Accounting Research Center‚ Booth School of Business‚ University of Chicago Why Do Audits Fail? Evidence from Lincoln Savings and Loan Author(s): Merle Erickson‚ Brian W. Mayhew‚ William L. Felix‚ Jr. Reviewed work(s): Source: Journal of Accounting Research‚ Vol. 38‚ No. 1 (Spring‚ 2000)‚ pp. 165-194 Published by: Blackwell Publishing on behalf of Accounting Research Center‚ Booth School of Business‚ University of Chicago Stable URL: http://www.jstor.org/stable/2672927 . Accessed: 30/01/2012
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offered advice on concealing funds from tax authorities. "ICICI group conducts its business with the highest level of compliance to legal and regulatory requirements‚" the bank said. HDFC said separately it has appointed accounting and audit firm Deloitte Touche Tohmatsu India to conduct an inquiry into allegations that some of its officials were ready to facilitiate money laundering activities. Axis meanwhile has launched an internal inquiry into the accusations‚ local media reported. The footage shot
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Introduction When many people hear the word Enron‚ they immediately associate it with the most important accounting scandal of our lifetimes. Enron was an American gas company that began as the Northern Natural Gas Company in 1931. Internorth‚ a holding company in headquartered in Omaha‚ Nebraska‚ purchased the Northern Natural Gas Company and reorganized it is 1979. Enron arose from the 1985 merger of Houston Natural Gas and Internorth. After building a large‚ new corporate headquarters in Omaha
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compliances‚ which led them to their accounting fraud. The government agency that regulates Fannie Mae’s operation and accounting is the Office of Federal Housing Enterprise Oversight (OFHEO). One of the issues is derivative losses‚ which both OFHEO and Deloitte believed should have been recorded on the income statement instead of the balance sheet. The OFHEO also stated that Fannie Mae recognized $200 million in expenses when they should have recognized $400 million. Overall Fannie Mae misstated the financials
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Accounting has been around since the beginning of civilization. ¡§Accountants participated in the development of cities‚ trade‚ and the concepts of wealth and numbers.¡¨ (Giroux) The importance of accounting cannot be overemphasized. Equally important are the standards used to guild the application of accounting practice. Without principles and standards‚ financial reporting would not fairly present the financial position of a company. Accounting has changed and evolved vastly over time and continues
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Parmalat Finanziaria‚ S.p.A. Case Brief Summary: Case Questions: 1). Identify key factors or circumstances that complicate an independent audit of a multinational company One thing to always keep in mind is that the culture is different across the globe. Auditors of multinational companies may face cultural and communication barriers with their clients‚ which can complicate audit tasks. We also have to account for different currency across different countries and any transactions involving them
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Case 2 Jamaica Water Properties Table of Contents Issues………………………………………………………………………………..... 1 Facts………………………………………………………………………………….. 2 Analysis…………………………………………………………………………….... 11 Conclusion/Recommendations………………………………………………………. 17 Reference/Bibliography…………………………………………………………….... 19 Issue 1. After discovering the suspicious items in JWP’s accounting records‚ should he have taken a different course of action than he did? 2. What measures can and should be taken to make it easier for corporate
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20 Apr. 2012. <http://www2.nortel.com/go/news_detail.jsp?cat_id=-8055>. 5 "Nortel Networks Files for Bankruptcy Protection." CBC News. 14 Jan. 2009. Web. 20 Apr. 2012. 6 "Deloitte ’s Hand Everywhere‚ Nortel Trial hears." Financial Post. Web. 23 Apr. 2012. <http://business.financialpost.com/2012/04/13/deloittes-hand-everywhere-nortel-trial-hears/>. 7 "Top Former Nortel Execs Charged with Fraud." Web. 23 Apr. 2012. <http://www.canada.com/ottawacitizen/news/story.html?id=c0d441c3-223a-4855-b3ad-09f6144727fa>
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The economic impact of stroke in Australia National Stroke Foundation 13 March 2013 The economic impact of stroke in Australia Contents Glossary of acronyms ................................................................................................................. i Executive summary ................................................................................................................... ii 1 Background ...................................................................
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Starbucks Executive Summary Starbucks Executive Summary This summary will provide the history of how Starbucks came about‚ how it was founded‚ by whom‚ who is the audit company‚ and what stock exchange Starbucks is listed on. The summary will also provide information about Starbucks financial information over the past three annual reporting periods. These annual reports will show steady growth in the assets‚ along with steady growth in the liabilities of the company. The very first Starbucks
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