Internal waters

• The AICPA's Code of Professional Conduct does not require all employees to sever ties with all audit clients. For example, staff auditors not working on a particular engagement need not sever ties. In this case, the firm exceeds the minimum level of conduct for independence. • The case does not address other ethical requirements. • The case does not mention spouses or dependents of the employees. Spouses and dependents must also be independent, as defined by Section 100--Rule 101 of the…

by Port State Control, Flag State Administration or Recognised Organisation on their behalf. • Internal Audit – conducted by the Company (the Ship owner). In this light, a…

Maqsood Khan was the internal audit officer in Bank-e-Mille on 2012. I was the internal audit manager at the same bank, and his was working under my supervision. Bank-e-Mille internal audit department had one chief internal auditor, three audit managers, and seven internal audit officer. Every audit manager was responsible of different section of audit. For example, one manager and two officers were auditing the bank’s branches in Kabul and other provinces of Afghanistan. The second manager…

Freddie Mac: Scandal of 2003 Alex Ceja Eva Lucatero Darrah Bonander Reedley College Ethics is the practice of performing at a level of right rather than wrong. Pertaining to or dealing with morals or the principles of morality. Being ethical is the highest standard for a business and is expected in every profession or career. One word that describes the term ethics would be truthfulness. Employees are expected to be truthful with the work they do. That means no falsifying records, any…

With respect to the Enron case, there were initially two red flags leading to the fraud that should have been noted and thoroughly reviewed: (1) Enron and other corporations previously pressed for deregulation of the energy industry, and (2) lack of monitoring the industry and corporation practices by the government after deregulation (Albrecht. Fraud Examination, p. 431). After the deregulation of the industry, many corporations were, more or less, free to do as they please, which provided the…

in order to gauge the success of internal controls over financial reporting (p. 185). In addition to establishing auditing and attestation standards, the PCAOB was responsible for establishing quality control, ethics, independence, and other standards…

Attention-deficit hyperactivity disorder (ADHD), is diagnosed when children display persistent age-inappropriate symptoms of inattention, hyperactivity and impulsivity. Since ADHD is one of the most common (3% to 5%) childhood mental disorder, a lot of controversies debated whether behavioral therapy (BT) or medication alone (MM) would be more efficient as the treatment for ADHD (Arnold et al., 1997, p.865). In 1992, the Collaborative Multimodal Treatment Study of Children with ADHD (the MTA),…

of one being called the “Internal Auditor” and the other being called “The World” The first blog I looked at was…

the statement is accurate as far as they know (3) all material facts are included and fairly represented as far as they know (3) they are ultimately responsible for the internal controls procedures practiced by their company (4) they believe their internal controls procedures are effective (5) changes and deficiencies in internal controls have been reported (EY). By forcing executives to personally certify documents submitted to the SEC for review, the authors of SOX hoped to increase…

After pronouncing judgment in Ghasi Ram on February 7, 1968, Hidayatullah, J., decided Om Prabha Jain v. Abnash Chand on the same day dealing with the same issue, i.e., whether making of discretionary grant by a Minister on the eve of election amounts to bribery or not. Applying the test laid down in Ghasi Ram, i.e., "that a Minister in the discharge of his duties may be required to do some acts of administration including the granting of money for the uplift of a certain communities and this…