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Special Report on

The audit committee dilemma

the audit committee dilemma special research report Photo by i237.photobucket.com
A hypothetical ethical dilemma is discussed in which an accounting student is asked for a favor by her professor with the implication that an affirmative response will help the student's chances of finding a job after graduation. The case involves a bright and hardworking student, the president of her university's Beta Alpha Psi chapter, who is completing her internship in the accounting department of a major company. As an intern, she works closely with two employees who are competing for the new assistant controller's position. The student is later contacted repeatedly by an influential professor in her ...
of the company (and of the Internal Audit profession) helps give guidance on independence form suppliers, clients, third parties... independence of the external auditor means independence from parties, that have an interest in the financial statements of an entity. The support from and relation to the Audit Committee of the client company, the contract and the contractual reference to public accounting standards/codes generally provides independence from management , the code of ethics of the Public Accountant profession) helps give guidance on independence form suppliers, clients, third parties... The page below mostly deals ...
REVIEWS AND OPINIONS
Bankster Dilemma: Fed Audit Looms - Current News & Events - Forums ...
The [Fed audit] legislation is attached to sweeping bank-reform legislation under consideration on Capitol Hill. It would need to be reconciled with a more expansive audit-the-fed provision approved in the House last December. The Senate measure would -- for the first time in the central bank's 95-year-history -- require a Government Accountability Office audit of the financial institutions that borrowed from the Fed during the financial crisis. In addition, the legislation would require the Fed on Dec., 1, 2010, to put on its Web site all of the recipients of the central bank's emergency assistance between December ... market research, surveys and trends
Francine McKenna: A Prisoner's Dilemma: How AIG and Goldman Sachs ...
that Goldman Sachs aggressively pushed AIG to the edge of liquidity by repeatedly demanding cash. A longstanding dispute over the value of securities that were covered by credit default insurance sold by AIG to Goldman Sachs had reached a crucial climax: "Billions of dollars were at stake when 21 executives of Goldman Sachs and the American International Group convened a conference call on Jan. 28, 2008, to try to resolve a rancorous dispute that had been escalating for months. A.I.G. had long insured complex mortgage securities owned by Goldman and other firms against possible defaults. With the housing crisis deepening, ... market research, surveys and trends

SURVEY RESULTS FOR
THE AUDIT COMMITTEE DILEMMA

Audit D.C. Notes: WaPo on the Debt Dilemma, CAP Previews the ...
The U.S. government debt is rising inexorably, according to the conventional wisdom in Washington, and the political system is too paralyzed to take unpopular actions to rein it in. Privately, many policymakers take it as a given that the situation will change only when the nation faces a Greek-style fiscal crisis. But apparently nobody told the people who lend the U.S. government money. On Friday, they were willing to hand over their cash to the Treasury for 10 years for 3.3 percent interest, a level so low it implies they consider the United States among the safest investments in the world. Collectively, those investors ... industry trends, business articles and survey research
re: The Auditors » Blog Archive » A Prisoner's Dilemma: AIG and ...
As I’ve said before (and will keep saying until things change or someone physically shuts me up), we will continue to have these issues and more holding the Big Four accountable for their own work (or lack thereof) until we stop having the auditors selected, managed and paid for by the companies they audit. Even the Public Company Accounting Oversight Board doesn’t stand a chance of reining them in until this fundamental flaw is changed. (See my blog post entitled, “Handcuffed without Consent,” to read how the Big Four continually tell the PCAOB to “pound sand.” Here’s the link. ... industry trends, business articles and survey research
RELATED NEWS
Kenya: Parties to Close in Crack Down
Nairobi — THE Interim Independent Electoral Commission is starting an audit of political parties and will deregister parties that fail to comply with the Political Parties Act. Kanu is among the parties at serious risk of being deregistered. IIEC chairman Ahmed Issack Hassan has ordered the Registrar of Political Parties Lucy Ndungu to commence the audit in the operations and finances of parties. "I have directed the registrar to start the audit and ensure that parties are compliant. Those that will be found to have failed to comply will be deregistered immediately," Issack said. The chairman said that an audit ... market trends, news research and surveys resources
Wonkbook: US/Europe split on FinReg; more drilling oversight; industry and ...
Anthony Faiola and Brady Dennis: "The Europeans are also worried about a provision that could force U.S. banks to spin off their lucrative trade in financial instruments known as derivatives. The Europeans, who have a one-stop-shopping banking culture that allows firms to conduct a vast array of businesses under one roof, are ready to resist any effort at setting a global precedent excluding banks from the derivatives business. Even in the United States, the derivatives provision sponsored by Sen. Blanche Lincoln (D-Ark.) has powerful adversaries in government and industry, and it may be eliminated from the final bill." Obama ... market trends, news research and surveys resources

INFORMATION RESOURCES

mlros.com 26 June 2009 - Microsoft PowerPoint - Riskingitallv2 v2
Jun 26, 2009 ... Question 2 – the Audit Committee's dilemma a) What do you think of the investigation? - How reliable are Eric's conclusions? ... technology research, surveys study and trend statistics
Ernest Satinders: diagnostic dilemma Time to abolish "gold standard"
health authorities audit their cases of tuberculosis to ensure that the surveillance ... 1 Subcommittee of the Joint Tuberculosis Committee of the British ... technology research, surveys study and trend statistics
Krispy Kreme's Dilemma
This report is going to explore the cause of Krispy Kreme's dilemma, ... (a) On April 18, 2005, the Audit Committee and management of Krispy Kreme Doughnuts ...
REAL TIME
THE AUDIT COMMITTEE DILEMMA
QUESTIONS AND ANSWERS
Auditing: accepting client engagement, predecessor auditor ...
I can answer questions concerning internal and operational auditing, fraud prevention procedures, internal control, the Sarbanes-Oxley Act, COSO control concepts, and management oriented auditing. I would love to provide business-owners with suggestions on how to prevent and detect fraud so that they are proactive in protecting their wealth since the very beginning of their entrepreneurial affairs. I can answer questions to both English and Spanish population. I am very committed to keep my standards up today so I know many resources where I can direct those seeking advice. Experience I have rendered services for private ...
Do bonuses foster unethical conduct? | LinkedIn Answers | LinkedIn
AIG plans to give out $150,000,000 worth of bonuses in spite of the billions of dollars of bail out monies prompted me to consider if bonuses foster unethical conduct? If we were given a high salary, it seems that our focus would be to do our job as reasonably and ethically as we can. But if we receive bonuses, wouldn't we be more aggressive, and perhaps leave out certain details when closing a contract, etc. I was screwed a few years back when I asked for a fixed interest refinance loan. I reviewed the preliminary papers which didn't show the adjustable rate and I stupidly signed the papers 2 or 3 days later ...