Total internal reflection

Some internal control issues that were recognized in the audit of Smackey Dog Food Inc.. 1. Giving commissions to the sale people based on estimated sales. This internal control issue presents risks to the company’s financial resources as the sale people might and have been paid for sales not made, there is no refund policy in place for…

TO: Gregg Cash FROM: Jihee Kim TITLE: Conclusions from Tech Gadgets Liquidation Dear Mr Cash, You have requested advice on the matter of Tech Gadgets Ltd. Your questions, my answers to those questions, and the reasons for our answers are set out below. Question 1 Issue: Which persons and/or entities are a director of Tech Gadgets Ltd for the purposes of the directors’ duties in sections 181-183 of the Corporations Act 2001 (Cth)? Law - s 181: Act in good faith in the best interests of…

The stakeholders for Goldman Sacks Corporation include the elderly couple, as investors and the CPA financial advisor as the employee of Goldman Sacks. As a CPA, the financial advisor must adhere to the AICPA Code of Professional Conduct as well as act in the most ethical way. The Code of Professional Conduct requires one to perform due care, competence, professional skepticism and professional judgement. The preferred products sold through Goldman Sacks come with the best commissions and as the…

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…