financial statement otherwise they would withdraw their audit report and would inform all the users of AFS financial statement but AFS refused to do so. Later AFS and Touche Ross came out of a promise that Touche Ross would only notify AFS’s unsecured creditors which included Chevron Chemical. Touche Ross believed that compromise was unacceptable, they thought they has obligation to the other parties who were replying on their audit report about AFS. But before Touche Ross could do so AFS filed for
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Directors must scrutinise company accounts. That is the clear message emerging from Monday's Centro decision, and the message headlined in all the media reports of the decision. What is equally significant for directors is what doesn't appear in the newspaper headlines – issues such as: * do directors have to be accounting standard gurus? * how do directors spot the ticking bomb buried deep in a massive board pack? Background ASIC argued that Centro's directors had breached their duties
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Auditor’s Responsibility when Issuing a Report Abstract The objective of an Independent auditor is to render an opinion about whether the financial statements of a company, legal entity or an organization have been fairly presented in all material respects and in accordance to the generally accepted auditing standards. In expressing an auditor’s opinion, they will typically issue one of four types of reports, an unqualified report, qualified report, an adverse opinion, or a disclaimer of opinion
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Court Watch Report – p. 2 1) Describe the type of proceedings that you observed. Be as specific as possible. I observed the direct examination and cross examination of the prosecution’s last witness, Investigator Sam Malone of the Rochester Police Department. Investigator Malone testified about his interview of the defendant and the statement that Mr. Defendant gave regarding the offenses in question. I also observed defense counsel’s motion for a trial order of dismissal and a discussion
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Tribunals By Cathy Kendzior Tribunals To first understand why a tribunal is important one must understand what a tribunal is and does. A tribunal is a committee or court which is convened to address a special issue. Apart from the mainstream courts, numerous tribunals have been created as an alternative method of dispute resolution in areas where there is a need for specialist knowledge. Tribunals are not part of the regular legal system, but they are usually established
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Consequently, the court remanded the case for contemplation of whether an antagonistic environment had been fashioned. The court determined that the district court’s apprehension that Harris had agonized psychological harm that might have been prejudiced in a decisive decision, specifically given the court instituted that this to be a closed case (Harris vs. Forklift Sys. Inc,2009). A written standard of operations procedures make available to both employees and executives with a synopsis
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isn’t doing a good job? 3. Why does the company of Annette think so? With answering the questions. This report will also provided the results from: * The probability of cases being appealed and reversed in three different courts * The probability of a case being appealed for each judge * The probability of a case being reversed for each judge * Rank the judges within each court. * Due to the use of Microsoft excel, the result with will have multiple numbers after the decimal point
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Bily v. Arthur Young & Co., Supreme Court of California 3 Cal. 4th 370; 834 P.2d 745; 11 Cal. Rptr. 2d 51; 1992 Cal. LEXIS 3971; 48 A.L.R.5th 835 Key Facts Plaintiffs, an individual investor, a corporate investor, and associated individuals, invested in a computer company that went bankrupt. Plaintiffs brought an action against defendant accounting firm, Arthur Young, alleging intentional fraud and negligent misrepresentation. Plaintiffs contended that their investments were made in reliance
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is mainly related to the auditors. We have to know that risk is always there in doing anything. There is a risk that the auditors missed out the misstatement or fail to detect frauds when performing their auditing job, hence issuing an unqualified report which doesn’t reflect the fair view on the company’s financial condition. Audit risk might lead to business failure but the auditors should not be blamed for the business failure unless he or she is proven wrong. Business failure is always a concern
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case study in Financial Statement Fraud by a company that we choose. First of all, in this report we will investigate on our background of the Case Study Company which is MEMS TECHNOLOGY BHD. In the case study, we will determine the current status of the company and how the financial statement fraud will give impact to the organization by referring to the company’s annual report 2009. Hence, in this report we will give some practical guide on the different schemes and components that are used for
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