Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague
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WorldCom Case Study1 By Dennis Moberg (Santa Clara University) and Edward Romar (University of Massachusetts-Boston) (The original of this document can be found at the Santa http://www.scu.edu/ethics/dialogue/candc/cases/worldcom.html#one. Clara University website at An update for this case is available at http://www.scu.edu/ethics/dialogue/candc/cases/worldcomupdate.html . Note that this update is not part of the syllabus for the PRM or Associate PRM exam. It is included for reference and explanation
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ethical behavior can eliminate the potential of a hostile environment. Ethics has changed tremendously over the years in society as well as the business world. This research will take a deeper look into the evolution of business ethics. A further analysis of the development of business ethics over the past decades and examines how the rise of social issues played an extensive role. Further, a discussion on how these changes impact current business philosophies and reporting practices will be also
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quality controls of their procedures and were now going to be overseen by the PCAOB. The objective of this essay is to analyze how the initial regulation on public companies itself provided the incentives for the existence of the Enron case and several similar cases and how additional regulation on the activities of public companies
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Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague
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products under its units. These activities range from technology, energy, automotives, and aviation and home appliances to financial services and insurance services among other undertakings. This kind of diversification shields the company from risks in case of misfortunes. Environmental initiatives: GE has ventured into
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committed in their company. The accountants interview witnesses, analyze evidence such as email traffic between all parties involved. They will also freeze bank accounts if needed. They are hired to find out what happen and who was involved. If the case goes to trial they can be called to testify. The key skill of the forensic accountant is communicating complex financial transaction or data in a concise manner using images, graphs and languages that can be easily understood by non-accountants, the
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The Language and Culture of the Accountant, Auditor and Forensic Accountant Jerry Brockman Davenport University Abstract The overall purpose of this Professional Language and Culture report is to detail the accountant’s communication style and culture, as well as, their specialized language. The report begins with a brief discussion of the origin of accounting, as well as, the distinction between bookkeeping and accounting. Additionally, an examination of the Financial Accounting Standards
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The Rise and Fall of WorldCom Shabnam Rakeen RES500-Fundamentals of Quantitative Analysis Colorado State University – Global Campus Dr. Barry Smith The Rise and Fall of WorldCom The aftershock of the fall of WorldCom was not only felt in the United States but all over the world. Once a company that was ranked number 4 amongst the Fortune 500 companies was losing everything and was involved in turmoil of accounting fraud and financial troubles unimagined to anyone (Pandey & Verma, 2004)
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Introduction Operated through a complex, cryptic structure Bernie Madoff, CEO of Bernie L. Madoff Investment Securities (BMIS), perpetuated the most embellished Ponzi scheme the world has ever seen. The basis of the securities fraud that took place approximately between 1991 – 2008 was influenced by Bernie Madoff’s reliance upon an unqualified staff, outdated software, organizational seclusion, a personal halo effect, and weaknesses in the regulating body. Madoff had the confidence of the public
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