ACCY 303 Class‚ AE5 From: Man Fun Daniel Yeung‚ Seung Kim‚ Young Jae Lee‚ Max Kirsch Date: Oct. 18‚ 2010 Re: Financial Reporting Problems at Molex‚ Inc. INTRODUCTION This report discusses Molex‚ Inc.’s conflicts with its auditor‚ Deloitte and Touche‚ over a reporting issue in 2004. The report explains the details of the firm’s issue while also addressing the intentions behind Molex’s decisions‚ Deloitte’s concerns‚ and the resolutions for the conflict. MOLEX’S PROBLEMS In mid-July
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Molex’s external auditors‚ Deloitte &c Touche‚ had accused both of failing to disclose an $8 million pre-tax inventory valuation error in a recent letter of representation to the auditors. In response‚ King and Bullock argued that at the time of their letter they had determined that the financial impact of the error was immaterial. Despite an inquiry by the Audit Committee‚ which concluded that management had not deliberately withheld information from the auditors‚ Deloitte & Touche was not satisfied
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Nazeeha Badran October 30‚2012 PTL Club clear-The Harbinger of things to come? 1. What similar factors led to the demise of both Laventhol &Horwath‚ and Anderson? Both Laventhol and Horwath‚ and Arthur Anderson accepted clients that were risky just to keep their revenues up. L&H knew there were things wrong with PTL‚ especially since they were doing things that were hidden from the Board‚ like the payroll account book‚ which was secret. The Bakker’s would call the senior L&H
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the stock of the company fell by 40 percent. Parmalat claimed USD5 billion with Cayman Island but it did not exist. It is announced by Bank of America. Parmalat force to concede the claim of missed payment to bondholders from the company auditors‚ Deloitte & Touche. Parmalat began to invest more of their operation and also selling the company to American citizen with Italian surnames. It’s have been falsified in parmalat’s account for over a decade at least $600 million from the publicly traded company
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question we will review at the end of this paper and you may draw your own conclusions based on the evidence presented. The Big 5 audit organizations include the following: KPMG (KlynveldPeteMarwickGoerdeler) PriceWaterhouseCoopers Ernst& Young LLP Deloitte & Touche GAO (U.S. Government Accountability Office) In 2006 in its last year-end media advisory‚ the GAO plainly states that “For the ninth straight year‚ the U.S. Government Accountability Office (GAO) is unable
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Pepsico’s claims of achieving "positive water balance" simply do not add up. The India Resource Center approached Pepsico in 2010 to question them on how it accounted for its claim of "positive water balance." We were provided with an audit conducted by Deloitte Touche Tohmatsu India Private Limited‚ a firm that provides "audit‚ consulting‚ financial advisory‚ risk management‚ and tax services to selected clients." The audit was based on 2009 figures provided primarily by Pepsico‚ and the audit was released
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Describe what you believe is implied by the term “engagement risk.” What are the key factors likely considered by Deloitte and other audit firms when assessing engagement risk? How‚ if at all‚ are auditors’ professional responsibilities affected when a client proposes a higher than normal degree of engagement risk? I believe that the term “engagement risk” implies that inherent client-specific risks face an auditor throughout the course of an audit‚ thus creating a risk that the auditor will be
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Adelphia Communications Scandal Adelphia Communications was the nation’s 6th largest cable company and became yet another corporation involved in a scandal that resulted in their downfall. Adelphia’s services included high speed cable internet service‚ cable TV service‚ and long distance phone service. Adelphia had more than five million subscribers to these services. The scandal consisted of the Rigas family‚ the family that founded the company‚ and two other executives fraudulently excluding over
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The economic impact of stroke in Australia National Stroke Foundation 13 March 2013 The economic impact of stroke in Australia Contents Glossary of acronyms ................................................................................................................. i Executive summary ................................................................................................................... ii 1 Background ...................................................................
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CORPORATE FINANCIAL REPORTING Assignment #1 On * Sukuk (in context to Pakistan) * Listing requirements by KSE * IFSB * History of Accounting Standards and Adoption of IFRS * Deloitte Pakistan/Global Deloitte (1) Sukuk (in context to Pakistan) Sukuk is the Arabic name for financial certificates‚ but commonly refers to the Islamic equivalent of bonds. Since fixed income‚ interest bearing bonds are not permissible in Islam‚ Sukuk securities are structured to comply
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