Upon finishing the two exercises‚ I have concluded that external locus of control plays a huge part in my life. I found multiple correlations between the two scores‚ I have always taken everything lightly and I have procrastinated until the last minute to do things‚ I have told lies on why I couldn’t do the work multiple times to my instructors‚ I lack motivation to follow through with my plan of action (Trust me I have made a lot of those). I feel like something is missing from my life which makes
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Executive Summary The following report relates to the internal controls of Woolworths‚ and will look to describe and analyse them with the use of flow charts. The report will then move onto give details of an audit program that has been designed to test the internal controls of Woolworth’s accounts payable. Moreover‚ possible ways of how controls could be overridden as well as how the overall system could be realistically improved will also be discussed within the report. Business Introduction
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hindsight‚ what advice would you have given the Enron Board to avoid the 2001 disaster? GROUP MEMBERS 1. Augustine Kupara R082559R 2. Tonderai Nyamadzawo R082987G 3. Simbarashe Chaka R089613J 4 Brighton Nzvuvu R089824H 5. Walter Danger R082990X 6. Simon Chigwanda R075968L 7. Ashley Murisa R082991Y 8. Frank Garatsa R082988H 9. Presely Nheweyembwa R076037L 10. Peter Donald R055241G 11. Shingirayi Gwete R089773H BACKGROUND Enron Corporation was formed in 1985 from a merger
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Case 3.1 Enron: Understanding the Client’s Business and Industry Price‚ Ria; Walters‚ Jessica 1. Inherent risk‚ a component of the audit risk model‚ refers to the susceptibility of the accounts to material misstatement‚ without regard to the systems internal controls. Inherent risk is a function of the nature of the client’s business‚ the major types of transactions‚ and the effectiveness and integrity of its managers and accountants. A clear understanding of the audit client’s business model is essential in assessing
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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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Table of Contents Internal Control: Avoiding the Next Catastrophe To quote Edmund Burke “Those who don’t know history‚ are doomed to repeat it”. Here we are‚ thirteen years removed from the Enron scandal. The aftermath led to the Sarbanes-Oxley Act of 2002 and stricter regulations on companies going public. People have a tendency to believe that things like this can only happen to massive companies‚ but we must remember that Enron once started off as a small company‚ a company like LJB
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in 1934 to police the U.S. financial markets. The pioneers of the Securities Exchange Act of 1934 saw a close connection between protecting investors and maintaining a healthy economy. In the past years‚ the SEC did not provide the regulation and control that might have prevented the worst results of the first decade of the twenty-first century. Its failures were of two kinds. First‚ succumbing to the deregulatory environment that pervaded the government since the 1980s‚ the SEC dismantled crucial
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in the real auditing procedure. Bankers since they were supposed to be able to find the fraud in their clients’ financial statements when other parties traded those securities with Enron. 2. Anderson’s auditors provided these prohibit services to their public company client Enron: offering consulting service to Enron about their daily accounting decisions and operations which states as “bookkeeping or other services related to the accounting records or financial statements of the audit client” in
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to the securities law‚ and for other purposes. (Lander‚ 2004) The Act created new standards for public companies and accounting firms to abide by. After multiple business failures due to fraudulent activities and embezzlement at companies such as Enron Sarbanes and Oxley recognized a need for the revamping of our financial systems laws‚ rules and regulations. Thus‚ the Sarbanes-Oxley Act was born. II. Background/Purpose The Sarbanes Oxley Act was signed into law on July 30‚ 2002 by then President
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3 Enron 3 Sarbanes-Oxley Act 3 11 Titles 4 Major Sections of SOX 5 Section 302 5 Section 404 6 Section 409 6 Section 902 7 Section 906 7 After SOX: What has Sarbanes-Oxley Accomplished & Issues that Remain 7 Conclusion 8 Overview The Sarbanes-Oxley Act was signed into law in 2002 by President Bush. Sarbanes- Oxley came to be because of corporate level accounting scandals that had then‚ recently occurred. The most common of these scandals include: Adelphia‚ Enron‚ Peregrine
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