CASE 8.1 LIVENT‚ INC. Synopsis Similar to most financial frauds‚ the Livent‚ Inc. fraud was masterminded by a few individuals‚ primarily Garth Drabinsky and Myron Gottlieb. However‚ numerous individuals were eventually drawn into Livent’s fraudulent schemes by its principal architects‚ including Maria Messina‚ the company’s chief financial officer (CFO). Messina‚ a former partner with Deloitte & Touche’s Canadian affiliate‚ had previously served as Livent’s audit engagement partner
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This summary is a review of the annual report and financial statements of the Patton-Fuller financial information. This paper will summarize the relationship between revenue sources and expenses and explain the effect of revenue sources on financial reporting and reviewing the annual reports of 2008-2009‚ and the differences between the audited and the unaudited statements‚ as well as determine how the hospital’s revenues and expenses are grouped for planning and control. How did the audited and
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Chapter 24 Completing the Audit Review Questions There are four presentation and disclosure-related audit objectives: 24-1 PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES Occurrence and rights and obligations Completeness Accuracy and valuation Classification and understandability DESCRIPTION Account-related information as described in the footnotes exists and represents the rights and obligations of the company. All required disclosures are included in the financial statement
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profits for themselves. And for more than five years‚ during 1992 to 1997‚ it worked. The fraud at Waste Management started out with six executives manipulating the company’s financial results to meet predetermined earning targets. According to the SEC report the company’s predetermined profits and revenues were not meeting targets so the executives instead started to improperly eliminate and defer current period expenses to inflate earnings. Netting‚ which is a method that is used to move funds around
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customers are there only hope to stay profiting. If the company was to go bust it means customers will no longer be able to shop there. The customers would be an external stakeholder‚ they can get information by advertisements and even check their annual report on the businesses website. | The establishment relies on their customers to shop at their stores but also they try and bring in customers so they make more money‚ the more profit they make on their products then the more successful the business will
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HYPERLINK l _Toc401352836 General theory about the auditor and auditor independence PAGEREF _Toc401352836 h 4 HYPERLINK l _Toc401352837 1.1. General theory about independent external auditor PAGEREF _Toc401352837 h 4 HYPERLINK l _Toc401352838 1.1.1. Definition of independent external auditor PAGEREF _Toc401352838 h 4 HYPERLINK l _Toc401352839 1.1.2. The work of independent external auditor PAGEREF _Toc401352839 h 5 HYPERLINK l _Toc401352840 1.1.3. The role of independent external auditor
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range to meet market demand and it also sets and keeps up with the latest trends in clothing wears. As a result‚ Country Road has taken on a younger focus in recent years and delivered strong financial results that have been stated in the 2008 annual report that total year sales was up 21.9% in 2008. Country Road chief executive Ian Moir said‚ "we now hope to build on what makes Country Road great‚ and that is commitment to value‚ design and great fabrics‚ with a great brand that is aimed at the 40
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or contact us at Ebooksmtb@hotmail.com Also you can contact us on Skype: Ebooksmtb award: 1.00 point TB 01-01 Which of the following best describes the main rea... Which of the following best describes the main reason that independent auditors report on a company’s financial statements? Management fraud may exist within the company and it is likely that the independent auditors will detect it. → Users of financial statements need confidence in the numbers they base their decisions on. Misstated
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independence (Abu Bakar et.al.‚ 2005). Auditors’ independence is the utmost significant element for the conglomeration of capital markets (Yusof‚ 2010) as the trustworthy final audit report can enhance the appeal of corporate to the investors (ACCA‚ 2009). However‚ public is fully expecting external auditors to detect and report fraud (Jones‚ 2010) [online]. Therefore‚ an audit expectation gap highly exists due to the desires by liquidators (Rovnick‚ 2009) [online]‚ investors‚ government‚ etc. are different
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is a report card of business. The Generally Accepted Accounting Principles (US GAAP) is a set of rules‚ methods‚ processes and procedures used by companies across all industries in order to prepare standardized financial statements. They maintain consistency and reduce the risk of fraud and error. If US GAAP didn’t exist‚ companies would not be able to provide accurate and consistent financial information to investors‚ creditors‚ and stakeholders of a company. International Financial Report Standards
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