case of Koss Corporation vs. Sachdeva and Grant Thornton, Koss Corporation, the plaintiff, alleges Sacheva, its former Vice President of Finance, committed fraud and embezzlement of company assets and Grant Thornton failed to properly conduct its audits and failed to disclose numerous accounting irregularities at Koss. Plaintiff Koss is a publicly traded company listed on the NASDAQ with its principal place of business in Milwaukee and Wisconsin. Currently, Koss mainly designs, manufactures and
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ABSTRACT Between the years 1998 and 2002, the United States suffered a time in which several large companies engaged in fraudulent behavior which eroded investor confidence in the stock market and to some extent destabilized the economy. Audits, which were conducted to assess the validity and reliability of a company’s financial statements, were not detecting the material misstatements in the statements. As a result, both the US Government and the accounting profession needed to come up with
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Case statement Twenty-three years have passed since NAMI Metro Suburban opened its doors to help families and adults living with mental illness. The impact on the community has strengthened since it’s humble beginnings in 1993 expanding the programs reach into 5 neighboring suburban communities. Adults with mental illness embark on the road to recovery after diagnosis or a mental health crisis. Unfortunately, many adults will be hospitalized or incarcerated due to a mental health crisis. NAMI Metro
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Sam’s death. The fact that the CEO had overstated the value of the work-in-progress inventories is a sign of poor financial control measurements. The audit committee should have had in place a mandated periodic inventory (every quarter) for all the subsidiaries. The integrity of the CFO comes in question because he did not warn the board or the audit committee. The over-reported findings were identified two months prior to the phone call and the CFO had not made any corrections. The stock value
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Institution: The Impact of Sarbanes-Oxley Act (SOX) on IT audit and controls Abstract Experiences from various organizations and companies shows that the effects of the Information Technology audits that have been conducted in line with the Sarbanes Oxley as well as its IT section, which is the Section 404, displays significant differences with the kind of focus traditional IT audit does (NetIQ Corporation, 2006). Typically, traditional IT audit tends to focus on the component, the subsystem, and on
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Solutions for Chapter 12 Audit of Cash and Other Liquid Assets Review Questions: 12-1. It is important that cash and liquid asset testing be coordinated because the assets can be quickly moved and thus substituted for each other. For example, an organization could quickly move assets between cash and certificates of deposit. 12-2. General Cash Account. This is the account used to transact most of the organization's cash transactions. It is usually a high volume, but low balance account
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assessment phase of a financial statement audit. An Excel spreadsheet enables instructors to embed up to seven operating problems or potential accounting issues into a fictitious consumer electronics manufacturer’s current year financial statements. Questionnaires from students at two universities indicate that the case is effective at helping undergraduate auditing students understand (1) auditors’ use of analytical procedures during the planning stage of the audit, and (2) the types of accounting
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child’s name, or encouraging his or her spouse to do so. Due to the fact that the family works as one unit, the entire family is required to be independent of any audit clients. The final section of the Interpretation of Rule 101-1, Section C, prohibits auditors on the engagement team from previously or currently being employed by the audit client. The requirement is that the attest engagement team member must not have served as director, officer, promoter, underwriter, or held any management position
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are the proportion of independent directors to total number of directors on the board, the existence of a voluntary audit committee, the existence of dominant personalities (CEO/Chairman duality), and the percentage of family members on the board. Using a weighted relative disclosure index for measuring voluntary disclosure, the results indicate that the existence of an audit committee is significantly and positively related to the extent of voluntary disclosure, while the percentage of family
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Contents Board of Directors 02 Management Team 04 Chairman’s Letter 06 Management Discussion and Analysis 09 Corporate Governance 27 General Shareholder Information 46 Directors’ Report (including Annual Report on CSR activities) 55 Standalone Financial Statements 93 Consolidated Financial Statements 147 Board of Directors Management Auditors Rahul Bajaj Chairman Madhur Bajaj Vice Chairman Rajiv Bajaj Managing Director
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