MANAGEMENT & ACCOUNTING Audit Challenges in Malaysia Today Teck Heang Lee and Azham Md. Ali Due to the outbreak of financial scandals involving Bursa Malaysia listed companies Transmile and Megan Media‚ it may be argued that 2007 was a “challenging” year for the auditing profession in Malaysia. The “ripple” effect of the scandals caused turbulence in the auditing industry which spilled over to 2008 when the auditing profession was once again in the limelight‚ in the case of Oilcorp Berhad.
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Describe the legal and ethical issues surrounding Andersen’s auditing of companies accused of accounting improprieties The largest bankruptcy of a non-profit organization‚the investors of Baptist Foundation of Arizona sued Andersen which served as the auditor for $217 million for issuing false and misleading approvals of BFA financial statements and also lost $570 million donor funds. BFA management allegedly took money from other investors to pay off the current investors which the court held
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Open Journal of Accounting‚ 2013‚ 2‚ 26-38 http://dx.doi.org/10.4236/ojacct.2013.22006 Published Online April 2013 (http://www.scirp.org/journal/ojacct) Corporate Accounting Fraud: A Case Study of Satyam Computers Limited Madan Lal Bhasin Bang College of Business‚ KIMEP University‚ Almaty‚ Republic of Kazakhstan Email: madan.bhasin@rediffmail.com Received January 15‚ 2013; revised March 12‚ 2013; accepted March 28‚ 2013 Copyright © 2013 Madan Lal Bhasin. This is an open access article distributed
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_most_memorable_business_moments_of_the_decade.html Tyco/Dennis Kozlowski are ensnared in scandal Published: 12/23/2009 12:49:45 In yet another corporate scandal‚ former Tyco International CEO Dennis Kozlowski was convicted in 2005 of misappropriation of corporate funds. He used Tyco’s money for a $2 million birthday party on the island of Sardinia for his wife (the ice sculpture urinated Stolichnaya vodka) that came to be called the "Tyco Roman Orgy‚" as well as an estimated $14 million in art
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senior management was “cooking the books” for years to cover up his loses. The reason why senior management agreed to do this fraud is the belief in unique ability of their leader to fix everything later on. This case is known as one of the biggest accounting frauds in the corporate history of the U.S. This paper will analyze who was affected by this fraud‚ the motives behind it and what systems of control failed to prevent it. The major groups that were directly affected are investors‚ employees
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Independence." ET Section 101. AICPA Standards‚ n.d. Web. 31 Jan. 2013. Norris‚ Floyd. "Indian Accounting Firm Is Fined $7.5 Million Over Fraud at Satyam." The New York Times. The New York Times‚ 06 Apr. 2011. Web. 31 Jan. 2013. Timmons‚ Heather. "Fraud at Satyam." Nytimes.com. Nytimes.com‚ 7 Jan. 2009. Web. 31 Jan. 2013. Winkler‚ David. "India ’s Satyam Accounting Scandal." India ’s Satyam Accounting Scandal. University of Iowa Center for International Finance and Development‚ 1 Feb. 2010. Web. 31
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Case Discussion 3.3 Successfulness of Tyco (Yahoo! Finance) Previously‚ Tyco International was a well diversified entity that received tremendous financial criticisms with regards to accounting tricks which negatively affect its stock price that hamper the company’s financial performance. Therefore‚ the company took several corrective actions to generate cash flow‚ splitting up the company into four independent units and selling off plastics and financial service units besides planning to sell
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Case 1a: Satyam Accounting Scandal Mahindra Satyam is an IT company in India that recently perpetrated a large accounting scandal. To complete this assignment‚ you should first conduct research using the Internet to better understand Satyam and its fraud. Second‚ use the Internet and your understanding of class material to answer the following questions. Questions: 1. (a) In general‚ what is the role of information asymmetry in accounting scandals? Information asymmetry generally
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Fannie Mae case. Federal regulators noted a growing string of high profile scandals at major U.S. corporations in recent years. The number of fraud cases investigated by the Securities and Exchange Commission jumped 41 percent in the last three years (112 cases in 2001 compare to 79 cases investigated in 1998)‚ resulting in tens of millions of dollars in fines to settle the charges. I have decided to take a closer look at Fannie May. This company operates in the residential mortgage finance industry
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better known for creating a massive corporate accounting fraud that lead to the largest bankruptcy in U.S. history. Two investigate reports and subsequent court cases conclude that WorldCom executives were responsible for billions in fraudulent or unsupported accounting entries. How did this mammoth accounting scandal occur without anyone raising the alarm? Evidence suggests that Ebbers and Sullivan held considerable power and influence that prevented accounting staff from complaining‚ or even knowing
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