegal?” All their answers revolved either around drugs or subjects like the death penalty‚ abortion. In this paper I will further discuss my finding on the responses I received from both questions. When I had students first address the question of “which illegal act would they make legal?” Almost all of them wanted to legalize
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COINTELPRO’s Illegal Acts and Its Illegal Relationship with the Local Police Forces Name Institution COINTELPRO’s Illegal Acts and Its Illegal Relationship with the Local Police Forces COINTELPRO was a famous name that was used to mean the counterintelligence program that was carried out by the Federal Bureau of Investigations (FBI) in the United States in the years 1960. The main aim of the program was to undermine and harass the political leaders who had come out to protest the issue
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Collegiate Case Study Adelphia founder‚ 2 sons‚ 2 others arrested in fraud By David Lieberman and Greg Farrell www.usatodaycollege.com Accounting fraud Part II: The results “Creative accounting” is not a new technique‚ but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources‚ but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices always illegal or can
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Pei Shan Liu Professor: David Hossain Accounting 495 10/1/2012 Case 08-1 Go With the Flow‚ Inc. 1. Insurance Settlement Proceeds According to ASC 230-10-45-12‚ the insurance settlement proceeds should be classified as an investing cash flow in the statement of cash flow. “All of the followings are cash inflows from investing activities: a. Receipts from collections or sales of loans made by the entity and of other entities’ debt instruments (other than cash equivalents and certain debt
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certain conditions or assumptions are valid: uncorrelated subqueries and EXISTS/NOT EXISTS. Answer: FALSE Diff: 2 Page Ref: 367 8) A correlated subquery looks very different from a noncorrelated subquery. Answer: FALSE Diff: 2 Page Ref: 368 9) Correlated subqueries can be used to verify functional dependencies. Answer: TRUE Diff: 2 Page Ref: 367-371 10) In a correlated subquery‚ the same table is used in the upper and lower SELECT statements. Answer: TRUE Diff: 2 Page Ref: 368-370
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The Xerox Corporation Fraud case (1997 – 2000) Xerox Corporation is a global document management company which manufactures and sells a range of color and black-and-white printers‚ multifunction systems‚ photo copiers‚ digital production printing presses‚ and related consulting services and supplies. Xerox is headquartered in Norwalk‚ Connecticut‚ though its largest population of employees is based in and around Rochester‚ New York‚ the area in which the company was founded. The history of
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exchange companies in the country‚ founded in 1983 by Hanif Kalia. Khanani and Kalia claims to be Pakistan’s first ISO 9001 and 27001 certified Exchange company. The directors of the company were accused of violating the Foreign Exchange Regulations Act‚ the Prevention of Electronic Crimes Ordinance and the Pakistan Penal Code by operating a money transfer system based on personal contacts‚ known as Hawala. Munaf Kalia and Javed Khanani‚ directors of Khanani and Kalia International (KKI)‚ were arrested
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Computer Fraud and Abuse Act The Computer Fraud and Abuse Act is a law passed by the United States Congress in 1986 intended to reduce cracking of computer systems and to address federal computer-related offenses. The Computer Fraud and Abuse Act (codified as 18 U.S.C. § 1030 governs cases with a compelling federal interest‚ where computers of the federal government or certain financial institutions are involved‚ where the crime itself is interstate in nature‚ or computers used in interstate and
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