... 1.376 | *This could be a red flag because this comes in closer to the mean manipulators index than the non-manipulators index. | | | | Gross Margin Index | 2.144 | *This is definitely a red flag because it is much higher than the average manipulators index of 1.193. | | | | Asset Quality | 0.7714 | *Not a red flag because it is smaller than the mean non-manipulators index. | | | | Sales Growth Index | 2.513 | *This is also a red flag because it is much higher than the mean manipulators index. | | | | Total Accruals to Total Assets Index | -0.0121 | *TATA is not a red flag because it is very close to the non-manipulators index. | Key Ratios for Investing Price/Book | 5.597 | | | | *Red flag because industry average is only between 2 and 3. | Price/Earnings | 71.429 | | | | *Red flag because average is between 20 and 25 which is significantly lower. | Price/Sales | 0.637 | | | | *Not a red flag because this falls below the benchmark of 1.9. | Price/Cash Flow | 13.433 | | | | *Not a red flag because this falls below the benchmark of 15.1. | Profit Margin | 0.9713% | | | | *Red flag because this does not fall within the benchmark of 4%-8%. | Top-Line Growth | 151.269% | | | | *Red flag because the benchmark should fall between 5% and 20% | Bottom-Line Growth | 9.63% | | | | *Not a red flag, falls between 5% and 15%. | Return on Assets | 1.495% | | | | *Red flag because it does not fall between...
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...REPORT OF INVESTIGATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION OFFICE OF INSPECTOR GENERAL Case No. OIG-509 Investigation of Failure of the SEC To Uncover Bernard Madoff's Ponzi Scheme Executive Summary The OIG investigation did not find evidence that any SEC personnel who worked on an SEC examination or investigation of Bernard L. Madoff Investment Securities, LLC (BMIS) had any financial or other inappropriate connection with Bernard Madoff or the Madoff family that influenced the conduct of their examination or investigatory work. The OIG also did not find that former SEC Assistant Director Eric Swanson's romantic relationship with Bernard Madoffs niece, Shana Madoff, influenced the conduct of the SEC examinations of Madoff and his firm. We also did not find that senior officials at the SEC directly attempted to influence examinations or investigations of Madoff or the Madofffirm, nor was there evidence any senior SEC official interfered with the staffs ability to perform its work. The OIG investigation did find, however, that the SEC received more than ample information in the form of detailed and substantive complaints over the years to warrant a thorough and comprehensive examination and/or investigation of Bernard Madoff and BMIS for operating a Ponzi scheme, and that despite three examinations and two investigations being conducted, a thorough and competent investigation or examination was never performed. The OIG found that between June 1992 and December...
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...Summary Taking from the Givers Taking from the Givers discusses cases of fraud in humanitarian organizations. Just as any organization, these organizations are also prone to the usual internal control problems which may lead to cases of fraud. The author of this article, Krishna Menon, has worked as an auditor at an international humanitarian organization and has conducted audits in several countries such as Sudan, Kenya, and Nigeria. Krishna discusses a fraud case which she has worked on where “Sam”, the financial assistant for an international humanitarian organization conspired with a bank employee to supply himself with some extra money amounting to $120,000 in three years. According to her, there were many red flags such as the fact that frequent payments were being charged to payables and many payment vouchers for disbursing these allowances weren’t available in the monthly box files containing vouchers and couldn’t be traced. Moreover, when Sam was called for questioning he would constantly be unavailable. When they finally did meet him, there were signs that something funny was going on. Sam had the latest phones and other expensive toys which each cost more than his monthly salary. The review conducted showed that many of the procedures weren’t carried out as per the organization’s policies and instructions. For example; the office was using several checkbooks, a large number of checks weren’t in the name of the payee, bank reconciliations were not satisfactorily performed...
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...Statements of Aim……………………………………………………... Collection of Data……………………………………………………… Summary of Findings………………………………………………….. Analysis and Interpretation…………………………………………….. Conclusion……………………………………………………………… Bibliography……………………………………………………………. ACKNOWLEDEGMENT INTRODUCTION This SBA speaks and teaches about Rastafarian symbols and their impact on daily lives also why they are needed in sermons and in addition to inform us on how they are used. TOPIC OF RESEARCH Rastafarian Symbols STATEMENT OF AIMS 1. How Rastafarian Symbols have an impact on today’s life. 2. Deduce why symbols are needed in sermons. 3. Deduce how the symbols are appropriately used. COLLECTON OF DATA DATE | METHOD OF INVESTIGATION | PROCEDURE | January 9 2016 | Reviewed literature | Analyzed research papers and utilized encyclopedia info. | January 10 2016 | Interview | Interviewed several individuals on their view of the religion. | January 12 2016 | Reviewed Religious Blogs and sites. | Search through sites and blogs with appropriate involvement with topic. | SUMMARY OF FINDINGS Firstly, we focus on the symbolic flag that contains the red, yellow, and green colors. The red represents the blood of the martyrs. The yellow represents the wealth and prosperity of Africa. The green represents the lush vegetation of Zion. The conquering Lion in the centre of the flag symbolizes Africa and the Emperor...
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...process descriptor. The mm field in task_struct points to the memory descriptor, mm_struct, which is an executive summary of a program’s memory. It stores the start and end of memory segments as shown above, the number of physical memory pages used by the process (rss stands for Resident Set Size), the amount of virtual address space used, and other tidbits. Within the memory descriptor we also find the two work horses for managing program memory: the set of virtual memory areas and the page tables. Gonzo’s memory areas are shown below: Kernel memory descriptor and memory areas Each virtual memory area (VMA) is a contiguous range of virtual addresses; these areas never overlap. An instance of vm_area_struct fully describes a memory area, including its start and end addresses, flags to determine access rights and behaviors, and the vm_file field to specify which file is being mapped by the area, if any. A VMA that does not map a file is anonymous. Each memory segment above (e.g., heap, stack) corresponds to a single VMA, with the exception of the memory mapping segment. This is not a requirement, though it is usual in x86 machines. VMAs do not care which segment they are in. A program’s VMAs are stored in its memory descriptor both as a linked list in the mmap field, ordered by starting virtual address, and as a red-black tree rooted at the mm_rb field. The red-black tree allows the kernel to search quickly for the memory area covering a given virtual address. When you read...
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...each symbol is used. * Assess the significance of each symbol to the Rastafarian community. The data was collected between the periods of July 10-19, 2012. The researcher visited the St Ann’s bay parish library where the researcher found information on the beliefs and symbols of the Rastafarian religion in the test books present. The internet was also used to obtain some of the information. On the 5th of August, an interview was done between the researcher and Mr. Abejah Smith who lives in Runaway Bay, St Ann. He was asked questions that were previously prepared by the researcher .answers received were documented. PICTURE 1 Rastafarian Dreadlocks. PICTURE 2 The Marijuana plant PICTURE 3 The Rastafarian Flag. PICTURE 4 The Conquering lion of Judah. PICTURE showing some the Rastafarian tams PICTURE showing a suit made of the Rastafarian colours. PICTURE showing a woman wearing the dress which is made with the Rastafarian colours. PICTURE showing a Rasta man smoking. RASTA BRACELET RASTA NECLACE LEATAHER RASTA BRACELET COCO EARING RASTA NECLACE WHITE COCONUT BRACELET QUESTIONNAIRE What are your views about God? 1. Are you a real Rasta or a natty dread? 2. If...
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...Summary of Experience Often times these troubled children are only looking for someone to care for them. These children mostly came from families lacking love and affection that they need and want. Many of the teens were placed in these homes because their families just didn’t care what they did. During this career path I was taught many ways to problem solve and work with these children. Working with troubled youth can be very challenging but you also see how rewarding and meaningful it can be. During this time I observed how the youth will try and test the patience of their authority and push many rules that are placed for them. While I was working with these children I realized that you really need to love working with children and want to help them. There are a wide variety of careers that involve providing direct care services to troubled youth. Some of the job titles that work with the troubled youth include case worker or case manager, residential counselor or group care worker, youth advocate and child care worker. I worked as a group care worker in a female teen group home. In this home the group care worker would teach and guide the teens with everyday living techniques and needs. This would be anything from cooking, school work, cleaning, finance and budgeting, and careers. The teens would look at their group care worker as a mentor. These teens had set rules to follow and chores that needed to be done daily. The girls found their lives very structured and we...
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...accountants act with integrity, objectivity, due care, fully disclose any conflicts of interest, maintain client confidentiality, and serve the public interest. Unfortunately, not every member of the accounting profession adheres to these standards. One accounting ethical issue is fraudulent financial reporting. Fraudulent financial reporting is “the intentional misinterpretation of an entity’s financial statements with the aim of giving recipients a mistaken impression about its operating performance and visibility.” (Knopick, 2017) Although financial statement fraud is the least common, it is the costliest form of occupational fraud. The ACFE’s 2018 Report to the Nations stated that fraudulent financial reporting occurred in only 10% of the cases, nevertheless, it caused a median loss of $800,000 dollars. Enron is one of the biggest financial statement fraud scandals in recent history. Enron started off as a pipeline company and became one of the largest energy trading companies in the country. It was named “America’s Most Innovative Company” between 1996 and 2001 by Fortune. (Segal, 2018) In August 2000, Enron’s stock hit an all-time high of $90.56. By the time the company filed for Chapter 11 bankruptcy, its stock closed at $0.26. Many were left wondering how the country’s energy giant could collapse. CEO Jeffrey Skilling incorporated mark-to-market accounting which helped facilitate the fraud. Mark-to-market accounting enabled the company to value its energy trades at its current...
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...Executive Summary for Pinto Case In the automobile industry, the Pinto case is a reminder of how business decisions can cause people to act unethical when money and social pressures arise. The Ford Motor Company (Ford) sought to compete with foreign car manufacturers and expedite the production of vehicles even if it meant disregarding red flag signals. Your gut can still be useful in alerting you that something might be wrong—that you’re facing an ethical dilemma—in the first place (Trevino & Nelson, 2007). The Pinto case questions the behavior of employees who acted unethical even when presented with safety issues that would change the lives of consumers. The following summary will provide details about the Pinto case. Key factors surrounding the Ford Pinto case A key factor surrounding the Ford Pinto case was cost and safety. Ford was aware that the Pinto exploded when rear-ended. Dennis Gioia brought his concern to the committee. Because of the lack of evidence, the committee voted not to recall. Even after evidence was found, the committee again decided not to recall because in the word of Lee Iacocca “safety didn’t sell.” Ford became the topic of corporate social responsibility, unethical behavior and decision-making. At a time when fuel prices were on the rise, Ford decided to compete with foreign manufacturers by producing fuel efficient compact cars. The firm pushed to produce vehicles by breaking its ethical code and manufacturing cars that carried a safety...
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...CASE 1.8 CRAZY EDDIE, INC. Synopsis Eddie Antar opened his first retail consumer electronics store in 1969 near Coney Island in New York City. By 1987, Antar's firm, Crazy Eddie, Inc., was a public company with annual sales exceeding $350 million. The rapid growth of the company's revenues and profits after it went public in 1984 caused Crazy Eddie's stock to be labeled as a "can't miss" investment by prominent Wall Street financial analysts. Unfortunately, the rags-to-riches story of Eddie Antar unraveled in the late 1980s following a hostile takeover of Crazy Eddie, Inc. After assuming control of the company, the new owners discovered a massive overstatement of inventory that wiped out the cumulative profits reported by the company since it went public in 1984. Subsequent investigations by various regulatory authorities, including the SEC, resulted in numerous civil lawsuits and criminal indictments being filed against Antar and his former associates. Following the collapse of Crazy Eddie, Inc., in the late 1980s, regulatory authorities and the business press criticized the company's auditors for failing to discover that the company's financial statements had been grossly misstated. This case focuses on the accounting frauds perpetrated by Antar and his associates and the related auditing issues. Among...
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...| | | | | | | | | | | | | | | | | | | | | | | | | | Milestone versions of the report are issued including the complete document with the sections completed to date to reflect the work to date by the analyst team. The milestone versions of the document are authorized for release only after the analyst’s signature has been obtained. Milestone 1 PREPARED: DATE:___/___/___ (for acceptance) (, signature) POSITION: ___ Milestone 2 PREPARED: DATE:___/___/___ (for acceptance) (, signature) POSITION: ___ Milestone 1 PREPARED: DATE:___/___/___ (for acceptance) (, signature) POSITION: ___ TABLE OF CONTENTS 1 Executive Summary 7 2 strategy analysis 7 2.1 Industry Analysis 7 2.2 Competitive Strategy Analysis 7 2.3 Corporate Strategy Analysis 7 3 accounting analysis 7 3.1 Overview of...
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...Madoff was a widely known investment broker who, for a long time, was able to swindle investors out of their money. He did this by implementing one of the largest Ponzi schemes in history. Discovering the exact details about who was involved, how heavily they were involved, and the extent of the losses incurred may yet take many years. The goal of this research is to attempt to explain how the fraud was executed by explaining various details involved in this Ponzi scheme. These details include how the fraud was executed, parties that were involved positively and negatively, motives of each party, controls that may have prevented or deterred the fraud, any SEC involvement, how the fraud was discovered, and the resolution of the case. It is best for cases like this to start at the top of the pyramid and work down through the pyramid. To begin, one must understand a Ponzi scheme and how it works in order to determine how Madoff conducted his particular scheme. A Ponzi scheme is designed to steal money from investors by promising consistent or large returns that are secured by previous investor’s funds. About.com lists five key elements of this type of scheme consisting of the benefit, the setup, initial credibility, initial returns, and communicated success (Mofatt, 2012). The benefit is the promise of a return at above normal averages or more consistently than usual. The next element, the setup is a believable explanation of how these returns are achieved; either through inside...
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...Q 1: Evaluate Enron profit and cash flow performance during the period 1998 – 2000? Profitability Measures Enron’s reported net income grew from $703 million in 1998 to $979 million in 2000, totaling 35.1% profit growth for the three-year period. Enron was among the leading of “high performing” companies by sustaining a high earnings growth insight. However, as Table 1 indicates, Enron’s reported profits were microscopic relation to revenues. Net income did not grow at anything near the same rate as revenues, which grew a remarkable rate of more than 3 times of the income from 1998 to 2000. As a result, there was a steady decline in net profit margin, from 2.2% in 1998 to a paltry 1% in 2001. Similarly, Enron’s gross profit margin (gross profits as a percent of revenues) declined from 15.6% in 1998 to 13.3% in 1999, and took a dramatic drop to 6.2% in the following year as earnings more than doubled. Enron’s rapidly declining profitability was not questioned by Wall Street analysts, as long as the reported net profits continued to grow at 15% plus per year—regardless of how small these profits actually were as a percentage of revenues. Table 1: Declining Gross Profit Margin and Net Profit Margin, 1998-2000 | |1998 |1999 |2000 | | | | | ...
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...NSA Surveillance Source Summaries Summary number one Authors Katyal and Caplan (2008) wrote an article for the Stanford Law Review that strengthens the idea that National Security Agency surveillance programs operating independently of external authorization or even knowledge of the Executive branch has a surprising level of legality based upon the precedence set by former president Franklin Delano Roosevelt. The divulgence of information obtained without authorization from either the sender or receiver was expressly prohibited via the telecommunications act of 1934. The FDR administration interpreted that wiretapping was legal as long as the information was not divulged. Subsequently, many legal battles began and congress as well as the Supreme Court began inhibiting surveillance by the government in favor of constitutional protections and rights. This led to emergence of secretive surveillance by the FDR administration. The Foreign intelligence and surveillance act of 1978 sought to legaly reintroduce surveillance but in most cases required judiciary authorization. There are some exceptions written into the act that allows surveillance but for limited periods of time and/or requiring congress to formally declare an act of war. Previous precedence of the FDR administration and loopholes within the FISA act was basis for the Bush administration to carry on the legacy of unauthorized and unknown surveillance. Likewise, during this administration...
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...Current Event 1: Health Care Summary Jay Hancock wrote an article titled, “Workplace Programs put Employees Privacy at Risk”, which was published to CNN on October 2, 2015. In his article, he discussed how workers from Houston were unsure about joining the employee wellness program because they were on edge to find out if it was in fact a legitimate wellness program or if it was a marketing scheme. Hancock stated that in Houston, it was required of employees to participate with the company wellness program and they were expected to give all of their confidential medical history. Jay Hancock informed the audience that the company was used to lower medical costs and improved the health of workers overall. With being told to reveal their personal medical history, Hancock said that the workers missed in the fine print that their confidential history could be posted in areas viewable to the public and no longer protected by the privacy law. Jay Hancock stated that Houston workers do have the freedom to opt out of the wellness program but with that, they are expected to pay an extra $300 a year for medical coverage. Hancock quoted Ray Hunt, president of the Houston Police Officers’ Union, when he said, “We don’t mind giving our information to our health care providers, but we don’t want to give it to a vendor that has carte blanche to give that information to anybody they want to.” Opinion I personally agree with the frustration that the Houston workers have towards this wellness...
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