PART-66 CERTIFYING STAFF Q.C.M. Revision No.: 0 Date: 25 July 2012 Consolidated Version including Commission Regulation (EU) No 593/2012 of 5 July 2012 and Decision No 2012/004/R of 19 April 2012 This document is meant purely as a documentation tool and Q.C.M. does not assume any liability for its contents. QCM-Part-66-en-Rev00-250712 UNCONTROLLED COPY WHEN DOWNLOADED INTRO / 1 Reason for Revision 0 of 25 July 2012: This Revision 0 is the first issue of the QCM consolidated version of Commission
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Table of Contents Introduction Accountants’ Liability to the Client and Third-Party A) Breach of Contract B) Ordinary Negligence (Accountant Malpractice) C) Fraud a. Constructive Fraud (Gross Negligence) b. Actual Fraud Accountants’ Liability under Common Law for Third-Party A) The Near-Privity Doctrine B) The Restatement Doctrine C) The Foreseeability Doctrine D) The Balancing-Factors Doctrine Accountants’ Liability under Statutory Law Third-Party A) Securities Act of 1933 B) Securities
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EXECUTIVE SUMMARY: PwC is the second largest professional services firm in the world (after Deloitte) and one of the ’Big Four’ accountancy firms. About 50 % of PwC’s revenue comes from auditing. PwC had audited about 139 companies in India in the year 2008. Of this‚ 97 are listed and 45 were part of BSE 500 Index Including Satyam. Whenever we talk about Unethical governance in accounting practices the 1st and foremost name which comes in to our mind is of Price Water house Coopers‚ PwC has followed unethical
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In early 2009 the chairman of Satyam Computer Services admitted publicly to a fraud taking place in the company. Satyam reported in the financial statements billions of dollars in profits and cash assets that never existed. The public auditor’s responsible for auditing the financial statements of Satyam Computer Services at the time was PW India‚ an affiliate of Pricewaterhouse Coopers. The Securities and Exchange Commission determined that Satyam was able to commit the financial statement fraud
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$1 billion by 2015 if this momentum is continued in the coming years‚ said Export Development Board‚ (EDB) Chairman Janaka Ratnayake at a press conference in Colombo this week.He expressed the belief that the industry will grow by a compound rate of 25% in the next three years. With the war ending‚ this industry is poised to be among the top export earners during the next five years‚ Mr. Ratnayake said‚ adding that it has the potential of creating more 50‚000 direct jobs from the present 15‚000
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WHAT WENT WRONG WITH SATYAM? PROFESSOR J. P. SHARMA J.P Sharma‚ Professor of Law & Corporate governance‚ Department of Commerce‚ Delhi School of Economics‚ University of Delhi WHAT WENT WRONG WITH SATYAM? INTRODUCTION Till about two decades ago corporate governance was relatively an unknown subject. The subject came into prominence in the late 80’s and early 90’s when the corporate sector in many countries was surrounded with problems of questionable corporate policies or unethical practices
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AFM 351: Audit Strategies Satyam Fraud: A case of India’s Enron 1. Describe the governance structure at Satyam. What was the “tone-at-the-top” at Satyam during the fraud period? • • • • • • • 2. In terms of the confirmation of cash balances‚ what deficiencies can you identify in terms of the procedures followed in the Satyam engagement? • • • • 3. Ramalinga Raju was the Chairman of the Board His brother‚ Rama Raju‚ was the Managing Director and CEO They both had direct operational
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Companies Act‚ 2013 Key highlights and analysis Significant changes and implications Companies Act‚ 2013 1 Contents 04 | Introduction 06 | Key definitions and concepts 10 | Setting up of a company 16 | Management and administration 18 | Directors 24 | Accounts and audit 30 | Dividend 32 | Compromises‚ arrangements and amalgamations 34 | Revival and rehabilitation of sick companies 36 | Corporate social responsibility 38 | Implications on private companies 40 | Other areas
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candidates were also hired as associates‚ as a part of SG Cowen’s on campus recruiting process targeted to some core B-schools. SG Cowen also accepted resumes from non-core B-Schools students. Initially SG Cowen only recruited from the top 10 of the Top 25 B-schools. But with Gregg Schoenberg’s initiative‚ the firm had become more receptive to targeting the 15 B-schools that
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tuition reimbursement‚ a commuter benefit program‚ and free and confidential referrals for dependent-care needs. The last company I researched was PricewaterhouseCoopers (PwC). This is an extraordinary company. Diversity Inc refers to PricewaterhouseCoopers (PwC) as being at the cutting-edge at Diversity management. PwC firm has excellent employee retention and is a leader in the types of benefits it offers employees‚ especially in increasing the ability for people at all stages of life
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