Deloitte Sued for 7B in Mortgage Fraud Case By THE ASSOCIATED PRESS New York Times September 26‚ 2011 MIAMI (AP) — A pair of lawsuits filed Monday claim that Deloitte & Touche LLP‚ one of the nation’s largest accounting firms‚ should pay $7.6 billion in damages for failing through years of audits to detect massive fraud at a now-defunct Florida mortgage company. "They certainly did not do their job‚" said attorney Steven Thomas‚ who represents those suing Deloitte. "This is one of those cases
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Parmalat’s ‘ethical bankruptcy’. Ethics is about choice and the values that guide us and the standards we use. Questioning what principles maybe at stake and how we choose or priorities between them. An ethical approach to a problem will enquire about end-results and the route or means we use to achieve these objectives together with the relationship between the two (‘end versus means’). Corporate Governance can be defined as a proper structure of rules and practices‚ a reference point to return
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Prevailing only at Deloitte but not at other ABC plants 26 1.Avoid loafing 2.Eliminate/drastically reduce incentives Enjoy idle time Escalator clause 1.Unique to ABC 2. CPI adjusted wages 3. High cost to company 16 1.Eliminate it from agreement to reduce cost. 2. Welfare of employees through deferred payment 1. Provides compensation for increasing inflation. 2. Welfare of people of Deloitte Location of new plant 1.Outside because of lower capex 2. Corporate HQ still in Deloitte 3. ABC plant
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recording annual sales of 7.6 billion euros in 2002 to being declared insolvent a year later. The collusion at Europe’s Enron made it possible for Parmalat to defraud its investors of billions. The auditing procedures used by Grant Thornton and Deloitte were inadequate. Many of Parmalat’s assets were overstated and its liabilities understated. The auditors did not adequately test the Special Purpose Entities or the off-balance sheet transactions. One of the most basic auditing procedures is testing
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may have been aware of the overstatement of the group’s sales figures when the unaudited annual accounts for financial year ended Dec 31‚ 2006 (FY06) were released to Bursa Malaysia on Feb 15‚ sources say. Transmile’s external auditor Messrs Deloitte & Touche is said to have alerted the management‚ namely chief executive officer Gan Boon Aun‚ chief financial officer Lo Chok Ping and the audit committee on the inaccuracy of the substantially high revenue of RM989.2mil for FY06. However‚
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How might the characteristics of the perceiver‚ the target and the situation affect the social perceptions that employers like Deloitte likely have regarding participants in the Teach First program? Answer Being competent is one of the main characteristics of the perceiver that may affect the perception that employers like Deloitte may have when considering their participants for their Teach First Program. Since Teach first program recruits candidate by identifying top students i.e 3% from the
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2011 Women in Business Kathy Tarrant Women As Buyers The Women’s Initiative at Deloitte has been a platform for transformational change. There’s a greater appreciation for the contributions women have made to the company. Through the progression of the initiative‚ the hidden but prevalent potential of women has unleashed and helped restructure the power into the hands of both women and men. Deloitte has influenced the promotion of women into the forefront of business. The Women as buyer’s
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Interview Training Strategy and Operations October 3‚ 2005 ©2005 Deloitte Inc. Case Interview Training Agenda Objectives What is consulting? Who is Deloitte? Case Interview Preparation What is a case interview and what do companies expect? How do you approach a case? Example case Practice Additional Information 2 Objectives By the end of this session you should: Understand what a career in consulting has to offer Know how Deloitte is positioned in the consulting industry Understand what a case
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corporations are Deloitte & Touche‚ Pricewaterhouse Coopers‚ Ernst & Young‚ and KPMG. The biggest name in the industry however‚ is Deloitte & Touche. The company is the biggest accounting firm in the world; with revenue that exceeds 26 billion dollars it has the largest amount of employees worldwide (Big 4 web). Its headquarters are located in non other than the great New York City. Where else would such a magnificent firm be located? Obtaining a job at Deloitte is not an easy process
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LIVENT‚ INC.: An Instructional Case Michael C. Knapp Professor University of Oklahoma Price College of Business 307 W. Brooks Norman‚ Oklahoma 73019 Office phone: 405-325-5784 mknapp@ou.edu Carol A. Knapp Visiting Associate Professor University of Oklahoma Price College of Business 307 W. Brooks Norman‚ Oklahoma 73019 ABSTRACT: Like many financial frauds‚ the Livent‚ Inc. fraud was masterminded by a few individuals‚ primarily Garth Drabinsky‚ a Broadway “impresario” who had received
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