Internal audit

I trust that Madoff occupied with making a Ponzi plan out of gluttony. Madoff He began implementing his hoax about a quarter century ago. An actuality that is much all the more disturbing about the way of this trick is the measure of philanthropies that were involved. It takes an unreasonable sense of greed to trick cash from philanthropies and houses of worship. The hoax itself bewildered numerous of people on Wall Street. Everybody in New York should know how Madoff could have pulled off…

After HealthSouth publicly became a traded company, their earnings were being escalated falsely. Management was under a huge amount of stress because they did not meet the standards of their business financially. When the company reported their earnings, they overstated them purposely. It fell under, “Income Before Income Taxes.” (Zmuda). Falling under the motivation of the fraud triangle, their sole motive was to meet their financial needs. Since they did not, between the years of 1999 and 2002…

However, Steffensmeier et al. (2013:469) state that women are risk averse and do not play major roles in white-collar crime. Two prolific women have defied qualities of normative femininity and have played major roles in the orchestration of a corporate crime challenging Steffensmeier’s argument. By taking risks and demonstrating assertiveness while holding a dominant position in their businesses, Michelle Tobin and Monica Iles were able to carry out corporate offences in their unmonitored and…

as the Sarbanes-Oxley Act of 2002(SOX). While I do believe that SOX has addressed many key issues , such as requiring the CEO and the CFO to be held liable for all financial disclosures and has increased the ethical requirements of the corporate audit committee. There are still many problems that have not been dealt with. One of those issues involves independence. Are auditors truly independent if they are paid by their clients for their services. Another problem…

“Sixth circuit court held that Orthofix, Inc.’s (Orthofix) non-disclosure and non-compete clauses protected Orthofix’s confidential information regardless of whether the information achieved trade secret status or not”. The defendant, Eric Hunter (“defendant”) was a medical device salesman for Orthofix for 12 years where he sold a specific medical products (bone growth stimulators) that only Orthofix and two other top competitors sold. Upon joining Orthofix, Hunter signed an employment agreement…

Since Kadex Corporation treated the purchase of property, plant, and equipment like a repair and maintenance expense, Jones & Scranton would likely discover the error (even though they are only auditing the third year and the error occurred in years one and two) in a number of ways. First, when the auditors verify the existence of the property, plant, and equipment, they will discover plant and equipment items that are not listed on the assets list. Second, when the auditors determine the…

According to utilitarian, Lerome plays a vital role within economic system making sure the benefit of the whole society is taking place. Lerome had no personal intention to lose a job or anything, but he stood for the society. He stood for all those mothers and for those entire infants who would drink apple juice. He had an ethical responsibility towards the public and the company. The Zonar Corporation paid the research and development team and so did the contractor paid their team for the…

Bernie Madoff was a well-respected, intelligent, and charitable individual. Having served on a government regulatory board and as Chairman of the NASDAQ from 1990-93, further entrusted individuals to Madoff (Ferrell, Fraedrich, & Ferrell, 2013). Holding increased titles within the community, Bernie Madoff was respected not only for his business savy, but for his philanthropy. The investment firm operated in an “invitation only” approach that added to the air of a high-class, elitist firm,…

California Corporate Reinstatement Our clients constantly come to us with two main questions: “Why am I suspended with the Franchise Tax Board?” And “How do I revive my business?” When a California business is suspended, the entity has lost all its rights and privileges and cannot legally operate until the corporation or LLC has been reinstated. During this suspension period, the entity is required to close its doors and stop all business related activity. In order to once again achieve good…

JPMorgan Chase & Co. is a financial services firm and banking institution headquartered in New York City. Under the Chase brand, the company offers credit card services, retail banking, and commercial banking. Under the J. P. Morgan brand, the company offers treasury services, private banking, private wealth management, asset management, and investment banking. Over 12,000 companies have been absorbed over the years into what is now JPMorgan Chase & Co., the oldest being The Bank of The…