“Accounting did not cause the recent corporate scandals‚ unreliable financial statements were the results of management decisions‚ fraudulent or otherwise”. (Lin & Wu‚ 2006‚ para. 5) Waste Management‚ HealthSouth‚ Enron‚ Satyam and Madoff are just a few names that come to my mind when I think of fraudulent accounting. Disguised loans‚ inflated income‚ improper accounting and misstated earnings‚ different words all describing the same thing‚ FRAUD. Fraud affects the company‚ the consumers
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Due to her activism‚ and her effectiveness‚ Harris began to attract attention. Appearing on the Dick Cavet Show with her husband‚ Harris became the focal point of the interview. Noting that she “had been in the news a great deal lately…” Cavet declared‚ “as you know it’s not always good when a wife gets in the news in Washington‚ but in this case it is.” Cavet added that Harris was “in the Man In The News section of the Times‚ [so] they had to change it to Woman In The News…” He then observed
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that control risk cannot be reduced‚ he or she will a. Issue a disclaimer b. Issue
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Harris Seafood Question Number One (1) Value the processing plant proposal. Ignore the Industrial Revenue Bond financing. Assume: Market Risk Premium 8.8%‚ Riskless Rate 11.41%‚ and Harris Long Term Debt Rate 13.5%. Our approach to valuing the processing plant can easily be decomposed into three distinct steps first‚ find the value of the foreseeable free cash flows. Next‚ calculate the terminal value of the project. Finally‚ take the present value of those flows. The next few paragraphs walk
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Audit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because
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On April 20‚ 1999‚ a depressed teen and a psychopath decided to go on a killing spree at Columbine High School. The depressed teen‚ Dylan Klebold‚ and the psychopath‚ Eric Harris‚ had been planning every detail of the massacre for almost a year. Their goal was to kill as many people as possible. Eric and Dylan injured twenty-four people and killed eight male students‚ four female students‚ and one male teacher. Then they committed suicide in the school library. Many people want to know why the two
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Campbell Soup Company 1. Identify legitimate business practices that corporate executives can use for the primary purpose of manipulating or “managing” their company’s reported operating results. Are such practices ethical? Defend your answer. Some examples of legitimate business practices that executives can use to manage their company’s reported operating results include: offering customers extended payment terms at the end of the a period to accelerate sales‚ recording generous reserves
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Harris seafood As a shrimp industry Harris Seafood Inc. is one of the biggest producers of frozen shrimp in the United States. Company has reached approximately $33mln of sales by 1979. Despite the risks of supply and demand of shrimp‚ company has been very successful in terms of average profitability. Our role as analysts was to decide whether processing plant project is a worthwhile addition to Harris Seafoods. Analyst assumptions The valuation of the firm starts in year 1980. The 48% marginal
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How to Prepare and Deliver Presentations Date: February 22‚ 2015 To: All Employees of Easy to Be Green From: Lisa Harris‚ HR Staff Assistant Subject: Instructions on how to prepare and deliver presentations. It has come to the attention of Human Resources that several employees do not know how to properly prepare and deliver presentations. Easy to Be Green is in the process up training courses for employees on how to prepare and deliver presentations; however this will take
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Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk 2 Module II – Assessment of Control Risk 16 Module III - Control Test: Sales Processing 28 Module IV - PPS Sampling: Factory Equipment Additions 30 Module V - Accounts Receivable Aging Analysis 34 Module VI - Sales and Purchases Cutoff Tests 41 Module VII - Search for Unrecorded Liabilities 46 Module VIII - Dallas Dollar Bank Reconciliation 48 Module IX- Analysis of Interbank Transfers 51 Module X -
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