Shaffer Directed by Marc Shaffer Correspondent Hedrick Smith ANNOUNCER: It was a meteoric rise. VOICE: We will become the world’s leading company. ANNOUNCER: And a devastating collapse. VOICE: Enron is a corporate Chernobyl. VOICE: You had the entire system playing fast and loose. VOICE: It is not just Enron‚ it’s an industry problem. LYNN TURNER‚ SEC Chief Accountant (1998-2001): It is real‚ real damage to the country. ANNOUNCER: Why didn’t anyone sound an alarm? VOICE: The watchdogs work for executives
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Freedom of Speech: Flag Burning Flag burning has been one of the most controversial forms of nonviolent protests. It is often linked with the Middle East and Hezbollah with depictions of Arabs against President Bush burning the American flag. Americans are intimidated and threatened by this action‚ but that does not make it illegal. Supreme Court rulings have upheld that peaceful flag desecration is a form of political speech that should be protected by our Constitution (Flag Burning Myths).
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confederate flag‚ which consisted of the colors red‚ white‚ and blue. Terrorist groups like the Ku Klux Klan and many other white supremacist groups‚ led hanise crimes against African Americans which included: lynching‚ burning crosses‚ and mass murders‚ while using the Confederate Flag as a symbol of “unity”. A flag that stands for hatred and white supremacy is not only allowed but glorified. The confederate emblem should‚ not only be taken out of the Mississippi state flag‚ but the confederate flag should
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Inventory-Related Fraud Detection: • Beside revenue related fraud‚ the Antars also overstated their inventory. If inventory is overstated‚ the cost of goods sold is understated‚ and gross margins and net incomes are overstated. o Crazy Eddie had a close relationship with one of their vendors known as Wren Distributors. Crazy Eddie was Wren’s largest customer‚ accounting for 35% of their revenues. o Crazy Eddie ordered 10% of their total inventory from Wren so Sam Antar asked Wren to ship $3
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Computer and Information Science; Vol. 7‚ No. 2; 2014 ISSN 1913-8989 E-ISSN 1913-8997 Published by Canadian Center of Science and Education A Fraud Detection System Based on Anomaly Intrusion Detection Systems for E-Commerce Applications Daniel Massa1 & Raul Valverde2 1 Information Technology and Services‚ Betsson‚ Malta 2 John Molson School of Business‚ Concordia University‚ Montreal‚ Canada Correspondence: Raul Valverde‚ John Molson School of Business‚ Concordia University‚ Montreal‚ QC.‚
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The development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate‚ there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources‚ time‚ and effort in order to comply with the requirements. It clearly improved the
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“This flag‚ which we honor and under which we serve‚ is the emblem of our unity‚ our power‚ our thought‚ and purpose as a nation… And yet‚ though silent‚ it speaks to us – speaks to us of the past‚ or the men and women who went before us.” Woodrow Wilson had a lot of pride in our American Flag‚ as so today‚ we do as well. The American Flag‚ also known as the “Stars and Stripes‚” was made by Betsy Ross‚ a known sewer around her time‚ on June 1777. The flag has been modified 26 times and the flag we have
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a new generation of employees. The new director was keen to explore more customers. They audit and certificate more accounts and made larger profits for their company. Andersen guaranteed the accounts for dishonest company from John DeLorean to Enron and WorldCom. The code of ethics which Andersen against are: 1. Standard I (A) Knowledge of the Law. Members and Candidates must understand and comply with all applicable laws‚ rules‚ and regulations (including the CFA Institute Code of Ethics
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describes the fraud of the century. As a result of the Ponzi scheme‚ social attitudes toward the investment industry were lukewarm. I will describe the highlights of the case. First‚ Bernard Madoff started a stock trading business in 1960 that was highly successful. This business consisted of buying and selling stocks that were not on the New York Stock Exchange. Conversely‚ once Pete Madoff came into the business‚ Bernard created the investment management business‚ which is where the fraud occurred
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Case Study1: And the Fraud Continues A business can not work out without an account system‚ which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls
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