BAC4664 – Internal AuditingSection B01DTrimester 3, 2014/2015 | Internal Auditor and Whistleblowing Policies | Group Assignment | | Prepared by:Gabriella Rena Vanessa Darmadji 1121116458Nur Aida Binti Mohd Jasmin 1121118345 | | | Multimedia University Cyberjaya 2015 | INTRODUCTION Fraud negatively impacts organizations in many ways including financial, reputation, psychological and social implications. According to various surveys, monetary losses from fraud are significant
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1. Introduction WorldCom, the telecommunications giant, once was the largest telecommunications company in the world, with more than $30 billion annual revenue, $104 billion in assets and more than 20 million customers. John Sidgmore (2002), Ebbers’ successor after the scandal, said “WorldCom is a key component of our nation’s economy and communications infrastructure.” However, the giant collapsed in 2002. 2. The Main Issue: Earnings Management 3.1 Definition of Earnings Management
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by three senior accountants. These were aimed to inflate the price of the company stocks because of overstated earnings that caused them to receive sizable bonuses. However, JWP internal auditors just tolerated all of these because of their fear of being fired. In addition, Ernst & Young, the company’s external auditor, knowing the fraudulent activities, have been issuing an unqualified opinion for six consecutive years. This has been seen as a product of the close relationship between Grendi
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Control Self-assessment for Information and Related Technology To ensure smooth functioning of an enterprise striving to achieve predetermined objectives, business processes are identified and defined. To ensure the proper completion of process work, procedures are defined, documented and established. Business procedures need to be properly controlled to ensure smooth completion. Out-of-control procedures are expensive; therefore, controls need to be in place. These controls can be preventive,
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Internal Control Recommendations for the President of LJB Company Should your company decide to go public, it is important to know that all publicly traded U.S. corporations are required to maintain an adequate system of internal controls and procedures for financial reporting in accordance with the Sarbanes-Oxley Act Section 404. It is the responsibility of your executives to ensure there are reliable and effective controls in place, and auditors from outside the company must attest to the adequacy
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THE LEGAL REGULATION OF THE EXTERNAL COMPANY AUDITOR IN POST-ENRON SOUTH AFRICA Hannine Drake THESIS PRESENTED IN FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF LAWS AT THE UNIVERSITY OF STELLENBOSCH Supervisor: Prof A.H. van Wyk March 2009 ii DECLARATION By submitting this thesis electronically, I declare that the entirety of the work contained therein is my own, original work, that I am the owner of the copyright thereof (unless to the extent explicitly otherwise
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LIM SIN RUI | 910412-02-5152 | AH100074 | LINDA CHAN CHIN HUA | 910522-13-5360 | AH100075 | Table of Contents 1 Introduction 1 1.1 Summarization 1 2 Key Player 3 2.1 B. Ramalinga Raju and B. Rama Raju 3 2.2 Rammohan Rao 3 2.3 Auditors 3 2.4 Bank 3 2.5 Gopalakrishnan and Srinivas Talluri 3 3 Main issue 4 3.1 Weakness of corporate governance 4 3.2 Greedy of external parties 4 3.2.1 Pricewaterhouse Coopers (PwC) 4 3.2.2 World Bank Staff 5 4 Implication 6 4.1 Implication
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Table of Contents 1.0 Abstract 2 2.0 Introduction 2 3.0 Questions and Answer 3 4.0 SWOT Analysis 12 5.0 Recommendation 13 6.0 References 14 1.0 Abstract In December 2005, two years after this case was written, the telecommunications industry consolidated further. Verizon Communications acquired MCI/WorldCom and SBC Communications acquired AT&T Corporation, which had been in business since the 19th Century. The acquisition of MCI/WorldCom was the direct result of the
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substantive exposure to government enforcement actions; and 4. Ensuring compliance with specific federal, state, and internal rules and policies. Ongoing monitoring is the program managers’ responsibility. They are the ones most familiar with their own operations and should be charged with identifying risk areas of their responsibility; developing appropriate internal controls, policies, and procedures; and monitoring them to verify they are being followed. Whereas monitoring should be done by
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increasingly fierce market competition and the internal management problems such as poor accounting standards, the stock price of the company collapsed. Some shareholders had lost faith in the company. A major shareholder of the company was urging the CEO to sell the company. So the company faced two alternatives, one alternative was to sell the company to meet the demand of shareholders; the other alternative was to strengthen its internal control system to remedy the management fault. In this way
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