EXPLAIN THE RESPECTIVE ROLES AND RESPONSIBILITIES OF MANAGEMENT AND AUDITORS IN THE PREVENTION AND DETECTION OF FRAUD. The primary responsibility for fraud detection lies with management. This arises due to a contractual duty of care. Directors are able to discharge their duty toward prevention and detection of fraud and error in many ways‚ for example: * Complying with the Combined Code on Corporate Governance * Developing a code of conduct‚ monitoring compliance and taking action against
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Yongho Cho 8/26/2012 Weekly Memo #1: Should external/internal auditors be responsible for detecting client fraud? In 2001 Enron‚ the seventh largest energy company in 2001‚ filed for bankruptcy. The event named “Enron Scandal” is considered to be the most shocking incident in American economic history. Bring the country to the edge of disaster‚ the scandal was basically caused by securities fraud which Enron was charge with. The irrationality of accounting and auditing system encouraged U
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maximum of four staff members‚ with final approval by a simple majority of the CSU Board. 2. The remaining two staff members must be chosen from current members of the CSU Physical Education Department‚ or hired through a valid‚ committee determined process involving the CSU faculty. B. Coach will be consulted on all six staff member salaries‚ with the final pay ruling determined by a simple majority of the CSU Board. C. After one year of the CSU football program‚ all hiring and firings will be
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Tattoo Woman tree holding earth galexy in background‚ stars‚ Mother Nature‚ Green blue orange red black brown sea green "A room without books is like a body without a soul" "Life; it goes on." "Learn as if you were to live forever" "Without music‚ life Gould be a mistake" “The fool doth think he is wise‚ but the wise man knows himself to be a fool.” “Whenever you find yourself on the side of the majority‚ it is time to pause and reflect.” Arial shot of tree
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1.2 nature of auditor independence 1.3 principle of auditor independence 2.0 The concept of auditor rotation 3.0 The history and current debates concerning auditor rotation 4.0 Different countries regimen should be considered 5.0 Conclusion 6.0 List of references 7.0 Appendices 1.0 INTRODUCTION 1.1 Audit Auditing is the analysis of the financial accounts or records‚ by a qualified accountant‚ and procedures of a firm or organisation. This is essential in
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Hampton Park Pty Ltd (HP) Synopsis. In the case study of Hampton Park Pty Ltd (HP) has four directors; William (Managing Director); Susan‚ Jack and Gail (Non-executive directors). As HP’s financial position begins to deteriorate‚ George‚ the Chief Financial Officer of the company advises the accounts still show a profit and the company would have a solid base to pay out a dividend to its members. In July 2010cHP’s financial state worsens however George declares a technical profit and advises HP
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Auditor Responsibility The expectation is that an auditor should be held responsible for the quality of his/her work. This is because a major error or omission by the auditor can result in a false opinion. Auditors have a moral‚ professional and legal responsibility. In the Companies Act 2006‚ Section 507 prevents auditors knowingly or recklessly causing an audit report to include any matter that is “misleading‚ false or deceptive in a material way”. To be proved in cases of civil liability
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This Guy Found Hitler’s Secret French Bunker Adolf Hitler submitted the absolute most appalling outrages in mankind’s history‚ however when this picture taker discovered his mystery French shelter‚ he was overcome enough to go inside anyway.The Explorer Who Found Hitler’s Bunker Urban wayfarer and picture taker Marc Askat overcame the chasing season to stroll through the thick lush wide open in northern France. He was scanning for another subject for photos and discovered what is accepted to
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From the time I was able to realize what education meant to a person in a career‚ all I heard from my mother’s side of the family was about the society needing people with jobs and the great responsibility that followed.From the time I was able to realize what education meant to a person in a career‚ all I heard from my mother’s side of the family was about the society needing people with jobs and the great responsibility that followed. Continuing to do my daily routine‚ on a Saturday afternoon
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Memorial Scholarship Fund. Mr. LaBarron Evans came to Mattie T. Blount High School and spoke with my class about college decisions‚ and also mentioned that he was the Assistant Director of Admissions at Fortis College. I spoke with him one on one; he encouraged me to come take a visit at Fortis College. I am now going to tell you “Why I Want to join Fortis College.” On your web page as you all described that four year colleges are not for everybody‚ that you all prepare students with the education they
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