LITERATURE REVIEW 6 a. Introduction 6 b. The Need for an Audit 7 c. Risk of fraud 8 d. The Auditor-Investor ''Expectation Gap'' 9 e. Auditing Profession and Challenges 9 f. Public opinion 10 g. Family or Personal Relationship 10 h. Integrity 11 i. Inherent limitations of an audit. 11 j. Responsibility of Auditors to Third Parties – Case Law 12 k. International, Assurance Auditing, Standards Board (IAASB) 14 CORPORATE FRAUD CASES 16 CASE STUDY: 21 CONCLUSIONS………………………………………………………………………………24 REFERENCES……………………………………………………………………………
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What Is Scientology? Evelyn Kalman/ June 17, 2013 Scientology was developed by L. Ron Hubbard in the early 1950s as a religion which claims to offer a precise path which will reveal one’s true spiritual nature and provide complete understanding of self, Mankind, and all life forms in general as well as the material and spiritual universe, and the Supreme Being. Scientology claims to be spiritual, not of the flesh. It addresses one’s spirit rather than body or mind and believes that Man has a
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Database Security Architecture………………………………………………………………………………………………………3-4 User Account Security………………………………………………………………………………………………………………..……5-6 Database Vulnerabilities……………………………………………………………………………………………………………………5 Auditing Techniques………………………………………………………………………………………………………………………….6 Auditing Policies………………………………………………………………………………………………………………………………..7 Week 1 Database Security Architecture In the field of computer information, there is a vast amount of information that is used for operations.
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purpose of the SOX Act is to overhaul the structure of corporate governance regulatory structure and impose stricter regulation and controls on the auditing, financial reporting and internal corporate governance procedures of corporations (Melvin, 2011). Significant portions of the Act are aimed towards creating solutions for specific failures in the auditing and accounting procedures of publically held companies. The Act also increased the jurisdiction, enforcement alternatives and enforcement budget
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seventh largest energy company in 2001, filed for bankruptcy. The event named “Enron Scandal” is considered to be the most shocking incident in American economic history. Bring the country to the edge of disaster, the scandal was basically caused by securities fraud which Enron was charge with. The irrationality of accounting and auditing system encouraged U.S. legislative to respond the scandal, enacting Sarbanes-Oxley Act 2002. SOX Act carried out comprehensive reform of accounting procedures required
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in accordance with generally accepted auditing standard (GAAS). So, SEC found that Androids’ representations were materially false and misleading. While, Solid Waste’s financial statements were not presented fairly, in all material respects, in conformity with GAAP. Androids had allowed the management of Solid Waste to use improper accounting to inflate its operating income and other measures of success. It was the largest restatement of results in the history of the SEC. Besides that, SEC found Androids
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Halliburton A question of accounting policy and auditing responsibility I. Halliburton’s background After being founded in 1919, Halliburton has asserted its dominance over the oilfield services industry. It is one of the world’s largest providers of such products and services, and the company employs over 75,000 people. Its presence in the international market is supported by its locations in 80 countries and diverse workforce from 140 nationalities. Halliburton has one of the world’s largest
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Introduction to Auditing SOLUTIONS FOR REVIEW CHECKPOINTS 1-1 Auditors add credibility to financial information provided by the accountable party such as management (i.e. auditors make the financial or other information more likely to be true). Other common ways of characterizing this property of audited numbers is that the numbers are more accurate, have higher assurance, or are more reliable. These relate to different dimension of truthfulness, as we discuss later in the text. 1-2 Auditing is the
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HISTORY The increasing complexity of modern business and other organisations has created the need for a specialist in various business controls: the internal auditor. We can understand better the nature of internal auditing today if we know something about the changing conditions in the past and the different needs these changes created. What is the earliest form of internal auditing and how did it come into existence? How has internal auditing responded to changing needs? As the operations
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bankruptcy protection. A large part of the scandal also focused around Arthur Andersen, at the time of the of the Big Five accounting firms, because of its qualified auditing opinions of Enron. It ultimately ceased to exist because of its involvement with the Enron fraud. The Enron scandal showed the public that changes in accounting and auditing standards and practices were needed, and it was a major catalyst in the creation of Sarbanes Oxley Act of 2002. It is important to note how quickly Enron’s rise
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