...The Knapp Commission was a committee of five citizens established and impanelled in 1972 by the New York City Mayor who was John Lindsay during that time. The commission endeavored to investigate corrupt activities of police officers, detectives, and supervisors working in the New York Police Department (NYPD). Mayor Lindsay was pressured to investigate corruption in the NYPD after a series of articles that appeared in local newspapers that detailed a wide breadth of corrupt activities of officers throughout the NYPD. The two officers that helped launch the investigation were Frank Serpico and David Durk. They were once both idealistic officers who became increasingly frustrated after attempting to report the corrupt activities to their...
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...POLICE CORRUPTION AND MISCONDUCT Police corruption became widespread shortly after the formation of the first American police departments in the 1800's. Police misconduct can range from minor cases to criminal acts that are considered to be corruption. Misconduct can be defined as mismanagement especially of governmental or military responsibilities or intentional wrongdoing; specifically: deliberate violation of law or standard especially by a government official; or improper behavior. Corruption is defined as impairment of integrity, virtue, or moral principle: depravity; decay, decomposition; inducement to wrong by improper or unlawful means (as bribery); a departure from the original or from what is pure and correct. Police corruption is a very gray area because people and society disagree on what is classified as corruption. One of the most famous police officers in the United States is Frank Serpico. Serpico had pride in wearing his police uniform, but it quickly dissipated when he realized his partner was picking up pad money (payments by store owners to ensure cops would be there in case of trouble, but also ignore minor violations of the store owners and their customers). Serpico did not want anything to do with that and didn't want the ...
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...securities from the 1960s. From as early as 1962, it is believed Madoff started hiding his clients’ losses. Madoff hid the losses from his clients in order to boost his reputation. The larger portion of Madoff’s fraudulent activity began in the 1970s, under BLMIS. In this time Madoff began using his supposed genious tactics to make a profit from pricing errors in the stock exchange (Lewis, 2013). Madoff’s clients were led to believe that their invested funds were invested in as many as 35 to 50 common stocks from the S&P 100 index (Lewis, 2013). If there was a case in which all of the client’s funds were not invested in common stock, then Madoff told the clients the money was invested in money market accounts or government issued securities (Lewis, 2013). However, Madoff was not actually investing the client’s funds, but instead placed the money in his bank account. Madoff gave the client’s funds to friends, family, and those who aided Madoff in his fraudulent scheme (Lewis, 2013). Madoff boosted his character in the public eye, by giving money to charities (Rittenberg, Johnstone, Gramling, & Knapp, 2012). The regulatory oversight that was in place, while Madoff’s Ponzi scheme was operating was the Securities Exchange Commission, the SEC. Also, the Sarbanes Oxley Act of 2002, which Congress passed. The purpose of the Sarbanes Oxley Act is to protect shareholders and the general public from...
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...angered investors. How could this have happened? Did no one see this coming? Where were the accountants? Where were the controls? Enron’s public troubles began on October 16th of 2001 when management released a third quarter earnings report with a “mysterious $1.2 billion dollar reduction.” The following month the company restated earnings for the previous five years and erased $600 million in profits. It turned out that the October report began to reveal Enron’s gross abuse of special-purpose entities (SPEs) and the mark-to-market accounting method. The company used SPEs to keep enormous amounts of losses off its books while inflating earnings from supply contracts by booking all profits from a contract in the quarter the deal was made. What also became clear was that Enron did not accomplish their gross manipulations without the help from their accountant’s at Arthur Andersen. Enron shareholders and executives were not the only groups negatively affected by Enron’s aggressive accounting practices. Arthur Andersen was also unraveled because of the role it played in Enron’s materially misstated financial statements. In a letter to Kenneth Lay (, Enron’s CEO before and after Jeffrey Skilling’s short term) shortly after Jeffrey Skilling resigned, Sherron Watkins, a VP at Enron, expressed her concern with the state of the company and expressed stated concerns about Enron’s accounting practices even though they were “blessed” by Arthur Andersen. Because of these “blessings” Arthur...
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...Issues 1.- What different Course of action David Sokol should have taken? 2.- What measures can and should be taken to make it easier for corporate employees to “blow the whistle” on a fraudulent scheme they uncover 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...
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...International Journal of Business and Management December, 2009 Auditor Independence: Malaysian Accountants’ Perceptions Nur Barizah Abu Bakar (Corresponding author) Department of Accounting, Faculty of Economics and Management Sciences International Islamic University Malaysia PO Box, 10, 50728, Kuala Lumpur, Malaysia Tel: 60-19-288-4540 E-mail: nur.barizah@gmail.com Maslina Ahmad Department of Accounting, Faculty of Economics and Management Sciences International Islamic University Malaysia PO Box, 10, 50728, Kuala Lumpur, Malaysia E-mail: maslina@iiu.edu.my Abstract Independence is the primary justification of the existence, and thus the hallmark of the auditing profession. It is recognized as the primary attribute to be maintained by auditors in all circumstances. This study attempts to explore the determinants of auditor independence as perceived by Malaysian accountants using a self-administered mail survey. It was evidenced from the survey that size of audit fees is the most important factor, followed by competition, size of audit firm, tenure, provision of management advisory service and finally audit committee. More specifically, the study indicates that (1) larger size of audit fees, (2) audit firms operating in a higher level of competitive environments, (3) smaller audit firms, (4) audit firms serving a given client over a longer duration, (5) audit firms providing MAS, and, (6) the non-existence of an audit committee, are perceived as having a higher risk of...
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...A CONTEMPORARY AUDITING REAL ISSUES AND CASES Seventh Edition Michael C. Knapp University of Oklahoma ; \ 1% SOUTH-WESTERN CENGAGE Learning- Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States CONTENTS SECTION 1 Comprehensive Cases 1 Case 1.1 Enron Corporation 3 Arthur Edward Andersen established a simple motto that he required his subordinates and clients to invoke: "Think straight, talk straight." For decades, that motto sewed Arthur Andersen & Co. well. Unfortunately, the firm's association with one client, Enron Corporation, abruptly ended Andersen's long and proud history in the public accounting profession. K Y TOPICS: history of the public accounting profession in the United States, scope of E professional services provided to audit clients, auditor independence, and retention of audit workpapers. ; Case 1.2 Just for FEET, Inc. 23 In the fall of 1999, just a few months after reporting a record profit for fiscal 1998, Just for Feet collapsed and filed for bankruptcy. Subsequent investigations by law enforcement authorities revealed a massive accounting fraud that had grossly misrepresented the company's reported operating results. Key features of the fraud were improper accounting for "vendor allowances" and intentional understatements of the company's inventory valuation allowance. K Y TOPICS: applying analytical procedures, identifying inherent risk and control risk E factors, need for auditors to monitor...
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...Sexual harassment in the workplace: a literature review Carrie Hunt, Marilyn Davidson, Sandra Fielden and Helge Hoel Manchester Business School, University of Manchester Sexual harassment in the workplace: A literature review Carrie Hunt, Marilyn Davidson, Sandra Fielden and Helge Hoel The Centre for Equality and Diversity at Work Manchester Business School, University of Manchester 2 © Equal Opportunities Commission 2007 First published Summer 2007 ISBN 978 1 84206 033 9 EOC WORKING PAPER SERIES The EOC Working Paper Series provides a channel for the dissemination of research carried out by externally commissioned researchers. The views expressed in this report are those of the authors and do not necessarily represent the views of the Commission or other participating organisations. The Commission is publishing the report as a contribution to discussion and debate. Please contact the Research and Resources team for further information about other EOC research reports, or visit our website: Research and Resources Equal Opportunities Commission Arndale House Arndale Centre Manchester M4 3EQ Email: research@eoc.org.uk Telephone: 0161 838 8340 Website: www.eoc.org.uk/research You can download a copy of this report as a PDF from our website, or call our Helpline to order a copy: Website: Email: Helpline: www.eoc.org.uk/research info@eoc.org.uk 0845 601 5901 (calls charged at local rates) Interpreting service available for callers to the Helpline Typetalk service...
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...harassment in the workplace: a literature review Carrie Hunt, Marilyn Davidson, Sandra Fielden and Helge Hoel Manchester Business School, University of Manchester Sexual harassment in the workplace: A literature review Carrie Hunt, Marilyn Davidson, Sandra Fielden and Helge Hoel The Centre for Equality and Diversity at Work Manchester Business School, University of Manchester 2 © Equal Opportunities Commission 2007 First published Summer 2007 ISBN 978 1 84206 033 9 EOC WORKING PAPER SERIES The EOC Working Paper Series provides a channel for the dissemination of research carried out by externally commissioned researchers. The views expressed in this report are those of the authors and do not necessarily represent the views of the Commission or other participating organisations. The Commission is publishing the report as a contribution to discussion and debate. Please contact the Research and Resources team for further information about other EOC research reports, or visit our website: Research and Resources Equal Opportunities Commission Arndale House Arndale Centre Manchester M4 3EQ Email: research@eoc.org.uk Telephone: 0161 838 8340 Website: www.eoc.org.uk/research You can download a copy of this report as a PDF from our website, or call our Helpline to order a copy: Website: Email: Helpline: www.eoc.org.uk/research info@eoc.org.uk 0845 601 5901 (calls charged at local rates) Interpreting service available for callers...
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...Licensed to: iChapters User Licensed to: iChapters User CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected...
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...THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION B E NJAM I N G RAHAM Updated with New Commentary by Jason Zweig To E.M.G. Through chances various, through all vicissitudes, we make our way. . . . Aeneid Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish COMMENTARY ON THE INTRODUCTION 1. 1 12 35 The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 3. 18 COMMENTARY ON CHAPTER 1 2. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 58 65 COMMENTARY ON CHAPTER 3 4. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security...
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...Crime, Corruption and Cover-ups in the Chicago Police Department Anti-Corruption Report Number 7 January 17, 2013 Authored by: John Hagedorn Bart Kmiecik Dick Simpson Thomas J. Gradel Melissa Mouritsen Zmuda David Sterrett With Ivana Savic Justin Escamilla Magdalena Waluszko Dalibor Jurisic Tricia Chebat Published by University of Illinois at Chicago Department of Political Science 1 The Chicago Police Department has a legacy of both heroism and corruption. On the one hand, the department’s officers risk their lives on a daily basis to enforce the law, protect the public and preserve the peace. On the other hand, Chicago has a checkered history of police scandals and an embarrassingly long list of police officers who have crossed the line to engage in brutality, corruption and criminal activity. An analysis of five decades of news reports reveals that since 1960, a total of 295 Chicago Police officers have been convicted of serious crimes, such as drug dealing, beatings of civilians, destroying evidence, protecting mobsters, theft and murder. Moreover, the listing of police convicted of crimes undoubtedly underestimates the problem of corruption in the Chicago Police Department (CPD). The list does not include undetected and unreported illegal activity, serious misconduct resulting in internal disciplinary action, and officers who retire rather than face charges. Our analysis of police corruption in Chicago yields four major findings. First, corruption has long persisted...
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...the audit profession was then merely a matter of time. Management Controls Operations and Communications Management has control over the accounting systems and internal controls of the enterprises that auditors audit. Management is not only responsible for the financial and internal control reports to investors, but also has the authority to determine the precise nature of the representations that go into those reports. However, management can scarcely be expected to take an impartial view of this process. Communications to Stakeholders – the Financial Statements The financial statements measure the financial and non-financial performance and financial position of the organization that management manages. Internal controls determine what and how management objectives are met. They have an important influence on...
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...MARITIME LIENS IN THE CONFLICT OF LAWS (final version published in J.A.R. Nafziger & Symeon C. Symeonides, eds., Law and Justice in a Multistate World: Essays in Honor of Arthur T. von Mehren, Transnational Publishers Inc., Ardsley, N. Y. 2002 at pp. 439-457) Prof. William Tetley, Q.C.* INDEX I. II. Preface - Homage to Arthur T. von Mehren Introduction - Maritime Liens 1) 2) III. Civilian origins of maritime liens Characteristics of maritime liens Maritime Liens as Sources of Conflicts of Law 1) 2) 3) The differing scope of "maritime liens" Other maritime claims Different ranking of maritime liens and claims IV. V. VI. VII. The United Kingdom - The Lex Fori The United States - The Proper Law Canada Some Other Jurisdictions 1) 2) 3) 4) 5) China Israel Greece Sweden The Netherlands VIII. The Rome Convention 1980 IX. * Conclusion Professor of Law, McGill University; Distinguished Visiting Professor of Maritime and Commercial Law, Tulane University; counsel to Langlois Gaudreau O'Connor of Montreal. The author acknowledges with thanks the assistance of Robert C. Wilkins, B.A., B.C.L., in the preparation and correction of the text. -2- MARITIME LIENS IN THE CONFLICT OF LAWS Prof. William Tetley, Q.C.* I. Preface - Homage to Arthur T. von Mehren I am honoured to contribute to Prof. Arthur von Mehren's festschrift. On occasion, I have leaned upon and even borrowed (with great benefit and I hope with complete citation), his writings and, for example, have...
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...Ethical Responsibility in Pharmacy Practice Robert A. Buerki, Ph.D. Professor Division of Pharmacy Practice and Administration The Ohio State University Louis D. Vottero, M.S. Professor of Pharmacy Emeritus Ohio Northern University American Institute of the History of Pharmacy Madison, Wisconsin 2002 Acknowledgments: Pages 208-10: "Principles of Medical Ethics" and "Fundamental Elements of the Patient-Physician Relationship," reprinted with permission from the Code of Medical Ethics, American Medical Association, © 1994 and © 2000. AMA logo reprinted with the permission of the American Medical Association. © 2002 American Medical Association. Usage of the AMA logo does not imply an endorsement of the non-AMA material found in this book. Page 211: "Code of Ethics for Nurses with Interpretive Statements," reprinted with permission from the American Nurses Association, © 2001 American Nurses Publishing, American Nurses Foundation/American Nurses Association, Washington, D.C. Pages 212-15: "A Patient's Bill of Rights," reprinted with permission of the American Hospital Association, © 1992. Pages 216-17: "Pharmacy Patient's Bill of Rights," reprinted with permission of the National Association of Boards of Pharmacy. On the cover: The "triad of medical care" has been the basis for the ethical relationship between the pharmacist, the physician, and the patient for centuries. In the background, an early depiction of the triad from Book 7 of the encyclopedia...
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