information disclosure, and 4) Dereliction of duty of internal auditing department. The auditing issues involved in Enron’s case are: 1) Putting its reputation at risk, Andersen issued “clean” audit opinions on Enron’s financial statement; 2) Auditing and consulting services were provided by the same accounting firm, which led to conflict of interest and jeopardized integrity, and 3) The revenue of providing auditing service to Enron occupied so large a share of Andersen’s total revenue
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History: Arthur Andersen firm was founded in 1913 by Arthur Andersen and Clarence DeLany as Andersen, DeLany & Co.The firm changed its name to Arthur Andersen & Co. in 1918. Andersen, who headed the firm until his death in 1947, was a zealous supporter of high standards in the accounting industry. A stickler for honesty, he argued that accountants' responsibility was to investors, not their clients' management. Arthur Andersen was the first of the major accountancy firms to propose to the FASB
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Anheuser-Busch InBev is one company that has been in operation for over 150 years. The following information is an attempt to give insight on Anheuser-Busch InBev’s success through the company’s history and examination of the company’s financial reports. Please note these reports are in European Currency (Euro’s). Company History The Anheuser-Busch company started in 1852 under the name of Bavarian Brewery out of St. Louis, Missouri (Anheuser-Busch, 2009). In 1860 a successful soap manufacturer by the name
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the criminal history, the bizarre religious practices, and the negative perspective on medicine. There has been a history of criminal activity since 1954, in the time it has
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Arthur Andersen: Questionable Accounting Practices Steven Young Strayer University Business Ethics: Ethical Decision Making and Cases Dr. Mary Tranquillo November 13, 2012 Arthur Andersen: Questionable Accounting Practices p1 Arthur Andersen, one of the largest accounting firms in the United States, “a name that was synonymous with trust, integrity, and ethics” (Ferrell, Fraedrich, & Ferrell, 2011, p. 348), through a loss of
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Table of Contents Executive Summary 3 Introduction 4 Research Findings 5 History of the FASB 5 Requirements Imposed by the FASB on Public Corporations 6 Impact of the FASB on the Investment Community and their Satisfaction with the FASB Standards 6 Recommendations 7 Conclusion 8 References 9 Executive Summary The purpose of this research is to provide a report to Acme Company management on the accounting and reporting standards of the Financial Accounting Standards
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Bernard Madoff’s ponzi scheme was the largest in the history which defrauded investors out of as much as $65 billion. David Friehling, the leading auditor of Bernard L. Madoff Investment and Securities’ (BLMIS), was sentenced for aiding Madoff with investment advisor fraud, and filing false audit reports with the SEC. Since then, people are paying more and more attention to auditors’ and accountants’ legal liability. This document will describe the ways in which BLMIS auditor disregarded his responsibility
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thousands of investors -- including most of the company's employees -- lost billions of dollars as Enron's shares shrank to penny-stock levels (http://www.npr.org/news/specials/enron/).” Enron is considered to be the largest corporate fallout in US history. The overconfidence of executive leaders, falsification and manipulation of financial statements, and Andersen’s hidings of the true audit findings, eventually led to the demise of this innovative corporation. Questions 1. The Enron debacle
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SPE 135734 Difference Between Traditional and Risk Based Auditing Danny Spadaccini, Weatherford International Copyright 2010, Society of Petroleum Engineers This paper was prepared for presentation at the SPE Annual Technical Conference and Exhibition held in Florence, Italy, 19–22 September 2010. This paper was selected for presentation by an SPE program committee following review of information contained in an abstract submitted by the author(s). Contents of the paper have not been reviewed
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accounting profession and conducted an interview with somebody in the field. Information on the accounting profession The professional title for public accountants is Certified Public Accountant or commonly known as CPA. The position involves auditing companies by making sure that their financial statements match the actual transactions made by the company in a given period. Certified Public Accountants must graduate with a B.A. in accounting, earn a MAcc (Master of Accountancy), and pass the
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