In October 1988‚ Paula Perry‚ a research analyst for the brokerage firm Alexander and Ferris‚ was tasked to analyse the financial condition and performance of MiniScribe Corporation. The latter was a manufacturer of disk-drives for personal computers‚ and was rumoured to be experiencing cash flow and inventory problems. The objective of Paula’s analysis is to help her manager decide if MiniScribe Corporation should remain in Alexander and Ferris’ ‘Buy’ recommendation list or not. The case was therefore
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rings has a progressively worse punishment‚ starting with crimes of passion and ending with crimes of fraud. The self-centered crimes are in rings one through five‚ the violent crimes are held in rings six through eight‚ and ring nine holds the fraudulent criminals. The people contained in the first five rings of Hell failed to restrain themselves. The punishments for these crimes are nonviolent except for the wrathful. The souls in the first ring oh Hell gave into the temptation of another
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company can come from the management or employee‚ with reference to management I include the CEO‚ chairman and the CFO‚ the type of fraud they involve themselves in are described above. Also on a lower scale we can see that employees endeavour into fraudulent behaviour. Audit Failure A definition of an audit is that it “states the objective of a financial report audit is for the auditor in opinion about whether the financial report is prepared in all material respects in accordance with a financial
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reflecting inaccurate information in financial statements breaks state and federal laws and breaks the codes of the Sarbanes-Oxley Act (SOX) of 2002. Congress passed the SOX at the end of 2002‚ after WorldCom and Enron scandals‚ to prevent further fraudulent activities caused by publicly traded companies. SOX’s main goal requires internal and external control processes‚ thus preventing the fraud from occurring. SOX applies to the Excello case because reporting higher income for 2010 means Excello is
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as the term “buyer beware” has long stood as a warning to consumers. It is a phrase that serves to stress the importance of exercising both intelligence and logic when making a purchase. However‚ in light of detriments posed through the veil of fraudulent medical practices‚ a new phrase is in order: caveat patiens when translated simply means: patient beware. The Department of Sociology and Social Policy at Princeton University defines quackery as: “Medical practice and advice based on observation
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illegal at law‚ or the contract is not in the required form under a particular statute. For the purposes of this course‚ we focus on the topic of ‘absence of genuine consent’ and specifically the issues of misrepresentation (both innocent and fraudulent)‚ undue influence‚ duress and unconscionable conduct. In such circumstances‚ the parties have not entered into the contract voluntarily or with real agreement‚ although on the face of it‚ the rules for offer and acceptance may appear satisfied
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Introduction The rise and fall of Parmalat was an important event as it highlighted the corporate governance issues in the corporate world of Italy. Parmalat was found by Calisto Tanzi‚ CEO and Chairman‚ in 1961 with a pasteurisation plant in Italy. The company was headquartered in Italy and had grown to be a multinational company into all sorts of milk products‚ beverages and bakery goods. Three decades later‚ in 1990‚ it became a publicly traded entity and was listed on the Milan stock exchange
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Jeany Sulpha Eng 101 CW 1 Gail Lighthipe 06 April 2009 The Amistad Trial The Amistad Trial‚ also known as United States v. Libellants and Claimants of the Schooner Amistad‚ was a United States Supreme Court case resulting from the rebellion of slaves on board the Spanish schooner Amistad in 1839 (Jones). The Amistad Case is part of The Freedom Trial consisting of four cities Farmington‚ Mystic‚ New Haven‚ and Hartford. In 1839‚ fifty-three Mendi Africans
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reports that should definitely be reviewed on a consistent basis. She also thought management should also choose other reports and documentation to spot check” (Long‚ 2009).If Brazos Manufacturing‚ Inc. had Radom spot checking done on some of the fraudulent documents they may have maybe a majority of this before it had become such a serious case. Also‚ maybe if Troy knew that there was a chance that he may be found out by random spot checking maybe this fraud would have never occurred in the first
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sales. More fraudulent activities involved are failure to record expenses and liabilities‚ pre-recording sales‚ disregarding to write off uncollectible receivables‚ and ignoring discounts on several outstanding receivables. It was also noted that Polishan used his dominance to intimidate and scare Kenia to follow orders that caused the whole fraudulent issue to occur. Lawsuits filed against Leslie Fay’s senior management‚ auditing team‚ and BDO Seidman emerged because of these fraudulent activities
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