accounting firms take to reduce the risk that personal relationships between client personnel and members of an audit engagement team will not adversely affect the quality of an audit? 5. Was the 1988 ‘‘retention agreement’’ that Ernst & Young made with JWP appropriate? 6. Why did Ernst & Young agree to pay a large settlement to JWP’s stockholders but chose to contest the lawsuit filed against it by the insurance companies? Facts This accounting fraud involves a company called Jamaica Water Properties Inc
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Knowledge management is the process of capturing‚ developing‚ distributing‚ sharing‚ and effectively using organizational knowledge. It refers to a multi-disciplinary approach to achieving organizational objectives by making the best use of knowledge (Cortada‚ 2000). Customer relationship management refers to the strategies that companies use to manage and analyze customer interactions‚ purchase history‚ personal interest‚ buying preference and data throughout the customer lifecycle‚ with the goal
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ZZZZ Best company is one of the biggest examples of Accounting Frauds. The founder of ZZZZ best was Barry Minkow. He was a very smart young entrepreneur when he started the company. He was involved in credit card forgeries prior to starting his own carpet cleaning business “ZZZZ Best Company”. Minkow began his business with small carpet cleaning jobs and he became a multimillionaire in a very short period of time. Minkow met a person named Tom Padgett at Los Angeles Health club. This was the beginning
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Board) has penalized Ernst & Young $2 million for violating audit firm PCAOB’s rules. Ernst & Young (audit firm) failed to properly evaluate how Medicis Pharmaceutical Corp. (company) was calculating its reserve for sales returns. Financial Restatement Summary Medicis Pharmaceutical Corp. had to restate more than three years worth of financial statements in 2008 (Censuring E&Y‚ PCAOB Hits Firm’s Lack of Skepticism). According to an inspection by PCAOB of Ernst & Young (audit firm)
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John Steinbeck‚ born in 1902 in Salinas California to John Ernst and Olive Hamilton Steinbeck‚ became one of the greatest American writers of his century. Growing up Steinbeck read vigorously and was fascinated by Sir Thomas Malory’s Morte D’Arthur. It was Malory’s Morte D’Arthur that influenced Steinbeck for the rest of his life. Steinbeck graduated from Salinas High School in 1919 and attended Stanford University. He took courses in science and particularly became interested in marine biology.
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ZZZZ Best Company Fraud Case Study 1) At an early age‚ Barry Minkow was introduced to the carpet cleaning industry by his mother who worked part time as a telephone solicitor for a small carpet cleaning company. This insight of the industry allowed Minkow to understand that the carpet cleaning industry was one which had very few barriers to entry‚ no licensing requirements‚ and required only a small amount of capital to enter. Also‚ because of these few barriers to entry‚ the industry has historically
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Company‚ Inc‚ 1. Ernst & Whinney audit firm suffered tremendously from the backlash of ZZZZ Best’s case. One of the issues stemming from ZZZZ Best’s case is the difference between a review and an audit as evidence by civil suit filed by a California bank against the firm. The bank claimed that its decision to grant ZZZZ Best’s loan was based on the opinion of Ernst & Whinney review of ZZZZ Best’s financial statements period ending July 31‚ 1986. The case was ruled in favor of Ernst & Whinney
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Sam Li Case: Jamaica Water Properties 1. Place yourself in David Sokol’s position. After discovering the suspicious items in JWP’s accounting records‚ would you have taken a different course of action than he did? Why or why not? I doubt if I can reach the position that David Sokol had in my career’s life. However‚ let say that if I was in David Sokol’s position‚ I would probably do the same thing David had done. I believe the proper working ethics are accountability‚ professionalism and
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years that Hannah Hoch created a remarkable group of photomontages that exemplify the response to the New Woman ( Lavin p5). In her work entitled " Dada-Ernst" Hoch visually depicts the conflicts Weimar woman faced in relationship to modernity. The work " Dada-Ernst" was created between 1920 and 1921. When looked upon for the first time "Dada-Ernst" could be considered to be a celebration of the New Woman but it is with this single image that Hoch challenges the representation of the female. (Lavin
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