COMPANY PROFILE Ernst & Young Global Limited REFERENCE CODE: 44B1F5A6-9A35-44E4-86CC-720029E9F2AD PUBLICATION DATE: 21 Aug 2013 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED. Ernst & Young Global Limited TABLE OF CONTENTS TABLE OF CONTENTS Company Overview..............................................................................................3 Key Facts.............................................
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day-to-day financial activities of a business entity are gathered and recorded. A firm’s accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis‚ typically by an accountant and/or auditor or a team of accounting professionals. In another context‚ an accounting practice is intended to enforce a firm’s accounting guidelines and policies. It exists as the daily recording of financial data that is important to the evaluation and monitoring
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CASE 1.3 JAMAICA WATER PROPERTIES Synopsis This case focuses on David Sokol‚ an executive who has made a “name” for himself in recent years within the energy industries. After becoming recognized as a successful “turnaround” agent for troubled companies‚ Sokol was hired in 1992 to serve as the chief operating officer of JWP‚ Inc.‚ a large‚ New York-based conglomerate. At the time‚ JWP had an impressive history of sustained profits and
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together since before 1971. Lot of former Andersen employees were working at Waste Management CFO and CAOs all former Anderson auditors Arthur Anderson hadn’t forced them to change yet Arthur Andersons action steps- working together to cover up past fraud with new fraud f. g. Top executives working together in the fraud Netting and geography. Attitudes: If their auditor was approving the accounting treatment of certain items‚ it must have been correct. These entries were needed to stay competitive
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advances and regulatory reform. The impact of these new technologies and regulations has rewritten the role of the traditional accountant. Traditionally accountants were used mainly for financial data entry; the new accountant is a consultant‚ an auditor and an advisor as the industry moves away from financial accounting and towards managerial accounting. Globalization has occurred more rapidly in the last thirty years than any other time in history for two very distinct reasons‚ the advancement
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Council.” In order to avoid conflicts of interest an independent auditor cannot be affiliated with the company he/she is auditing in any way. It is the auditor’s responsibility to ensure that all financial statements are reviewed honestly and fairly and the only way to be able to do that is by being independent from the company you are auditing. Independence is the “cornerstone” of the accounting profession because without independent auditors we would not have trusting investors and most people would
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1) Your Initial Career Aspiration Introduction to Deloitte Touché Tohmatsu Limited Deloitte Touche Tohmatsu Limited is a worldwide company that provides professional services in the area of auditing‚ taxation‚ consulting‚ risk analysis and financial advisory.It serves as a global firm in which there are many separate member firms over many countries and cities.Each member firm remains its separate and independent legal entity. Mission Deloitte aims at helping its clients
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Sarbanes-Oxley Act of 2002 requires that the auditors maintain documentation for 7 years. Thus for public clients‚ auditors must retain working papers for 7 years‚ but they may destroy them after 5 years if the client is nonpublic company. Audit workpapers are owned or property of the audit firm‚ not the client. At no time does the client have the right to demand access to the auditors’ working papers. After the audit‚ the working papers are retained by the auditors. 3. Identify and list five recommendations
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Corporate Finance Career Overview If you work in private enterprise‚ your company measures its success at the end of the year by comparing how much money it made to how much it spent. If it has made more than it has spent‚ it was a good year. If it has made less than it has spent‚ it was a bad year—or the company is in an investment phase. (In other words‚ like Amazon.com‚ it spent more than it made because the company and its investors believed it would realize a profit in the near future
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COO (Chief Operating Officer) of the Jamaica Water Properties‚ Inc. The main culprit was Ernest Grendi‚ JWP’s CFO‚ helped by several of the company’s senior accountants. Moreover‚ the company’s external auditor‚ Ernst & Young‚ seems to be involved as well. This case will show regarding the auditor independence‚ its duty as professional accountant‚ fraud‚ and the perspective from the employees toward their higher-ups management. * Background Its company’s name‚ before becoming as JWP‚ was
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