1 Auditing issues in Enron case Independent Needed for the Houston office of Andersen‚ an audit partner that understands the role of being a "public watchdog" with "ultimate allegiance to the creditors and shareholders" . Arthur Anderson abandoned its roles as independent auditor by turning a blind eye to improper accounting‚ including the failure to consolidate‚ failure of Enron to make $51million in proposed adjustments in 1997‚ and failure to adequately disclose the nature of transactions with
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and disadvantages of financial risk management? Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk. Similar to general risk management‚ financial risk management requires identifying its sources‚ measuring it‚ and plans to address them. Financial risk includes various categories such as credit risk‚ market risk‚ liquidity risk‚ operation risk and reputation risk. These are risks that can ruin a company as well
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Systems approach is consisted of two types of system‚ the closed and open systems. Closed systems have relatively little interaction with the environment. (Heil 2015) The Closed-system approach conceives the organization as a system of mechanical‚ technology‚ equipment and materials; that tends to exclude competitors‚ suppliers‚ distributors and government regulators. The Closed system approach allows the managers to analyze problems by examining the internal structure of the organization with little
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Content Executive summary 1. 0 Business operation of REX 1.1 Nature of revenue sources 1.2Conduct of operation 1.3 Products and services 1.4 Market conditions and competition 1.5 Regulatory environment 2.0 PEST analysis 2.1 Political 2.2 Economics 2.3 Social 2.4 Technical 3.0 Audit risks 3.1 Measurement risk of aircraft 3.2 Revenue manipulate risk 3.3 Derivative financial instruments risk 3.4 Employee benefit risk 4.0 Internal control Reference Executive summary
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ANSWERS TO QUESTIONS 1. Sustainable income is defined as the most likely level of income to be obtained in the future. It is the amount of regular income that a company can expect to earn from its normal operations. In order to distinguish a company’s net income from its sustainable income‚ irregular items‚ such as a once-in-a lifetime gain or discontinued operations‚ are reported separately on the income statement. 2. Items (a)‚ (d)‚ and (g) are extraordinary items; item (h) is debatable
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Risk assessment procedures include enquiry‚ analysis‚ observation‚ inspection and testing. Suspetabiltiy of Defalcation??judgments about materiality are made in light of surrounding circumstances‚ and are affected by the size or nature of a misstatement‚ or a combination of both; and judgments about matters that are material to users of the financial statements are based on a consideration of the common financial information needs of users as a group.??? Materiality is modified by segment in response
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An Overview of Auditing Services Auditing services are very important for the business owners to get the valuable information and assurance that reports are correctly presented. Further‚ the auditing services provide an opportunity to the business persons to know more about their businesses and its various aspects. It also provides sound base to business persons to communicate properly with investors‚ their partners and banks. Above all‚ auditing services provide ideas of the objective presentation
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actually in the UK. Because it was chartered in Luxembourg and Grand Caymans‚ Bank of England (BOE) thus thought itself as a secondary role in supervising BCCI‚ thereby reducing the level of scrutiny imposed on BCCI. In addition‚ BCCI has an uncommon auditing system. Price Waterhouse (PW) was the accountants for BCCI overseas‚ while Ernst & Whitney in charged of BCCI holdings. Two sets of auditors being used was to avoid them from publishing a meaningful consolidated accounts and make sure neither of
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PROJECT ON DESIGN OF COMPUTERISED ONLINE EXAMMINATION SYSTEM. By Ojeme MacDonald REG NO: APPROVAL PAGE This project has been read and approved by the under listed as meeting the requirement for the award of diploma in computer software engineering. In accordance with preparation of project in NIIT warri. Project Supervisor Head of Department Name: Mr. Ojei Emmanuel Name: Miss Nancy Okolo
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What is Ethics? A few years ago‚ sociologist Raymond Baumhart asked business people‚ “What does ethics mean to you?” Among the replies were the following: “Ethics has to do with what my feelings tell me is right or wrong.” “Ethics has to do with my religious beliefs.” “Being ethical is doing what the law requires.” “Ethics consists of the standards of behavior our society accepts.” These replies might be typical of your own. The meaning of “ethics” is hard to pin down and views of many
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