Audit

With respect to the Enron case, there were initially two red flags leading to the fraud that should have been noted and thoroughly reviewed: (1) Enron and other corporations previously pressed for deregulation of the energy industry, and (2) lack of monitoring the industry and corporation practices by the government after deregulation (Albrecht. Fraud Examination, p. 431). After the deregulation of the industry, many corporations were, more or less, free to do as they please, which provided the…

♣ to the audit committee, as in the GM case. NYSE requirements require the audit committee to discuss policies with respect to risk assessment and risk management. However, the NYSE commentary clarifies that the “audit committee is not required to be the sole body responsible for risks assessment and management” [See Part I, Exhibit C Rule 303A.07(b)(iii)(D)]. If the board allocates risk responsibilities to the audit committee, these responsibilities should be thoughtfully addressed in the…

Gross Profit Reflection Paper When an organization face a froud, it is not an error for the guilty person; this is more a mistake from the own organization system. it might sounds conflicted, however, the management of the sytem is not well monitores or prepared for any mysterious activity. Of course there are several activities that an organization is not able to notice them because we are more concern and worried for those top amd big mistakes instead of the little ones. I have to mention that…

What is a tax audit? What are some different types of audits? A tax audit is a detailed examination of a return by the IRS. Different types of audits include are a correspondence audit, an office audit, and a field audit. A correspondence audit is the simplest and requires an individual to respond via email to clarify information. An office audit requires an individual to visit an IRS office to clarify information. A field audit has an IRS agent visit the person’s home…

HealthSouth Corporation, founded in 1984, is a company that offers both facility and home-based acute services through rehabilitation centers for patients in over 35 states, including Puerto Rice. The beginning stages of this national news accounting fraud began in 1996, where the company’s Chief Executive Officer, Richard Scrushy, and several of the company’s Chief Financial Officer’s stole more than 2.7 billion which surfaced in 2002 after the company’s CEO/Chairman sold over $100 million…

Sue is obligated to be loyal to her company, so even if she were to put in an honest effort, it is likely that she will not be able to perform an audit to a professional standard. The auditor must remain objective – judgments cannot be clouded because the auditor wants to please a client. 3.a) As an external auditor, TK&R is meant to be an outside, objective inspector. When such a tipoff of inventory…

Abstract: A truck scale fraud occurred in Pratt Recycling recently. There was collusion between the scale operator and several peddlers. The operator overstated the net weight information on the weight tickets and would create fictitious weight tickets when no weighing had taken place. Pratt started to require more documentation from peddlers and updated an automated scale system. Moreover, Pratt strengthened its monitoring process and adopted other internal control methods. Also, Pratt…

The Audit Approach: Methodology APPROACH ON AUDIT Audit methodology and tools of KPMG are developed and maintained by Global Service Center (GSC). The firm makes sure that audit methods are: globally consistent and entirely compliant with ISAs (Philippines: PSA); created to be effective in all kinds of risk environments and economic circumstances; available to all KPMG audit professionals and required to be used where necessary for compliance; applied even where local auditing standards are less…

After this fall semester, I will be graduating from LaGuardia. I currently have a cumulative GPA of 3.456, but I am aiming to receive a cumulative GPA of 3.5 by the end of the semester. I did some research on degree audit and that is why I am making a grade goal of an A or 4.0 in Critical Thinking, and three more of my courses. Achieving A’s in the four courses that I am currently enrolled in will push my GPA up to a 3.5. I understand that with this goal is not easily attainable, so throughout…

The Phoenix Suns organization will be conducting a financial audit throughout the organization. This audit will be conducted by Deloitte. Deloitte is an independent auditing firm specializing in the sport industry. This firm provides financial services in accounting, process improvement, data analytics and risk advisory (Deloitte, 2016). The financial audit will cover the records of the Phoenix Suns’ previous seven fiscal years. This audit will ensure the Phoenix Sun’s financial information is…