Omission Case Studies Samples For Students

Executive summary

Special purpose financial statements that are conventionally provided by small businesses usually offer limited information in both quality and quantity. The main reason behind this is the freedom in reporting that small businesses have. Consequently, lenders have to be careful when using these statements in lending decisions. As a small business, Boat Builders Pty Ltd’s financial statements may not be in a good state as provided to be used in a lending decision. A critical evaluation of whether they represent the true status and performance of this business is necessary before a detailed financial analysis is done. A number of concerns arise ...

Various Issues Relating to the Corporations Act and their Effects on Directors and their Duties

The directors are required by the Corporations Act 2001 not to do anything that requires disclosure to investors. If they fail to do so they are held liable by Sec 45 of the Corporations Act that stipulates the governance of a small proprietary company. According to Peter the constitution of Kandy K restricts the directors to facilitating a loan of not more than one million dollars unless the members pass the resolution in a general meeting as was the case in Howard v Patent Ivory Manufacturing Co (1888) where the decision by the directors to borrow over the stipulated limit was nullified. ...

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Introduction

In 2000, the Chief Executive Officer (CEO) of Qwest, Joseph Nacchio, was charged civil and criminal liabilities after it has been found that he violated the provisions of GAAP against fraud and insider trading. He was sentenced to six years in prison in 2007 and was slapped with a $19 Million fine and a forfeiture order for proven illegal stock sales transactions worth $52 Million. In this memo, the author discusses the different aspects of Qwest’s case, emphasizing the role of GAAP and the PCAOB.

The Generally Accepted Accounting Principles (GAAP) refers to a standard framework of ...

John, a 50-year old man, visits a convenient care clinic complaining of fatigue, increased hunger, increased thirst, and frequent urination over the last two months. He also reports increased episodes of itching. Clinical examination reveals the presence of dark patches on his skin in the neck and armpit areas. Physical examination reveals a weight loss of 5kg over the last one month. Laboratory test show the following results: A1C= 7.1%, FPG= 127mg/dL and OGTT= 202mg/dL. John is single and currently stays alone. He has one sister whom he last met two years ago. He is also not employed currently.
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