Profit Essay Examples

If I were in Hamilton Wong’s position, I would feel compelled to report every single one of my hours worked on the Willie & Loman audit. The practice of underreporting your hours or “eating time” as Wong called it, is highly unethical and can lead to many future problems in the workplace. Although it is […]

Red Bull’s success is attributed to its focus on the Red Bull drink and its sugar-free variant. The company’s strategy involves building a strong brand image through sponsorship of major events and emphasizing its core strengths. Leveraging its powerful international brand, Red Bull products gain significant recognition even before entering new global markets. The brand […]

Higher Education Institutions are frequently the focus of attention since they represent valuable resources for any country. They produce the educated men and women that often become the social, political, technological, economic, and religious leaders of the country. Because of the changes that have occurred in the restructuring of the education system as well s […]

The main critical issue in the Crazy Eddie case is the incompetence and lack of professional skepticism of the company’s audit team and their inability to successfully comply with the standards of GAAS. The auditors failed to exercise the fundamentals of the substantive audit plan which would have uncovered at least some of the fraud. […]

1. Review the facts in the case, especially the charges in the complaint, and evaluate the auditors’ compliance with GAAS. Do you think the auditor did all they could to detect the fraud? Evaluate whether auditors exercised due care and the level of professional skepticism to be expected in an audit the size of Parmalat. […]

Jim Turley has been identified by many as one of the most successful corporate leaders across the globe. Since his ascended to the role of the chairman in 2001 and later in 2003 to become the Chief Executive Officer of Ernst & Young, Jim has been on the forefront in striving to make the organization […]

Yes, it matters that Friehling didn’t do any audit work. It matters because he signed off on financial statements verifying that he had. He played a great part in Madoff’s misconduct by falsely representing to investors that Madoff’s company was financially sound when in fact he hadn’t done a single audit. It without a doubt […]

An important part of business strategy is concerned with ensuring that resources and competencies are understood and evaluated, a process that is often known as a Strategic Audit. The external environment in which a business operates can create opportunities which a business can exploit, as well as threats which could damage a business; however, to […]

It was discovered that Stumacher did not follow the professional guidelines and standards laid down by the professional bodies governing the audit of financial statements, when he undertook the job of auditing Video’s financial statements – for the fiscal year 2002 and fiscal year 2003. The depth to which he did not follow the guidelines […]

Question 1 Three conditions are often present when fraud exists. First, management or employees have an incentive or are under pressure, which provides them a reason to commit the fraud act. Second, circumstances exist – for example, absent or ineffective internal controls or the ability for management to override controls – that provide an opportunity […]

Barry Minkow started a carpet cleaning business in his garage at the age of 16. One year later, Barry decided that hid business does not bring him much profit and began his fraudulent activities. He was running false credit card charges on clients’ cards and check kiting. However, he was able to commit fraud on […]

1. Should auditors insist that their clients accept all proposed audit adjustments, even those that have an “immaterial” effect on the given set of financial statements? Defend your answer. When it comes to immaterial effect on a set of financial statements I would say that clients should not accept all proposed audit adjustments. By clients […]

Lehman Brothers had humble origins, tracing its roots back to a small general store that was founded by German immigrant Henry Lehman in Montgomery, Alabama, in 1844. In 1850, Henry Lehman and his brothers, Emanuel and Mayer, founded Lehman Brothers. While the firm prospered over the following decades as the U. S. economy grew into […]

Methods of Auditing at Kudler Kudler Fine Foods has grown its operations and upgraded its computer networks to adapt to increasing demands. As the organization embraces IT solutions, the automation control procedures are becoming more virtual. To guarantee the smooth operation of Kudler’s computerized systems, an annual audit is necessary. The administrators at Kudler Fine […]

Compare and contrast the professional roles of an audit senior and a staff accountant. In your analysis, consider the different responsibilities assigned to each role, the job-related stresses that individuals in the two roles face, and how each role contributes to the successful completion of an audit engagement. Which of these two roles is (a) […]

The Saks Fifth Avenue case study concentrates on the human aspects of internal controls. Of note are Saks’ zero-tolerance policy of employee theft, anti-harassment policy and complaint procedure. Also, the case study highlights control activities in a major retail store. Finally, it questions what an auditor’s role is concerning employee’s work environment. Question #1 In […]

Finn’s willingness to go along with the actions of Monus made an already bad situation worse. Finn as the CFO should not have allowed himself to be involved in financial frauds of any sort just to show a profit. Finn should taken control of the situation right then and told Monus what he was doing […]

The appellant (“Tay”), who was a publicaccountant, appeared before an Inquiry Committee (“IC”) appointed by the respondent (“PAB”), where he faced 19 charges concerning breaches of professional and technical standards. The appellant was then suspended for 18 months on the ground of professional misconduct. On appeal, he denied the allegation of professional misconduct and asserted […]

Officially named as Public Company Accounting Reform and Investor Protection Act of 2002, the Sarbanes-Oxley Act (SOX or Sarbox) became so controversial that it took America’s famous companies in their own industries, shook and even collapse as what happened to Tyco and Worldcom. As one 1writer noted, SOX was the “biggest overhaul of U. S. […]

It is not to be denied that any business works on taking advantage of the opportunities that it comes across and handling the threats that it is posed with. However, these are the external factors that govern the working of any business. The elements that actually give the control and hold over your business are […]

According to the Bureau of Labor Statistics (BLS, 2012), accounting is the act of analyzing and validating summarized business/financial transactions in order to present their outcomes. It is often known as the “language of business.” Accounting encompasses more than mere numerical computations; it also involves accountants ensuring precise financial records and punctual tax payments. The […]

“What is Wevenue? And how does it relate to Managerial Accounting?” This article summarizes the consequences of unethical accounting practices that can attract attention to both a company and its accounting firm. The case study focuses on California Micro Devices Corp, also known as Cal Micro, a chip manufacturer that made the controversial decision to […]