Big Four auditors

confirmation from BAC of assets on held on MS&Co’s behalf • To search public records to ensure no adverse issues were noted for BAC relating to any regulatory actions. In September, 2014 MS&CO’s investors and creditors initiated a lawsuit against their auditors, KPMG, on the charge that they conducted a substandard audit, while also failing to follow GAAS. These allegations included negligence for failure to investigate DCH, failure to uncover the fraud of BAC, and failing to uncover the…

standard. The president and the chief financial officer along with client showed some sense of urgency to get the incorrect audit fieldwork (Draft of balance sheet) from the auditor without last year’s potential tax liabilities, debt related to join ventures information etc. During audit information was not correctly provided to the auditor. To handle this situation the first action I would take concerning the audit will be to gather the relevant facts from all sources and…

Facts The internal auditor of G-BioSport realizes some unusual entries that have possibilities to bring about the sign of fraud because the entries are not compliant with GAAP. The internal auditor sends an email to the accounting manager of G-BioSport, who is currently in charge of those entries, in order to investigate further. However, Owen Silver, the accounting manager of G-BioSport, claims that G-BioSport’s accounting vice president, Kenneth Loeb, has personally authorized him to make the…

Chapter 25: The Joint Meeting of the Two Bureaus of North Kalimantan Communist Party Central (August 1972) In August 1972, the Secretary of the North Kalimantan Communist Party Central 2nd Bureau, Huang Ji Zuo came to the First Division coastal area. All members of the Party Central 1st Bureau, including Lin He Gui, his wife and I, came from Matang forest area to the coastal area to meet him. There would be a joint meeting between the Party Central 1st and 2nd Bureau. The meeting was…

nsibilities of the Client Management, Corporate Director and the Company Auditor The client management is composed of the people from the auditing firm who are responsible for ensuring that the work carried out meets the quality standards of both the firm and the client. They are responsible for appointing the quality assurance personnel who review the work performed by the external auditors to ensure that it meets all standards (MW&A 2016). In regards to internal controls, they are responsible…

external auditors are not the employees of the organisation. They report directly to the Shareholders of the organisation. They main duty is to tests the underlying transactions that form the basis of financial statements. They form an opinion as to whether or not these statements reflect a true view. Reliance may be placed on the systems that produce the accounts that make up the statements thus reducing testing required if the system is found to be sound • Internal Audit  The internal…

is to require members to be honest and trustworthy in performing professional services. Professional auditors must be honest. If members of dishonest work, this job cannot maintain a good reputation in the public interest. Professional care expectations are appropriate to establish a good reputation for the public to better cut the public interest. Appropriate professional care requires the auditor to have the capacity and independence in the planning and supervision of the audit, to understand…

the recoverable amount, meaning, there should be a write out. The inventory being held at a third party location must be counted under ASPE. Under ASA 501 inventory under custody and control are require to be reported to the financial report. The auditor needs proof that the inventory exists so a confirmation from the third party confirming that they are holding the inventory is required. With counting the inventory, the assets on the financial statement will be lower than it actually is, thus…

Hobby Lobby, the arts-and-crafts store operated by a Christian family which gained most of its publicity from a religious freedom case at the Supreme Court in 2014, has recently been gaining media attention once again — but this time, under accusations of smuggling biblical artifacts. The company came under fire when the U.S. Department of Justice found that it broke federal laws when it purchased and brought to America artifacts including clay bullae, cuneiform tablets, and cuneiform bricks…

The important of redundancy issue of collection in the intelligence community. Redundancy can affect the budget, resources, capabilities, sharing information between agencies. Redundancy can cost the intelligence agency more because it will increase using resources, equipment’s, trained collectors, joint support elements, time to process the information, and make the agency insufficient in the operations. Redundancy can create an atmosphere on not looking deep to any case, by assuming that…