...factors present at WM that are indicative of the incentive or pressure to perpetrate fraud are WM paid large audit fees as well as other related fees to the external auditor AA. This incentive causes AA to treat WM as valuable client and agree to compromise with the company to commit fraud. The other factor is the strong interest of the management in employing inappropriate means to meet predetermined earnings target. Since the company’s revenue was not growing fast enough to meet those targets, the company management fraudulently manipulated the expenses to inflate earnings. Moreover, the company’s financial performance is threatened by a high degree of competition, primarily in pricing and rendering services, from various sources in all phases of its operations which drive them to manipulate the financial reporting. The second fraud condition is the opportunity to carry out the fraud. Assets and revenues are based on significant estimates that involve subjective judgments and uncertainties that are hard to verify. This gives opportunity for the company to manipulate their accounting methods and estimates in several areas including vehicle and equipment depreciation and landfill cost accounting. The opportunity to commit fraud also exists due to the fact that the CEO and CFO had previously worked as an auditor at AA and some of the accounting personnel were the former AA employees. This situation makes it easy for the fraud to happen. Last but not least, the factors that become...
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...Pratt’s beginning with the Order applying the CAPP program through the Order Granting CLG Attorney’s fees. All orders are final (Rule 54(b)). The Appeal, subject to C.A.R. 31(c) and C. A. R. 28(a), RT=Reporters Transcript; AA: =Appendix; Ad: =Addendum (Orders attached to brief). II. STATEMENT OF ISSUES A. Whether the court erred in concluding that Brumfiel failed to state a claim under 12(b) (5); and concurrently that defendant lacked standing. B. Whether the Statute of Limitation of 1 year was tolled under the Continuing injury Doctrine in Brumfiel’s FDCPA claim. C. Whether the court erred in denying Brumfiel’s Motion to Dismiss on grounds that the Trust had standing to foreclose and denying her defenses including constitutional defense. D. Whether the Court erred Granting Plf’s Summary Judgment, where the Trustee’s status as holder was disputed as sufficient to foreclose. E. Whether the Court erred by holding that Brumfiel may not, as a non-party, challenge an assignment or agreement. F. Whether the court committed error by applying the Civil Access Pilot Program (CAPP) to Defendant’s foreclosure. G. Whether the court abused its discretion by making rulings on evidence that denied her a chance to tell her side, and withholding excess proceeds from the sale. H. Whether the plaintiff waived any deficiency judgment. 1 I. Whether the court erred by granting the CLG attorney’s fees from an Untimely, and Procedurally Defective Request. III. STATEMENT OF THE CASE The Trustee initially...
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...ENVIRONMENT TECHNOLOGY | MARKETS | REGULATIONS | Company started using computers for bookkeeping.Company developed the largest technology practice. | Arthur Andersen was well respected, reputable auditing company for many customers.Early 1950s Andersen entered in computer consulting business. | The federal law in 1930’s which required companies to provide their financial statements to an independent auditor each year helped Andersen’s grow. | STRATEGY Quality audits were valued more than higher short-run firm profits.“Four cornerstones” of good service, quality audits, well managed staff and profits.Auditors were rewarded and promoted for making sound audit decisions. Mid-level partner was making average $160,000 in today’s currency.In 1990s AA formulated a new strategy that focused on generating new business and cutting costs. It included how partners should empathize with clients. | ORANIZATIONAL ARCHITECTURE AA’s both business (auditing and consulting) had significant decision rights over its business. New “2X” performance evaluation...
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...ALCOHOLIC ANONYMOUS MEETING EXPERIENCE Locating an AA meeting was very easy. I had researched online various times, locations, and types of meetings in Essex County. I was surprised by how many meeting locations were in my neighborhood. Through this source I was able to find an AA meeting that was within a reasonable distance as I did not want to attend one the was close to my house because I did not want to meet someone I know at the meeting. Online resource for finding a location was easy and the name and address including directions to the location was at some web site assessed. The meeting I attended was at a local church 10 miles away in West Orange New Jersey. There were 19 people excluding myself, 10 women and 9 men. The one hour meeting started at 8pm and was very interesting and informative. I attended the meeting alone on a Sunday night. I was quite apprehensive about going to a meeting, more so than I expected to be and I was nervous about being invasive to the privacy of AA members. I was expecting to see more men than women because I was thinking that men drink alcoholic beverages more than women. My imagination, with the help of television and movies, painted a picture in my mind of what an AA meeting would be like. It portrayed a room filled with people that obviously looked like addicts; unkempt appearances, borderline offensive hygiene, and at least one person emitting a radiance of booze while swaying back and forth in his chair. I also expected that being...
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...48824, USA M. J. Neeley School of Business, Texas Christian University, Fort Worth, TX 76129, USA c Fordham University, 441E Fordham Road, Bronx, NY 10458, USA b a r t i c l e i n f o Article history: Received 12 December 2010 Received in revised form 13 July 2011 Accepted 9 August 2011 Available online 7 April 2012 JEL classification: G18 G20 G28 Keywords: Credit ratings Investor pay Issuer pay Moody’s S&P abstract We test whether Standard and Poor’s (S&P) assigns higher bond ratings after it switches from investor-pay to issuer-pay fees in 1974. Using Moody’s rating for the same bond as a benchmark, we find that when S&P charges investors and Moody’s charges issuers, S&P’s ratings are lower than Moody’s. Once S&P adopts issuer-pay, its ratings increase and no longer differ from Moody’s. More importantly, S&P only assigns higher ratings for bonds that are subject to greater conflicts of interest, measured by higher expected rating fees or lower credit quality. These findings suggest that the issuer-pay model leads to higher ratings. & 2012 Elsevier B.V. All rights reserved. 1. Introduction This paper investigates whether charging bond issuers for credit ratings leads to higher ratings. The three major credit rating agencies—Standard & Poor’s (S&P), Moody’s Investor Service (Moody’s), and Fitch—have been heavily criticized since 2002, when they failed to foresee the bankruptcies of Enron and WorldCom. During the recent financial crisis, the major...
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...speak tackle the situation. The letter clearly expresses Watkins’ concerns with the SPEs including Braveheart, Rawhide, Raptor, Condor, and Talon. Andrew Fastow was the Chief Financial Officer; therefore, he should have been more aware. Apparently Fastow knew about the various SPEs because he named them after his children. Arthur Andersen & Co. was responsible for auditing the financial statements of Enron and should have been more aware. Their knowledge and expertise of accounting practices should have alerted them to the various SPEs and their treatment. They should have been more thorough in their investigation. Even when they did discover Enron’s treatment and communicated those thoughts, Enron did not address the issue. AA then had the responsibility to disconnect their firm from the audit. 2. Three types of consulting services that audit firms have provided to their audit clients include: Internal Auditing-Threat of biased audits and threat of objectivity Design of Accounting Systems-Threat of creating illegal programs, accessing files, and threats to database management Development of E-Commerce Initiatives-Threat of violating restrictions All of the above services can threaten the independence of an accounting firm. If a company offers more than market...
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...August 5, 2011 Research Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative Primary Credit Analyst: Nikola G Swann, CFA, FRM, Toronto (1) 416-507-2582;nikola_swann@standardandpoors.com Secondary Contacts: John Chambers, CFA, New York (1) 212-438-7344;john_chambers@standardandpoors.com David T Beers, London (44) 20-7176-7101;david_beers@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Related Criteria And Research Ratings List www.standardandpoors.com/ratingsdirect 1 883559 | 300978643 Research Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative Overview • We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating. • We have also removed both the short- and long-term ratings from CreditWatch negative. • The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics. • More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned...
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...Return on Investment from Online Banking Services: An Analysis of Financial Account Aggregation Tereza Cristina Melo de Brito Carvalho Michael Siegel CISL WP#02-12 August 2002 Sloan School of Management Massachusetts Institute of Technology Cambridge, MA 02142 Return on Investment from Online Banking Services: An Analysis of Financial Account Aggregation Tereza Cristina Melo de Brito Carvalho Assistant Professor of Information Systems and Technical Director Laboratory of Computer Architecture and Networks at the University of Sao Paulo - Brazil carvalho@larc.usp.br Michael Siegel Principal Research Scientist Sloan School of Management Massachusetts Institute of Technology msiegel@mit.edu Abstract The successful adoption of Financial Account Aggregation requires a careful analysis of the business model. The business model must be defined in a way that provides value to both customers and financial institutions. This paper identifies business models for adoption of Account Aggregation technology; proposes a method for calculating the return on investment related to the adoption of this technology; and applies the proposed method to estimate this return for various business models. The results show how the return on investment is affected by parameters such as initial investment, customer acquisition and retention cost and product and service cross-selling. This analysis is applicable to financial and nonfinancial institutions considering Account Aggregation or other new...
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...ATTACHMENT A: GENERIC TRAINING PLAN EY Zimbabwe – 2013 Instructions for completion · This is a generic training plan for ONE hypothetical trainee · All applicants must complete all the sections TRAINING PLAN Elective: Auditing & Assurance Residuals: Taxation Management Decision-Making & Control Financial Management Internal Audit, Risk Management and Governance COMPULSORY SKILLS BUSINESS ETHICS Mode through which competence will be achieved (i.e. practical experience/ simulation Competency to be achieved BE(C) Acts ethically and in accordance with the rules of professional conduct Tasks to be performed BE(C)1 Displays honesty and integrity BE(C)2 BE(C)3 BE(C)4 BE(C)5 BE(C)6 BE(C)7 BE(C)8 Carries out work with a desire to exercise due care Maintains objectivity and independence Avoids conflict of interest Protects the confidentiality of information Maintains and enhances the profession’s reputation Adheres to the rules of professional conduct, including the ICAZ Code of Professional Conduct Identifies and adequately responds to potential ethical dilemmas Examples of activities to be performed by trainees to gain exposure to this competence E&Y Firm values – Our shared values inspire our people worldwide and guide them to do the right thing, and our commitment to quality is embedded in who we are and in everything we do. Our values define who we are · · · People who demonstrate integrity, respect and teaming People with energy, enthusiasm and the courage to lead People who...
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...2012 Creating a more valuable Vodafone We are creating a more valuable Vodafone Our strategy is focused on four areas of growth potential and founded on strong capital and cost discipline. This is delivering results: we have outperformed our key competitors in most major markets, and returned over £10 billion to shareholders in the last 12 months. £46.4bn £11.5bn Group revenue increased 1.2% to £46.4 billion with a strong demand for data services and further voice penetration in emerging markets. Adjusted operating profit was £11.5 billion, slightly down on last year (up 2.5%* on an organic basis) supported by a good performance from our US associate, Verizon Wireless. £6.1bn Free cash flow of £6.1 billion, decreased due to the sale of our interests in China and France and a lower working capital benefit. 9.52p Total ordinary dividends per share of 9.52 pence, up 7.0% in line with our dividend per share growth target. We also paid a special dividend of 4.0 pence per share and our £6.8 billion share buyback programme is almost complete. £6.4bn Capital expenditure increased by 2.3%, as we continued to maintain our high level of investment to support our network strategy. 14.91p Adjusted earnings per share of 14.91 pence, down 11.0% on last year, resulting from the loss of income following the sale of several businesses and higher financing costs. Vodafone Group Plc Annual Report 2012 01 Business review In this year’s report ...
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...A500 Accounting Ethics—Introduction Lecture Outline * Two Preliminary Questions: 1. Why is ethics taught in accounting, business, and tax schools? 2. Should ethics be taught in accounting, business, and tax schools? I. Why teach it?: * Because of these guys and others like them: Kenneth Lay, Founder Jeffrey Skilling, CEO B.A. and M.A. in economics from the University of Missouri. Ph.D. in economics from Houston University. On May 25, 2006, Lay was convicted of 10 counts of security fraud. On July 5, 2006, while vacationing in Colorado, he suffered a heart attack and died before sentencing. As a result, the federal judge that presided over his trial vacated Lay’s conviction. B.A. in business from the Southern Methodist University. M.B.A. from the Harvard Business School (top 5% of class). Convicted of conspiracy, securities fraud, making false statements, and insider trading. 24-year, four month sentence. The DOJ in 2013 agreed to reduce it to 14 years in return for Skilling releasing $40 million in restitution to victims, held up by appeals. Andrew Fastow, CFO B.A. in economics from Tufts University. M.B.A. from Northwestern University. In 2004, he pled guilty to two counts of conspiracy to commit wire and securities fraud, forfeited $30 million, and agreed to testify. Received a six-year sentence. Now works...
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...AMERICAN APPAREL REPORT ANALYSIS 13/12/2011 [->0] SUBMITTED BY: JOEL CHERIAN – SMBA 11081 American Apparel COMPANY PROFILE :- American Apparel is one of the quickest growing companies in popularity among college aged shoppers. They are a very fresh, and very liberal corporation with a young and talkative CEO- David Charney . It is seemingly the “perfect” company- set on high wages and benefits for workers, using the least environmentally damaging chemicals and processes, and offering great products at a reasonable price. American Apparel is the most passionate and innovative wholesale blank T-shirt manufacturer and distributor in the world. It is committed to leveraging art, design, and technology to produce garments of the highest quality, while pioneering industry standards of social responsibility in the workplace. The major goal is to seek profits through innovation not exploitation. American Aparel are advancing a hyper capitalist-socialist business fusion. By relentlessly pursuing efficiencies in management and production, we aim to demonstrate that the use of exploitative labor tactics is not only unnecessary...
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...conditioning (VAC) industry. The Air-Conditioning Contractors industry is not dominated by any company. As a matter of fact, no company can boast of having more than 5.0% of the total annual revenue in the industry. The major players in the ventilation and air conditioning (VAC) industry are .0smaller firms that specialize in kinds of VAC systems or dominates a certain location. The ventilation and air conditioning (VAC) industry is indeed a very large industry and pretty much thriving in all the parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al. As a matter of fact, there are no companies with a leading market share in the industry. Statistics has it that in Maldives there are about ……………. registeredventilation and air conditioning (VAC) related businesses. Overall the ventilation and air conditioning (VAC) related businesses all over the world are...
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...Velazquez 1 Employee Assistant Programs Tonya Velazquez Fayetteville Technical Community College Business 137 Principles of Management Ray Walters 22 April 2014 Abstract What is an employee assistant program? When did it start? Why is it needed? When should employees and employers utilize the program? Is it more cost-effective to hire new trainees and fire existing workers who no long perform to their full potential? This essay will give a brief outlook on the Employee Assistant Program and the benefits it gives not only to the employees but the business as a whole. An employee assistant program or EAP is a confidential, employer-sponsored initiative that provides emotional, mental and physical health support services, to help support issues that may affect an employee’s work. Most services in program offer some sort of counseling. Examples of ways in which an employee assistance program offers support include alcohol and substance abuse intervention, individual and couples counseling, and financial assistance for health related expenditures (“Components of an Employee Assistant Program”). These services and programs are a benefit offered by employers as a means to encourage employee retention as well as improve the productivity and culture of the work environment. Services offered are free of charge on a short-term basis. As businesses and...
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...2/21/13 The bitter sweet truth about credit card reward schemes | GulfNews.com February 21 2013 | Last updated 2 minutes ago gulfnews.com Business | Your Money The bitter sweet truth about credit card reward schemes If you are the type of person who can pay off your credit card in full each month, exploit the advantages. If you are not, stay well away as nothing compares to the pain of unpaid debt By Cleofe Maceda, Senior Reporter Published: 00:00 January 21, 2012 loading Close [x] gulfnews.com/business/your-money/the-bitter-sweet-truth-about-credit-card-reward-schemes-1.968638 1/11 2/21/13 The bitter sweet truth about credit card reward schemes | GulfNews.com Image Credit: Supplied Perhaps the biggest allure of credit cards is the ability to spend without having to carry cash. But for some people, part of the appeal is the belief that frequent card use can bring a host of incredible rewards. In rewards schemes, the cardholder earns a fraction of the amount spent in the form of cash, vouchers and gifts. Free tickets to a dream destination, weekend stays at a luxury resort, dining and retail discounts are just a few of the freebies up for grabs. Because the offers often look too tempting to resist, cardholders are increasingly pursuing air miles and points to supplement their expenses. Consequently, as consumers swipe more, spending and debt levels also rise. A Federal Reserve Bank of Chicago paper published in December 2010 tackled the impact...
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