2014 “Olympus Scandal” The Olympus Corporation scandal is one of the biggest scandal’s to break. Olympus Corporation‚ the Japanese maker of cameras and medical imaging equipment is a huge corporation that lasted over two decades. 1- Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response. It turns out that Olympus tried to make an effort to make the company’s
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societies‚ the objective of this paper is to explain the intricacy of the 5-S so that it can be understood easily and adopted readily by those who may find the tool useful. Based on the Japanese experience‚ the author has developed the world’s first 5-S audit checklist. Apparently‚ spearheaded by the ISO 9000 auditing‚ the 5-S auditing approach has been easily and readily accepted by businesses and industries. As a result of the success‚ the Hong Kong Government invited the author to commission a 5-S Practice
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Page - 1 - of 4 CHAPTER 1 Audit and Review 1 WHAT IS AN AUDIT An audit has been defined as “an independent examination of‚ and expression of opinion on‚ the financial statements of an enterprise by a duly appointed auditor in pursuance of a relevant statutory or professional obligation”. Independent – an auditor is remote from the enterprise that he/she is reporting on. This independence is defined by law and professional practice. Opinion – an auditor gives an opinion. He does not certify
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Universityof Rochester I. INTRODUCTION RXecent developments in the theory of the firm emphasize the importance of monitoring the performance of parties to the firm.1 Jensen and Meckling2 hypothesize that an audit is one type of monitoring activity that increases the value of the firm. An audit by someone independent of the manager reduces the incentive problems that arise when the firm manager does not own
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HW & KH Winter 2014 MGAD10 Case Assignment 1 Case Question You‚ CPA‚ CA/CGA/CMA‚ are an auditor at a large public accounting firm. Shortly after receiving your professional designation‚ you were approached by the President of your Provincial Institute about joining the Professional Conduct Committee (PCC) as a volunteer investigator. The PCC is responsible for investigating potential breaches of the rules that govern the conduct for auditors of financial statements (i.e. Rules of Professional
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DATE: Sept 14‚ 2014 TO: Edward Sloane‚ Senior Audit Partner FROM: XXXX‚ CPA‚ CGA Subject: I have been auditing Vehicles For Hope Limited (VHL) for the last five years‚ however during my recent meeting with the accountant I was informed of several changes that have taken place during the last one year. I am writing this memo to apprise you of these changes and seek your feedback on audit planning. Significant Donations: Two months ago a long standing board
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Audit and Assurance (International) Wednesday 9 December 2009 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association
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market. Sarbanes Oxley Act Section 802 pertains to corporate and criminal fraud accountability. The section imposes penalties of up to ten years imprisonment for accountants who knowingly and willingly violate the maintenance or review papers of an audit (Sarbanes). The section also imposes fines and imprisonment up to twenty years for knowingly destroying documents or falsifying records that impend a legal investigation (Sarbanes). The strict fines and penalties help to detour accountants and business
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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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Bangor Berhad. FCB had appointed Kenchana& Associates as its external auditor. The Protagonist Mr Chuah Mun Soong is the main character in this case. He is an auditor for FCB. He needs to present the financial report of Flat Cargo Berhad to the audit committee of FCB in two weeks. However‚ there are several inconsistencies reported by his subordinates in the accounts of FCB. The main problem faced by Mr Chuah is there might be high possibility that his client company (FCB) involved in fraud.
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