Germany On 1979 the court established the principle of third party liability as foreseen’ in Federal Supreme Court (sixth civil senate) 1 regarding the case of a German branch of a bank provided wrong information to its potential investors and because of that one of the potential investors suffered a big loss and later sued the bank. But in November 1983 in Federal Supreme Court (fourth civil senate)2‚ death negligence in reporting in a case where buyer of a properly sued the valuer because
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A Corporate Fraud is defined as a set of Activities undertaken by a company or set of individuals that are done in a dishonest or illegal manner‚ and are designed to give an advantage to the perpetrating company or the individual. Corporate fraud schemes go beyond the scope of an employee’s stated position‚ and are marked by their complexity and economic impact on the business‚ other employees and outside parties. Corporate Frauds are becoming very inherent in the present era. A selected range of
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3.2. Conflict with the Role‚ Duties of the Auditor and Litigation Concerns The CCMC believes that the Proposed Standard undermines the role and responsibilities of auditor. It says that “businesses must have a strong system of internal controls and recognizes the vital role external audits play in capital formation and supports efforts to improve audit effectiveness”. The ultimate goal of audit and role of auditors need to be figured out to further understand the Chamber’s argument. The development
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Phar-Mor Case Study Phar-Mor Case 4.6 Questions 1. a) By hiring a member of its external audit team a company could gain insight into the auditor’s process and better devise methods of hiding fraud. b) Hiring a former auditor would greatly compromise and possibly impair the existing external auditor’s ability to remain independent. On top of having knowledge about the auditor’s practice‚ preexisting relationships could cause bias in the audit outcome. c) Sarbanes-Oxley Act 2002 limits the ability
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READINESS OF GOVERNMENT AUDITORS IN FRAUD DETECTION IN MALAYSIA 1.0 PROBLEM STATEMENT 1.1 Public sector governance requires the controlling and accounting officers to discharge their responsibilities of stewardship of public resources by being open‚ accountable‚ prudent in decision making‚ managing and delivering results. The provision of the Financial Procedure Act 1957 also places a high premium for controlling officers to be personally responsible and accountable for propriety and accountability
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CORPORATE FRAUD & THE ROLES OF AUDITOR (BANGLADESH PERSPECTIVE) Submitted To: Tahmina Ahmed Lecturer Department Of Accounting And Information Systems University Of Dhaka. Submitted By: Group No. 02 ID 18003 18051 18053 18073 18089 18200 NAME Safiqur Rahman Mahadin Anik Mahmudul Islam Arnab Kumar Chakrabartty Abdullah Al Noman Namrata Chakma Date of Submission: November 11‚ 2014. 1|Page This Report Includes The Following Contents Chapter No. Contents Page No. 01.Introduction 1.1 1.2 1.3 1.4 Introduction
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Summary Phar-Mor‚ Inc. was a deep-discount store that had substantial growth in a short period of time. It started with 15 stores and grew to over 310 stores in thirty two states between 1985 and 1992. At first Phar-Mor was seen as a major prospect in the retail market. With sales of over $3 billion and growing‚ Phar-Mor’s success even worried some of the biggest retail giant‚ including Wal-mart. The president‚ founder‚ and COO of Phar-Mor was Mickey Monus‚ who became quite extravagant with
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The Institute of Chartered Accountants in Australia Addressing Unit 3BACF Accounting & Finance The role and function of external auditors charteredaccountants.com.au The Institute of Chartered Accountants in Australia Government and the community The role and influence of governments and other bodies The role and function of external auditors Financial statements are used for a variety of purposes and decisions. For example‚ financial statements are used by owners to evaluate management’s
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ADVANTAGES AND DISADVANTAGES OF ARBITRATION AS COMPARED TO LITIGATION By Arthur Mazirow‚ Esq.‚ CRE Real Estate Arbitrator‚ Mediator‚ Expert Witness and Consultant Los Angeles‚ California Website: Mazirow.com Presented to The Counselors of Real Estate April 13‚ 2008 Chicago‚ Ilinois 796608.1 © 2008 Arthur Mazirow 796608.1 © 2008 Arthur Mazirow The Advantages and Disadvantages of Arbitration As Compared to Litigation By Arthur Mazirow‚ Esq.‚ CRE Los Angeles‚ California
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issue‚ the parties often have to resort to a form of litigation. There are two major routes that can be taken in this instant. The traditional form of litigation (trial‚ jury etc.) or non-traditional litigation (mediation‚ arbitration etc.). There are reasons for the parties choosing the way that they go‚ and this paper will outline the two types of litigation and the reasons that a party would choose one over the other. Traditional litigation is the route of using the civil court system. In the
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