...an international professional services network that provides industry focused assurance, auditing, consulting and tax services for a variety of companies with the majority of their revenue coming from business to business relationships. The firm was established in 1998 after a merger between Coopers & Lybrand and Price Waterhouse and the name was shortened to PwC for rebranding purposes. (“Big four (audit firms)”1) According to company revenue records in 2014, PwC is currently the second largest professional services network in the world, and are considered one of the big four auditors, competing with Deloitte, EY and KPMG. (“Big four (audit firms)”1) In addition, PwC has firms across 157 countries with over 195,400 employees. Their total revenue in 2014 is around 34 billion dollars with 15 billion generated by their assurance service, 8.8 billion by their tax services, and 10 billion by their consulting services. (“Big four (audit firms)”1) Types of competition this enterprise faces: PwC is one of the big four auditing companies along with Deloitte, EY and KPMG, therefore making it an oligopoly. Oligopolies provide very similar products, where smaller firms follow the lead of the top four auditors in the industry and consist of fairly inelastic demand. (Richardson 1) Another reason PwC is classified as an oligopoly is because there are many barriers to establishing an auditing company with an established network of services and only the top four have managed to survive...
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...Question B | 2-3 | Question C | 4 | Question D | 5 | Bibliography | 6 | Financial Accounting 1 Group Assignment Question A As what we understand for the words of Professional Accountant is who has experience and skills in establishing and maintaining accurate financial records for a business. Accountants’ works including control the system of record, auditing books and prepare a financial statement (Hossain, 2013). The accounting profession in Malaysia is controlled by the Malaysian Institute of Accountants (MIA) through the powers discussed by the Accountants Act, 1967. In Malaysia, we needed some certificates to show that we are accounting educated so that we are having the abilities to work as certain company’s accountant. Those certificates are known as ACCA, LCCA, CIMA and also MICPA. Start from few years back, Malaysia standard of requiring accountants was raised from LCCA to ACCA. With ACCA certificate, a person can consider as a professional accountant and so he or her has the ability to finish the duties. Question B In an organization, accountant plays a very important role. Without an accountant, the organization cannot work effectively (role of accountant, 2013). Accounting is a special division of knowledge. Both the accounting system and the accountant provide a very useful service to the society. There are a lot of stuff can be done by an accountant. Firstly, an accountant does bookkeeping. They keep a systematic record of the transaction in the business...
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...Deloitte Table of Contents ABSTRACT …………………………………………………………………… 03 INTRODUCTION …………………………………………………………………… 03 Company Background …………………………………………………………… 03 Service/ Objective …………………………………………………………………… 04 Division/Scope ……………………………………………………………………….. 04 WHAT IS ETIQUETTE? …………………………………………………………… 06 Trust …………………………………………………………… 08 Emotional trust …………………………………………………………… 08 Logical trust ………………………………………………………… 08 Survey …………………………………………………………… 08 Summary …………………………………………………………………… 09 Conflict of interest …………………………………………………………… 10 Conflict of Interest at the Individual level …………………………………………… 10 Conflict of Interest or Intellectual Bias ………………………………………… 11 Summary …………………………………………………………………… 11 Information access …………………………………………………………… 12 First Aspect of Definition …………………………………………………………… 12 Summary …………………………………………………………………… 13 Forgery …………………………………………………………… 14 First Aspect of Definition …………………………………………………………… 14 Hitler diaries ………………………………………………………… ………………14 Summary ……………………………………………………………………………15 Fraud Supplementation of Salary ………………………………………………………….16 False Statement …………………………………………………………………………16 Misuse of Government Property ………………………………………………………..17 CONCLUSIONS (CRITICAL THINKING) …………………………………………18 REFERENCES …………………………………………………………………..19 abstract Deloitte is one of the Big Four Accounting Firms. Deloitte...
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...Deloitte and Touche | Final Paper | | HR582 Managing Global Diversity | | Owner | 10/21/2010 | | Deloitte Diversity Audit Organizational Background: Deloitte is a staple in the financial accounting industry for over 100 years. In this time frame they have continued to revamp themselves to still remain relevant not only for their trade of accounting but developing its primary asset, their employees. Deloitte help set the standard after the crash with audits and regulations that led to more thorough accounting practices. Recognition for women and minorities is a huge initiative that has been driving a lot of their success into the 21st century. The investment in information technology would pay dividends to back up, store, and process electronic accounting data for Deloitte. The merger of the big 4 completion in 2002 the financial accounting industry will never be the same. PricewaterhouseCooper, Ernest & Young, KPMG, and Deloitte round out the big 4 audit firms. Deloitte is currently the largest of the big four by a narrow margin. All of the big four are among the top places to work (2009) nationally and in their respective headquarter locations. Since the 2000’s Deloitte has become an industry leader and model organization. The focus on recruiting the right talent to continue pushing the bar has been successful for Deloitte. Deloitte is striving to separate themselves from the big four and set the trends for the accounting industry. Criteria/...
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...Q1) ONE OF THE MORE PRESTIGIOUS JOBS IN THE FINANCE INDUSTRY IS BEING AN ACCOUNTANT. THE QUALIFYING PROCESS TAKES A LONG TIME BUT STUDENTS ARE NOT DETERRED. Accountants are employed by private accountancy firms, commercial businesses and industrial organisations or within the public sector. Their work entails: preparing accounts and tax returns; auditing financial information; giving financial advice; dealing with insolvency cases; meeting and interviewing clients; compiling, analysing and presenting information; and writing reports. Qualification Process In Malaysia, the word 'accountant' is protected. The Accountants Act 1967 established the Malaysian Institute of Accountants (MIA) as the national regulatory body for accountants. All persons practising as accountants or auditors in Malaysia are registered with Malaysian Institute of Accountants (MIA). Subsequent to the amendments to the Accountants Act 1967, which took effect on 28 June 2001, MIA members are now made up of 3 different groups of accountants. They are: Chartered accountants (previously public accountants and registered accountants) Licensed accountants (people who qualified via their vast work experience and were in practice prior to 1967, or members of the Malaysian Society of Accountants who passed any of the final examinations of that body last held in December 1992 and have gained 3 years' worth of related working experience) Associate Members (generally, academics who are currently teaching at universities...
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...is professional, scientific, and technical services and the industry is accounting services. The NAICS codes are 54 and 54121 respectively. Other associated NAICS codes include 541211 Offices of Certified Public Accounts, 541213 Tax Preparation Services, 541214 Payroll Services, and 541219 Other Accounting Services. For the purposes of this paper, all three industries will be discussed as a whole and referred to as accounting services since all of these are possible career choices for those with an accounting degree. There is a direct correlation between the number of establishments and the population disbursement. Typically the greater the population density, the greater number of firms. One exception is the Mid-Atlantic region which is comprised of New York, Pennsylvania, Ohio, and New Jersey. Here 25.5% of revenues are generated with only 15.3% of the establishments earning the revenue. This is due to the large number of major finance companies and the strong presence of the big 4 firms which include Deloitte, Ernst & Young, PricewaterhouseCoopers, and KPMG (Morea, “Accounting Services..”). Sector and Industry Background The professional, scientific, and technical services sector is comprised of intangibles, also known as services. Service industries are proven to have a prominent impact on economies of more developed countries. Approximately two-thirds of the United States economic activities are in service sectors. Typically the jobs in the professional, scientific...
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...Ernst & Young EXECUTIVE SUMMARY Ernst & Young commonly referred as EY, is one of the Big Four professional services firms along with Deloitte, PricewaterhouseCoopers and KPMG Ernst & Young is a multinational professional services firm headquartered in London, United Kingdom and was the third largest professional services firm in the world by aggregated revenue in 2012. The firm has employed 167,000 people and has more than 700 offices across more than 140 countries, providing assurance (including financial audit), tax, consulting and advisory services. In FY 2012, EY earned a record of $24.4 billion USD in revenue, ranking the third among the Big Four, after PricewaterhouseCoopers and Deloitte, ahead of KPMG. Ernst & Young offers its services to companies in a vast range of industries, including asset management, life sciences, mining, media and entertainment, retail, technology, and hotel and leisure. The company's financial reporting segment offers an IFRS/GAAP comparison so companies can compare and contrast the international and US accounting standards. The group's members firms are organized in four geographic areas: Europe, the Middle East, India, and Africa; the Americas (including Ernst & Young LLP); Japan; and the Asia/Pacific region. Ernst & Young is increasingly focused on the emerging markets, which have seen more rapid economic recovery than the developed nations. The company sees the trend of growth in the emerging markets as one that...
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...in a context where shareholders and other third parties rely on information from an audit which is paid for by the company being audited. We are not aware of evidence suggesting that the courts in the UK have made, or are liable to make, excessive damages awards against auditors. Professional indemnity insurance is available, and LLP status – the chosen corporate form of many audit businesses – exists to protect partners' personal assets. The competition arguments 1.3 It has been argued that a cap on auditors' liability would however be procompetitive because it would lead to: • • • 1.4 a reduction in the barriers to entry and growth facing smaller audit firms the maintenance of competition between larger audit firms, including for non-audit work, and less risk of collapse of one of the Big Four. On the basis of the evidence available to us, however, none of these arguments appears compelling. First, the current liability position is a minor barrier to entry in comparison to reputation, third party perceptions, economies of scale, global networks, regulation, and various other impediments to the entry and growth of smaller audit firms. The liability position is symmetric as between all audit firms, so the introduction of a cap would not 1.5 Office of Fair Trading 1 appreciably alter the relative...
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...Deloitte Consulting WetFeet Insider Guide 2005 Edition The WetFeet Research Methodology You hold in your hands a copy of the best-quality research available for job seekers. We have designed this Insider Guide to save you time doing your job research and to provide highly accurate information written precisely for the needs of the job-seeking public. (We also hope that you’ll enjoy reading it, because, believe it or not, the job search doesn’t have to be a pain in the neck.) Each WetFeet Insider Guide represents hundreds of hours of careful research and writing. We start with a review of the public information available. (Our writers are also experts in reading between the lines.) We augment this information with dozens of in-depth interviews of people who actually work for each company or industry we cover. And, although we keep the identity of the rank-and-file employees anonymous to encourage candor, we also interview the company’s recruiting staff extensively, to make sure that we give you, the reader, accurate information about recruiting, process, compensation, hiring targets, and so on. (WetFeet retains all editorial control of the product.) We also regularly survey our members and customers to learn about their experiences in the recruiting process. Finally, each Insider Guide goes through an editorial review and fact-checking process to make sure that the information and writing live up to our exacting standards before it goes out the door. Are we perfect? No—but...
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...Who Are the ERP Vendors? Depending on who you talk to, the primary ERP vendors are referred to as BOPSE (BAAN, Oracle, PeopleSoft, SAP, and J.D. Edwards). Other ERP firms include (but are not limited to) Great Plains, Lawson, Platinum, QAD, and Ross and Solomon (see e.g. Keeling 1996; Kersnar and May 1999). For additional information, see PricewaterhouseCoopers (1998). BAAN (www.baan.com) BAAN was founded in the Netherlands in 1978. BAAN's ERP market share is roughly 5% (Stein 1997), and 1998 revenues were roughly $750 million (Bylinsky 1999). BAAN has approximately 3,000 clients in 5,000 sites world-wide. BAAN was thrust into the national ERP software spotlight when they won the Boeing ERP engagement in 1994. The founders recently left BAAN, in part because of irregularities in financial reporting that led to inflated sales figures (Maremont and Rose 1998). Oracle (www.oracle.com) Oracle is the second-largest supplier of software in the world. However, they are perhaps best known for their database system, not their ERP applications. Oracle was founded in 1977 in the United States. Oracle's applications were developed for the U.S. market in 1989 and for the international market in 1993. In 1997, Oracle announced that they were going to market to specific industries tries (Greenberg 1997a) and improve the international characteristics of their software (Greenberg 1997b). In 1997, Oracle's market share was reportedly 10% of the ERP market (see Herrera 1999), and 1998...
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...Information system field and these new technologies will makes everything easy for us. The following essay will discuss the variety of new technologies and their effects on accounting processes, ways technologies have changed the way accounting is performed at, and explain corporate accounting, accounting professional services, and audit firms. Over the years we have seen technology change the way each individual does business. Each year companies are introducing new software that allows business owners and accounting firms to create balance sheet, payroll, and bookkeeping in matter of minutes. Business has seen account software like QuickBooks, turbo tax and peach tree to makes the necessary credit and debit for business. One of the new technologies that an individual is introduced to in accounting firms are Intuits quick book and cloud system. Cloud system is a web hosting application located off site. The advantage of cloud system is that we never have to install any account software in the firm’s computer; instead companies install software and store data in a server that is in a different locating. These servers will be in a data center facility. With the cloud service available accountant will never have to worry about buying an extra hardware to store the extra data, and this information can be accessed any of the days from anywhere. Intuits QuickBooks is one of advance account technology available in the world and more than 92.4% individuals are using this software...
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...issue of audit reporting for financially distressed firms continues to be of interest to the public and to legislators. Previous studies have consistently shown that auditors fail to issue going-concern opinions to more than half of bankrupt firms one year prior to bankruptcy. The Enron and Arthur Andersen failures in late 2001 and early 2002, respectively, led to the enactment of the Sarbanes-Oxley Act (SOX) in July 2002. Audit firms now claim that they have become much more conservative with respect to client retention and acceptance decisions because the risks associated with auditing increased significantly after the enactment of the SOX. The primary purpose of this study is to provide a basis for a proper evaluation of auditors’ performance. We conducted performance comparisons between the pre- and post-SOX periods. Although auditors are now expected to use a more vigorous audit process in deciding whether to issue going-concern or other qualified opinions to financially distressed firms, our preliminary results show that there is no significant difference between the two periods. Key words: Audit Decision, Going-Concern, Opinion, Z-score, Industry Failure Rate The Effect of Sarbanes Oxley, Page 1 Journal of Finance and Accountancy INTRODUCTION The Enron and Arthur Andersen failures in late 2001 and early 2002, respectively, led to the enactment of the Sarbanes-Oxley Act (SOX) in July 2002. Audit firms now claim that they have become much more conservative...
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...The P.C.A.O.B. review of PwC The Sarbanes-Oxley Act On July 30th, 2002 the 107th Congress of the United States enacted public law 107-204, better known as the Sarbanes-Oxley act. This congressional action was in response to many unscrupulous acts by major corporations which caused investors to lose confidence in the capital markets. The major issues were caused by three main organizations, Enron, WorldCo, and Tyco. Enron, did not accurately record their debt obligations. They also recorded gains on internal sales amongst subsidiaries effectively overstating profits. WorldCom capitalized expenses that violated the Generally Accepted Accoutnign principles skewing creating inflated profits. Tyco’s fraud included providing unapproved loans to executives and then subsequently forgiving these debts without approval from the Board of Directors. The PCAOB Prior to the the enactment of the Sarbanes –Oxley Act the accoutning profession was operating in an era of self-governance. The audit standards had been set by the AICPA. Title I of the Satrbanes-Oxley Act established the Public Company Accounting Oversight Board. The PCAOB was created to “to oversee the audit of public companies that are subject to the securities laws, and related matters, in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports for companies the securities of which are sold to, and held by and for, public investors...
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...Globalizing Indian Manufacturing Competing in Global Manufacturing and Service Networks A Report on the Summit on Indian Manufacturing Competitiveness by Deloitte Research, the Indian School of Business, New York University, and Purdue University with support from the National Science Foundation Table of Contents Executive Summary: Globalizing Indian Manufacturing .......... 1 Competing in Global Manufacturing and Service Networks ..... 5 The path to becoming competitive ............................................... 5 Cracking the code for success in emerging markets...................... 5 Overcoming the size barrier.......................................................... 6 Growth strategies for Indian manufacturing ................................ 7 Indian Manufacturing and Global Competitiveness .................. 8 Scale and innovation ................................................................... 8 Reverse currents: Going overseas for growth ............................... 9 Going global with pharmaceuticals .............................................. 9 The opportunity in the food chain ............................................. 10 Becoming suppliers of choice ..................................................... 10 Simplifying India for global retailers ........................................... 11 Multinational Companies Entering Indian Markets ................. 12 From India to the world............................................
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...Diamond Food Case Project Requirement 1 1. Manipulation of commodity cost. As a common practice in the company, management would instruct related accounting employee to decrease the commodity costs by a small incremental at a time, until the desired earning numbers for that period was achieved. 2. Special accounting treatment of grower payments. Diamond made “continuity payment” and “momentum payment” to manipulate cost to growers. These payments were claimed to be advances for multi-year supply from growers, hence the company delay the recognition of these amounts as costs in later periods. However, payments to growers were actually for the crop in prior year although Diamond insisted the payments were for current year; and growers who already cancelled their contracts with Diamond still received this payment, which suggested that these payments, in substance, should have been for previous periods. Diamond used this controversial accounting method to continuously defer part of its payments to later periods, which reduced current costs and increased net income. Conversely, Diamond also increased its current cost by making more payment, when its EPS exceeded the expectation. The “continuity payment” method was continuously applied, and it created a cost pool in future period, which gave the company room to adjust costs and expenses in accordance with the management’s goals. Requirement 2 No, both recording of “continuity” payments and “momentum” payments did not...
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