ZZZZ Best Company Fraud Case Study 1) At an early age‚ Barry Minkow was introduced to the carpet cleaning industry by his mother who worked part time as a telephone solicitor for a small carpet cleaning company. This insight of the industry allowed Minkow to understand that the carpet cleaning industry was one which had very few barriers to entry‚ no licensing requirements‚ and required only a small amount of capital to enter. Also‚ because of these few barriers to entry‚ the industry has historically
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Topic: ZZZZ Best Company One of the most elaborate and frauds in the United States corporate history was done by a man named Barry Minkow during the 1980s. At the age of 12 Barry got involved with the carpet cleaning business through his mother. One of the good things for a young person of Barry’s age is that this industry is fairly simple to get into. Therefore it required no prerequisite abilities or permits. However what Barry Minkow did not expect was the high tolerance required in order to
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were even sent to early forms of concentration camps‚ where they held some arrested Jewish people. Still‚ these sentiments towards Jews‚ although terrible‚ were mostly nonviolent‚ save the occasional beating. However‚ anti-Semitism reached its boiling point in 1938. The assassination of Ernst vom Rath by a seventeen year old Jewish boy caused the Nazi regime to turn from solely hateful and oppressive policies to primarily violent and murderous
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ACC 461 Auditing Financial Statement Fraud: Lessons from the ZZZZ Best Case The video “Cooking the Books” discussed the ZZZZ Best case of fraud‚ it tells how and why fraud was perpetrated by Barry Minkow and why it was undetected for so long. According to the video‚ ZZZZ Best was founded by Barry Minkow in 1982; when he was sixteen years old‚ it started as a carpet cleaning company. But‚ due to high competition in the industry‚ low entry barriers‚ and bad internal control‚ this young entrepreneur
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About Cap Gemini Ernst & Young The Cap Gemini Ernst & Young Group is one of the world leaders in management consulting and IT services‚ dedicated to helping its client companies to develop and transform their organizations at every step of the value chain. Early 2002‚ the organization employed more than 56‚500 people throughout Europe‚ North America and the Asia-Pacific region and the Group reported 2001 revenues of 8.4 billion euros. The Group offers its local and international clients‚ in more
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get blown wide open. In this case it was a young female journalist writing a filler piece on Barry Minkow’s success. When tying the story up she decided to make a call to the city just to verify their contractor’s license number‚ which never existed. The ZZZZ Best case is relevant for getting into the field of auditing and forensic accounting work because‚ it is important to conduct due diligence and keep professional skepticism no matter how inept a client may come off. Ask
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Cat in the rain by Ernst Hemingway‚ 1925 ‘Cat in the rain’ was published in 1925 written by Ernst Hemingway (1899-1961)‚ as a part of the short story collection ‘In Our Time’. The short story is about a man named George and his wife who are vacationing in Italy. When they arrive at the hotel it is raining and the wife spots a cat sitting under a table outside the window. The wife goes downstairs to safe the cat from being wet‚ and is greeted by the hotelkeeper who reminds her that the weather is
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illegal activity occurs. The first factor an auditor should consider is how the occurrence effects the financial statement and the penalty‚ if any‚ for the issue. The second factor to be considered is the integrity of the management staff and their reaction to the illegal occurrence. The last factor for an auditor to consider when an illegal occurrence happens is the internal controls over the financial reporting. “Smuggling” money into the US can result in fines. “Smuggling” from the Caribbean
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The document‚ Steel of Storm‚ by Ernst Junger‚ an English lieutenant in the Great War- or WWI- tells the story of a young soldier in charge of leading other Englishmen to their potential deaths‚ all united by the goal of defeating the German soldiers and restoring peace to their European home. This piece explains why Junger believed his experience of fighting as an English soldier to be a positive one‚ what the average experience of a soldier in the trenches was like‚ as well as how the Great War
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scenarios. First‚ Gray did not perform an analysis of the industry. Paragraph five of AS No.9 states that “planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan‚ which includes‚ in particular‚ planned risk assessment procedures and planned responses to the risks of material misstatement.” Planned risk assessment procedures include performing analytical procedures to determine whether the company’s key financial ratios were consistent
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