about a business for the purpose of making decisions and informed judgment” (p.3). Decision makers look at balance sheets‚ income statements‚ changes in the owner’s equity and cash flow statement as documentation of the viability of an entity. Misrepresentation of the financial statements can place doubt of profitability in any company. The need for accountability and regulation of accounting practices is important in preserving trust in the business community. Entities have ethical and legal
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Computer crime Computer crime‚ or cybercrime‚ refers to any crime that involves a computer and a network‚ where the computers may or may not have played an instrumental part in the commission of a crime.[1] Netcrime refers‚ more precisely‚ to criminal exploitation of the Internet.[2] Issues surrounding this type of crime have become high-profile‚ particularly those surrounding hacking‚ copyright infringement‚ child pornography‚ and child grooming. There are also problems of privacy when confidential
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........... 9 Contract Interpretation: General Approach ............................................... 10 Contract Interpretation: Implied Terms ...................................................... 10 Things that Go Wrong 11 Misrepresentation ........................................................................................ 11 Mistake .......................................................................................................... 13 Illegal Contracts ......
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technical page 50 student accountANT MARCH 2009 isa 240 (redrafted)‚ auditors and fraud – AND THE END OF WATCHDOGS AND BLOODHOUNDS RELEVANT TO ACCA QUALIFICATION PAPERs f8 and p7 This article examines the definitions given by International Standard on Auditing (ISA) 240 (Redrafted) of fraud and error‚ and the historical expectations of the audit role. It also defines the extent of auditor responsibilities for the prevention and detection of fraud‚ including the need for professional
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1. What is a Contract? Classify the types of contracts with suitable examples. Ans. A contract is an agreement reached between two or more persons involving the exchange of some goods or services .There are some key requirements for the establishment of a contract: * An offer & an acceptance * ‘Capacity or the ability to understand the consequences of a contract by persons of such age prescribed by law & those with sound mind. * ‘Mutual consent’ or agreement on the terms of a
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between fraud and misrepresentation. Answer: Distinction between fraud and misrepresentation: Sometimes the terms fraud and misrepresentation are used inter-changeably by readers however they are actually different. There is not a much difference between the two but a little one as misrepresentation does not directly mean fraud. Below is a table on the salient points to distinguish the terms: |Fraud |Misrepresentation
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changes in personnel. Mick Seidl‚ unhappy with Lay’s influence over the board‚ called Mike Muckelroy to investigate Valhalla. Muckelroy’s investigation would become the tipping point regarding Valhalla. With a secret set of books discovered‚ fraudulent trading entities identified and $1 billion of hidden debt revealed‚ this obscure office of 40 employees almost bankrupt the giant Enron Corporation. After the collapse of Enron in 2001‚ denial was identified as Enron’s modus operandi.
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Court of Appeals of Georgia KELLEY v. COOPER. No. A13A0982. -- November 22‚ 2013 Following a bench trial‚ the trial court awarded Melissa Cooper damages on her claims of breach of promise to marry‚ fraud‚ and attorney fees. Without having moved for a directed verdict in the trial court‚ which limits his possible recourse to a new trial‚ Christopher Ned Kelley raises five enumerations of error‚ including that a promise to marry is not enforceable when the parties are in a meretricious relationship
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Q 1: Case: 1. Under the contract act‚ 1872‚ advise Rashid whether he is entitled to the profit made on the local sale of 100 tons of sugar. According to act 1872‚ Rashid is entitled to the profit made on the local sale of 100 tons of sugar because Ali is the manager of Rashid’s business and he is making deal with dsl on the behalf of Rashid. As Ali is the agent of Rashid and According to agent theory “agent cannot make a secrete profit”. Q 2: What are the essentials of valid contract? Explain each
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court documents‚ from at least June 2006 through July 2007‚ Cannon worked as a mortgage broker and used straw buyers to fraudulently obtain mortgages for numerous properties. Loan applications submitted to lenders by Cannon contained material misrepresentations which made the straw buyers more appealing candidates for a mortgage. The straw buyers almost uniformly defaulted on the loans. In all‚ nearly a million dollars was lost by lenders as a result of the scheme. Cannon has been ordered to pay restitution
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