Financial Reporting Problems at Molex, Inc. (A) : . I n mid-November 2004, Molex's Board of Directors met to decide the future of Joe King and Diane Bullock, the company's CEO and CFO respectively. Molex's external auditors, Deloitte &c Touche, had accused both of failing to disclose an $8 million pre-tax inventory valuation error in a recent letter of representation to the auditors. In response, King and Bullock argued that at the time of their letter they had determined that the
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of breast-milk substitutes are regularly trained on the WHO Code. | Nestlé has developed a unique global programme to ensure compliance with the WHO Code across all Nestlé’s operations. GES Investment Services, Northern Europe’s leading analysis firm for socially responsible investments, published a report on “The Infant Food Industry and the WHO Code”. This report is the first of its kind assessing and comparing infant food companies’ compliance procedures with respect to the WHO Code.
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Academic Year: 2014/15 Module code: P13505, Level 3 Autumn Semester Module Outline: Auditing, Governance and Scandals (AGS) |Module Convenor |Dr. Kevin Dow, AB474 | |Lectures |Dr. Kevin Dow | | |TH 4:00-5:30, TB 329
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Core Marker’s Comment Sheet Course Name: Advanced External Auditing (AU2) Assignment: 2 Modules: 1 to 4 Overview of Module 3: In your prerequisite auditing course, you learned that the financial statement auditor conducts the audit by preparing an audit plan in the context of an overall audit strategy. This strategy assesses risks, taking into account the size of the organization, the complexity and nature of client operations, and the objectives of the audit. This module builds on your understanding
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(CAAT) for several reasons. CAATs not only help auditors with software but they can use data for analyzing, look for patterns, and identify fraud (Hunton, Bryant, & Bagranoff, 2004). By using CAATs it will increase efficiency for both internal and external audits. By doing this it will allow auditors to look at all financial information. CAATs are valuable to auditors when testing or validating computer applications because they can determine if codes have been accessed illegally. If audits were conducted
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Constructs with Opposite Effects on Auditor Objectivity’’ (Herda and Lavelle 2015), which examines how individual auditors’ identification with, and commitment to, privately held audit clients affects their objectivity. Based on a survey of 102 external auditors, we find that client identification is distinct from client commitment. This distinction is important because identification as a construct is easily and often confused with commitment, and the terms are often used interchangeably. Client
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Possible Questions 1) Industry analysis is also referred to as external strategic management audit. 2) An external audit focuses on identifying and evaluating trends and events within the control of management. 3) The aim of an external audit is to develop an exhaustive list of every possible factor that could influence the business. 4) External audits attempt to identify key variables that offer actionable responses. 5) Five major categories of external variables are: 1) economic forces
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EW’s statements with and without the cognitive interview. Geiselman found that when using the cognitive interview the number of correct statements produced was 41.1% compared to 29.4% when the cognitive interview wasn’t used. Kohnken et al’s meta-analysis of 53 studies found the cognitive
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DIGITAL POINT INC : FRAUD CASE STUDY Digital Point, Inc. (DPI) is an international chain of stores specializing in renting copies of movies and video games to retail customers. DPI also sells new and used copies of these products, and offers “memberships” entitling members to unlimited use of DVDs or video games for one year (one DVD or game at a time). With over 7,000 stores worldwide (approximately 5,000 in the U.S. and 2,000 in 23 other countries), DPI is among the top two or three companies
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CASE ANALYSIS- Providian Trust: Tradition and Technology Kate Cavanaugh Stakeholders * All Employees / committees and Teams / Internal and External (e.g. Boston) * CEO Stephen Walsh * Steinman and Smith (External Auditor) * Audit Committee * Board of Directors * Select One (Software company) * Michael LaBlanc * Kay Whitney Investment (investment counsel/portfolio managers) * Steering Committee * Todd Bernari- VP of Implementation Team History * Headquarters
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