Sunbeam ’s accounting firm‚ Arthur Andersen performed an audit and reported that Sunbeam ’s books were accurate and in accordance with federal guidelines. However‚ the board was unsatisfied and hired Deloitte & Touche to review Arthur Andersen ’s audit. This follow-up uncovered proof that the numbers had been manipulated. The Securities and Exchange Commission investigated Sunbeam‚ and its
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change auditors under Italian law. Grant Thornton remained in charge of auditing services provided to off-shore subsidiaries located in the Cayman Islands. Fraud related activities continued to be discovered when the new appointed auditor‚ Deloitte & Touche Spa‚ received a forged letter that confirmed the existence of the nonexistent account. Further investigation resulted in the company’s filing for bankruptcy protection against the revelation of massive missing or nonexistent funds previously
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1. Reviewing GM’s financial information in GM Exhibit 1 and its stock price in GM Exhibit 2‚ when do you first see signs of GM’s impending financial distress? The sign of GM’s impending financial distress is first seen in 2005. GM reported a net loss of more than $10 billion and has continued to post annual losses since that time with losses reaching almost $31 billion in 2008. GM’s cash flow from operations in 2005 was a negative $16.8 billion. Reviewing GM’s stock price‚ we can see that the stock
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auditing executives are aware of continuous controls monitoring and continuous auditing and of the general benefits of such programs. Yet relatively few enterprises have realized their full potential‚ particularly at the enterprise-wide level. Deloitte sees the reason for this as twofold: first‚ executives have not seen a clear‚ strong business case for establishing either continuous monitoring (CM) or continuous auditing (CA) in their enterprises; second‚ they lack a clear picture of how
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Running Head: COMPARING HEALTH CARE SYSTEMS Comparing Health Care Systems Between Canada & The United Arab Emirates Mahmoud Shehada York University Submitted to: Prof. Robert Despatie There are many differences between the healthcare systems in the United Arab Emirates and Canada. While both countries provide comprehensive healthcare for its citizens‚ the characteristics of the said countries differ greatly mainly due to its population dynamics. In addition‚ in terms of development
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LIVENT‚ INC.: An Instructional Case Michael C. Knapp Professor University of Oklahoma Price College of Business 307 W. Brooks Norman‚ Oklahoma 73019 Office phone: 405-325-5784 mknapp@ou.edu Carol A. Knapp Visiting Associate Professor University of Oklahoma Price College of Business 307 W. Brooks Norman‚ Oklahoma 73019 ABSTRACT: Like many financial frauds‚ the Livent‚ Inc. fraud was masterminded by a few individuals‚ primarily Garth Drabinsky‚ a Broadway “impresario” who had received
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have been aware of the overstatement of the group’s sales figures when the unaudited annual accounts for financial year ended Dec 31‚ 2006 (FY06) were released to Bursa Malaysia on Feb 15‚ sources say. Transmile’s external auditor Messrs Deloitte & Touche is said to have alerted the management‚ namely chief executive officer Gan Boon Aun‚ chief financial officer Lo Chok Ping and the audit committee on the inaccuracy of the substantially high revenue of RM989.2mil for FY06. However‚ it is
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Accounting The nature of work of accountants and auditors is to prepare‚ analyze‚ and verify financial reports and taxes‚ and monitor information systems that furnish this information to managers in business‚ industry‚ and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing taxes‚ numerous accounting and auditing‚ consulting activities for their clients‚
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Deloitte Sued for 7B in Mortgage Fraud Case By THE ASSOCIATED PRESS New York Times September 26‚ 2011 MIAMI (AP) — A pair of lawsuits filed Monday claim that Deloitte & Touche LLP‚ one of the nation’s largest accounting firms‚ should pay $7.6 billion in damages for failing through years of audits to detect massive fraud at a now-defunct Florida mortgage company. "They certainly did not do their job‚" said attorney Steven Thomas‚ who represents those suing Deloitte. "This is one of those cases
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A. External Influences 1. The area I am currently studying in is accounting‚ but more specifically‚ I am working my way towards a Chartered Accountant title. 2. Economic Factors and Trends A couple of years back‚ as the economy was weakening‚ the unemployment rate was increasing. In 2009‚ in Canada‚ the unemployment rate hit above 8.5%.Since then‚ the unemployment rate has slowly decreased‚ and today it is at 7.6%. A high unemployment rate triggers consumers not to spend money‚ therefore‚ leading
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