Internal Accountants Report to Management - 1033 Words

Internal Accountant’s Report to Management Diana Liminovic ACC/556 Forensic Accounting Kimberly Warren Introduction Since our company is preparing for an upcoming government contract bid, management has decided that a full Financial Status Review (FSR) prior to the release of the bid is essential. This report is to provide supporting information prior to the bid in order to evaluate if any irregularities with regard to fraud and/or abuse of the company have taken place and if so, to what effect. The report is divided into four sections, which will cover information on the effect of potential occupational fraud and abuse on the company. It will also discuss U.S. government oversight of accounting fraud and abuse and its effect on†¦show more content†¦Many of the frauds were with regard to revenue recognition, which has led to many improvements by now. Noticeable changes have been made in the way firms from particular industries book revenues as a result of the heightened SEC scrutiny of revenue accounting; companies have become more conservative when it comes to the timing of the revenue r ecognition. Particularly many Internet companies have reduced the total amount of the revenue being recognized compared to the situation before the heightened scrutiny. According to a survey in FORBES, less fraud cases have been reported recently. Enforcement cases and prosecutions over the last decade were very well publicized which had a positive effect on the attitude of many companies senior management. Also it is said that governments enforcement efforts have had a deterring effect. Moreover, additional requirements imposed by Sarbanes-Oxley Act (SOX) made senior executives more concerned about the financial results reported and on which they have to sign off. It is clear that the US financial reporting environment has changed and based on the positive current events, constantly improving reporting requirements, rules and regulations, even greater changes are expected in the future. Corruption schemes Corruption has unfortunately been a very common phenomenon in the work environment throughout the years. It is defined as  ¨an intent to gain particular personal advantage at the cost of organization ¨ he/sheShow MoreRelatedSarbanes Oxley : Corporate Responsibility For Financial Reports750 Words   |  3 Pagesprofoundly impacted both management and accountants albeit in mostly similar ways. The following exploration will compare and contrast these views held by management and accountants regarding Sarbanes-Oxley. According to Green (2004) Sarbanes-Oxley legislation is comprised of various sections, of which five are the most significant. These sections are Section 302, Section 401, Section 404, Section 409, and Section 802. 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Bank s Motives For Using It, Its Advantages And Risks

Banks can use it as a useful tool to make more loans and to maintain a higher capital level. However there are risks attached with this financial innovation, as securitisation played a role in the financial crisis in 2007 through sub-prime mortgages. This essay will discuss the process of securitisation, bank’s motives for using it, its advantages and the risks. There are three types of securities: Collateralised Debt Obligations (CDO), mortgage backed securities (MBS) and asset based securities (ABS).CDO are a form of security that are asset- backed, they allow banks to group cash- flow generating assets (loans, mortgages and bonds) into a SPV. Investors choose which tranches they want to buy based on their varying risk and returns. MBS†¦show more content†¦The group of assets must have ‘statistical history of losses’ so that the securities can be priced accurately and the risk characteristics can be analysed. With the asset portfolio the terms of each l oan must be fairly similar to minimise the interest rate and maturity risk, features on each loan such as the maturity will need to be assessed (Llewllyn, 1999). Securitisation as a technique of asset and liability management https://books.google.co.uk/books?id=j14ZfoAbhm8Cpg=PA7lpg=PA7dq=asset+pooling+homogeneoussource=blots=1OU58vhsHpsig=jDn16hDjQ41b_DglbHPnDDW5EDwhl=ensa=Xved=0ahUKEwjlkf-ziMHLAhXHvBQKHdK8C-EQ6AEIHzAA#v=onepageq=asset%20pooling%20homogeneousf=false Chapter 18 page 598 Securitisation began in US in 1970s; growth of securitisation picked up in 1990s and continued until 2007. Markets collapsed during 2008 and 2009, crisis displayed weakness in securitisation. Securitisation is a sophisticated process with many partakers involved, this essay will discuss each member before discussing the process. The participants of securitisation include: originator, Special purpose vehicle (SPV) or Structured investment vehicle (SIV), credit enhancer, credit rating agency, trustee, servicer, borrowers, underwriter and investors. The originator is typically a bank that securitises the assets, such as

Anaylse “The Thing” Free Essays

The old cover was published on the video tape of the film. The new cover was published on a DVD. The old covers was published by PolyGram company and the new one was published by Universal Studios. We will write a custom essay sample on Anaylse â€Å"The Thing† or any similar topic only for you Order Now The intended audience for the old cover is people over the age of twelve. I know this because the certificate on the film is twelve. This is in contrast to the old one where the certificate is eighteen. This reflects the advancements of technology, cameras are more powerful and are superior than they were forty years ago and are capable of putting more affects in order to make the film to appear extra horrific. The old movie may not be suitable for over twelve because of it will require a long attention span and this shows that the movie is created for people who have longer attention spans. And the subject that is covered in the film will not be designed for under twelve’s and they may loose interest. Both films are for people who are fond of science fiction (sci-fi). I think it is designed for the entertainment of both sexes and regardless of your level of education; you shouldn’t have too much intricacy understanding both films. There are opinions on both of the covers. The purpose of the opinions is to persuade the reader to buy/watch film. All the opinions are positive and the effect this has is to make the reader think positive things about the film. On the old cover the opinion is â€Å"Howard Hawk’s superb sic-fi thriller has become a huge cult classic and it is chilly as it is now as it was forty years ago†. â€Å"Chilly† is a play on word with two definitions it can indicate that it is very cold and also terrifying; both definitions apply to the text. The purpose of both texts is to persuade. It’s a horror/sci fi so it has to appear to be bloodcurdling and the language should reflect this. Long sentences are used on both covers. The use of ellipses creates suspense and the reader would want to know more. Lots of alliteration is used throughout both texts. â€Å"Cult Classic† re-emphasizes the fact that the film is one of a kind and that it’s not to be missed. â€Å"Strange Spaceship† and â€Å"Superb Sci fi† are also examples of alliteration, alliteration helps you to remember and it sounds better on the tongue. Alliteration can also aid in memory and it provides additional emphasis. The text is their to show the positive light and to persuade the reader to watch/buy the film. The producers of the film do this because their ultimate aim is to make profit. On both covers there are facts and opinion. Old Cover- â€Å"A government station near the North Pole detects the crash of an un-identifies object and asks the air force to investigate. Captain Hendry locates a strange spaceship and a mysterious figure is frozen in the ice† This is a fact as it tells the reader what is going to occur in the film. â€Å"Howards Hawks superb sic fi thriller† this is an opinion not everyone will think the same. On the new cover, â€Å"Horror meister John Carpenter (Halloween Escape from New York) teams Kurt Russels outstanding performance with incredible visuals to build the chilling version of the whole classic thing†~ This is a positive opinion of the film, this again is their to persuade the reader to purchase the film. This opinion also promotes the actor (Kurt Russels) and this in turn will make his fans wanting to watch the film. They use hyperbolic language when describing his acting as â€Å"outstanding†. John Carpenters name is frequently repeated and his high-quality horror making skills are re-emphasized frequently. â€Å"In the winter of 1982 a twelve man research at remote Antarctica research team at a remote Antarctic research Station discovers an alien buries in the snow for over 1,000,000 years†.~ This is a fact, it tells you what will occur in the film, and it makes it sound as appealing and alluring as possible. The use of the word â€Å"remote† makes you sympathize with them as they are alone and isolation with a terrifying monster/alien on the loose. There are various number of people quoted in the covers of the film. In the New cover â€Å"John Carpenter† is described as a â€Å"horror meister†. Film-fans who have viewed any of his previous films before and are a fan of his work also want to view this one. In the old cover Howard Hawk is described as producing a â€Å"superb sci fi thriller† and his previous films are used to his credit (they appear to be quite successful) so that is another favourable impression of the film. The writer is very pleasant, carefree and blithesome. His writing tone is very spirited and refreshing this is probably because they are not talking about a serious issue, they are promoting a film. They are bias because they are only focusing on the positive things about the film. I am sure the film is not flawless. What about the film critics what about the negative comments that they have made about the film? Kurt Russels outstanding performance† – not everyone will agree. The actors are illustrated on the both of the covers rather than the brains behind it all. On the new cover the illustration of a strange man with a beard on engages the viewer. This image is right next to the blurb. The slogan is â€Å"Man is the warmest place to hide†. There is mysterious image of someone (alien or human?) on the front cover with this person is faceless, and this again engages and captivates the viewer. The new cover has blue and white on it, perhaps this is a connotation for ice and arctic weather as it is freezing in the Antarctic. The title of the film (The Thing) is in very large bold print and it’s in upper case letters. The old cover is mainly black and white and the text and title of the film is in red print. Red as colour is very bright and stands out especially when the background is back and white. Perhaps the colour red is a connotation for blood and danger. The alien is portrayed as being colossal compared to them and it’s made to look very intimidating and threatening with very razor-sharp lengthy fingernails. For forty years ago the old cover would have almost certainly have been the finest for the time period. The fact that they wouldn’t be as much competition as there is now than forty years ago would also help conspicuously. The cover of the new film is very extremely attractive and I would unquestionably be interested viewing it. The old cover perhaps the older generation would like to view. I prefer modern movies but then again this is a matter of personal opinion. How to cite Anaylse â€Å"The Thing†, Papers