Report on Auditing Issues of West Point Group of...

Report on Auditing Issues of West Point Group of Industries Table of Contents 1. Executive Summary 2. Introduction 3. Discussion 4. Audit Issues in the audit of West Point by KPMG i. Failure to Obtain Audit Evidence ii. Failure to give appropriate audit opinions: iii. Inadequate Fund Raising iv. Failure to identify solvency of the Company v. Failure to follow directions of Corporate Authority vi. Expectation Gap 5. ASIC Action against KPMG West Point 6. Conclusion 7. References Executive Summary: West point group of companies was an Australian based company which was carrying on Property development business throughout Australia. For extending its business, West point Secured loans†¦show more content†¦ASIC took action against KPMG and its auditors. ASIC also took civil action against KPMG for compensation of losses and recovered $67.45 million from KPMG. INTRODUCTION: This report is based on the history and collapse of a big Australian giant West Point group of companies. West point Corporation Pty Ltd was the head company of the western Australia based West point Group of Companies (West point Group) which was primarily engaged in property development and collecting finance for that purpose. In this report, causes of the collapse of the company specially the role of auditors in the collapse will be discussed. This report doesn’t only throw light on the collapse of West Point group of companies but also look at the conduct of the auditors of another well reputed auditing firm KPMG which as a consequence of this negligence had to pay compensation for the damages caused to investors of West Point group of companies. The reason of choosing West Point group of industries to write a report on is that it involves the conduct of two big companies and ASIC action against both of the companies. DISCUSSION: West point group of companies was an Australian based company whichShow MoreRelatedMontara Oil And Gas Field2031 Words   |  9 PagesMONTARA OIL SPILL Description of an Issue The Montara oil and gas field is located in the northern territory in the west of Darwin in the Timor Sea, off northern Australia. In August 2009, the Montara development project adversely affected as PTTEP (PTT Exploration and Production Public Company) reported oil and gas spills at a drilling well in the Montara field. The spill was the result of a blowout in the Montara wellhead platform. The slick from the blast continued to leak for 74 days until itRead MoreAudit Disaster Futures: Antidotes for the Expectation Gap8505 Words   |  35 PagesManagerial Auditing Journal Emerald Article: Audit disaster futures: antidotes for the expectation gap? Fran M. Wolf, James A. Tackett, Gregory A. Claypool Article information: To cite this document: Fran M. Wolf, James A. Tackett, Gregory A. 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Confucianism The Five Regulations - 1772 Words

Confucianism has been around for more than two millennia and has continued to thrive on its values, expand its following, and inscribe itself into our history and beliefs. While Confucianism can be broad, it can also be intricate in the sense where there are five major concepts within this way of life. With this being said, the five concepts were named â€Å"The Five Regulations† where it contained the five Confucian virtues. These social and ethical philosophies around the way of life rooted from Confucius and the Chinese heritage where respect and education were highly emphasized to where â€Å"the Confucian concept of learning has played an important role in everyday school culture of the East Asian countries since Confucius placed learning at the very center of his teaching† (Kwak, Kato, Hung). 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The Whole Foods Market For Organic Foods And Encouraging...

Whole Foods Markets has been recognized as a leader in creating the modern market for organic foods and encouraging suppliers to meet standards for humane treatment of farm animals. They have also been in the news for violating Labor Laws in 2006. The company altered its sick-leave policy, froze wage increases, refused to provide information to the union that was necessary to negotiate a contract, and harassed and disciplined employees. Furthermore, they fired two truck drivers because they voted to unionize with the Teamsters. Investigators of National Labor Relations Act (NLRB) had found that the company engaged in a variety of [illegal] retaliatory measures to discourage union activity. An out-of-court settlement required Whole Foods†¦show more content†¦Sociocultural Whole Foods Markets is more focused on environmentally and healthy foods since consumers have become more health-conscious about what they eat. For example, Whole Foods announced that all food products in its U.S. and Canadian stores must be labeled to indicate whether they contain genetically modified organisms (GMO). This would be done through out all stores by 2018. Currently, the company offers over 25,000 certified organic items and about 8,500 non-GMO Project Verified products in its stores. The company has been requiring its meat, dairy, egg and farmed seafood suppliers to verify whether or not animals were fed GMO corn, soy or alfalfa. Their initiative will require products based on or containing GMO risk ingredients to be labeled by manufacturers (GMO). Technological During a March 12, 2012 Conference, Walter Robb, co-chief executive officer of Whole Foods, stated in his presentation at the UBS Global Consumer Conference in Boston that retail and technology are completely intertwined now, and customers are newly empowered through technology in all sorts of ways. The two initiatives for Whole Food Market are enterprise systems and customer-facing technology. As a first initiative, Whole Foods is working to create a unified point-of-sale platform that will seamlessly enable mobile and digital shopping. For customer-facing technology, Whole Foods’s checkout process helps customers to buy a few items from in-store

A Christmas Carol Argumentative Essay Example For Students

A Christmas Carol Argumentative Essay By the end of A Christmas Carol Scrooge has undergone great changes; with close reference to and quotation from several very different sections of the text, discuss the variety if ways in which Dickens presents the story. Throughout the whole story in the Christmas Carol, it shows the writer Charles Dickens had deeply described his story in words by words and he enjoys using a variety of changes and vocabularies. It also gives us an expression of him being an entertainer and joker. The beginning of the story starts with a dead person call Marley. This style of starting a story is very ex-ordinary, this gives a clueless chance for us to know and understand the story. Not much writers nowadays would introduce the story like what Dickens does in his series of books. The second person was mentioned in the story was an old man called Scrooge, he firstly starts off the story and shown as a dull, old, unattractive and unlovable man. The first quotation Im using is on page. 10 and 11, Oh! but he was a tight fisted hand at the grindstone, Scrooge! A squeezing, wrenching, grasping, scraping, clutching, covetous old sinner! This quotation especially with the last few words had really brought out the expression of how Dickens is going describe the character of Scrooge. On page11, He carried his won low temperature always about with him; he iced his office in the dog days. The use of languages in the few quotation and pages had described the behavior of Scrooge in the story. Dogs appeared to know him; and when they saw him coming on, would tug their owners into doorways and up courts It had showed me that Scrooge is highly respected and has a strong effect over the animals and humans. They seemed to be very friendly together. Bah! Humbug! Scrooge has used this word in lots of occasions throughout the story. The meaning of this word could show Scrooge was either annoyed, mad or making such noises when he is not bothered to talk to other people. In page 16, the page had showed and described how frivolous he is, this had the effect from the sentence when he said, Good afternoon. This Good morning sentence had been used and repeated a lot on the next following pages. The story had just started in the first ten pages, and it had already showed Scrooge is a character whom is straight, talks to the point and very straight forward, and says whatever he had in mind without having a second thought. The story had then changes when the first ghost comes to the passage. Scrooges character had a small change when he encounters with the first ghost Marleys Ghost. The effect of the ghost had changed Scrooges life and attitude when the story follows on. This huge impact on Scrooge has happened in pages between pages 25 to 27. On P. 27, I know him! Marleys ghost! and fainted again. This explains that Scrooge had a flash back memory of this person named Marley. He seems to know him and probably something unpleasant happens before so thats way he got fainted afterwards. He might had a short flash back memory of this person and felt scared about it, his mind is either playing tricks on him. After this incident of the ghost, he believes more into himself. As this ghost goes on to the next page, Scrooge had become more confused, shy, embarrass, and scared of the ghost. Scrooge had become even more scared towards the ghost as the story expands to page 30. .u884da318b64f757f96417bbedd32099a , .u884da318b64f757f96417bbedd32099a .postImageUrl , .u884da318b64f757f96417bbedd32099a .centered-text-area { min-height: 80px; position: relative; } .u884da318b64f757f96417bbedd32099a , .u884da318b64f757f96417bbedd32099a:hover , .u884da318b64f757f96417bbedd32099a:visited , .u884da318b64f757f96417bbedd32099a:active { border:0!important; } .u884da318b64f757f96417bbedd32099a .clearfix:after { content: ""; display: table; clear: both; } .u884da318b64f757f96417bbedd32099a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u884da318b64f757f96417bbedd32099a:active , .u884da318b64f757f96417bbedd32099a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u884da318b64f757f96417bbedd32099a .centered-text-area { width: 100%; position: relative ; } .u884da318b64f757f96417bbedd32099a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u884da318b64f757f96417bbedd32099a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u884da318b64f757f96417bbedd32099a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u884da318b64f757f96417bbedd32099a:hover .ctaButton { background-color: #34495E!important; } .u884da318b64f757f96417bbedd32099a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u884da318b64f757f96417bbedd32099a .u884da318b64f757f96417bbedd32099a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u884da318b64f757f96417bbedd32099a:after { content: ""; display: block; clear: both; } READ: The characters and plot of Frankenstein reflect Shelley's conflicted feelings about the masculine circle which surrounded her EssayFirstly, he becomes more obedient and he slowly appears into horror with it. He fell upon his knees This move of Scrooge had showed he is begging the ghost to leave him alone and pleased and begged for mercy. This kneeing move had completely twisted Scrooges character attitude around. Firstly from a straight forward, hard person to a soft coward who is kneeing for mercy from a ghost. He was in tears as the conservation goes on and on, they were in a state of talking a topic on business. Business was used in those pages quite a lot of times. On page 35, Scrooge was threatened and warned by Marley, he was acting to be scared and afraid. You will be haunted by the three spirits, Scrooge had got really scared after the ghost said he will be haunted by the three spirits. Scrooges countenance fell almost as low as they Ghost had done This describes Scrooge was really scared and afraid, he had lost his feelings and had completely lost his nerves, he couldnt control of himself. As the story moves on to Stave two , Scrooges character had become even more confuse and was in a state that he doesnt know what to do. He couldnt concentrate at thing and just had the illusion of Marleys ghost inside his head. The more he thought, the more he gets perplexed. This quotation clearly shows that Scrooge couldnt believe what had just happen to him. Marleys ghost bothered him exceedingly The last few quotes had showed Scrooge is really sacred and becoming more thoughtful. He develops to a person who is trying to think what had just happened. Not like the personality he just shown in the first stave and the beginning of the story. He then became very obedient and very obsessive. He just have Marleys ghost in his mind, he just thinks of this ghost all the time and nothing else. He is getting more worried and scared as he thinks and imagines more. This few pages of Stave two have shown another character change of Scrooge. Ding Dong, a quarter past half past a quarter to it This is showing Scrooge is just thinking of Marley ghost all day long. He just sits there next to the window and listening to the bell ringing to midday and thinks of Marleys ghost in his mind. On page 42, Scrooge had faced another ghost spirit which he had expected him to come because Marley told him, he will be haunted by the three spirits. As he interferes with this ghost, his attitude had dramatically changed. This ghost was a tall long man with visible white light over him, Scrooge had become very curious as he sees this man. He had a flash-back to his childhood, it had showed him the cheerfulness and playfulness On page 48, Scrooge shouts Ali Baba! , Its clear old honest Ali Baba! Yes Yes, I know. As Scrooge had a moment of flash back, it shows he is very caring and happy. But there was a huge drop of contrast because at one point he was really happy and then he became very sad. What is the matter? asked the spirit. This spirit was shown as more friendly and caring than the first one, he seems to be very nice to Scrooge and cares about him and wants to ask why he feels sad. Nothing there was a boy singing a Christmas carol at my door last night, I should have given him something. Unlike Scrooges character before, when he starts the story, he seems to be more caring now. He shows he is not just giving care to himself, also to other people. The quote shows he regrets that he didnt give anything or invite the boy into his house as the boy just stands in the cold night of Christmas. Now he is feeling very sad and sorrow.