Auditor’s Responsibilities in Fraud and Error Detection Auditing October 17‚ 2011 Auditor’s Responsibilities in Fraud and Error Detection In recent years‚ scandals such as Enron and WorldCom have not only brought up the question “Where were the auditors?‚” but have also brought to our nation’s attention that auditing of public companies must be done with more precision and must have guidelines on the proper way to account for different items. Fraud‚ illegal acts‚ and errors happen every day
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Many changes in financial reporting have taken place as a result of The Sarbanes-Oxley Act. This legislation was passed by congress in 2002. It introduced important modifications and standards to the regulatory requirements of financial practice and corporate governance for all publicly traded companies in the United States. The SOX act is composed of eleven titles and includes important provisions such as Section 404 that deals with reporting of internal control processes by corporate management
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Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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Question 1 : Is there anything unique about L&H that made the company prone to engage in fraudulent accounting practices? The unique characteristics in L&H that made it prone to engage in fraudulent accounting practices were the rapid expansion and acquisition of companies beyond their boundaries‚ and the inability to oversee these operations. Another important factor that stands out is the lack of ethical values portrayed by the founders of L&H. The top management did not set code of ethics‚ but
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There is a long list of historical cases that document a series of financial scandals that are as a result of deliberate misguidance instigated by the international financial professional in order to fulfil ill financial ambitions. The famous Enron‚ WorldCom‚ HIH Insurance‚ Barrings Bank etc. Apparently‚ this is why I am totally agreeing to the fact that the international accounting profession has lost its way and is no longer attending to the needs of diverse users of accounting information in a manner
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effect is the outrageous 2.4 billion dollar price tag of one B-2 bomber. This cost has driven away many supporters indicating it would cause the U.S. economy to falter. Furthermore‚ some critics don’t like the idea of a plane that can go completely undetected because it may give our military an unfair advantage (most of these critics where from other countries). Most agree that the 2.4 billion dollar B-2 shouldn’t go into mass production because of its effect on the economy. In contrast‚ there is a solution
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Games Directors play While analysing the Reality of Boardroom we say many games and tactics often employed by directors so that they don’t lose power. Some such games were alliance‚ coalition‚ lobbying‚ scaremongering‚ log rolling etc. Here also majority of BOD were near and dear ones of Bright so everybody chose to stay quiet about what is going on. Under-reserving Like we say in the HLL case under-reserving is a tactic used by firms but in the long run it cant stop companies from collapsing
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com/component/k2/item/8322-capital-purchase-justification.html Gerson ‚ J. (2013‚ May 16). Ontario’s outdated mammography machines may have allowed some breast cancers to go undetected: report. Retrieved May 31‚ 2013 from http://news.nationalpost.com/2013/05/15/ontarios-outdated-mammography-machines- may-have-allowed-some-breast-cancers-to-go-undetected-report/ Magnetom espree - pink. (2013). Retrieved May 31‚ 2013 from http://healthcare.siemens.com/magnetic-resonance-imaging/0-35-to-1-5t-mri- scanner/magnetom-espree-pink
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Inhalants "Inhalants are volatile substances that produce chemical vapors that can be inhaled to induce a psychoactive‚ or mind-altering‚ effect. “http://www.drugabuse.gov/publications/research-reports/inhalant -abuse/what-are-inhalants” Inhalants are not natural‚ they are man made in factories. There are four main types of inhalants which are volatile solvents‚ gases‚ aerosols‚ and nitrites. Some examples of these are household products such as glue‚ paint thinner‚ and aerosol cans. Inhalants
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Auditor Professional Pressures 59 63 65 71 79 3.2 Nathan Johnson’s Rental Car Reimbursement Solving Ethical Dilemmas–Should He Pocket the Cash? Recognizing It’s a Fraud and Evaluating What to Do . . . . . . 3.3 The Anonymous Caller 3.4 WorldCom The Story of a Whistleblower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Hollinger International . . . . . . . . . . . . . . . . . . . . . . . Realities of
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