What specific audit procedures might have uncovered the Parmalat fraud earlier? Parmalat went from recording annual sales of 7.6 billion euros in 2002 to being declared insolvent a year later. The collusion at Europe’s Enron made it possible for Parmalat to defraud its investors of billions. The auditing procedures used by Grant Thornton and Deloitte were inadequate. Many of Parmalat’s assets were overstated and its liabilities understated. The auditors did not adequately test the Special Purpose
Premium Audit Asset Balance sheet
3.How to detect the fraud? There are many ways to detect the fraud .They can simply be divided into two categories One is quantitative analysis‚another is qualitative analysis. In quantitative analysis‚the sample is fifty thousand investment company which issued form ADV ‚ form ADV is required to issue to SEC when the investment company’s client number more than 15 people or the size of asset under management is larger than $ 25 million ‚ if you did not issue the document or it is not correctly
Premium Investment
The Global Fraud Survey not only provides information about different types of frauds schemes and characteristics of fraud perpetrators but also provide a deep insight into the red flags associated with it. According to Survey‚ Two thirds of frauds were committed by males‚ between the age of 31 and 45‚ and male perpetrators have caused twice the loss as compared to women perpetrators. According to the article‚ only 7% of fraud perpetrators had previously been convicted or charged with fraudulent
Premium Fraud Accounts payable Accounts receivable
1. Where does the Madoff fraud fit into the ACFE taxonomy of occupational fraud and abuse: asset misappropriation‚ corruption or fraudulent financial statements? Which specific type(s) of fraud does it exemplify? (Primary author: Yeseul Jeong) Madoff was one of the biggest and most trusted firm in Nasdaq traded stocks. Many people trusted his firm and made investments to it. Madoff’s firm was called “BMIS”: “Bernard L. Madoff Investment Securities LLC” (Gregoriou‚ and Lhabitant 89). Madoff made
Premium Ponzi scheme Bernard Madoff
THE NATION’S NEWSPAPER BS2003-01b Collegiate Case Study Adelphia founder‚ 2 sons‚ 2 others arrested in fraud By David Lieberman and Greg Farrell www.usatodaycollege.com Accounting fraud Part II: The results “Creative accounting” is not a new technique‚ but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources‚ but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called
Premium Accounting scandals Arthur Andersen
The Rite of Spring’s choreography and music combination kept me yearning for more. I most enjoyed the extremely emotional movements because they drew me in and made me ponder the underlying meaning of the dance. This dance was by far the most expressive one presented all semester. The frantic and sudden movements that interchanged with the soft and gentle movements flowed together and portrayed a frantic‚ yet elegant message. The type of mixed emotional energies and variation of movements is probably
Premium Dance Performance Choreography
MEDICAL FRAUD In this abstract‚ I will explain the specifics of my research and a detailed outline of my paper. Understanding the topic of medical fraud and off labeling is important‚ especially for consumers who participate in the use of prescription drugs. It is imperative to understand what your doctor is prescribing and knowing the specific uses of said drug. Off labeling may occur and recognizing this fact will only benefit a wise consumer and make them aware of the risks of using a drug
Premium Pharmacology Medicine Food and Drug Administration
Growing Up Can Be Rough: Rite of Passage in Young Adult Novels Transitioning out of childhood is something every individual must face. However‚ not everyone faces this transition at the same time or in the same way. In the Young Adult genre‚ the main characters have something in common: they are all going through the rite of passage from being children to young adults. In The Outsiders‚ by S.E. Hinton‚ a boy trying to figure out his identity while being bullied from a rival group‚ in Forever‚ by
Premium Adolescence Sexual intercourse Human sexual behavior
is a ‘sacred’ ritual because‚ in Christianity‚ it is called Baptism. This ritual is a way of welcoming into the religious community. Furthermore‚ it is a positive ritual because Christians celebrate this rite as a community to initiate a young member. Additionally‚ it can also be known as a rite of passage ritual because it celebrates the new life into the religious community. ‘Washing hands before meals‚’ is a ‘sacred’ ritual in some religions‚ such as Judaism. The purpose of this ‘sacred’ ritual
Premium Religion
SHAKESPEARE IS A FRAUD January 25th 2012 Shakespeare is a Fraud One cannot write thirty-six plays‚ one hundred and fifty-four sonnets and two long narrative poems if they were ordinary. But unbelievably‚ William Shakespeare did just that from 1564 – 1616. People have questioning how Shakespeare achieved writing such great pieces of literature‚ when the behind the scenes story does not add up. There are no records to prove he wrote anything and there is proof
Premium William Shakespeare Othello Iago