What role did the accounting profession play in the recent subprime mortgage crisis? What could they have done differently? An independent auditor has a duty is to: identify‚ measure‚ and communicate financial information about an entity for decision making purposes. They are also responsible for generating the financial statements/reports for an organization. (Marshall‚ McManus‚ Viele‚ 2008) The subprime mortgage crisis is the result of contract laws allowing lenders the securitization of subprime
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duping the auditors. As for analytical procedures performed‚ this can be a problem at times because sometimes there is a lack of comparability among companies and there can also be an inability to obtain current industry data. Question 3: In testimony before Congress‚ George Greenspan reported that one means he used to audit the insurance restoration contracts was to verify that his client actually received payment on those jobs. How can such apparently reliable evidence lead an auditor to an improper
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A Corporate Fraud is defined as a set of Activities undertaken by a company or set of individuals that are done in a dishonest or illegal manner‚ and are designed to give an advantage to the perpetrating company or the individual. Corporate fraud schemes go beyond the scope of an employee’s stated position‚ and are marked by their complexity and economic impact on the business‚ other employees and outside parties. Corporate Frauds are becoming very inherent in the present era. A selected range of
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Name: Meaza Gidey ID: 2013101276 Human or National (Traditional Security) If the interests of national (state) security and human security collided‚ which do you consider first between state security and human security? Why do you think so? Even though today‚ many individuals are victims‚ not of foreign military aggression and nuclear war‚ but of violence committed against them by their own state‚ criminals‚ terrorist attacks‚ nature‚ diseases and poverty; and usually traditional or national Security
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My interest in nursing started when I was a sophomore in high school. I was rushed to the emergency room not knowing what was wrong with me. Through this process I had interacted with many different kinds of nurses‚ and they all stuck out to me in many variety of ways. From that moment on I knew that I wanted to be a pediatric nurse‚ to help the community in the same way they helped me. While I was in the hospital‚” instead of giving up in the face of the setbacks or disappointments‚ I stayed hopeful
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Integrity According to The Institute of Internal Auditors (IIA)‚ "The integrity of internal auditors established trust and thus provides the basis for reliance on their judgement". IIA further added that to be integrity‚ internal auditors: * Shall perform their work with honestly‚ diligence‚ and responsibility. * Shall observe the law and make disclosures expected by the law and the profession. * Shall not knowingly be a party to any illegal activity‚ or engage in acts that are discreditable
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IN DEPENDENCE OF AUDITOR – ENRON AND ARTHUR ANDERSEN CASE Introduction The world economy in recent years has got some significant growth but also had quite serious scandals. They caused the shakes for many‚ both citizens and authorities. Therefore‚ it is a challenging time and it is the time for change. An absolutely necessity is to enhance the true reliable financial information because the success on the capital market depends on it. The key factor is to assure that auditors must take a completely
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As the convergence of IFRS and GAAP continues to impose new personal and professional challenges on U.S. auditors‚ it also presents new career opportunities for those who embrace the continuous‚ accelerating change that characterizes globalization. U.S. auditors who recognize the opportunities and prepare to take advantage of them have little to fear from the convergence. In contrast‚ auditors who are in denial about the convergence’s inevitable effects face a very different future.
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Essay #1: A Powerful Influence Many individuals have a powerful figured that has influenced them in many kinds of way. Whether it is intellectual‚ spiritual or just personal appealed. A great example of an individual being influenced by someone is Martin Luther King Jr. Dr. King was mainly influenced by two main individuals‚ Dr. Benjamin Mays and Mahatma Gandhi. To get influenced by someone is very appealing because you see something in that person that makes you want to do it yourself or gets
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Conflict: The Good‚ The Bad‚ and The Ugly Marrietta Forsyth‚ Stephanie Munoz‚ Derrick Samuels‚ and Allie Smead Gen 200 January 8‚ 2013 Thomas Snook Conflict: The Good‚ The Bad‚ and The Ugly In life‚ everyone must work with teams or other people at times to reach a common goal. One may need to work with one or two people in the co-parenting of a child or children‚ at work to complete a project‚ at school for an assignment or any other number of ways. As one can guess‚ when there is more
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