important aspect of accounting and should be taken very seriously as accountant. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. The opinions of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company. Knowledge of ethics can help accountants and auditors
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“White-Collar Criminality."). Today, white collar crime refers to illegal offenses that are generally committed in the business or professional setting (white collar versus blue collar jobs) to achieve financial gain. Crimes that do not involve physical violence, and that relate largely to financial matters, are often called white collar crimes. Corporate corruption is out of control for two main reasons. First, big companies are now multinational, while governments remain national. Big companies
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Necessity of the Securities Act of 1934 • Summary of the Securities Act of 1934 • Peat Marwick Fraud/Scandal The Foreign Corrupt Practices Act of 1977 • Brief History of the Foreign Corrupt Practices Act of 1977 • Summary of the Foreign Corrupt Practices Act of 1977 • Kellogg Brown & Root LLC Fraud/Scandal Sarbanes Oxley Act (SOX) • The Purpose of SOX • Summary of SOX • US Bank of Seattle Fraud/Scandal Conclusion Government Regulation in the Accounting Industry The Great Depression
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T.1.SAS No. 106 “Audit Evidence’, identifies the principal “managementassertions” that underlie a set of financial statements. The occurrenceassertion was particularly critical for ZZZZ Best’s insurance restorationcontracts. ZZZZ Best’s auditors obtained third-party confirmations tosupport the contracts, reviewed available documentation, performedanalytical procedures to evaluate the reasonableness of the revenuesrecorded on the contracts, and visited selected restoration sites.Comment on the limitations
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Kim 157279 Nurhafiza binti Abdul Razak 157458 Tay Yee Joe 159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3 Weaknesses on the Corporate Governance 9 3.4 Ethical Issues of the Top Management and Auditors 11 4.0 Recommended solutions 15 5.0 Conclusion 23 6.0 Appendices 24 Introduction
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Accounting Information Systems – ACC 564 Professor Jim Ridilla October 23, 2011 Discuss how Greater Providence Deposit & Trust might improve its control procedures over the disbursement of loan funds to minimize the risk of this type of fraud. Segregation of duties is a fundamental element of internal control in any company. No single employee should be given too much responsibility over certain business transactions or processes. When one person in an organization has too much control
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White Collar Crimes: How Does It Affect Businesses? Shari M. Lewis Strayer University (Online) Table of Contents ABSTRACT 3 INTRODUCTION 4 Introduction to the Problem 4 Background of the Study 4 Statement of the Problem 4 Purpose of the Research 5 Research Questions 5 Significance of the Research 5 LITERATURE REVIEW 7 CONCLUSION AND RECOMMENDATIONS 19 ABSTRACT This paper investigates White Collar Crime (“WCC) in society and the affects
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Ponzi Scheme: Reliable Returns from a Trustworthy Financial Adviser By Denis Collins Denis Collins is a professor of management in the School of Business at Edgewood College in Madison, Wisconsin. His research interests include business ethics, management, and organizational change. Contact: dcollins@ edgewood.edu A [person] is incapable of comprehending any argument that interferes with his revenue. Rene Descartes Overview This case study is a chronology of the largest Ponzi scheme in history
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the necessary disclosures and decisions, complying with all the laws of the land, accountability and responsibility towards the stakeholders and commitment to conducting business in an ethical manner. Another point which is highlighted in the SEBI report on corporate governance is the need for those in control to be able to distinguish between what are personal and corporate funds while managing a company. Fundamentally, there is a level of confidence that is associated with a company that is known
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A statement signed by an independent accountant outlining his or her opinion regarding the quality of information contained in a company's financial reports and records. The subject of accountant independence became an important issue in the wake of the demise of such corporate giants as Enron and WorldCom in the early 2000's. (http://www.investopedia.com/terms/a/accountantsopinion.asp) There are several other ways exist by which companies can influence the timing or the magnitude of reported
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