Auditing Cases - 22626 Words

Additional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright  © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1†¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ ( Case 61  ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply chain of nat ural gas: production, transmission, and distribution. Natural gas was produced from deposits found underground. The natural gas was transmitted via pipe lines, or networks, of underground pipes, and sold directly either to†¦show more content†¦02—27, August 2002, p. 7. 6 Bethany McLean and Peter Elkind, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron (New York: Penguin Group, 2003), p. 34. ( Case 6.1 Enran 179 profits the differences between the prices at which it sold and purchased the gas. Enron’s physical market presence (owning the pipelines and charging a price for distribution that was proportional to the spot price of gas it might purchase) helped mitigate the risk of a price increase of the gas it was purchasing.7 In response to the problem of getting producers to sign long-term contracts to supply gas, Enron started giving such producers cash up front instead of payment over the life of the contracts. Enron then allowed the natural gas con tracts it devised—which were quite complex and variable, depending on different pricing, capacity, and transportafion parameters—to be traded. Enron Expands beyond Natural Gas Enron decided to apply its gas trading model to other markets, branching out into electricity and other commodity markets, such as paper and chemicals. To accomplish its expansion strategy, Enron sought to pursue an â€Å"asset-light† strategy. Enron’s goal was to achieve the advantages of a presence in the physical market without the disadvantages of huge fixed capital expenditures. For example, in nat ural gas, Enron divested its assets related to pumping gas at the welll’iead or selling gas to customers, and then set out to acquireShow MoreRelatedAuditing Case808 Words   |  4 PagesAudit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer becauseRead MoreEssay on Example Auditing Case753 Words   |  4 PagesExample auditing case 1)† Based on the information given in this case and your knowledge of auditor’s reports, identify the deficiencies in the draft of the proposed report. Do not redraft the report, but provide justification or explanation for each of the deficiencies you identify† (Pany, Auditors Report, 2010). A. In the Introduction paragraph it states â€Å"As discussed in Note K to the financial statements, the Company has properly disclosed a subsequent event dated March 14, 20x9† (Pany, AuditorsRead MoreAuditing issues in Enron case2114 Words   |  9 Pages1 Auditing issues in Enron case Independent Needed for the Houston office of Andersen, an audit partner that understands the role of being a public watchdog with ultimate allegiance to the creditors and shareholders . Arthur Anderson abandoned its roles as independent auditor by turning a blind eye to improper accounting, including the failure to consolidate, failure of Enron to make $51million in proposed adjustments in 1997, and failure to adequately disclose the nature of transactions withRead MoreInternal Auditing Case Study4373 Words   |  18 PagesAppreciative Internal Audit: A Strength-Based Approach to Quality System Auditing – A Case Study. Jon Morris President JDQ Systems Inc. Vancouver, BC, Canada Introduction Traditional internal audits fulfill an important need for companies with fresh ISO 9001:2000 Quality Management System implementations, but for companies with mature systems, those registered for more than five years, an innovative approach to auditing called â€Å"Appreciative Internal Quality Audit† can take them beyond complianceRead MoreEssay on Stanford Auditing Case923 Words   |  4 Pagesinvestors’ next step was to sue the auditors of Stanford Financial Group. BDO, the accounting firm that was responsible for auditing Stanford’s financial statements, is currently the target of a major lawsuit. BDO did not act in accordance with the responsibilities of an auditor and thus led to audit risk, lack of independence, and various violations of the PCAOB’s auditing standards regarding investment securities. BDO consistently issued unqualified reports when there were material misstatementsRead MoreThe Runners Shop-Case Study 11.1-Auditing Cases Essay2280 Words   |  10 PagesCase 11.1: The Runners Shop Relevant Guidance †¢ AU 339 (SAS 103): Audit Documentation †¢ Auditing Standard No. 3: Audit Documentation †¢ International Standard on Auditing 230’ (Revised) (Site -http://irba.co.za/documents/doc_00535.pdf ) Questions 1] Describe the purposes of audit documentation and explain why each purpose is important. According to AU 339.03, â€Å"audit documentation provides the principal support for the†: (a) â€Å"representation in the auditor’s reportRead MoreEssay Anonymous Caller Auditing Case Study1029 Words   |  5 PagesAnonymous Caller Case Study 1 a) What would you recommend to the caller if you were Dr. Mitchell? Since it appears that the firms top executives are all apart of the fraud and don’t plan on correcting their unethical action. I recommend that the anonymous caller completely remove himself/herself from the situation by resigning or by reporting the situation to the firm’s board of directors or a governmental agency. b) What are the risks of continuing to work with the company? ThereRead MoreThe Role of External Auditing in Public Sector Governance. a Case of Zimbabwe15117 Words   |  61 PagesUses of Information Technology to Auditing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.15 2.3 Audit Process†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 2.4 Audit Opinion and CAATS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 2.5 Impact of a computerized system on the Audit Process†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.26 2.6 Knowledge and Experience†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.28 2.61 Audit Documentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.29 2.7 Information Technology and the development of Computer Auditing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.31 2.8 Auditor Competencies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreAuditing Case Essay604 Words   |  3 PagesKeith Parkinson 2/3/15 Auditing Case 1: Merry-Go-Round Merry-Go-Round (MGR) is a clothing retailer that was founded in 1968. The company’s locations were in malls that targeted the youth and teen market. In the late 1980s, the company was listed by Forbes magazine as one of the top 25 companies. By the early 1990s, sales fell due to stiff competition from other retailers. Facing bankruptcy, the company hired turnaround specialists from Ernst and Young (Eamp;Y) to help overcome the financialRead MoreBcci Case Study for Auditing5660 Words   |  23 Pagesactually in the UK. Because it was chartered in Luxembourg and Grand Caymans, Bank of England (BOE) thus thought itself as a secondary role in supervising BCCI, thereby reducing the level of scrutiny imposed on BCCI. In addition, BCCI has an uncommon auditing system. Price Waterhouse (PW) was the accountants for BCCI overseas, while Ernst Whitney in charged of BCCI holdings. Two sets of auditors being used was to avoid them from publishing a meaningful consolidated accounts and ma ke sure neither of

Native Americans During The Colonization - 1473 Words

Native Americans during 1785-1829 were affected by western expansion because of the removal of Native Americans from the land, white settlers attempting to assimilate Native Americans to their culture, and were involved in battles between the a Native Americans and white setters which led to the depleting number of Native Americans. Distorted perspectives of european settlers led them to view Native Americans as â€Å"uncivilized savages.†As the Renaissance reached its ending term Europeans saw their religion (Christianity) as an advanced culture. When Europeans arrived to the â€Å"New World† in 1493 settlers discovered the native inhabitants were bizarre to the new settlers. Further in time Settlers observed their culture and viewed their religion as evil and thought of the Natives God as the â€Å"Devil in disguise.† As a consequence of their perspective of their religion Settlers thought of them as animals, non-human and branded the term savages to Native Americans. Since Europeans viewed their religion as advanced setters thought of the idea of emerging Native Americans into the white man culture and wanted to â€Å"civilize† the Native Americans. Native Americans didn’t like the idea of being rooted to the culture of the Europeans, so Europeans thought of the solution of moving the Native Americans west so the native could preserve their culture. Furthermore igniting the reaction of removal of Natives Americans, conversion of culture and the war between the Europeans and NativeShow MoreRelatedNative Americans During European Colonization1371 Words   |  6 Pages Native Americans, the people who were not supposed to survive the settlement of Europeans, have lived long and strong, but it is not to say it was has been without struggle (â€Å"A Brief History† 2006). â€Å"No other group, however, faced problems more severe than the Native Americans† (â€Å"Digital† 2014). Struggling to keep control of their sacred land, provide an education for their children, and practice their language, beliefs, and traditions in silence was the typical life of the Native American peopleRead MoreNative American Gangs During European Colonization1960 Words   |  8 Pages Bernadette Stafford Rough Draft April 29, 2015 Native American Gangs Prior to European colonization, North America was home to up to ten million indigenous people with distinct cultures and hundreds of languages. Within 500 years the population was halved through disease and genocide. Today, Native American’s make up 5.2 million or 2% of the US population. This population has suffered the trauma of genocide, dislocation, poverty and oppression mostly through policies and confrontations with theRead MoreNative American Gangs During European Colonization2674 Words   |  11 Pages Bernadette Stafford Final Draft May 20, 2015 Native American Gangs Prior to European colonization, North America was home to up to ten million indigenous people with distinct cultures and hundreds of languages. Within 500 years the population was halved through disease and genocide. Today, Native American’s make up 5.2 million or 2% of the US population (US Census 2013). This population has suffered the trauma of genocide, dislocation, poverty and oppression mostly through policies and confrontationsRead MoreNative Americans During The Colonization Of Early America855 Words   |  4 Pagesto the American continent, contact with the Native Americans who were already living there was inevitable. In the colonization of early America, the various groups of European settlers: the Spanish, French, English, and Dutch each had unique experiences with, and therefore individual opinions of the Native Americans whom they interacted. Each of these nations also shared commonalties in their colonization processes and in how they viewed Native Americans. F urthermore, the Native Americans held differingRead MoreColonization Of The United States1074 Words   |  5 PagesColonization in America has demonstrated all of the US history themes of exploration, encounter and exchange in the Americas. From the beginning of colonization, in 1492 by Christopher Columbus, to the establishment of the first American colony, Jamestown in 1607, and to the creation of the thirteen colonies, there have been countless examples of exploration, encounter and exchange. The exploration of vast waters and unchartered territory led to new and undiscovered land and America being colonizedRead MoreThe Colonization Of Native Americans1377 Words   |  6 Pages1492 that the â€Å"first people† make their way as well. The Europeans walked in and saw the Natives as the wildlife of the region and considered themselves the founders, and the Native Americans were heavily influenced and conflicted with the tidal wave of European colonization. Following the arr ival of Christopher Columbus in 1492, colonization of Native American territory began. Afterwards, life for Native Americans became rather harsh, and genocide is an accurate term to describe this event. Their populationRead MoreThe Conflict Between The Old World And The New World1299 Words   |  6 Pagestime, as the method of colonization continues to change and humans become more and more intelligent. Throughout the history of the New World, the development of colonialism becomes increasingly subtle because of the changing methodologies for colonization and the continuous expansion of human intelligence, which is evident in Pizarro’s conquest of the Incan empire, American colonists’ history of injustices toward Native Americans, and the reasoning behind the Mexican American War. Pizarro’s conquestRead MoreThe Native American Indian Population1293 Words   |  6 Pagesthe Native American population, also known as American Indian. Aside from the information given by this course, a Children’s Literature class taken at the Newark branch of the Ohio State University also contributed to my decision. During a lecture there was a guest speaker of Native American descent, she grew up on a reservation, and in her work she wrote and illustrated the Native American culture and lifestyle. Her lecture consisted of the perspective of the Native American population during colonizationRead MoreColonization Or Imperialism Is Done By Treaties Or Agreements?1652 Words   |  7 Pages Colonization Lis Mendez AIU Online Abstract Prior to the modern or new era it was believed that conquers who conquered other lands had the right to take possession of that land, its riches, resources and even the people in order to achieve their own political agenda. Today the concept has changed, colonization or imperialism is done by treaties or agreements, they are acts in which governments negotiate with a less powerful country, they lead them to believe that their colonization willRead MoreEuropean Colonization Of The New World1224 Words   |  5 PagesEuropean colonization of the New World began during the European age of exploration and following the discovery of resources in the New World. The various motives of the Spanish, British, and French imperialists were reflected in the political, economic, and social changes that occurred in the areas each government claimed. These changes are very distinctive and led to drastic changes in their respective areas. Spanish conquistadors sought gold and treasure from uncharted lands. Backed by the infantile

Siddhartha 4 Essay Example For Students

Siddhartha 4 Essay Siddhartha is a young man on a long quest in search of the ultimate answer to the enigma of a man’s role on this earth. Through his travels, he finds love, friendship, pain, and identity. He finds the true meaning behind them the hard way, but that is the best way to learn them. He starts out by finding friendship with his buddy, Govinda. They have been friends ever since their childhood. There are really close, like each other’s shadow. They have traveled and lived most of their life together. Govinda was a very loyal friend. â€Å"Govinda, his friend, the Brahmin’s son, loved him more than anybody else. He loved Siddhartha’s eyes and clear voice. He loved the way he walked, his complete grace of movement; he loved everything that Siddhartha did and said, and above all he loved his intellect, his fine ardent thoughts, his strong will, his high vocation. Govinda knew that Siddhartha would not become an ordinary Brahmin, a lazy sacrificial official, an avaricious dealer in magic sayings, a conceited worthless orator, a wicked sly priest, or just a good stupid sheep amongst a large herd. No, and he, Govinda, did not want to become any of these, not a Brahmin like ten thousand others of their kind. He wanted to follow Siddhartha, the belov ed, the magnificent. And if he ever became a god, if he ever entered the All-Radiant, the Govinda wanted to follow him as a friend, his companion, his servant, his lance bearer, his shadow.† (2)He finds the sensuality of love from the beautiful Kamala. She teaches him everything that he knows about love. She is his first experience with a woman. â€Å"He learned many things from her wise red lips. Her smooth gentle hand taught him many things. He, who was still a boy as regards love and was inclined to plunge to the depths of it blindly and insatiably, was taught by her that love cannot have pleasure without giving it, and that every gesture, every caress, every touch, every glance, every single part of the body has its secret which can give pleasure to one who can understand.† (53-54) Once he has discovered love, he decides that it isn’t the right path for him then leaves. Later, he discovers that while playing the game if love, he had planted the seed for a son , before he left. The pains in life are taught through his son. He tries really hard to deal with his spoiled son, but cannot overcome this. â€Å"He had considered himself rich and happy when the boy had come to him, but as time passed and the boy remained unfriendly and sulky, when he proved arrogant and defiant, when he would do no work, when he showed no respect to the old people and robbed Vasudeva’s fruit trees, Siddhartha began to realize that no happiness and peace had come to him with his son, only sorrow and trouble.† (96) Even though Siddhartha doesn’t have much, his son deprives all his hopes and dreams of fatherhood. Siddhartha then begins to understand what it probably felt like to his father when he left. Siddhartha goes to the river to find his identity. The river speaks to him and he listens to what it has to say. He had come a long ways back to the river. â€Å"He looked lovingly into the flowing water, into the transparent green, into the crystal lines of its wonderful design. He saw bright pearls rise from the depths, bubbles swimming on the mirror, sky blue reflected in them. The river looked at him with a thousand eyes – green, white, crystal, sky blue. How he loved this river, how it enchanted him, how grateful he was to it! In his heart he heard the newly awakened voice speak, and it said to him: ‘Love this river, stay by it, learn from it.’† (82)He learns that you cannot learn from or teach to others, but have to learn from and teach yourself. â€Å"Knowledge can be communicated, but not wisdom. One can find it, live it, be fortified by it, do wonders through it, but one cannot communicate and teach it.† (115) The many symbols