Fraud is a serious problem for most businesses today and often technology compounds the problem. In addition, the role of the independent auditor in the detection of fraud is often questioned. (http://www.swlearning.com/accounting/hall/ais_4e/study_notes/ch03.pdf) Fraud is dishonest activity causing actual or potential financial loss to any person or entity including theft of money or other property by employees or persons and where deception is used at the time, immediately before or immediately
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The Rise and Fall of Arthur Andersen LLP In October 2001, Enron was accused of overstating their earnings in the last few years in excess of $1 billion dollars (Doost, 2001). At the same time, Arthur Andersen, one of the most reputable auditing firms, was responsible for auditing Enron’s financial statements. The Security Exchange Commission (SEC) ordered Arthur Andersen to provide all relevant Enron documentation and auditing files. Going against Arthur Andersen’s impeccable reputation of honesty
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Compliance Survey proved SOX-related expenses and efforts to be reasonable. In the following parts of this paper, three favorable impacts of SOX will be further presented, as well as two counterarguments against criticisms. 2. Favorable Impacts of SOX 2.1 The Increasing Transparency in Financial Reporting William Thomas (2002) indicated that one of the main causes leading to Enron’s collapse was the abuse of Special Purpose
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EXECUTIVE SUMMARY This paper investigates about the Enron Corporation and Arthur Anderson. This assignment is to identify the background of Enron and Arthur Anderson and Enron fail. Other than that, identify the business risks that faced by Enron. Moreover, determine the responsibilities of board of directors and steps to improve corporate governance. Besides that, differentiated between rules-based accounting and principle-based accounting and the uses. In addition, there are discussion about
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Lucent Technologies’ award winning “Creativity Center” was industries state-of-the art that provided leadership, passion, outstanding marketing, training and communication. Similarly, Enron was the industry “darling” for its innovation program; Enron’s major intranet program “eThink” was recognized with awards for excellence in communication. Yet four years later Enron went bankrupt, the programs of many companies were in ruins joining the ranks of Polaroid, DuPont, Reynolds, Ford and many others
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of financial data by the auditors and accountants of the company (Duska & Ragatz, 2011). The accounting ethical breaches not only affect the organization, but also the stakeholders involved with the organization. The paper will discuss the accounting ethical breach in Enron. The paper will also discuss the ethical issues, accounting ethical breaches and the recommendations to prevent such breaches. Ethical Behavior in Current Business and Regulatory Environment With increasing number of corporate
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SEC 578- Practices Administration Physical and Operation Security Paper 1 Professor : Dr.Jude Lamour Submitted by: Otis McCall Contents Topic: 1. How do Administrative Controls demonstrate "due care?" 2 2. How does the absence of Administrative Controls impact corporate liability? 4 3. How do Administrative Controls influence the choice of Technical and Physical Controls?
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Forensic Accountants: Fraud Busters Strayer University Business 508 August 11, 2013 Abstract The paper will determine the five important skills a forensic accountant must possess and describe their role within a courtroom environment. It will also analyze the legal responsibility of the accountant while serving its clients business. Giving two examples where a forensic accountant played an important role in aiding attorneys in presenting fraudulent bookkeeping records of company’s
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and Operations Management: Forensic Accountants: Fraud Busters. By: For: Class: Bus 508: Contemporary Business Date: 13 November 2012 Abstract: A case study for the Strayer University, Woodbridge, VA, Business 508 class, this paper provides for a brief review of 1) The skills that a forensic accountant requires; 2) The role of the forensic accountant in the courtroom; 3) The legal responsibilities of the forensic accountant; and lastly, 4) The role of the forensic accountant
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The answer is competition and parody within the industry not to mention small organizations often time fall victim to improper business activities of bigger institutions that can lead to dominating markets unjustly in the community, metropolis, towns and specialty markets. By having these antitrust laws citizens are guaranteed security from illogical trade
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