There were several internal control issues with Arthur Andersen (AA) that contributed to the Enron disaster. Firstly‚ AA gave Enron nonaudit services as well as audit services‚ meaning that AA could advise the structuring of transactions for desired disclosure outcomes and other work and later give an audit opinion on these transactions. This resulted in a blatant conflict of interest issue that many audit professionals did not recognize. Secondly‚ the “tone at the top” of AA did not encourage ethics
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19 360° thinking . Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Download free eBooks at bookboon.com Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers the ad to read more 4 Click on © Deloitte & Touche LLP and affiliated entities. Dis Advanced Communication Skills Contents
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Executive Summary Background Waste Management‚ Inc.‚ founded in 1894‚ offers environmental services to nearly 20 million residential‚ industrial‚ commercial‚ and municipal customers in the US‚ Canada‚ and Puerto Rico. With a large customer base‚ it is difficult to picture such a large company committing fraud. However‚ between the years of 1992 and 1997‚ several chief officers in the company engaged in a systematic scheme to falsify and misrepresent Waste Management’s financial results. Heading
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. . 31 31 360° thinking . Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Download free ebooks at bookboon.com Discover the truth4at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. © Deloitte & Touche LLP and affiliated entities. D Contents Change Management 4.2 4.2.1 4.2.2 4.2.3
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420‚000 under FoxMeyer ’s original mainframe system (Jesitus 1997). Third‚ the execution of the project was an issue due to the shortage of skilled and knowledgeable personnel. FoxMeyer did not have the necessary skills in-house and was relying on Andersen Consulting to implement R/3 and integrate the ERP with an automated warehouse system from Pinnacle. Although at the height of the project there were over 50 consultants at FoxMeyer‚ many of them were inexperienced and turnover was high (Computergram
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corporate fraud. The first to publicly disclose Enron’s financial fallout was Daniel Scotto who in August 2001 issued a report telling investors to sell Enron stocks and bonds at any and all cost. The Enron Corporation and its accounting firm Arthur Andersen that was revealed in late 2001. After a series of revelations involving irregular accounting procedures began throughout the 1990s‚ Enron was on the brink of bankruptcy by November 2001. A rescue attempt was made by a smaller energy company‚ Dynegy
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The Fund of Funds: Valuation of Investments 1. Arthur Andersen did not rely on competent and sufficient audit evidence in auditing the valuation assertion related to FOF’s natural resources assets. According to Paragraphs .21 of AU Section 326‚ to be competent‚ evidence must be both valid and relevant. Evidential matter obtained from independent sources outside an entity provides greater assurance of reliability for the purposes of an independent audit. However‚ many aspects of the National Resources
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BA The Rise and Fall of Arthur Andersen Questions for discussion: 1. What do you think was the main reason that Andersen turned away from its core founding identity? How could this changed have been avoided? 2. Do you have any suggestions for how Andersen could have attracted high-quality graduates without offering the high salaries associated with consulting work? I think the main reason that Andersen turned away from its core founding identity it is because of the
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dependent women during pregnancy affects child behaviour‚ but not general intellectual functioning; a prospective controlled study” (Nulman‚ Rovet‚ Kennedy‚ Wasson‚ et al‚ 2004)‚ and “Fever in pregnancy and risk of fetal death: A cohort study” (Andersen‚ Vastrup‚ et al 2002). Both of these studies focus on the negative effects of two different teratogens on the developing fetus. It is well studied that alcohol consumption during pregnancy can have a life long impact on the developing fetus
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the group Arthur Andersen. Arthur Andersen was founded in 1913 to meet the requirements of new tax regulations enacted when the Federal Reserve System was established that same year. In 1989‚ due to the market’s consultation needs‚ the firm decided to split its business in two different entities. Andersen Consulting for market consultation and Arthur Andersen for auditing. Andersen Consulting experienced a strong growth since its starts up as a division of the group Arthur Andersen. In December 1997
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