non-profit organization‚the investors of Baptist Foundation of Arizona sued Andersen which served as the auditor for $217 million for issuing false and misleading approvals of BFA financial statements and also lost $570 million donor funds. BFA management allegedly took money from other investors to pay off the current investors which the court held that there is a Ponzi scheme going on. Here‚ the auditors of Arthur Andersen has clearly compromising their integrity and honesty by issuing a false information
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Arthur Andersen LLP‚ which is over a span of nearly 90 years‚ would become one of the "Big five" largest accounting firms in the United States. Moreover‚ the accounting firm seen as the symbol of trust‚ integrity and ethic. The good reputation is derived from the advent of consulting business‚ which was developed by Leonard Spack. However‚ with the growth of consulting services‚ many accounting firms viewed it as a successful model that should be emulated‚ so that the competition pressure increasing
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Executive Summary This paper objectify and evaluate the events that occurred prior (causes) and subsequent (outcome) to the fraud‚ and the accounting schemes employed to get the fraud done. It presents examples of companies who have used inappropriate accounting practices. Enron‚ WorldCom‚ Tyco‚ HealthSouth and Adelphia were selected for analysis because of the availability of information regarding specific events occured before‚ during and after the fraud period as well as the ethical issues
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References: Allen‚ S. L. (2009). Social networking and reputational risk in the workplace: Deloitte LLP 2009 ethics & workplace survey results Retrieved on July 13‚ 2011‚ from http://jcmc.indiana.edu/vol13/issue1/boyd.ellison.html Burson-Marsteller Retrieved on July 12‚ 2011‚ from http://www.burson-marsteller.com/Innovation_and_insights/blogs_and_podcasts/BM_Blog/Lists/Posts/Post.aspx?ID=160 Deloitte Touche Tohmatsu transformation. Retrieved on July 17‚ 2011‚ from http://www.deloitte.com/asse
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Waste Management‚ Inc. Waste Management‚ Inc.‚ incorporated in 1968‚ had become a leader in the industry of waste management services ranging from industrial operations to curbside collection. This company had become synonymous with many different kinds of disposal services that allowed for the company to grow and grow with a solid base over the course of twenty-eight years. Finally in 1996‚ the company reported total assets of almost $20 billion with net income close to $200 million. However
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Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic‚ CA Rotman School of Management‚ University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political
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Nobody Won Abstract When the Arthur Andersen LLP/Enron scandal surfaced in 2001‚ there was much confusion as to whom committed what crime and how many employees were actually involved. After the facts and criminal charges were final‚ the sequence of events makes sense; the union of two companies‚ the rise of the participating executives‚ and finally the end of the money ride. The leaders of both companies used dishonesty to make an abundant amount of
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ACG 4632 INTRODUCTION TO FINANCIAL STATEMENT AUDITING Spring 2015 Section 422 Instructor: Devin Williams‚ CPA Today • Introductions – hand out • Syllabus • High level – why auditing? • Enron Auditing • Why do we have auditing? • Lemonade Stand Example Did ANYONE Do ANYTHING WRONG? CONCLUSION Did Anyone Do Anything Wrong? YES!! ENRON’S RISE 1985 – Internorth‚ based in Omaha‚ acquired Houston Natural Gas. 1986 – Changed name to Enron and moved to Houston. OLD ENERGY SYSTEM • Electricity
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Managerial Auditing Journal Emerald Article: Forensic accounting education: insights from academicians and certified fraud examiner practitioners Zabihollah Rezaee‚ E. James Burton Article information: To cite this document: Zabihollah Rezaee‚ E. James Burton‚ (1997)‚"Forensic accounting education: insights from academicians and certified fraud examiner practitioners"‚ Managerial Auditing Journal‚ Vol. 12 Iss: 9 pp. 479 - 489 Permanent link to this document: http://dx.doi.org/10.1108/02686909710185206
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Cited: • Andersen‚ M.‚ & Skjoett-Larsen‚ T. (2009). Corporate social responsibility in global supply chains. Supply Chain Management: An International Journal ‚ 14 (2)‚ 75-86. • Ayres‚ R • Ayres‚ R. (2008). Sustainability economics Where do we stand? Ecological
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