powerhouses in trading, electricity, natural gas, and communications throughout the 1990’s, one enterprise easily comes to mind; Enron Corporation. Claiming nearly 111 billion in revenues during 2000, Enron, at the time, was the epitome of innovation; even being named "America's Most Innovative Company" for six consecutive years by Fortune magazine. It came to a great surprise for many that within just a year, the company would be declaring bankruptcy, and ultimately become known for one of the biggest
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2011. Pp. 1-15 Cosmetic Accounting Practices in Developing Countries: Bangladesh Perspectives Asif Mahbub Karim 1 , Rehana Fowzia 2 and Md. Mamunur Rashid Cosmetic accounting is a process whereby accountants use their knowledge of accounting rules to manipulate the figures reported in the accounts of a business. This study expresses the views of External Auditors, Internal Auditors, and the Accountants on causes, techniques, effects and solution for Cosmetic Accounting. To achieve these purposes
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WORLDCOM 2.0 Nature of the Fraud The nature of the fraud was the uses of fraudulent accounting method by add on huge earning in 2002 to cover the liability of acquired by company. When the earning is high, it will show that the company financial growth is high and will make the price of WorldCom's stock increase. The creative accounting was done by classified over $3.4 billion for line costs that is interconnection expenses with other telecommunication companies as capital expenditure. When the
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ACCOUNTING FRAUDS CONTENTS WHAT ARE FRAUDS? | WHAT ARE ACCOUNTING FRAUDS? | NOTABLE FRAUDS | NOTABLE OUTCOMES | MANIPULATION & FALSIFICATION OF RECORDS | MISAPPROPRIATION OF CASH BALANCES | MISAPPROPRIATION OF GOODS | TEEMING & LADING | WINDOW DRESSING | SECRET RESERVES | ENRON FRAUD | WORLDCOM FRAUD | WHAT ARE FRAUDS ??? FRAUDS AND THEIR CHARACTERISTICS Misstatements in the financial statements can arise from fraud. In criminal law, a fraud is an intentional
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Clause 49 of Listing Agreement The company agrees to comply with the following provisions: I. Board of Directors (A) Composition of Board i. The Board of directors of the company shall have an optimum combination of executive and non-executive directors with not less than fifty percent of the board of directors comprising of non-executive directors. ii. Where the Chairman of the Board is a non-executive director, at least one-third of the Board should comprise of independent directors
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to help employees attain company goals by following policies. * Administrative Controls - help ensure operational efficiency and adherence to managerial policies. * Accounting controls - safeguard assets and ensure the reliability of accounting records. * Internal control structure - policies and procedures established to provide reasonable assurance that the organization's specific objectives will be achieved. 1. Control environment 2. Accounting system 3. Control
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learn the lessons of recent corporate governance failures in Ireland and Irish-listed companies must meet evolving international market expectations if they are to attract international investment, the Chief Executive of the Irish Stock Exchange, Deirdre Somers has said. Somers (pictured) made her comments at a special conference on corporate governance hosted by the Irish Stock Exchange in Dublin today. “Companies must consider whether their historical practices, although accepted in the past
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of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object, such as proper IT implementation, or controls over computer resources. Because most modern accounting information systems use IT, IT plays a significant role in a financial (external audit), where the purpose is to determine the fairness and accuracy of the financial statements. 2. Discuss the concept of independence
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International Journal of Accounting & Information Management The role of corporate governance in convergence with IFRS: evidence from China Yu Chen Zabihollah Rezaee Downloaded by UNIVERSITI MALAYSIA SABAH At 05:16 06 October 2015 (PT) Article information: To cite this document: Yu Chen Zabihollah Rezaee, (2012),"The role of corporate governance in convergence with IFRS: evidence from China", International Journal of Accounting & Information Management, Vol. 20 Iss 2 pp. 171 - 188 Permanent
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Number 1 2004 Accounts Manipulation: A Literature Review and Proposed Conceptual Framework by Hervé Stolowy, HEC School of Management (Groupe HEC), Department of Accounting and Management Control, 1, rue de la Libération, 78351 - Jouy en Josas Cedex, France and Gaétan Breton, Université du Québec à Montreal, Department of Accounting Sciences, P.O.B. 8888, Succursale Centre-Ville, Montréal (Québec), H3C 3P8 - Canada Abstract Accounts manipulation has been the subject of research, discussion and
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