COMPANY PROFILE Ernst & Young Global Limited REFERENCE CODE: 44B1F5A6-9A35-44E4-86CC-720029E9F2AD PUBLICATION DATE: 21 Aug 2013 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED. Ernst & Young Global Limited TABLE OF CONTENTS TABLE OF CONTENTS Company Overview..............................................................................................3 Key Facts.............................................
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FORENSIC ACCOUNTING ASSIGNMENT Organization: ZZZZ Best Co. Insurance Restoration Project Submission Date : 8/1/2013 Madam Sunita Lylia BC300D Group Name Muhammad Ariff Zainal Abidin | 1101107957 | Ahmad Afandy Ahmad Kamaruddin | 1101107704 | Derrick Remus Ttunzi | 1101107780 | | Content Pages Background…………………………………………………………………………………... Introduction………………………………………………………………………………….. Activities…………………………………………………………………………………....... List of Problems………………………………………………………………………………
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International Business Project Ernst & Young Students: Coordinating professor: Stancuta Laura Zidaru Teodora lect.univ.dr. Valentina Ghinea Bucharest 2013 1.Description of the company 1.1. History and evolution Ernst & Young is one of the largest
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capability to serve the client‚ and also find out about any prior issues that may have occurred during previous audits such as fraud or disagreements between management and the other auditor. 5. The confidentiality agreement that Minkow required Ernst & Whinney to sign
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the third-party can only give information on what they know. Using physical evidence has a limitation because things may not always look as how they appear. Ernst & Whinney believed they were at one of ZZZZ Best’s restoration sites‚ but in fact Minkow had spent $4 million on a building. He did this to make it look like the building was one of his restoration sites‚ but in reality it was just a building he had bought for the sole purpose of duping the auditors. As for analytical procedures performed
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1. Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? A review engagement is needed to obtain basis for providing what is known as limited assurance. This gives the client’s financial statements to be prepared properly with GAAP (Generally
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Barry Minkow started a carpet cleaning business in his garage at the age of 16. One year later‚ Barry decided that hid business does not bring him much profit and began his fraudulent activities. He was running false credit card charges on clients’ cards and check kiting. However‚ he was able to commit fraud on a large scale‚ when he gathered enough of a balance sheet built off fraudulent transactions. His major crimes were perpetrated against banks and investors by committing financial statement
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officer on July 31‚ 1982‚ SEC Section 16 continues the rule that insiders are liable for transactions that occurred within six months of the last transaction engaged in while an insider of the company. (pg. 661) 51-2 I do not think that Ernst and Whinney are liable in this case. They did not engage in actual or constructive fraud. (pg. 806) They had no information that would lead them to know that FAMCO was going to give the audit reports to Hutton‚ which Hutton used as a basis for purchasing
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existence of the insurance restoration contracts. Padgett‚ being in on the fraud‚ lied and gave Greenspan a positive answer. 2. Misleading auditors: Barry Minkow dismissed Greenspan after his audit of 1986 financials and hired Larry Gray from Ernst & Whinney. Because the amount of insurance restoration contracts was material‚ Gray informed ZZZZ Best of his wish to observe the restoration sites to confirm their existence. Since the sites were nonexistent‚ Minkow temporarily rented an office to pass
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The objectives of a review in accordance with the statements on standards for accounting differ significantly with those of audit financial statements in compliance with the general accepted auditing standards. During a review the accountants will perform analytical procedures and will obtain their information from asking the management a variety of questions rather than obtaining an understanding of the internal control structures and obtaining evidential matter throughout inspection‚ observation
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