MIT765801 AUDITING Individual Assignment HIH Insurance Report Student Name: Jinyun Wang Student ID: MIT122634 Lecturer Name: Susan Currie Tutor Name: Susan Currie Due Date: 29 / 1 / 2014 Submitted date: 7/ 2/ 2014 by email Executive Summary The auditing profession plays a significant role in industrialized economies for many years. In the insurance industry‚ the manner of auditing profession is regulated. The collapse of Health International Holdings (HIH) was recorded
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Samantha Walsh English 101 Ms. Clement 18 February 2013 Failure Nobody ever wants to fail. When people think of “failure”‚ it usually is negative. Failure is commonly viewed as disappointment or not reaching desired goals. More often than not‚ it is associated with losing. After we experience failure‚ it is our choice how to internalize the experience. I believe that after failure‚ most people choose to stop taking big risks and stop from daring to dream big and instead let the failing experience
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The Buzz on Colony Collapse Disorder Denise Collins According to the National Geographic News website‚ the domestic honey bee population has decreased 50% in as many years (Roach‚ 2004). Many reasons are blamed for the decrease in honey bee numbers including diseases and pesticides. Scientists have given the decline in honey bee population phenomenon a name‚ Colony Collapse Disorder. While some experts maintain that Colony Collapse Disorder is a nuisance and not a catastrophe‚ it is a serious
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Collapse of the Soviet Union For most of the 1900’s‚ the Soviet Union was one of the most powerful countries in the world. They fought in both World Wars and they also helped to defeat the Nazis in World War 2. Even with all of their achievements‚ the Soviet Union’s government began to disagree with the people and even force their will upon them in the mid to late 1900’s and they finally collapsed in 1991. The collapse of the Soviet Union was caused mainly by internal issues that developed long
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1.26 Value of auditing Required: Would you obtain an audit for this company? Explain the reasons for your decision. Yes‚ audits exist because of regulatory mandate (required by government). There are three theories which propose reasons why demand for audits might exist without regulatory mandate: 1. Agency theory (The focus of the agency demand for auditing is more related to the stewardship role of accounting- which is more an examination of what has happened.) The separation of ownership
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detailed below along with the resulting potential for irregularities in the system. Failure to file cash invoices in numeric or date order makes it easy to “misfile” them and they could potentially be lost leading to bad debt write off. Failure to use a carbon copy process‚ if the invoices are raised manually‚ also exposes the council to risk of error because there is no guarantee the copy is an exact duplicate. Failure to provide a receipt on immediate collection of cash can expose the council to fraud
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automobile industry‚ a bankruptcy was filed on July 18‚ 2013. By this time‚ the city had reached 18-20 billion dollars in debt. This collapse not only affected the city’s industries‚ but the citizens of Detroit as well. Detroit is known to be one of the most difficult cities to live in as it breeds economic hardships. As Detroit rebuilds itself from economic and political failure‚ many people of the city endure hardships such as crime and poverty. Detroit has always relied heavily on it’s automobile industry
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What is Mgt Accounting? Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning‚ controlling and decision making. Management accounting combines accounting‚ finance and management with the leading edge techniques needed to drive successful businesses. Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations‚ to provide
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Collapse of Lehman Brothers Lehman Brothers was an investment bank that went back to the 1850s‚ surviving the Civil War‚ two World Wars‚ the Great Depression and any other great misfortune that this 160 year old company’s history had gone bankrupt. Lehman brothers were an important part in the financial and commercial industries in the United States. People may have thought that leverage was a bad thing; they should have realized that a dry-goods store turned into a huge investment bank then
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Chief Auditor It is a distinct pleasure to speak to this group that uniquely blends a passionate interest in auditing standards‚ practice‚ and education. I have the honor of being the first Chief Auditor of the Public Company Accounting Oversight Board – the primary advisor to the Board on policy and technical issues related to the auditing of public companies‚ including auditing standards‚ and the head of the PCAOB’s professional standard-setting division. However‚ the views I express today
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