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Diebold, Inc., a public company, is a maker of ATMs, bank security systems, and electronic voting machines. Research how Diebold accounted for liability accruals and capitalized expenses ("Division 35 and CAP 250") to overstate income I the years 2002 to 2005. Also, research for legal actions against Diebold and its officers. Possible sources of information on these issues include websites for Diebold, the SEC, and various news stories in the business press (e.g...CFO.com)
Write a brief memo describing
a) Diebold's accounting for accrued liabilities and capitalized expenses
b) What the auditors could have done differently to identify the misstatements in the earlier years of the fraud.
c) The results of the SEC's and other legal actions against the company and the executives.
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
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What is internal audits role in the organization's ethics and compliance program and what is the board's role in the organization's ethics and compliance program?
Prepare the consolidation removal entries
Please read the case provided in the link below and then answer the four questions at the end of the case.
Prepare journal entries for Pure Company for 2013 and 2014 assuming Pure uses the cost method to record its investment
These dividends are paid on 7/1/12. For period of 1/1/12 to 12/31/12 Company XYZ has a total loss of $650,000 and the market price of its shares is $12 per share.
Once a company has received a going-concern audit opinion, speculate to likelihood that company will remain in business.
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
You have been asked to prepare a brief presentation on the nature and purpose of the auditors' opinion for your investment club. The club members would like your presentation to answer these questions:
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
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