PART FOUR: BIASES AND CONFLICTS OF INTEREST Any time your advisor makes her money other than by advising you‚ she has an ulterior motive. Any salesperson--any salesperson--giving you advice has an automatic built-in ulterior motive. That motive is her commission for selling you something. The only advisors without an ulterior motive are those who get paid for their time in advising you--regardless of the advice given. DOES YOUR ADVISOR HAVE A BIAS? I have run into bias on the part of advisors
Premium Critical thinking Ethics English-language films
Professionalism‚ Ethical Codes and the Internal Auditor: A Moral Argument Mary Ann Reynolds ABSTRACT. This paper examines the case of the internal auditor from a sociological and ethical perspective. Is it appropriate to extend the designation of professional to internal auditors? The discussion includes criteria from the sociology literature on professionalism. Further‚ professional ethical codes are compared. Internal auditors’ code of ethics is found to have a strong moral approach‚ contrasting
Premium Ethics Auditing Internal audit
The Impossibility of Auditor Independence Intentional collusion of auditors and their clients is is not the major cause of Audit integrity. Most of the times‚ auditors find it difficult to become objective. In 1992‚ Phar-Mor‚ Inc. drugstore in the United States seeking a court protection from corruption failed a court case. The previous auditors‚ Coopers & Lybrand‚ Phar-Mor’s failed to state inventory inflation and manipulation of finanicial that lead to overstating of $985 million earnings
Premium Financial audit Audit Auditing
effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express an opinion on the financial statements based on his audit which means verification or check in accordance with International
Premium Enron Auditing Audit
Introduction Independence is a fundamental to the reliability of auditors’ reports. It is an attitude of mind characterized by integrity and an objective approach to professional works. A professional auditor should work both independent and seen to be so. Nowadays‚ but‚ the trend of providing non-audit services to audit clients seem to be sweeping accounting firms all over the world; impacts of independence impairment caused by this trend should not be ignored. The Meaning of Independence The
Premium Internal control Audit Big Four auditors
Independence of external auditor By:- shubham kanchhal Auditor independence refers to the independence of the auditor from parties that may have a financial interest in business being audited. Independence requires integrity and an objective approach for the audit process. This concept requires the auditor to carry his work freely and in an objective manner. The purpose of an audit to enhance the credibility
Premium Audit Auditing Auditor's report
The vast amount of causes for conflict and the ambiguity of each reaches an overwhelming total. The sort of a particular conflict is highly dependent on why the conflict has occurred‚ as individuals posses differing core values and beliefs. Conflict is born when aspects of individuals or groups clash. There are infinite aspects that make up an individual‚ but three remain prominent when it comes to tracing where conflict has originated from. Ideas‚ interests‚ and hopes or expectations of an individual
Premium Graham Greene The Quiet American Ideology
Abstract In light of a number of high-profile corporate failures during the first half of 2001‚ a number of studies have been performed to address the impact of mandatory rotation of audit firms to ensure the appropriate level of independence ’ of auditors. Majority of studies conclude that the detrimental effects of firm rotation on the quality of the audit work by far outweigh its positive effects as a safeguard against various independence and quality threats. Frequent changes of audit firms
Premium Audit
decade owing to partly serious corporate governance deficiencies‚ among other challenges. As a result‚ the research serves to highlight‚ hint and encourage all the relevant stakeholders to establish proper corporate governance structures in which the auditor is tasked to review and evaluate the effectiveness and efficient of the structures. Corporate governance measures and other incentives are unveiled by the top-level management in various companies to create a platform for companies to transform
Premium Audit Corporate governance Auditing
1. Similarities a. Both the textbook and the GameStop conflicts of interest policy mention that a conflict of interest arises when an employee’s clear judgement can be affected. b. Acceptance of gifts‚ favors‚ or excess services are considered a COI if the additional item is from a business that has dealings with tour business. c. Preforming any task of service that would differ from making a judgment against the interest of a given company. d. A COI may exist when one employee is directly supervising
Premium Management Corporation Marketing