Internal consistency

At the meditation, I am confident the BMI’s counsel Mike McAuliffe will be prepared to articulate why the claims against BMI are lacking in merit. LMI adopts all of BMI’s liability arguments to the extent that the plaintiffs’ risk of an adverse adjudication reduces the net value of this litigation. Of the plethora of alleged defects, the contentions relating to the cast stone masonry of the building present the greatest potential exposure to LMI’s insured. Nevertheless, these allegations…

Introduction This report will focus on ISA 315 and in particular looking at why it is important for an auditor to understand the clients business and industry. The report will then focus on the sources the auditor can use to understand the clients business. Importance of understanding the clients business and industry Auditors are required to have sufficient knowledge of the client’s entity to be able to understand and identify practices and transactions, which can have a significant impact…

sections that influence internal control the most which are Sections 302 and 404. Section 302, corporate responsibility for financial reports, is more of a realistic application of the internal controls. For this section, management of a company must establish and maintain internal controls, design internal controls to guarantee that material information which relates to the issue and its subsidiaries is communicated to the officers with the entities; evaluate the internal controls’ efficiency…

In this case Philips relied on the valuation that Stamp Champ made and the fact that the stamp was not damaged, in order to buy it. Because of the intentional or unintentional failure to disclose this material fact about the stamp Phillips lost $7800 that he paid for the stamp. If Phillips can prove that Stamp Champ knew about the water damage done to the stamp and decided not to disclose this to him at the time of the sale it constitutes Fraudulent Nondisclosure. In the case that he can’t prove…

that an object has. When an object has a great amount of kinetic energy, then its molecules move around a lot. This can be explained by thermal energy, or heat. Heat is produced when internal energy travels from an area of relatively high temperature to an area of relatively low temperature. This internal energy is then called thermal energy. Higher temperatures are associated with higher amounts of thermal energy and thermal expansion. Thermal expansion is when an object expands or…

In 2002, Congress signed the Sarbanes-Oxley Act (SOX) in response to several notorious corporate scandals, including those at Enron/Worldcom. The piece of legislation was aimed to hold corporate officers personally liable and to rebuild public confidence in the corporate sector. SOX, “requires violations of securities laws or breaches of fiduciary responsibility to be reported to either the chief legal officer or CEO of the company by-house attorneys or outside counsel (Reed, & Bogardus, 2015)…

O’Brien and Ellsworth choose this design because it permitted an accurate internal validity by allowing casual inferences. The procedure begins with the experimenter randomly assigning participants to the two levels of the operational independent variable, next (uniformed of the final piece of chocolate) and last (informed of the…

Different governments across the world enact different acts to different business and investors in order to help them in curbing specific challenges facing various business. The provisions of this acts apply in both public and private companies and overs the major responsibilities that are expected to be carried out in order to ensure this provisions of the act are followed. In the following discussion we are going to look at Sarbanes-Oxley Act which was a United States federal law. Question…

As of July 30, 2002 the Sarbanes-Oxley (SOX) Act was passed. The Act has affected both the principles and assumptions of accounting and financial reporting. As your new financial advisor I will explain the important changes made by the SOX act and who is impacted by it. Section One The Sarbanes-Oxley (SOX) Act was the reaction to major corporate and accounting scandals, including Enron and WorldCom. The goal of the act is to thwart and dissuade future accounting fraud, safeguard shareholders and…

mind at ease, and give you the information you are looking for. The SOX Act was passed to curve financial abuses at companies that issue their stock to the public. It requires that the public companies apply both accounting oversight and stringent internal controls (Fundamental Acct. Principles, pg. 12, 2011). This keeps companies from falsifying records for their own personal gain, and if so done, the companies liable will be penalized to an…