On January 7, 2009, Mr. Raju confessed in a letter to the Satyam Computers Limited Board of Directors “he had been manipulating the company’s accounting numbers for years”. Mr. Raju claimed that he overstated assets on Satyam’s balance sheet by $1.47 billion. Nearly $1.04 billion in bank loans and cash that the company claimed to own was non-existent. Satyam also underreported liabilities on its balance sheet. Satyam overstated income nearly every quarter over the course of several years in order
manager, designer, consultant and many others. Accountants department Billings. A billings group assembles information from the shipping and customer order departments to create invoices that are sent to the company's customers. Collections. The accounting department is responsible for keeping track of overdue invoice payments from customers, and uses a variety of methods to extract payment from them, including dunning letters, phone calls, and attorney
1.1 Introduction: he most topics that occupied the accounting thought in the recent period is the issue of fraudulent financial reporting, and the most issues that are relevant to fraudulent financial reporting, which got the attention of many researchers is the issue of earnings management. Where a lot of research has focused on the study of practices by management to manipulate in the numbers of earnings and how to detect it. Recently many researchers take the role of internal audit to reduce
Virgin Australia Holdings Limited is an American airline which operates in Australia within domestic and international flights. They distinguish themselves by their services experience, specialised corporate programs and travel extras including leisure clubs and holiday packages. It has strategic alliances with Air New Zealand Limited, Etihad Airways P.J.S.C, Singapore Airlines Limited, and Delta Air Lines Inc. The company was previously known as Virgin Blue Holdings Limited and changed its name
and records to help protect the company's assets. Physical assets are the most type of protective measure for safeguarding assets and records is the use of physical precautions. Physical controls safeguard assets and enhance the accuracy of the accounting records. Examples of these controls are safes, vaults, and safety deposit boxes for cash and business papers, and storage cabinets for records. • Monitoring Activities: There should be more monitoring activities that assess the quality of performance
RECENT CLIMATIC DISASTERS IN INDIA & ABROAD DUE TO GLOBAL WARMING Floods in India India is the most flood distressed state in the world after Bangladesh, accounting for 1/ 5th of the global deaths every year with 30 million people displaced from their homes yearly. Approximately 40 million hectares of the land is vulnerable to floods, with 8 million hectares affected by it. Unprecedented floods take place every year at one place or the other, with the most vulnerable states of India being Uttar Pradesh
The importance of specialized experience / minimum qualifications on a job announcement are effective, and it helps to restrict unqualified candidates. The process of analyzing candidates for the Management Analyst (Aviation) position, in the federal sector requires specific criteria. The eligibility criteria for this position noted that candidate must be able to travel CONUS and OCONUS, must be U.S. Citizen and must be eligible for a Secret Clearance. There were a few candidates that did not
essential and meaningful. Avoiding potential accounting fraud is not only obeying the law of the United States, but also critical for the company self. In this case, client wants to enter Canada, British and Chinese markets. Those countries might not all have the Sarbanes-Oxley Act; however, they do have something equivalent to the SOX. Response to many other countries to create their own version of SOX. Most every country has problems around accounting fraud, and every country tries to reduce lost
Appendix 1 Enron scandal Enron was formed by a merger between Houston Natural Gas and Intemorth. Houston’s Natural Gas’s CEO Kenneth Lay directed the merger of the two enterprises. Kenneth Lay was the CEO of Enron. Enron was formerly responsible for the distribution of electricity and gas in the United States. In the merger, Enron gained a large amount of debt, and provoke a deregulation and no more rights to its pipelines. The company had seek a way to make profits and cash flow. Kenneth Lay
In 1947, outside Roswell, New Mexico, a once sleepy little town with a population of only twenty-two thousand, something falls from the sky. Witnesses report finding the debris of some kind of craft on a small ranch. Then the military arrives and nobody is quite sure of what happened after that. Was it aliens? Why did the government cover up the affair so quickly and why do they continue to keep it a secret even today? There are many theories about what really happened in Roswell, but according to