Internal jugular vein

The Insolvency and Bankruptcy Board of India (IBBI) controls and screens the exercises of the Insolvency Professionals (IPs) also as the Insolvency Professional Agencies (IPAs) with whom the Bankruptcy Professionals enlist themselves. The IBBI has set out the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 that set out the enlistment and qualification methodology of the Insolvency Professionals, brief surrender of declaration of enrolment, disciplinary…

Weaknesses The company’s involvement in numerous lawsuits constitutes its first weakness, which is not only a past weakness, but also a current one. These litigations impede the company’s brand image in clients’ and investors’ eyes in domestic and foreign markets, and this contributes to company’s amity deterioration. An example of the of these litigations is the consumer class action that was filed against Hewlett-Packard Company in 2011, alleging that this company’s printers’ software were…

Before the Sarbanes-Oxley Act, in health care frauds, it has been the companies that have paid large settlements and the executives responsible have walked away with their profits. However, with this Act, executives are now personally responsible for any misstatements. The main objective of the Sarbanes-Oxley Act was to “enhance corporate responsibility, enhance financial disclosures, and combat corporate and accounting fraud” (sec.gov/about/laws.shtml). “This Act requires that Chief Executive…

scale system. Moreover, Pratt strengthened its monitoring process and adopted other internal control methods. Also, Pratt gradually eliminated the practice of purchasing scrap from peddlers. The paper studies the fraud prevention and detection techniques Pratt can implement to combat fraud, such as automation of system, segregation of duties and scrutiny in vendor accounts. The paper concludes that strong internal controls and effective detection mechanism are critical for the company in…

Introduction Audit committees have an important role to play in order to uphold both perceived and actual independence of the external audit process and this role will continue to evolve going forward (Cohen, Krishnamoorthy & Wright, 2002a). KPMG's Audit Committee Institute (2003) states: “Today, as never before, the role, responsibility, and accountability of the audit committee continue to be the focus of lawmakers, regulators, and shareholders. The audit committee's role in overseeing a…

5.3 Company analysis The company analysis was formed using the McKinsey 7s model, which adequately identifies the most relevant components with which to analyze the company. Furthermore, primary research was conducted in the form of face-to-face, semi-structured interviews, conducted internally with Deutsche Bank employees from the TF and CMC departments, to gain insight into the current operational activities of these departments. Shared Values Deutsche Bank has set a number of ‘Values &…

hinder the company from passing the NQA audit for the ISO 9001 certification. All of the areas in FD that are under the ISO 9001 order have been audited internally to be ready for the external audit by NQA in September. The areas of documentation, internal audits, management reviews, and office training have been successful in passing the ISO specifications. Unfortunately, the areas of Production and the Laboratory have not proved to be successful in being in conformity of…

alone, they have added 129 company stores and 58 new franchise locations. With this growth it adds significant strain on management and it’s personal. The risk of adding so many locations means they need to keep a higher level of internal controls. Without effective internal controls management can be inclined to commit fraud due to the added pressure to continue to make sales and perform better than its competition. Another risk that GNC has that could affect its financials is the market they…

History Sampling is regarded as one of the most necessary parts of auditing today, but as a matter of fact, it was not until 1997 that the “Audit Sampling” standard was issued by the International Auditing and Assurance Standards Board (IAASB). When auditing first came into fruition sampling was not given the same consideration that is has today, as company owners were “interested in discovering major accounts of fraud or misstatements in the financial statements” (Oana, Tatiana 2013, and…

The fraud was perpetrated in two ways. First, reserve accounts were drawn down to boost earnings. However, when the reserve accounts eventually ran out of money, Scott Sullivan ordered the accounting staff to treat line costs, which should have been treated as expenses, as capital assets. This accounting treatment was against the Generally Accepted Accounting Principles, which should have been used by WorldCom’s accounting department. By classifying the line costs as capital expenditures instead…