or understate the company’s liabilities in order to attract more customers and be able not to get caught. In 2002‚ there was a huge number of accounting scandals that arose and became known to the public in the US. Firms such as Arthur Andersen‚ Deloitte & Touche‚ Ernest and Young‚ and many others have admitted to or have been charged with preventing the publication of falsified reports which gave the misleading impression of the company’s financial status. Check fraud is when someone uses one
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Outsourcing is generally recognised as a strategy for producing cost savings‚ however‚ by simply following a traditional cost-focused approach‚ companies may be missing opportunities to gain further competitive advantage. Why Settle For Less? Deloitte Consulting 2008 Outsourcing Report is a global survey report that addresses this issue. The report outlines the findings of a comprehensive research effort to analyse the outsourcing approaches that companies are currently taking‚ and identify the
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negligence shown by their auditor’s and consultants‚ Arthur Andersen. Most of the debts and tangible assets of Enron were on the balance sheet of partnerships that were run by high-ranking officials within the corporation and these partnerships were recorded as related parties‚ but were never consolidated so that the debt never showed up on Enron’s financial statements‚ as it would have if statements were prepared according to GAAP. Arthur Andersen chose to turn a blind eye to these discrepancies by certifying
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Moreover‚ India’s cash-rich conglomerates are attempting to pre-empt the global giants by starting their own massive modern chains. All are eager to pick the low-hanging fruit of high growth and minimal competition. What happens next? In this report Deloitte offers a point of view on the evolution and future direction of the consumer markets in China and India. In addition‚ it will offer: • Six rules for doing retail business in China and
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adventurous. In recent years‚ however‚ the profession has been really rather racy. Auditors have been implicated in fraud after fraud. The Enron scandal brought down Arthur Andersen‚ which had been one of the profession ’s five giant firms. Now a scandal at Italy ’s Parmalat that was uncovered in late 2003 threatens Deloitte & Touche‚ another global giant‚ as well as Grant Thornton‚ an important second-tier firm. And new scandals are still emerging: most recently‚ financial manipulation was discovered
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(1976) First Florida Bank v "KPMG Trades Lawsuits‚ Cleared on Shelters. " The Practical Accountant 1 Feb. 2007: 7-8 Lane‚ Charles. "Justices Overturn Andersen Conviction". The Washington Post. June 1. 2005. <http://www.washingtonpost.com/wp-dyn/content/article/2005/05/31/AR20050531004 National Medical Transportation Network v. Deloitte & Touche – 62 Cal. App. 4th 412 (1998) National Professional Liability Insurance Agency- Engagement Letter Outlaws Legal Service. Accountant ’s Legal Responsibilities
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Enron: The Fall from Grace/ The World’s Biggest Fraud Outline A. Enron’s History B. Overview of Enron’s Operations 1. Wholesale Services 2. Energy Services 3. Global Services C. Enron’s Timeline D. Enron’s Role in The Energy Crisis in California E. The Fall of Enron F. Why Enron Fell from Grace? G. The Crash of Enron 1. Key Management at Enron 2. Enron’s Auditor 3. Credit Rating Agencies 4. Investment Banks 5. Links with The Government (Bush Administration) 6. The Link of Enron with The British
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to Continuous Improvement.” CPA Journal 72 (7): July‚ 48-51. Carcello‚ J.V.‚ D. R. Hermanson & T. L. Neal. 2002. “Disclosures in Audit Committee Charters and Reports.” Accounting Horizons 16 (4): December‚ 291-304. Deloitte & Touché. 2003. Audit Committee Resource Guide. Deloitte & Touché‚ LLP: New York‚ NY: February. Gupta‚ S.D. 2002. “Insurers Urged to Emphasize Corporate Governance‚ Transparency.” National Underwriter 106 (32): August 12‚ 30-31. Guy‚ D. M.‚ C. W. Alderman & A. J. Winters. 1999.
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1.0 Background of NasionCom Holdings Berhad NasionCom Holdings Berhad (NHB) is an investment holding company. The company is organized into two main business segments: Telecommunication and multimedia services segment‚ which is engaged in the provision of voice and data services broadband Internet access and related services‚ and Wholesale services segment‚ which is involved in wholesale of telecommunication prepaid cards. The company was formerly known as High-Tech Electronics Sdn Bhd. Other operations
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Adelphia Communications Scandal Adelphia Communications was the nation’s 6th largest cable company and became yet another corporation involved in a scandal that resulted in their downfall. Adelphia’s services included high speed cable internet service‚ cable TV service‚ and long distance phone service. Adelphia had more than five million subscribers to these services. The scandal consisted of the Rigas family‚ the family that founded the company‚ and two other executives fraudulently excluding over
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