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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Parmalat’s ‘ethical bankruptcy’. Ethics is about choice and the values that guide us and the standards we use. Questioning what principles maybe at stake and how we choose or priorities between them. An ethical approach to a problem will enquire about end-results and the route or means we use to achieve these objectives together with the relationship between the two (‘end versus means’). Corporate Governance can be defined as a proper structure of rules and practices‚ a reference point to return
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Prevailing only at Deloitte but not at other ABC plants 26 1.Avoid loafing 2.Eliminate/drastically reduce incentives Enjoy idle time Escalator clause 1.Unique to ABC 2. CPI adjusted wages 3. High cost to company 16 1.Eliminate it from agreement to reduce cost. 2. Welfare of employees through deferred payment 1. Provides compensation for increasing inflation. 2. Welfare of people of Deloitte Location of new plant 1.Outside because of lower capex 2. Corporate HQ still in Deloitte 3. ABC plant
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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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recording annual sales of 7.6 billion euros in 2002 to being declared insolvent a year later. The collusion at Europe’s Enron made it possible for Parmalat to defraud its investors of billions. The auditing procedures used by Grant Thornton and Deloitte were inadequate. Many of Parmalat’s assets were overstated and its liabilities understated. The auditors did not adequately test the Special Purpose Entities or the off-balance sheet transactions. One of the most basic auditing procedures is testing
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may 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‚
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How might the characteristics of the perceiver‚ the target and the situation affect the social perceptions that employers like Deloitte likely have regarding participants in the Teach First program? Answer Being competent is one of the main characteristics of the perceiver that may affect the perception that employers like Deloitte may have when considering their participants for their Teach First Program. Since Teach first program recruits candidate by identifying top students i.e 3% from the
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References: [1] Summary of Ming Jer Chen´s Book in Chen (2003)‚ Inside Chinese Business. http://www.quickmba.com/mgmt/intl/china/. Accessed 21/02/2008. [2] Skeldon‚ R. (2004). China: From Exceptional Case to Global Participant. http://www.migrationinformation.org/Profiles/display.cfm?ID=219. Accessed
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2011 Women in Business Kathy Tarrant Women As Buyers The Women’s Initiative at Deloitte has been a platform for transformational change. There’s a greater appreciation for the contributions women have made to the company. Through the progression of the initiative‚ the hidden but prevalent potential of women has unleashed and helped restructure the power into the hands of both women and men. Deloitte has influenced the promotion of women into the forefront of business. The Women as buyer’s
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Saina Nehwal (born March 17‚ 1990) is an Indian Khel Ratna winning badminton player currently ranked number 2 in the world by Badminton World Federation‚.[4] Saina is the first Indian woman to reach the singles quarterfinals at the Olympics and the first Indian to win the World Junior Badminton Championships. Saina Nehwal made history on June 21‚ 2009‚ becoming the first Indian to win a Super Series tournament‚ by clinching the Indonesia Open with a stunning victory over higher-ranked Chinese Wang
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