Disparate Impact of SOX on Large and Small Firms Andrew Rubin St. John’s University I. Introduction During the early 2000’s there was a series of scandals involving many large, multinational firms. Among these firms were Enron, Tyco and WorldCom, all of whom had been costing investors and stakeholders millions, if not billions, of dollars through fraud. Following the scandal, the downturn in investor confidence was enormous. Looking back, there appeared to be a culture
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Introduction WorldCom is a telecommunications company which was lead by CEO, Bernard Ebbers and CFO, Scott Sullivan. In 1999, WorldCom was not melting Wall Street’s revenue and earnings expectations, and it appeared that the coming year would produce more bad news. The CFO argued for setting realistic targets. However the CEO insisted that the company needed double digit growth, and pushed for aggressive targets. These aggressive targets were not supported by historical data or strategic assessments
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Management's attitude toward aggressive financial reporting and its emphasis on meeting projected profit goals most likely would significantly influence an entity's control environment when [pic][pic] A. The audit committee is active in overseeing the entity’s financial reporting policies. Answer A is incorrect. An active audit committee tends to temper management's aggressive stance. [pic] B. External policies established by parties outside the entity affect its accounting practices. Answer
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duty. -Self introduction session and introduced to staff in Zulfahmy & Co.-A few of staff explains scope of work that will be done and the rules of the company.-View the file and document that has been audited by the company such as :- * PAF (Permanent Audit File ) – BLUE * CAF (Client Audit File) – YELLOW * TF (Tax File) – RED-View of the company’s background such as :- * Introduction about Zulfahmy & Co. * Corporate Vision * Professional services – auditing, consulting
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GREEDY ALGORITHM A greedy algorithm is a mathematical process that looks for simple, easy-to-implement solutions to complex, multi-step problems by deciding which next step will provide the most obvious benefit. Greedy algorithms are similar to dynamic programming algorithms in that the solutions are both efficient and optimal if the problem exhibits some particular sort of substructure. A greedy algorithm builds a solution by going one step at a time through the feasible solutions, applying a
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AUD Auditing & Attestation Roger Philipp, CPA AUDIT Written By: Roger Philipp, CPA Roger CPA Review 1288 Columbus Ave #278 San Francisco, CA 94133 www.RogerCPAreview.com 415-346-4CPA (4272) AUDIT Table of Contents Introduction…………………………….………………………………..………………1 AUDIT-1 Audit Standards & Planning…………………………………………….…………….…...2 AUDIT-2 Internal Control…………………………………………………………………….………...3 AUDIT-3 Audit Evidence…………………………………………………………….………………....4 AUDIT-4 Audit Sampling......
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SIEGERT’s 190 SELECT A limited edition rum that epitomizes the Siegert legacy of Angostura A combination of warm and passionate aged rums and the company’s unique, iconic aromatic bitters, created in the memory of the only rum made using Angostura® aromatic bitters, Siegert Legacy - “Pink Rum”, and the very first rum made by the Siegerts – “Siegert’s Bouquet”, which became a Trinidadian tradition and was the start of the company’s rich rum heritage in the 1960s. Siegert’s 190 Select
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S T N C O N T E Notice of Annual General Meeting 2 Statement Accompanying Notice of Annual General Meeting 3 Corporate Information 4 Profile of the Board of Directors 5 Audit Committee Report 7 Statement of Corporate Governance 11 Statement on Risk Management and Internal Control 15 Directors’ Responsibility Statement and Other Information 17 Chairman’s Statement 19 Directors’ Report 21 Consolidated Statements of Financial Position 25 Statements of Profit
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1.) | 1987 | 1986 | 1985 | 1984 | Current Ratio | 2.41 | 1.40 | 1.56 | .93 | Quick Ratio | 1.40 | .60 | .77 | .15 | Debt to Assets | .68 | .66 | .64 | .83 | Debt to Equity | 2.16 | 1.98 | 1.75 | 4.88 | Accounts Receivable Turnover | 32.5 | 116.78 | 49.75 | 52.72 | Inventory Turnover | 3.23 | 4.38 | 5.14 | 5.88 | Shown above are some of the key ratios for Crazy Eddie during the period 1984-1987. Some of the red flags these ratios reveal include the steady decline of inventory turnover
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continuation of clients D) Leadership Responsibilities I) Leadership Responsibilities E) Relevant and ethical requirements J) Human Resources 2-22 A) U.S. generally accepted auditing standards B) International Auditing Standards C) PCAOB D) PCAOB E) U.S. generally accepted auditing standards F) U.S. generally accepted auditing standards G) PCAOB H)
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