Energy audit

Statutory means “of or related to statutes”, or what we otherwise call laws and regulations. Compliance means to comply with or adhere to. The term Statutory Compliance is most often used with organizations that are required to follow a lot of regulations. The purpose is to safeguard the employees and the enterprise from risks by the management on issues such as retirement benefits and taxation. In HR, statutory compliance refers to the legal framework within which organizations must operate,…

The improper accounting of commercial real estate loans by Fifth Third Bank and its former chief financial officer (CFO) during the financial crisis created a sense of distrust and uncertainties when was discover in 2013 between its shareholders and the members of the board of directors. The charges presented by the Security and Exchange Commission against the company was a significant hit for the company that in 2013 was trying to finally resurge from the financial crisis of 2008. Various…

Small and Micro Business Owners certainly have more compliance issues since the introduction of GST! A lot of Micro business owners find it quite challenging keeping track of all their Tax Invoices. Prior to GST most bookkeeping entries were coded to the correct expense account straight from the Business Bank Statement, but now it is necessary to refer to your Tax Invoices when recording your expenses in your Accounting Software Program. Setting up a system to keep track of your Tax Invoices is…

Ratification-Rick can request the executives to ratify their decision of renting two costly autos for them. if he picks this privilege than directors need to review their choices. 2) Injunction-rick can apply for order u/s1324 which will limit Tanya and Rachel from renting the auto and different acts. It will also help Rick to stay in the board. 3) Oppressive behavior- being in a minority, Rick can speak to the court u/s 233 for the oppressive behavior of the individuals from the board i.e.…

set of strict guidelines on the protection for investors and other stakeholders of public companies. PCAOB vision is to be a "model regulatory organization" that strives for new ideals without maximizing the cost. PCAOB is also striving to "improve audit quality, reduce the risks of auditing failures of the U.S. public securities market and promote public trust". Trust must be within the professional's auditors and the process of the financial reports. The Securities and…

on, time off was not required at Peregrine, which could have ultimately discovered this fraud much earlier, by allowing someone else to sit in the absentee’s seat and review all of their work. Additionally, Peregrine lacked internal auditors or an audit committee at the time. The presence of the internal auditors could have decreased odds of misstatement incentives to commit fraud by management, called fraudulent financial reporting, and overseen…

at other agencies and or auditing firms as well. First, the most important organizational control to implement in a case such as this one is a whistleblower program. However, one might argue; if the top is corrupt and did not formed an independent audit committee to oversee the organizational structure and controls there is not much one can do from the inside. Since the article inferred that collusion was rampant throughout the firm. The program should also include extending this information to…

blame to be spread around for the collapse of Enron • Arthur Andersen – Allowing the fees to cloud their professional judgement. To allow for questionable and complex accounting practices to continue via the SPE’s. Also, the destruction of Enron audit documents • Enron – Kenneth Lay/Jeffrey Skilling – The emphasis that was placed on a big profitable bottom line to increase the value of their company and their direct reward for such profits. They discounted the loyalty and the harm that it…

[7] Assume that a close family member came to you with information about a potential fraud at his or her employer. Prepare a summary of the advice you would offer as he or she considers taking the information forward. Before advising information about a potential fraud, it is important for the individual to have an understanding of the facts giving rise to concern. Because understanding of the facts, it helps to avoid prematurely filing a complaint that may be based of perception or emotion.…

Case Study 2 (Learning Objectives 2, 4: Explain the components of internal control; evaluate internal controls) Each of the following situations reveals an internal control weakness: Situation a. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the…