...Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions, recording fictitious assets, improper accounting for NOLCO, non-recording of appropriate allowances for uncollectible receivables, and misapplication of the percentage-of-completion method of accounting for long-term contracts. Ernest Grendi made the fraud possible, company CFO as helped by three senior accountants. These were aimed to inflate the price of the company stocks because of overstated earnings that caused them to receive sizable bonuses. However, JWP internal auditors just tolerated all of these because of their fear of being fired. In addition, Ernst & Young, the company’s external auditor, knowing the fraudulent activities, have been issuing an unqualified opinion for six consecutive years. This has been seen as a product of the close relationship between Grendi and his co-conspirators with E&Y. 2011 JAMAICA WATER PROPERTIES: A Case Study Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions, recording fictitious assets, improper accounting for NOLCO, non-recording of appropriate allowances for uncollectible receivables, and misapplication of the percentage-of-completion...
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...Jamaica Water Properties Introduction The case is about an accounting fraud that involves the Jamaica Water Properties, Inc. This fraud was discovered by David Sokol, who was at that time served as COO (Chief Operating Officer) of the Jamaica Water Properties, Inc. The main culprit was Ernest Grendi, JWP’s CFO, helped by several of the company’s senior accountants. Moreover, the company’s external auditor, Ernst & Young, seems to be involved as well. This case will show regarding the auditor independence, its duty as professional accountant, fraud, and the perspective from the employees toward their higher-ups management. Background Its company’s name, before becoming as JWP, was the Jamaica Water Supply Company. It began its operations in 1886 as a small business that delivered water to a few neighborhoods in the Queens borough of New York City. Gradually, the company expanded its geographic market and eventually became one of New York State’s largest water utilities. In the mid-1960s, Martin Dwyer took control of the company. Dwyer realized that the heavily regulated water utility industry limited his company’s profit potential, so he decided to expand it into other business. Because of his familiarity with governmental agencies, Dwyer began offering various contracting and construction services to local municipalities. Over the next several years, the company expanded into other lines of businesses by acquiring a varied assortment of small firms in the New York...
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...Financial Corporation Limited CA:ELF +0.26% . The combined organization, which will be referred to as Travelers Canada, will remain headquartered in Toronto. "The combination of Travelers Canada and The Dominion is an exciting development," said Alan Schnitzer, Vice Chairman and head of Travelers' Financial, Professional & International Insurance business segment. "It creates an exceptional platform for strengthening our presence in Canada and expanding our relationships with customers and brokers. We look forward to leveraging the strengths and expertise of both organizations to deliver an expanded range of products and an even higher level of service." About Travelers The Travelers Companies, Inc. TRV +0.11% is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $26 billion in 2012. For more information, visit www.travelers.com. Forward-Looking Statements The statements in this press release regarding the anticipated benefits from the transaction are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the factors that could cause actual results to differ include, but are not limited to: risks relating to pursuing new markets and opportunities, particularly in international markets; the risk that the acquisition and the integration of the acquired business...
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...2014 Jamaica Water Properties Case Study During a time in our recent history when greed and self promotion was the benchmark that most financial and managerial directors of companies, both public and private, seemed to strive for, David Sokol stands out above the crowd. Instead of looking to further his own self-image, career, or standing, instead of taking what most people would view as the easy road, Mr. Sokol did the right thing. He chose ethics, morals, and a straight compass to guide his career. Was it an easy road? No, but it was the right one. Would I be able to do the same thing? I would hope so. Although we never know with 100% certainty what we would do in a specific situation, I would hope that I would handle it the same way he did. David Sokol once said, “If you ever obtain something by lying, it’s worthless. Integrity is the highest order of the day.” I completely agree. One of the most important ways to maintain a good reputation, both personally and professionally, is to have honesty and integrity. Without those attributes, words are meaningless. I also agree with his decision to refuse the “staying on bonus” and leave the company. Although one might wonder if the outcome would have been different if he had stayed on to see them through the difficult period the company had in its future. But, Mr. Sokol knew that accepting that bonus would not have been a very ethical choice given the dire situation he knew Jamaica Water Properties (JWP) was about...
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...within their firm? 3.- Should business, accounting firms, and other organizations explicitly reward ethical behavior by their employees and executives? 4.- What measures accounting firms can take to reduce the risk that personal relationships between client personnel and members of an audit engagement team will adversely affect the quality of the audit? 5.- Was the 1988 “retention engagement” that Ernst & Young made with JWP appropriate? 6.- Why Ernst & Young agreed to pay a large settlement to JWP’s stockholders but chose to contest the lawsuit filed against it by the insurance companies? Facts In 1886, the Jamaican Water Supply Company began operations as a small business delivering water to a few neighborhoods in the Queens borough of New York. In the mid-1960’s, Martin Dwyer took control of JWC and realized that the heavily regulated water utility industry limited his company’s profits potential. Therefore, He decided to branch out into other businesses and began offering various contracting and construction services to local municipalities like installing telephone lines, working on street lighting projects and developing traffic control systems. The company continued to expand into other lines of businesses through acquisitions. To finance these companies Dwyer borrowed heavily from banks and other lenders. The high interest rates, the nationwide recession, and a series of poor decisions by Dwyer and his management team had driven the company to the verge of bankruptcy...
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...Handbook A guide to working with Water Corporation As endorsed by Introduction This handbook has been produced by the Water Corporation to assist plumbers and builders to work with the Corporation and our regulators to deliver the best possible outcomes for our customers, by protecting public health, as well as public and privately owned assets. We recognise the need for government bodies, utilities and industry to work together to identify relevant areas of responsibility within the plumbing industry and the services delivered to the community. In addition to their customer obligations, plumbers also have statutory obligations in protecting water and sewerage infrastructure. Laws and Regulations relevant to Water Corporation’s operations and assets that set out these obligations are listed within this publication, to guide plumbers and builders to other documents they need to understand, when delivering plumbing services. Information provided within this handbook was accurate at the time of print. Content updates will be made to the online version as required, available at www.watercorporation.com.au go to Builders and Developers,Buildingand click on our Plumbing Handbook To be notified of updates to the handbook email building.services@watercorporation.com.au with Plumbing Handbook Updates in the subject line. ISBN 1 74043 565 6 January 2014 1 Plumbing Handbook Contents Definitions 4 Working with the Water Corporation 5 1 1.1 ...
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...Real Property Boundaries Along Bodies of Water Rivers have been used as boundaries at least as long as civilizations have recorded their history. It is likely that before recorded history, nomadic tribes were bound by waterways. Historically, civilizations have developed on the banks of the world’s rivers for several basic reasons. Rivers create a natural defense against invasion, as well as a source of sustenance and commerce. The primary disadvantage is that a river tends to change its course. Either gradually, through erosion, reliction, and gradual accretion, or by avulsion, violently breaking through one of its banks, creating a new arm at some distance from its previous bed (1). The communities within the river valleys of the Euphrates, Tigris, Indus and Yellow, may have witnessed the first issues concerning shifting boundaries along waterways. While the laws that govern the United States are derived primarily from the common law of England, the solutions that governing bodies have arrived at concerning these shifting boundaries may be rooted along the banks of the Tiberis River of Ancient Rome. Drawing on Roman private property law and continuing through medieval and modern legal practice, common law jurisprudence and legal scholarship developed a distinction between the two processes of accretion and avulsion in order to mediate problems over a shifting river boundaries (2). Although there are references to the issues surrounding the topics contained within this...
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...client Muddy Waters owns personal residence, north of Indianapolis on the White River. Mrs. Waters bought this home because it was located on the river where her family could boat and fish. Mrs. Waters purchased the home five years ago for $500,000. Due to industrial pollution of the river, thousands of fish were killed and now the water is inhabitable. Mrs. Waters family does not feel safe going into the river. It remains unknown how long the river will stay this way. The residence itself has not incurred any physical damages. Mrs. Waters was unaware of any possible pollution problem that could occur following the purchase of the residence. Mrs. Waters has confirmed that the property is insured and that no claim on the property as been issued or awarded. Mrs. Waters has no intent to sell the residence within the next five years, and has yet to have the residence properly appraised. Mrs. Waters figures her property has dropped in value by approximately $200,000. Mrs. Waters is filing a joint a return with her husband and wants to deduct the $200,000 as a casualty loss. • Issue(s). Can Muddy Waters deduct the $200,00 in casualty losses of her personal residence due to the industrial water pollution to the river on her property? • Analysis....
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...COMPARISON OF WATER PIPING PVC and PEX Extended Research Task Introduction Polymers are nearly everywhere we look in present-day society. We use them for many different purposes as certain polymers can have certain characteristics which determine its applications. These characteristics depend on the very small intra and inter molecular bonding as well as their individual functional groups that greatly contribute to their properties. PVC and PEX are two very common polymers used to transport cold water in residential buildings; however their chemical and microscopic structures differ, giving each polymer its own unique properties. The purpose of this investigation is to compare the properties of each polymer determined by their inter and intra molecular structures. Properties needed in pipes for cold water transportation include flexible, lightweight, cost effective and safe for household/buildings. Polyvinyl Chloride Polyvinyl chloride (PVC) has many uses; one of its uses is water piping in residential buildings, due to its low cost, light weight , good insulation and low maintenance (“Polyvinyl chloride,” 2015) it suits the application perfectly. PVC is made from the polymerisation of the monomer vinyl chloride (VCM) displayed in Image 1, and achieves these properties due to its molecular structure. Image 1: Monomer vinyl chloride (VCM) PVC is mainly manufactured via suspension polymerisation; this process is explained in image 2. Image 2: Suspension Polymerization ...
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...ways of separating mixtures and substances. II. Materials: STATION 1 * White sand * Clean bottle * Rice grains * Spoons * Rags * Strainers STATION 2 * A glass of water * Table esalt * Alcohol lamp * Matches * Clean bottles * Stirring rods * Small beakers * Biscuit can cover * Tripod * White Sand * Rags STATION 3 * Ground charcoals * Rags * Iron filings * Magnet * 2 clean cups * Stirring rods III. Procedures: STATION 1 1. Examine each sample of sand and rice grains. 2. Name some properties of each sample. Prepare a data table for observations. 3. Put a tablespoon each of the sand and rice grains in a clean bottle and stir. 4. Again observe the properties of sand and rice grains and note down any changes. 5. Describe some methods for separating sand from rice. 6. Try the method that your group thinks is the most efficient. 7. Describe your results. STATION 2 1. Examine samples of water, sand and table salt. 2. Name some properties. 3. Fill a small beaker with water. 4. And in small propertions,half a spoon of salt, stirring the water after each addition. 5. Compare the appearance of salt before and after adding it to water. 6. Apply heat to the beaker and observe what happened when it was heated. 7. Repeat step 2 but using sand instead of salt. STATION 3 1. Examine the sample of iron filings and the sample of...
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...chemical wastes. After all, this stuff is just made ofthe same atoms that were already present in our environment. How would you counter this argument? Yes, that’s right cause the chemicals present in our environment every now and then are the same chemicals that are present in the industrial and agricultural wastes that are contaminating our environment Put in mind first that chemicals is used in large amount may leads or brings us to toxicity or poisoned. In fact these chemicals are made for the benefit of some other people but in the other hand, let's not get away with the possibility that, these are also disadvantage for the others. 3. What are the four emergent properties of water that contribute to Earth’s fitness for life? Explain each. Cohesive and Adhesive Behavior - Cohesion and adhesion in water are caused by the...
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...decrease as well as an 18.02% decrease. Public Works Department Expenditure decreased from $149.7 million to $107.2 million, an amount that represents $42.47 decrease as well as a 28.38% decrease. Economic Development Department Expenditure decreased from $102.2 million to $29.7 million, an amount that represents $72.5 decrease, as well as a 70.91% decrease. There are two items for improving Water and Sewer Systems. First, the City has a serious problem that water and sewer systems have broken down. The Water Services Expenditure in 2011-12 reflects the cost of improving these public infrastructures. For this reason, the item of public infrastructure is a 28.66% increase as well as $39.9 million from 2009-10 to 2011-12. In addition, the City needs to allocate additional funds for the improvements of healthy community, which are ‘House hold Hazardous Waste,’ ‘Industrial Waste Control,’ ‘Sewer Line Maintenance,’ and ‘Water Treatment.’ The item of the improvements of healthy community is a 35.5% increase as well as $14.7 million increase. To cover those costs, the City decided to raise 10% in water rates and 15% in sewer rates for constructing supplemental public infrastructure. Fire received $19.60 million increase as well as a 17.46% increase: The Improvement of Emergency Response Time The City considers that the Fire Department needs to reduce the response time of Ambulance Services to improve public safety and cope with increasing population, which led...
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...Property Research Report -Comparative Postcode & Property Analysis Jenna Trickett – s2799937 Scott Hollonds - s2800815 Property Research Report -Comparative Postcode & Property Analysis Jenna Trickett – s2799937 Scott Hollonds - s2800815 Semester One, 3219HSL Property Development Process Semester One, 3219HSL Property Development Process 08 Fall 08 Fall Jenna Trickett – 4214, Arundel Analysis Jenna Trickett – 4214, Arundel Analysis Scott Hollonds – 4216, Biggera Waters Analysis Scott Hollonds – 4216, Biggera Waters Analysis This report consists of three parts: two individual reports about two dwellings in two different postcodes and then a third part which compares the two dwellings and concludes with deciding which would be the best investment property with the most rental income. The first part of this report is focused on the postcode of 4214 which consists of suburbs such as Arundel, Parkwood, Molendinar and Ashmore. The price range that has been researched is between $500,000 to $600,000.The dwelling types that was given for this assignment was a house with 3 to 4 bedrooms, 2 bathroom and 2 garage car spaces. Refer to Appendix Five where you can see a picture of the property that matched this profile which I would purchase is located at 26 Petworth Court in the suburb of Arundel. It is a 4 bedroom, 2 bathrooms, with 2 garage spaces and 2...
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...Negrete C. Silver PROJ – 586 WBS – Outline 1. Benvenue Road Water Improvements Project 1. Permits 1. Send water permits to the State’s (NC) Water Division for approval for permitting to construct new water lines within the City 2. Have to obtain permits from the North Carolina Department (NCDOT) of Transportation to construct water lines because most water lines are constructed in the right of way area of the property boundaries from the highway to the property owner’s yards 3. Send easements, encroachment agreements or right of way acquisitions to property owners for the right to use or obtain ownership certain areas of the property due to construction 1. To be sent (Reges Property Owner, State Employees Credit Union) 2. The project manager meets with property owners to explain what the project consists of and to negotiate a cost for exchange for the property to be obtained or owned by the City – (appraisers propose a costs for initial start of negotiations) 2. Advertisement of Bids 1. Document Books for the Project Manual, Bid Manual and Plans are Prepared by Owner, Project Manager and Purchasing Department 2. Bids Advertised for Bidding 3. Contractors Obtain Bids (specification books and plans) for $100 nonrefundable fee to place bids 4. Bids are due by 2:00 two weeks from initial advertisement for bid 5. Pre-Bid Meeting held for Engineers, the Owner and all contractors to answer any questions...
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...differences. | | | Microscopic view of a gas. | Microscopic view of a liquid. | Microscopic view of a solid. | Note that: * Particles in a: * gas are well separated with no regular arrangement. * liquid are close together with no regular arrangement. * solid are tightly packed, usually in a regular pattern. * Particles in a: * gas vibrate and move freely at high speeds. * liquid vibrate, move about, and slide past each other. * solid vibrate (jiggle) but generally do not move from place to place. Liquids and solids are often referred to as condensed phases because the particles are very close together. The following table summarizes properties of gases, liquids, and solids and identifies the microscopic behavior responsible for each property. Some Characteristics of Gases, Liquids and Solids and the Microscopic Explanation for the Behavior | gas | liquid | solid | assumes the shape and volume of its container particles can move past one another | assumes the shape of the part of the container which it occupies particles can move/slide past one another | retains a fixed volume and shape rigid - particles locked into place | compressible lots of free space between particles | not easily compressible little free space between particles | not easily compressible little free space between particles | flows easily particles can move past one another | flows easily particles can move/slide past one another...
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