frequently assured everyone that all was well. No one thought to look any further. And therein lies the problem… While there is an endless list of things that could have altered the path Enron was on, I am only going to touch on a few of my recommendations. First of all, the corporate culture of Enron was a breeding ground for greed and immoral actions. Employees were rewarded for the money they brought in, no matter how it was made. They were encouraged to use unsavory ways to drive the price
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considered a category of IT general controls? (1)Controls that determine whether a vendor number matches the pre-approved vendors in the vendor master file. (2)Controls that restrict system-wide access to programs and data. (3)Controls that oversee the acquisition of application software. (4)Controls that oversee the day-to-day operation of IT applications. c. As general IT controls weaken, the auditor is most likely to (1)reduce testing of automated application controls done by the computer. (2)increase
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company which is low liquidity of cash flow. Issues The main issue in this case is the low liquidity of cash flow in Excel Poultry & Meat (EPM). The issues in this case can be divided into three parts, which are Financial, Management and Internal Control issues. An example of financial issue in EPM can be seen in the increased chicken feed cost which has been rising since 2008, from RM54.50 to RM88. The increase in feeding cost has ultimately increased the company’s production cost. Even though
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are applied throughout the Company and its subsidiaries (“the Group”). This Statement sets out the key aspects of how the Company has applied the Principles and Recommendations of the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”) during the financial year ended 31 March 2014 and any non-observation of the Recommendations of MCCG 2012, including the reasons thereof, has been included in this Statement. Principle 1 – Establish Clear Roles and Responsibilities 1.1 Clear Functions
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paper will focus on the analysis of four issues and discuss how the Sarbanes-Oxley Act affected the following subjects: A. 1. Audit committees of public company board of directors responsibilities since SOX 2. Sarbanes-Oxley section 404 on internal control 3. The accuracy of public company financial statements and the cost of capital for public companies 4. The main advantages and disadvantages of Sarbanes-Oxley Act B. Can legislation guarantee the accuracy of public company financial statements
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WorldCom board seemed to have a decent combination of backgrounds and independence, however, the board did not provide the proper oversight to manage the company or its personnel. The board was described as disinterested, dysfunctional and had no control over its CEO Bernie Ebbers. Breeden made suggestions to improve the board, such as recommending maximum term limits for directors, continued separation of the CEO and chairman, an improved meeting schedule reflecting a minimum of 8 meetings per year
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4. “The impact of innovations and developments in information and communication technology on corporate accounting information systems has removed the need for excessive internal control.” Discuss the truthfulness or falsity of this statement Information and communication technology has been a major factor of efficient accounting system and great organizational performance recently. In order to maximize the benefits of information technology systems, the appropriate implementation and adoption procedures
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process of auditing a listed company. These issues could be created either intentionally or the other way around. Therefore, an objective analysis is needed to clear the puzzles especially if the auditors wish to curb fraud cases among their clients. In the case of Flat Cargo Berhad (FCB), the auditor has found some inconsistencies in the accounts of FCB. Thus, a case study is conducted to bring the hidden mystery to the light as possible. Based on the study, a report was written to summarise
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year ended Sep 30th 2014. Prior to the current fiscal year, Burnaby Wholesalers was audited by another public accounting firm. The client changed auditors immediately after completion of the audit for the year ended September 30, 2013, following the predecessor firm’s issuance of a qualified (GAAP) opinion on the financial statements because the auditors were not satisfied with the valuation of the client’s inventories. KEY USERS & CONCERNS: The main users of Burnaby Wholesalers include:
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responsible as an internal auditor for the process. In this process, I also had the opportunity to work with the external auditor (certification audit). In the auditing process, I have monitored health and safety management failures, auditing of performance and managed to review of policies and objectives as suggested by the external auditor. In this report, some brief discussion has been made about the literature review about the framework and challenges in the auditing process (internal and external)
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