were responsible for Enron crisis‚ including independent auditor‚ key executive officers‚ internal auditors‚ SEC and FASB. The hypocrisy‚ dishonorable actions and unethical behavior of Kenney Lay‚ Jeffrey Skilling‚ Andrew Fastow led to bankruptcy. This and many other problems‚ such as loss in transactions involving the swaps stocks‚ SPE related issues and est.‚ finally contributed to crisis. As Enron executives‚ all of their concerns should have been focused on Enron’s profits‚ but seems that many
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Amy was assigned to analyze and provide the Auditors with the necessary clarification and documentation‚ as Delima Enterprise Sdn Bhd (DEBS) had not performed the statutory audit. It was July‚ 2006 when Encik Zayed engaged the external Auditor Aziz & Co‚ introduced by his friend to perform the statutory audit for the period of 2003 to 2006. That was the first audit experience for the couples and it was a difficult learning experience. The Auditors expressed their intention to qualify the Financial
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Case Study 3 a) What events or condition above may cause substantial doubt about the entity’s ability to continue as a going concern? Events or condition that may cause substantial doubt about the entity’s ability to continue as a going concern are the first one‚ because of the high competition in the industry‚ it has affected the sales of the Fast Go. The effect of vigorous competition in the markets has makes it difficult for Fast Go to attract and retain customers and to grow their customer
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Instructions for the final laboratory report Your Full Name Cebu Institute of Technology - University your_email_address@cit.edu Abstract The abstract should have a maximum of 100 words and should briefly state the problem‚ method‚ and the summary of the lab report. Lab reports can be computerized or handwritten with 2 cm (1 in) left and right indention for the abstract. 1. Introduction Paper to be used is 8.5” x 11” (letter or short bondpaper). There will be a 1-inch or 25.4 mm margin on all
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Do you consider Proctor to be heroic? As Proctor signs away his soul and seals himself to lies‚ he cries the agonising statement that renders the audience and readers helpless. “Proctor: [with a cry of his soul] … I have given you my soul‚ leave me my name!”Is Proctor a hero? What is a hero? What makes somebody a hero? Hero: a man of distinguished courage or ability‚ admired for his brave deeds and noble qualities. [dictionary.com] Every hero has a flaw; an Achilles heel‚ so to speak. This
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How would you describe yourself as a person? What do you consider to be your major strengths and weaknesses? Which are some of your weaknesses you think need serious improvements? Which of your strengths you would like to polish and convert into excellence? That must be the reason why God resides in the heavens above us – because from high up‚ you gain a whole new perspective on the world. It was 5 a.m. on a Friday morning. From the balcony ledge‚ I gazed out into the horizon where mist on the
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Steven D. Levitt and Stephen J. Dubner’s article‚ “SuperFreakonomics: What Should You Worry About?” is a piece that explains what we as humans worry about that aren’t as big of a deal as we think. Levitt and Dubner claim that we are terrible at assessing risk and that we focus more on things like shark attacks and lightning strikes versus things like heart disease which has a more likely chance of doing harm to us. Economics is a key term that they use to explain how we can assess the risks that
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Can you get fired for what you post online? In October 2010‚ Mariana Cole-Rivera‚ a domestic violence advocate at the group Hispanics United of Buffalo‚ began the Facebook thread that would get her fired. Cole-Rivera and four of her co-workers who’d responded to her post had lost their jobs. Their boss said their Facebook thread violated HUB’s harassment policy by disparaging a co-worker. The Facebook post said that‚ “Lydia Cruz‚ who is one of their co-workers‚ felt that the group wasn’t helping
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are and what we need to be. Competence and capabilities Comply with ethical requirements Interdependence Due care – give your best everyday Professional skepticism/ judgment Performance: what we did or didn’t do To obtain reasonable assurance Plan and properly supervise audit. Apply appropriate materiality Assess risk of material misstatement Based on understanding of entity (client) Environment – inc. internal control Sufficient appropriate evidence to reach opinions Reporting
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Criminal Records: A Fault in America’s Hiring Decisions When most people are applying for jobs they are usually concerned with whether or not they’ll meet the qualifications in the eyes of the hiring manager or whether or not they’ll make the cut between the remaining candidates. However‚ there are people who worry about whether or not their past actions and criminal convictions will bar them from even being considered for employment. The sensitive topic that worries so many people is background
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