9-104-071 REV: SEPTEMBER 14‚ 2007 ROBERT S. KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather‚ there was a broad breakdown of the system of internal controls‚ corporate governance and individual responsibility‚ all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh‚ former U.S. attorney general1 On July 21‚ 2002
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preserve anonymity) in which an internal auditor in a hospital setting‚ due to personal biases and a lack of objectivity‚ performed a substandard audit of a capital asset acquisition and violated several standards of the International Standards for the Professional Practice of Internal Auditing as well as the Institute of Internal Auditors (IIA) Code of Ethics. Students use the Standards and Code of Ethics to form conclusions regarding shortcomings of this audit. The International IIA Standards
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TABLE OF CONTENT Items | P.No | 1. Introduction: corporate governance | 2 | 2. Introduction: selected companies | 3 | 3. Analysis of the two companies on the practice of corporate governance | 4 | 4. Application of corporate governance (detail review) - Malayan Banking berhad | 7 | 5. Application of corporate governance (detail review) - Public Bank Berhad | 15 | 6. Conclusion | 22 | 7. References | 23 | 8. Appendix: a. The Malaysian Code on
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Introduction: Fontana Leisure Parks is a getaway and events place located in a 300-hectare property within the Clark Special Economic Zone at Clarkfield Pampanga‚ just 80 kilometers north of Manila. It was conceptualized to provide an accessible perfect getaway for city dwellers who seek relaxation‚ privacy and at the same time enjoy the company of their‚ family‚ friends‚ or colleagues. Fontana has the facilities to cater to all kinds of events. Fontana is well prepared to host corporate team
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INTERNATIONAL STANDARD ON AUDITING 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT (Effective for audits of financial statements for periods beginning on or after December 15‚ 2009) CONTENTS Paragraph Introduction Scope of this ISA .................................................................................. 1 Effective Date ....................................................................................... 2
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fraud vectors aiming at identifying appropriate prevention actions. The author focuses on the internal audit role in fraud prevention‚ identification and investigation. Our research results conclude on means of improving fraud risk monitor and prevention‚ providing suggestions for proactive approaches in control processes’ improvement. Keywords: fraud‚ fraudulent financial reporting‚ red flags‚ internal audit JEL classification: M42‚ G34 1. INTRODUCTION Studies on accounting field have showed
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3. Internal Audit of operations: If the managers of Baring bank would have instituted internal audit of operations then they would have been able to uncover Leeson teeming and lading acts‚ Fraudulent cover up and grave misjudgment made while undertaking his duties.However this was not in place and their isn’t evidence of any manager who undertook to review Leesons work as they viewed Leeson to be independent. 4. Background Review: Due to the fact that the management of Baring Bank had created a
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Contents Introduction 3 Pay Methods 3-4 Procedures 4-5 Audit Requirements 5-6 Reporting Requirements and Quality 6-7 Conclusion 7-8 Recommendations 8 References 9-10 Introduction Stanley International Bank (SIB) processes a payroll administration for approximately 2500 employees located across the globe. There are ten payroll entities that are processed on a monthly basis. When processing pay various manual activities and methods are required
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SARBANES-OXLEY SECTION 404: A Guide for Management by Internal Controls Practitioners SARBANES-OXLEY SECTION 404: A Guide for Management by Internal Controls Practitioners The Institute of Internal Auditors 2nd Edition‚ January 2008 Table of Contents About the Second Edition...........................................................................................................iii How to Use This Guide ...........................................................................
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CHAPTER 5: Integrative Case- Northwest Industries N Date: December 3‚ 2011 Information Management Immediate Issues or Problems * Is there an existing fraud in the payroll system of Northwest Industries? * What courses of action should be done by Northwest Industries to prevent and detect fraud? Basic Issues or Associated Issues * All of the 1‚500 company employees of Northwest Industries had a discrepancy between their reported withholding and the actual amount
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