trueblood Essay - 878 Words

In the aftermath of corporate scandals and the passage of the Sarbanes-Oxley Act of 2002 (SOX), the audit committee is vested with greater authority to oversee ï ¬  nancial reporting and the appropriation of assets. As a result, the audit committee is responsible for adequate supervision and reporting and for responding to: †¢ fraud in a ï ¬  nancial statement audit; †¢ actual, perceived or potential conï ¬â€š icts of interest; †¢ anonymous tips and complaints; and †¢ through interaction with general counsel, compliance matters such as those that relate to the Foreign Corrupt Practices Act (FCPA). Attachment II. Required: †¢ Was the scope of the independent investigation sufficient? Why or why not? †¢ If the audit engagement team†¦show more content†¦The chameleonlike nature of fraud requires a customized response to the highest-risk areas of individual and organizational fraud. Efforts to mitigate the risk of defalcation, for example, may differ from efforts to counter the risk of management fraud. 1 Institute of Internal Auditors, American Institute of Certiï ¬  ed Public Accountants and Association of Certiï ¬  ed Fraud Examiners, Managing the Business Risk of Fraud: A Practical Guide (2008), 5 2 Institute of Internal Auditors, The Professional Practices Framework (Altamonte Springs, FL: IIA, 2009) 2 Managing fraud risk: The audit committee perspective Fraud in a ï ¬  nancial statement audit From the auditor’s perspective, the Auditing Standards Board of the AICPA describes fraud in this way: Fraud is a broad legal concept and auditors do not make legal determinations of whether fraud has occurred. Rather, the auditor’s interest speciï ¬  cally relates to acts that result in a material misstatement of the ï ¬  nancial statements. The primary factor that distinguishes fraud from error is whether the underlying action that results in the misstatement of the ï ¬  nancial statements is intentional or unintentional. For purposes of the Statement, fraud is an intentional act that results in a material misstatementShow MoreRelatedTrueblood Case Essay712 Words   |  3 PagesSUBJECT: Deciding the Appropriate Extent of Audit Performed for Billy’s Beats for Asset Valuation Billy’s Beats Inc., an SEC registrant, is a new audit client with a fiscal year-end of December 31, 2010. Billy’s is a manufacturer of musical instruments. Billy’s acquired Little Drummer Boy Inc. in 2010 for $575 million in cash. Significant assets acquired included property, plant, and equipment totaling $865 million and other assets totaling $145 million. The useful lives assigned to the propertyRead MoreEssay on Pharmagen 9-2 Deloitte Trueblood Case962 Words   |  4 PagesTrueblood Case 9-2: Pharmagen 1. State the issue at hand. (Typically this is merely the question you are asked at the end of the case.) How to account for the funding of the RD and royalty payments 2. State the fact pattern. BRIEFLY present the relevant facts. (Bullet points can be very useful here.) (This can be a challenge, given that some Trueblood cases are only a few paragraphs long, it can be hard to further summarize them.) †¢ Pharmagen entered into a funding agreement with Company XYZRead MoreTrueblood Case 14-3: Coconut Telegraph766 Words   |  4 PagesTrueblood Case 14-3: Coconut Telegraph Brett O’Baker 9/14/15 Facts: * Coconut Telegraph Corporation (Coconut) is a developer and provider of specialized customer billings and management software and systems * On February 1, 2012, Coconut entered into an arrangement with Buffett Worldwide Inc. (Buffett) to deliver the Volcano System and provide one year of post-contract customer support (PCS) beginning March 1, 2012. * Buffett paid $12,000 on February 1, 2012, for the Volcano SystemRead MoreTrueblood Case 13-11 Lol Essay example1174 Words   |  5 PagesTrueblood Case 13-11: Income Taxes – LOL Case Facts: * Transaction Date: June 30, 2011 * Acquirer: LOL * Acquired: Sundance * LOL Tax Related Balances as of December 31, 2010 * $150mm Deferred Tax Asset * $105mm Valuation Allowance * Sundance Tax Related Balances as of Acquisition Date * $200mm Deferred Tax Asset * $200mm Valuation Allowance * Acquisition Date Decisions * Remove LOL Valuation Allowance of $105mm * Remove $150mmRead MoreTrueblood Case 09 2 Essay examples817 Words   |  4 Pagesï » ¿Case 09-2 Issue: Decide how to account for the funding of the RD and royalty payments. Identify the authoritative literature applicable to this funding arrangement and discuss the appropriate accounting for the agreement in accordance with that guidance. Facts: Pharmagen is a pharmaceutical company Company XYZ is an unrelated third-party private equity investor with no prior relationship or business operations related to Pharmagen Pharmagen and Company XYZ have entered into a funding agreementRead MoreTrueblood Case Analysis 08-9: Fraud and Illegal Acts Essay3251 Words   |  14 PagesTrueblood Case Analysis 08-9: Fraud and Illegal Acts Sean Chang, Billie Sayavong, John Hamilton, ACC 695M September 24, 2011 Background Our project team analyzed the Fraud and Illegal Acts Case (True blood Case Studies- Case 08-9), which involves a questionable sales transaction made between Jersey Johnnie’s Surfboard, an SEC registrant, and Mr. Sinaloa, an independent sales representative of the company. As a simplified overview of the case, an externalRead MoreThe Evolution of the Invisible Man in Invisible Man by Ralph Ellison1032 Words   |  5 Pagesslave-quarter areas around the college. Here, the story of Trueblood unfolds. Norton requests that Ivan stop so that he can speak with Trueblood. Trueblood tells Norton the story of how he impregnated his daughter and committed the unthinkable, horrid crime of incest. Norton is perversely fascinated by this account and is enthralled by Trueblood and how the man has managed to commit such a gross act and still be alive. After Trueblood finishes the story, it is almost as if Norton seems gratefulRead More Dreams in Invisible Man Essay example662 Words   |  3 Pagesreference throughout the story. Trueblood has a dream about his home, Mobile, Alabama, that directly affects IMs future. At the same time, Trueblood was having sex with his daughter, who ended up being impregnated by him. Trueblood dreamed of a woman he used to live with in a two story house. Then he dreamed of a hill, that no matter how fast he climbed, it seemed farther away, until finally he reaches the top. On top of the hill is a white house. Trueblood went in the house, and there is a roomRead MoreInvisible Man By Ralph Ellison1012 Words   |  5 Pageslike to use her for her body. After the narrator begins to give a tour of the college’s campus to Mr. Norton, they encounter Jim Trueblood. Jim Trueblood demonstrates the gender roles within a family, such that men are seen as the workers and leaders of the family, while a women are seen as inferior to men. In the scene where the narrator and Mr. Norton approach Trueblood, his wife, and his daughter, the narrator describes the actions of Jim Trueblood’s wife and daughter. He states, â€Å"Then suddenlyRead MoreAnalysis Of The Book Invisible Man By Ralph Ellison834 Words   |  4 Pagesnarrator spends one summer chauffeuring Mr. Norton around the campus, and, at Mr. Norton s insistence, he takes Mr. Norton to visit Jim Trueblood. Trueblood is a man who lives just off of the college campus and who is notorious for having a relationship with his own daughter. While at Trueblood s house, the narrator comments on the difference between Trueblood s shoes and Norton s; â€Å"I stared at the two pairs of shoes before me. Mr. Norton s were white, trimmed with black. They were custom made