Essays on Audit Page 3

This is known as the ‘cooling off period’. If this section were not in place, a threat to independence may be created where member of an audit firm joins an audit client and is able to exert significant influence over the preparation of subsequent financial statements and/or otherwise influences the outcome of the audit. 2-add…

China Mobile Limited is a Chinese state-owned telecommunication company that provides mobile voice and multimedia service and it incorporated in Hong Kong on 3 September 1997. The company was listed on both New York Stock Exchange and The Exchange of Hong Kong Limited. As of November 2012, China Mobile is the world’s largest mobile phone…

The company’s mission, vision and values The mission of BIC is to make the consumer’s life easier by providing quality products that are safe. Some of the company’s perspectives are: “We offer simple, inventive and reliable choices for everyone, everywhere, every time. “ “Honor the past, invent the future. “ “Our vision and our philosophy…

Synopsis Bernie Madoff’s primary goal was to accumulate wealth, leading him to establish his own brokerage firm named Madoff Securities. Having been raised in New York City, he understood that Wall Street was the gateway to worldwide fortunes. In 1960, right after graduating from college, he set out on a mission to join the influential…

Bernie Madoff’s $50 Billion Ponzi SchemeNamed after con man Charles Ponzi, a Ponzi scheme is a fraud of investment, which appeals to investors due to the promise of high returns with little to no risk. Investors believe they are receiving profits however they are merely receiving principal of new investors. In order to be successful,…

This case can be used in a legal liability module as it points to the large dollar amounts involved in lawsuits against professional accountants. It can also be used to effectively discuss the differences between statutory (e. g. , U. S. Federal Securities Acts of 1933 and 1934) and common law. Within common law, the…

As soon as the project has passed through the testing and implementation phase and is ready to be passed on to the organization, a project post mortem review should be conducted. A project post mortem review is one of four reviews commonly practiced by project managers to ensure all deliverables, goals, and objectives were met…

Brenan admitted similar fears n interviews with David Weasel, economics editor of The Wall Street Journal and author of In Fed We Trust. The fact that the global economy is no longer uncontrollably spiraling downward (for 2010, the Economist Intelligence Unit predicts growth of 2. 7 percent for the world and 1. 8 percent for…

The church defines leadership not by titles or positions but by the ability to influence others. Throughout history, leaders like David and Nehemiah have profoundly impacted those they guide. Aubrey Malphurs expands on this concept, emphasizing that leaders possess influence and use it to steer people towards fulfilling their God-given purpose in a specific context….

The “Audit Expectations Gap” was introduced by Liggio (1974) in the Cohen Commission, which pertains to the contrast in anticipated performance between an independent accountant and a user of financial statements. The term “expectation gap” is commonly utilized to depict a scenario where there is a variance in expectations between a group with expertise and…