Livent. Inc Overview In the year 1979 Drabinsky and Myron Gottlieb decided to enter the show business world. These two young entrepreneurs were able to convince a well-known Toronto businessman to invest one million in “cinema complex”. Over the next several years Drabinsky and Gottlieb were successfully able to expand their company‚ while they convinced to gather up large sums for the development of multiscreen theaters complexes throughout Canada and the United states. By 1980 Cineplex Odeon
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As a follow up to my questions last week on Halyard $HYH I did some more digging on the fraud case and thought I would pass along what I found out. Pete said that Mike did more work on this so it may be repetitive but here goes. I talked to Michael Avenatti the lawyer on the class case. He said the case is ongoing and should go to trial in the next few months. He said it is a Qui Tam case to recover money for the whistle blowers. He is not sure HYH will survive this as they have no insurance
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Tanner can get his funds back Fraud. When Tanner was getting information over the hotel‚ Grano‚ the owner‚ stated that the motel netted $30‚000 during the previous year and that it will net at least $45‚000 for the next year. When Grano turns over the motel books‚ which had all the information of the motel‚ and is where Grano could have gotten the information of the numbers that he told Grano during negotiation. But‚ he committed an element of fraud which is silence because in the motel books it
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According to the COSO framework‚ there are five elements can be applied to analyze companies’ internal control systems. They are control environment‚ risk assessment‚ control activities‚ information and communication and monitoring. Here is my research of what went wrong in internal controls during the 2008 financial crisis using exhibit 6-6 with Lehman Brothers. Control Environment Lehman Brothers has a long history. Fuld led the company tide over the difficulties several times and achieve remarkable
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Payroll Patty Scam The Payroll Patty Scam is a payroll scam were a company nearly lost three quarters of a million dollars. The payroll clerk‚ known at Payroll Patty‚ was creating “ghost” employees in order to hide the fraud she was committing. The payroll clerk was adding these “ghost” employees to a separate cost center which was not noticed since the company typically had seasonal contract labor employees anyways. No red flags were noticed for a long time because it was typical for the company
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Proactive Fraud Auditing End of Chapter 4 in Albrecht FRAUD DETECTION Recognizing the Symptoms of Fraud Identify Risk Exposures Proactively Look for Symptoms & Exposures 1 2 Actg 537 Identify Fraud Symptoms for Each Exposure 3 4 Investigate Identified Symptoms Symptoms of Fraud What are some irregularities in source documents to look for? Missing Documents Payee Names & Addresses = Employee “Stale Items” on Bank Items” Reconciliation Excessive Voids or Credits
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Phase 2 Planning Due: 18 May 2013 Required: Given the details established in phase 1 (Instigation) and further details below you are required to prepare a 1-2 page document stating your investigative hypothesis and then deduce your strategy for proving/denying your hypothesis. Your deduction should include a table with three columns stating the information you propose to review‚ where the data would be found and what you are specifically looking for in analysing the data. Information – what
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TAYLOR’S COLLEGE AMERICAN DEGREE PROGRAM FALL 2012 SEMESTER ACCT 201 – TEST 1 QUESTION 1 (10 marks) Identify by letter the assumption or characteristic of information that best represents the situation given. (One mark for each matching) A. Corporate governance F. Liabilities B. Going concern concept G. Financial Accounting Information. C. Reliability (Objectivity) Principle H. Generally accepted accounting principles D. Stable-dollar
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Fraud Auditing and Different type of fraud Introduction Over the years‚ the role of auditors become increasingly important especially in a capitalist economy as the process of wealth creation and political stability depends heavily upon confidence in processes of accountability and how well the expected roles are being fulfilled. An auditor has the responsibility for the prevention‚ detection and reporting of fraud‚ other illegal acts and errors is one of the most controversial issues in auditing
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KPMG United States- Oct. 17‚ 2015 1. Issuer O: “The Firm identified a fraud risk related to revenue. The Firm’s testing of controls over revenue and accounts receivable‚ however‚ was insufficient. Specifically: With respect to one of the issuer’s segments‚ which consisted of three business units‚ the Firm failed to identify and test any controls over revenue and accounts receivable for two of the business units‚ which‚ in combination‚ represented a significant portion of the issuer’s total revenue
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