Cooper's failure
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It's about the cooper and Lybrand who audit the Maxwell's Mirror Group. They were heavily criticized.
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248 PART 3 Assessing Performance and Developing Employees
Figure 8.7
lmproving Performance Low
L09 Discuss legal and
ethical issues that
affect periormance
managemenl.
Motivation
SOUICE: Based on M. Lbndon, Job Feedback tMahwah, NJ: Lawrence Erlbaum Associates, 1997), pp. 96*97. Lse:
by permission.
on the grout)ds of leaving well enough alone. Rather, such employees are likelr :
appreciate opportunities for further der.elopment. Rer'vards and direct feedback h<h:
toinaintain ihese .mployees' high motivation levels.
Legal and Ethicat lssues in Performance
Management
fu-r developing and using performance management systems, human resource prtri'i:e"
sionals ne.d to ensure that these systems meet legal requirements, such as the ar', rj-
ance of discrimination. In addition, performance management systems should m*l
ethical sundards, such as, protection of employees' privacy.
Legal Requirements for Performance fttanagement
Because performance measures play a central role in decisions about pay, proo)otit :--.
and discipline, employmenr-related larvsuits often challenge an organization's per'
forroanc" murlug"*rlt system. Lawsuits related to pedormance lnanagement usu;-l:ls'
involve charges of discrimination or unjust dismissal'
Discrimination claims often allege that the performance management system j:*
criminated against employees on the basis of their race or sex. Many performi-lirts
Ability
CHAPTER 8 Managing Employees'Performance 249
i.r:-:-ii€S are subjective, and measurerrrent errors, such as those described earlier in the
-
: rrir. can easily occur. The Supreme Court has held that the selection guidelir"res in
:- -;-:;erai governrnenr'sllnifotmGuidelines onEmployeeSelecdonProcedttres also apply
-i::rrnance measllfement.l6 In general, these guidelines (discussed in Chapters 3
,: : r rerlllire that organizations avoid using criteria such as race and age as a basis for
::':'.:. ,,,'n1€11[ decisions. This requires overcotning widespread rating erlofs. A substan-
--: .-. ,"1\' of evider-rce has shor,vn rhat white and black raters tend to gir,e higher: ratings
--.:i:L.ers of tl'reir own racial group, e\ren after rater training.lT In addition, eviileuce
: ;:,::!S that this teirdency is strongest rvhen one group is only a small Percentage ,lf
.. - .:al ri'ork group, When the vast majority of the groutrr is male, females receile
, ..r:: i:rtings; .lnthat-t tl-t" minority is male, males receil'e lou'er ratings.ls
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':' ,: -lre person \\/as dismissed for reasons besides the ones that the etlplttr-er states.
r .::.,s. an enployee rvho',vorks for a defense contractor discloses rhai rl'ie colnlran)r
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Major Accounting Frauds around the year 2000 - Enron, Worldcom, Tyco
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course outline.docPHONEI prefer to be contacted via ema.docx
course outline.doc
PHONE:
I prefer to be contacted via email.
TEXT:Rittenberg, Johnstone, and Gramling, Auditing – A Business Risk
Approach, 9th
edition
PLEASE DO NOT PURCHASE THE INTERNATIONAL EDITION
COURSE DESCRIPTION:
This course is the second in a two course sequence. It contains lectures on auditing procedures (compliance and substantive) for cash, receivables, inventory, payables, long-term debt, equity balances and related income statement accounts. Topics also include writing of auditor's reports, including special reports, and review/compilation reports in accordance with AICPA standards.
LEARNING OUTCOMES:
Upon successful completion of this course, students will be able to:
1. Assess and resolve deficiencies that may be present in financial statement audit reports and other types of reports commonly prepared by CPAs.
2. Analyze one or more cases that involve the evaluation of internal control
3. Analyze one or more cases that involve risk assessment and resolution of client issues.
4. Analyze one or more cases that involve accounting fraud, litigation and auditor liability.
5. Analyze one or more cases that involve the assessment of information technology controls.
6. Research a topic related to the audit of financial statements or management fraud relating to financial reporting, and writes a paper with appropriate content and format.
D. RESEARCH PAPER ( CLO 6) due on or before Saturday of the 4th week, 11:00 PM PT
During week one each student is to notifiy me as to their chosen topic. Your topic should be related to an integrated audit of financial statements with respect to management fraud. Please find a true life case where management fraud actually existed and report on it utilizing at least 15 resourses dealing with the issues in your paper. This assignment requires the use of the Library/Internet research to locate and study reference materials, preferably journal articles. The paper should be APA 6th edition style, minimum 1,500 words,12 pt. font, double spaced, Times New Roman) . The objective of this activity is for you to be aware of what is happening in the real world that relates to auditing and to practice your writng skills and make the study of auditing more meaningful. Post the assignment under the RESEARCH PAPER Assignment Link as a Word Doc. attachment. You may call the library for assistance in locating articles for your references. Wikipedia is not an acceptable article reference—not reliable. PLEASE LOOK UNDER “COURSE RESOURCES” to find Research Paper Guidelines in Bb.
OTHER COURSE REQUIREMENTS AND INFORMATION:
PROFESSIONAL ASSOCIATIONS:
American Institute of CPA’s
Institute of Internal Auditors
California State Society of CPA’s (CALCPA.org)
Institute of Management Accountants
WEB SITES:
Directory of acctg. Web site resources:
http://www.rutgers.edu/accounting/raw
Financial Accounting Standards Board (FASB):
http://www.fasb.org
Government Accounting Standards Board (GASB):
http:/.
Accounting Manipulation Practices in Financial Statements: An Experience of a...
Accounting Manipulation Practices in Financial Statements: An Experience of a...International Journal of Economics and Financial Research
Accounting scandals and frauds are perennial; they have occurred in all eras, in all countries and affected millions of corporations. Unfortunately, there are few loopholes in accounting and auditing standards, which provide leeway and thus motivate accounting professionals to use aggressively manipulation practices. In fact, accounting manipulation (AM) involves the intentional cooking-up of financial records towards a pre-determined target. Every company indeed maneuvers the numbers, to a certain extent, as formally reported in its financial statements (FS) to achieve budgetary targets and generously reward senior managers. From Enron, WorldCom to Satyam, it appeared that window-dressing leading to AM is a serious problem that is increasing both in its frequency and severity, which undermines the integrity of financial reports and eroded investors’ confidence. The responsibility of preventing, detecting and investigating financial frauds rests squarely on Board of Directors and they should adopt preventive steps. Despite the raft of CG, and financial disclosure reforms, corporate accounting still remains murky and companies continue to find ways to play ‘hide-and-seek’ game with the system. Satyam computers were once the crown jewel of Indian IT-industry but were brought to the ground by its founders in 2009 as a result of financial manipulations in FS. The present study provides a snapshot of how Mr. Raju (CEO and Chairman) mastermind this maze of AM practices? Undoubtedly, Satyam scam is illegal and unethical in which computers were cleverly used to manipulate account books by creating fake invoices, inflating revenues, falsifying the cash and bank balances, showing non-existent interest on fixed deposits, showing ghost employees, and so on. Satyam fraud has shattered the dreams of investors, shocked the government and regulators and led to questioning of the accounting practices of auditors and CG norms in India. Finally, we recommend that “All types of AM practices should be legally recognized as a serious crime, and accounting bodies, law courts and regulatory authorities must adopt exemplary punitive measures to prevent such unethical practices.”Regulation of the Auditing Profession Final Draft
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Student Name Brief #5 Use of Audit Software: Review and Survey Date
Central Message: Auditing has had to change from “around the computer” to “through the
computer” due to sources only being available in electronic form. CAATs and CAATTs improve
efficiency and effectiveness of audits. A variety of standards and statements were issued because
new guidance was necessary once the growth of IT affected the nature, timing, and extent of audit
procedures. Continuous auditing is the key to improving the efficiency and effectiveness of audits.
Author’s Theme: Auditors are advised to use CAATs to gather evidence so that they can increase
the efficiency of inspection and analytical review. One of the many statements released on IT, SAS
94, stressed that IT’s impact on internal control is a result of the nature and extent of the system’s
complexity rather than the size of the firm, which is why auditing through the computer is
important when testing controls. Auditors can pinpoint the risk areas and thus have a better idea of
what to inquire when questioning management; improving the quality of the evidence and thus the
audit. Importance: Advancement in information technology has a direct impact on business
processes and the audit. Increasingly, auditors are required to perform audits in computerized
environments; therefore, additional standards are required to ensure that financial statements
auditors continue to perform high quality audits. Conclusion/Opinions: (1) The author concludes
that auditing through the computer is important when testing controls because of the impact IT has
on internal control. GAAS field work #2 supports this because the IT system is a part of the entity’s
environment, and especially, when it is complex, the auditor must audit through the computer to
adequately assess internal control risk. (2) Using CAATs can increase the efficiency of audit
procedures. SAS No. 106 indicates that CAATs allow auditors to inspect electronic evidence directly.
(3) Auditors should use data analysis from audit software in order to pinpoint the risk areas and
gain a better idea of what to ask management. AS # 5 states that risk assessment underlies the
entire audit process, including the determination of significant accounts and relevant assertions,
selecting controls to test, and determining the evidence necessary.
Auditing
Article-Briefs
All Briefs are Individual Assignments
Briefs are one (1) page write-ups of selected articles requiring you to (1) summarize the article with the central message and the author’s theme; (2) discuss 2 reasons why this is an important or unimportant topic for the audit profession; and (3) indicate your agreement or disagreement with 3 of the author’s conclusions or opinions and support your 3 points with different auditing standards (PCAOB, ASB, IAASB, ACFE, IIA etc.). Do not agree or disagree with the standards but agree or disagree with the author. You may NO.
LHand PLI ppt 2015 final-edited-2
The document discusses regulatory trends and issues on the horizon based on a presentation by Lesley Hand. It summarizes SEC enforcement actions in 2014, SEC examination priorities for 2015, including protecting retail investors, assessing market risks, and using data analytics. It also discusses SEC actions related to the Foreign Corrupt Practices Act in 2014 and trends, including settlements by financial institutions totaling $65 billion in 2014. Finally, it discusses concepts related to fraud, and provides examples of enforcement actions and consequences against individuals like Yale Asbell and Edward Cummings.
Fraud Cases in Auditing
CPAs responsibilities to detect fraud in audits, required approaches, types of financial statement frauds and specific case examples of different types of financial statement fraud
170116 newsletter FinGuard - Regulatory Competition Investigation
The 2017 Regulatory and Examination Priorities Letter1, published by FINRA on January 4th, is a fitting reminder of the resolve of Regulators to better execute their mission of investor protection and market integrity. Although the Libor and FX scandals might seem like distant memories, Regulators have continued on the war path. We would like to share some thoughts based on work we have been involved in last year. The idea is to help lawyers and banks have a grown-up discussion and be prepared if, or rather more likely, when, the Regulator knocks at the door.
170116 newsletter FinGuard - Regulatory Competition Investigation
The 2017 Regulatory and Examination Priorities Letter1, published by FINRA on January 4th, is a fitting reminder of the resolve of Regulators to better execute their mission of investor protection and market integrity. Although the Libor and FX scandals might seem like distant memories, Regulators have continued on the war path. We would like to share some thoughts based on work we have been involved in last year. The idea is to help lawyers and banks have a grown-up discussion and be prepared if, or rather more likely, when, the Regulator knocks at the door.
170116 newsletter
The 2017 Regulatory and Examination Priorities Letter, published by FINRA on January 4th, is a fitting reminder of the resolve of Regulators to better execute their mission of investor protection and market integrity. Although the Libor and FX scandals might seem like distant memories, Regulators have continued on the war path. We would like to share some thoughts based on work we have been involved in last year in a regulatory competition investigation.
Chapter 4 The Institutionalization of Business Ethics 107.docx
Chapter 4: The Institutionalization of Business Ethics 107
services use the same letter grades, but use various combinations of upper- and lowercase
letters to differentiate themselves.
As early as 2003, financial analysts and the three global rating firms suspected that there
were some major problems with the way their models were assessing risk. In 2005, Standard
& Poor’s realized that its algorithm for estimating the risks associated with debt packages was
flawed. As a result, it asked for comments on improving its equations. In 2006–2007 many
governmental regulators and others started to realize what the rating agencies had known for
years: Their ratings were not very accurate. One report stated that the high ratings given to
debt were based on inadequate historical data and companies were ratings shopping between
companies so as to obtain the best rating possible. It was found that investment banks were
among some of the worst offenders, paying for ratings and therefore causing conflicts of interest.
The amount of revenue these three companies annually receive is approximately $5 billion.
Further investigations uncovered many disturbing problems. First, Moody’s, S&P’s,
and Fitch had all violated a code of conduct that required analysts to consider only credit
factors, not “‘the potential impact on Moody’s, or an issuer, an investor or other market
participant.”’ Also, these companies had become overwhelmed by an increase in the volume
and sophistication of the securities they were asked to review. Finally, analysts, faced with
less time to perform the due diligence expected of them, began to cut corners.
SEC Chairman Mary Schapiro believes that the SEC must take more drastic measures to
implement oversight for credit-rating firms—a group that was largely blamed for not catching
risky activity in the financial sector sooner. Part of the problem, as Schapiro sees it, is that
credit rating firms are paid by the securities that they rank. This creates a conflict of interest
problem, and can affect the reliability of the ratings.23 No organization is exempt from criticism
over how transparent it is. While large financial firms have received most of the fury over risk
taking and executive pay, even nonprofits are now being scrutinized more carefully.24
THE SARBANES–OXLEY ACT
In 2002, largely in response to widespread corporate accounting scandals, Congress passed
the Sarbanes–Oxley Act to establish a system of federal oversight of corporate accounting
practices. In addition to making fraudulent financial reporting a criminal offense and
strengthening penalties for corporate fraud, the law requires corporations to establish
codes of ethics for financial reporting and to develop greater transparency in financial
reporting to investors and other stakeholders.
Supported by both Republicans and Democrats, the Sarbanes–Oxley Act was enacted to
restore stakeholder confidence after accounting fraud at Enron, WorldCom, ...
CASE ETH-03 DATE 110713 Shei
1) Barclays admitted to rigging the LIBOR rate from 2005-2009 by submitting false rates that were inflated or deflated to benefit trading positions or project an image of financial strength.
2) Traders at Barclays regularly requested specific LIBOR submissions from the individuals responsible for submitting rates to benefit their trading positions.
3) This rate-rigging involved multiple currencies and desks at Barclays and occurred on a daily basis for several years before being uncovered.
Ba107 11
Here are some ways the WorldCom board could have improved its corporate governance:
- Been more independent from management and exercised stronger oversight of financial reporting. The board appeared to rubber stamp whatever the CEO wanted.
- Had audit committees comprised solely of independent directors to oversee the financial auditing process. WorldCom's audit committee included non-independent directors.
- Rotated auditing firms more frequently to reduce coziness between auditors and management. WorldCom kept Andersen on for years.
- Established stricter controls over financial reporting to prevent the massive accounting fraud that occurred. No meaningful controls were in place.
- Terminated the CEO once massive accounting problems came to light instead of allowing him to
The Sarbanes Oxley Act And Enron Essay
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Cooper's failure
- 2. Presenter Muhammad Imran FA13-BBS-055 COMSATS Institute of Information Technology Lahore
- 3. Topic Cooper Gets Much of the “Maxwell blame” Auditor Failed to carry out “Adequate Investigation”
- 4. In a report published on 30th March Cooper’s and Lybrand were heavily Criticized who audit the Maxwell’s mirror group.
- 5. Along with the auditor’s the two bank’s are criticized: Goldman Sachs, Investment Bank Samuel Montagu, Advisory Bank
- 6. The Report also criticize the lenders of the Maxwell. Morgan Stanley Lehman Brothers Salmon Brothers International and Law firms: Clifford chance Linklatter and Paines
- 7. According of the 370 page review, accountant failed to give information about: ‣Cash loans ‣Use of shares ‣The investments in related companies
- 8. The report say that C & L should do audit of thepension fund scheme to investigate, how Maxwell had exercised control over pension Scheme. And should use additional procedures to investigate the Pension fund scheme to provide adequate Information.
- 9. Firm gets most of blames for failing to ascertain Maxwell’s financial control. Criticize of not bringing the transaction details of pension funds. C & L consistently agreed the accounting Treatment that support Maxwell, but not the beneficiaries or trustees.
- 10. Sir Roger Thomas Rymond Turner
- 11. Authors of the report gave their Recommendations, which are; Provide more guidance on the business audit. Separating the role of Chairman and CEO and Provide guidance on directors duties. Provide guidance on advisor’s role and duties. Authority have to impose sanctions on companies that do not report fraud.
- 12. We should use high ethical and professional standards before commercial advantage on which the reputation of market depend.
- 13. Thanks