Strengths • Integrity and Ethical Values – New Phone Inc.’s management has high integrity and an established code of conduct. Since the behavior of employees can often stem from poor ethical behavior by management, it is important that they display a high level of integrity and ethical values. • Commitment to Competence – The Corporation has a reputation for hiring competent personnel which is vital for the success of the company. • Management’s Philosophy and Operating Style – The Corporation’s
Words: 447 - Pages: 2
the Downfall of WorldCom The story surrounding the failure of WorldCom in the early 2000's is one that still haunts the financial market to this day. We often hear accounts of what happened within the telecom giant, but only one person could give a first-hand account of what she observed being the on the frontline and discovering one of the nation's biggest financial scandals of the last quarter century. Cynthia Cooper's account of her internal audit experience within WorldCom paints a bigger
Words: 797 - Pages: 4
hearing applications in Australia as to whether auditors and liquidators have breached The Corporations Act is: Companies Auditors & Liquidators Disciplinary Board Australian Securities & Investments Commission Auditing & Assurance Standards Board Australian Securities Exchange 1 points Question 4 The Royal Commission appointed to inquire into the HIH collapse in 2001 released some key findings. Which one of the following was not a reason
Words: 1082 - Pages: 5
AUDITING THEORY TESTBANKS / REVIEWERS 1. When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design
Words: 24670 - Pages: 99
WorldCom brought in Farrell Malone into because of a situation that Mrs. Cooper had found. Mrs. Cooper found expenditures jumping from account to account. At first Mr. Malone did not see a reason to purse an investigation, but Mrs. Cooper decided that there was further investigation needed. Mrs. Cooper looked into the report and realized that something was wrong with the reports and confronted Mr. Bobbitt about the findings. Mr. Bobbitt in the audit committee would take a look and see if the findings
Words: 349 - Pages: 2
use of technical language. For example, from the independent auditors’ report in the annual report of SP Setia Berhad 2012, it was mentioned that the audit was carried according to approved auditing standards in Malaysia. However, it does not clarify which standards are being applied during the course of auditing. The misinterpretation arose from the use of technical language also lead to an expectation gap in the nature and responsibilities of the independent auditors and the public’s expectation
Words: 1258 - Pages: 6
Abstract The aim of this paper is to evaluate and discuss the role senior partners of a public accounting firm, in this case KPMG, LLP, play in the financial activities of auditing corporations. The critical steps in planning an audit will be outlined as well as testing and reviewing various procedures, and analyzing financial statements. KPMG LLP – Goals and Objectives As a senior partner of KMPG LLP, my goal in creating an audit strategy for a corporation is
Words: 593 - Pages: 3
CODE OF ETHICS Company X was founded by me, GR in 2012. I have decided to spend some time focusing on the ethical practices in today’s business world. It is known by many that situations arise in which employees face ethical dilemmas and are not aware of what actions to take. By creating this code of ethics I hope to illustrate what is expected out of Company X’s employees and also want to direct decision making to a more ethical side. Our Character The most important thing to our company is the
Words: 1034 - Pages: 5
Case Study: HOW A CFO PLOWED HIMSELF UNDER By Recitta Askew ACCT217 July 26, 2014 Fraud Theory and Prevention is getting a lot of attention these days, however preventing fraud and understanding fraud continues to puzzle corporations and is the focus of many studies and reasons why many internal controls are in place today. As an example Dr. Donald Cressey a fraud expert developed what is known as the Fraud Triangle Theory which essentially states that three elements must be present
Words: 1147 - Pages: 5
the field of Accounting and Auditing; that’s why I obtained my Bachelor degree in Business Administration and Accounting. During my university years, I worked throughout to gain the relevant experience needed in my career. I started as a Junior Accountant with Pannell Kerr Forster and within a year I was promoted to an Audit Senior. This opportunity helped me identify my passion as an Auditor. From there, I have decided to further my career in the field of Auditing and obtain all necessary
Words: 381 - Pages: 2
