True, SOX has led to Nortel and other corporations taking the approval of management-prepared financial statements more seriously, second guessing management on issues like revenue recognition and asset valuation where no such questioning would have occurred before SOX. But treating fraud prevention as merely monitoring compliance with Generally Accepted Accounting Principles (G.A.A.P.) fundamentally misses the point that "fraud artists" are, by definition, masters of avoiding or evading any set
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What should Ms. Choy do? ~Analysis: 1) SWOT analysis 2) Fishbone diagram 3) Financial evidence ~Alternatives ~Recommendation and Action Plan Executive summary: 1998, Excel Poultry & Meat Sdn Bhd (EPM) was a SME located in Kluang, Johor, operating business of chicken farming and supplying chicken throughout Malaysia. This subsidiary of PCK holding since 2005 was managed by Encik Selamat, a Certified Public Accountant (CPA). It became one of top 5 chicken suppliers within mid-tier producers
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1. Directors Directors of the company (Encik Zayed and Puan Hashimah) are held responsible and accountable for the problem occurs in Delima Enterprise Sdn Bhd. As a director, they should be familiar with their roles and duties. In addition, they are responsible for keeping proper accounting records which disclose with reasonable accuracy of financial position of the company and ensure that the financial statements are comply with the Companies Act 1965 and approved accounting standards. Encik
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integrity of the whole system of corporate accountability, classifying auditors role and the efficiency of the auditing process, Also selecting a company for example Parmalat, analyzing and discussing the issues that challenged the credibility of audit reports issued by auditing firms like Grant thorton and Deloitte & Touche. In December 2003, The parmalat was involved in a giant accounting fraud of worth more than $10 billion. The SEC states that the Parmalat scandal was one of the brazen
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Just for Feet, Inc. Abstract Just for Feet, Inc. (JFF), its executive vice president; Don-Allen Ruttenberg, and the company’s auditing firm; Deloitte & Touche, LLP, and its associates; Steven H. Barry, CPA and Karen T. Baker, CPA, were all found guilty, on some level, in the fraud of Just for Feet, Inc. Ruttenberg purposely gave the company’s accounting department false financial information causing the accountants to record over $5 million in fictitious accounts receivable. This, in turn, caused
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Compliance Audit Report Public Version ExxonMobil Corporation-Baton Rouge NERC ID # NCR00128 Confidential Information (including Privileged and Critical Energy Infrastructure Information) – Has Been Removed Date of Audit: July 17-19, 2012 Date of Report: August 11, 2012 Confidential information (including Privileged and Critical Energy Infrastructure Information) – Has Been Removed TABLE OF CONTENTS Executive Summary ..................................................................
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regions, FCB was in ideal niche position to serve the international integrators, freight forwarders, and major airlines within Asian region. However, as highlighted in this case, the auditors had identified several suspicious findings in a financial audit engagement. In 2006, Mr. Chuah, an auditor from Kencana & Associate s had noticed some irregularities of accounting records in FCB, which may possibly be another fraud case after Media Com and Blue Vital. These irregularities could be created
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| |AUDIT OBJECTIVES | | | | | | | | | | | | | | | | |To ensure that: | | | | | | | | | | |
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with making sure that all transactions and events are documented and monitored. Physical, mechanical, and electronic controls are based on keeping safes, computers and time clocks monitored and restricted. Independent internal verification is used to audit employees and data reconciliation. The last category is called other. This deals with bonding employees who handle cash, and rotating employee duties. Based on the information you gave my colleague and my review of your company, I do not recommend
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financial control measures in force in every company. Similarly, public certification of these internal controls and financial measures also helps fulfilled the purpose of Sarbanes Oxley Act (Bing). The objective of Sarbanes Oxley Act is to make company audit committees, the auditing
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