Koger Properties, Inc. Free Essays

Facts Before the merger, Michael Goodbread served as an audit partner in Touche Ross. In December 1988, Goodbread bought 400 shares of common stock from Koger Properties, Inc. After the effective year of the merger in 1989, Koger automatically became an audit client of Deloitte Touche instead. We will write a custom essay sample on Koger Properties, Inc. or any similar topic only for you Order Now Also, Goodbread got an identical position in Deloitte Touche in the same year. In the following year, Goodbread was assigned to be an audit engagement partner in association with Koger’s financial statements for the fiscal year which was ended on March 31, 1990. Goodbread was in charge of all facets of Koger audit. Then Goodbread signed the Koger â€Å"audit planning memorandum† on February 21, 1990. Audit planning for the engagement and field work was conducted from that time until June 27, 1990, on which date Goodbread signed the â€Å"audit report record† which was a formal completion of the Koger audit. During the operation, Goodbread sold all his 400 shares of Koger common stock on May 10, 1990. Issues Did Goodbread violate the SEC’s independence rules? 2. Was Goodbread’s equity interest qualified as a material investment? Was it relevant? 3. Under what conditions could Goodbread have later served as the audit engagement partner? Analysis The SEC strongly claimed that Goodbread violated its independence rules because of the following reasons. Rule 2-01(b) of SEC states, â€Å"an accountant will be considered not independent with respect to any person†¦ in which†¦ he, his firm or a member of his firm had, or was committed to acquire, any direct financial interest or any material indirect financial interest†¦ † Clearly, it was a direct financial interest for Goodbread to own 400 shares of Koger common stock in this situation. According to the Code of Professional Conduct, â€Å"Independence shall be considered to be impaired if: During the period of the professional engagement a covered member was committed to acquire any direct or material indirect financial interest in the client (ET  § 101. 1). † In Goodbread’s case, the fact was that he owned 400 shares of Koger common stock which were direct financial interest when he was the audit engagement partner who oversaw the audit of Koger. â€Å"Public confidence would be impaired by evidence that independence was actually lacking, and it might also be impaired by the existence of ircumstances which reasonable people might believe likely to influence independence (SAS  § 220. 03). † An auditor must not only be independent in fact which is related to the evidence that the public have, but must also avoid any actions that may likely seem to influence independence. No matter how many shares of Koger common stock Goodbread owned, it stil l affected his independence. The reason was the public tended to think that Goodbread would maximize his own benefit by unfaithfully making the audit decision for the company. The profession has established, through the AICPA’s Code of Professional Conduct, precepts to guard against the presumption of loss of independence (SAS  § 220. 04). † As an independent auditor, it is important to let the public maintain confidence in order to strength the belief of an audit’s profession. This will all be collapsed after realizing the auditor is holding common stock which is not supposed to. I believe that the investment was a material interest. Common stock has its true existing value knowing as an investment, because it is not just a piece of paper. Having the stock means that the stockholder has the ownership in a specific company. As an auditor, it is unlikely that the public will accept people like Goodbread claimed himself as an independent auditor to audit for the company since he was the one who had the great impact on the audit decisions. Goodbread might not think this way, but the public tended to think he would be biased when he dealt with the financial statements of the company. Therefore, the materiality of this investment was a relevant issue for Goodbread. He really needed to avoid this kind of situation which might lead outsiders to doubt his independence. Goodbread signed the Koger â€Å"audit planning memorandum† on February 21, 1990. It was since that date he had the full responsibility for being independent as an audit of Koger. If Goodbread could sell his 400 shares of Koger common stock before February 21, 1990, there would not be this kind of serious situation happening to him. However, the fact was he did not sell those stocks until May 10, 1990, so he completely lost the ability to be served as an audit engagement partner for the company legally. Conclusion After evaluating the codes and standard, it is not doubtful to see why the SEC took action against Goodbread. The public did not want to believe Goodbread was independent because of his partial ownership in Koger. Goodbread’s Koger ownership must be prohibited during the time of the Koger audit since he did not fully maintain his independence and was not legally responsible for the audit work. The auditor must be honest to claim himself as independent, and he must be away from any interest in the client. How to cite Koger Properties, Inc., Essay examples

Disaster Is Different Around The World Essay Example For Students

Disaster Is Different Around The World Essay Disaster is Different AroundThe WorldThe purpose of this paper is to show the difference between the way the United States faces a disaster and the way Central America handles a disaster. In 1992 we faced the costliest hurricane to hit the United States in history. In 1998 Central America was rocked by fourth strongest hurricane ever. Though both were huge disasters our perception of a hurricane might be a little different than someone living in Latin America. As previously stated, Central America was hit by a train. And this train had a name?.Mitch. The storm was formed off the coast of Africa and gained strength in the open ocean. When Mitch came ashore on October 29th it had sustained winds of 180mph and unknown gust velocity. It crept slowly inland and dumped record amounts of rainfall in a short period of time. The countries most effected by the hurricane were ; Honduras, Nicaragua, El Salvador, Guatemala, and Belize. As of December 2, 1998 the number of confirmed deaths was 5,642 with 8,050 still missing. People injured in the storm counted 12,272. Over 1,199,000 people were displaced. With more than 100,000 homes destroyed (UN Situation Report par.9). Over 2,000 people were swept away by mudslides on the Casitas volcano when in one week in October more rain fell than in the previous three years combined. Governments were overwhelmed by the need of supplies. The cost to Honduras alone was well over 4 billion dollars. With over 70% of the food crops destroyed help was needed very badly, but with communication down and 90% of roads washed away it was hard to supply villages deep inland (USAToday online #1 par. 14). When the Hurricane first came ashore there was very little anyone could do but hold on to something, anything. No place was safe. Central American countries are some of the poorest in the world and a hurricane proof shelter is hard to find. Most people grabbed what they could and headed for the hills. That idea was not always good because then there was a risk of mudslides. After the major part of the storm was over people returned to their homes to find nothing at all. The government did all they could to help but that wasnt much. Huge towns of plastic tents were constructed. Aid groups came in with food which was hard to come by. There was never enough. In some regions schools and factories were shut down to house and feed the injured. Unemployment soared to a huge 60% due to the lack of places left standing. The government started hiring people to clear roads and public areas. The pay was a whopping 10 dollars a week but that is better than not having a job at all. Analysis shows that rebuilding bridges across the damaged areas could take almost four years(USAToday#1 par.6). Deepening poverty is almost certain. Another thing which is huge problem is the health risks associated with this type of disaster. The destruction and contamination of the fresh water is one of the main things. Another is raw sewage being in the rivers and streams which can spread many diseases. The most common right now in Central America is; diarrhea, skin diseases, acute respiratory infections, conjunctivitis, and a few cases of Leptospirosis. Due to the fact that all these diseases are there makes fewer people want to help in the clean up effort(USAToday#2 par. 11). On August 24, 1992 the United States was hit by the costliest hurricane in U.S. history. Andrew was his name and like Mitch it was a very deadly storm. It had 145mph winds and gusts up to 175mph. Unlike Mitch, Andrew only killed 41 people and destroyed over 100,000 homes(Terry par.#1). Residents who lived in the hills of Central America and had no warning of the approaching hurricane while everyone in Florida and the surrounding areas knew for two days that a hurricane was headed in their direction. In the case with Andrew the Red Cross already had shelters set up and more volunteers on the way to help. Americans being a giving people sent contributions and other supplies to Floridians to help with the recovery effort(Terry par.#3). When we were faced with this deadly storm we did not have to ask the United Nations for assistance because we were equipped to handle such a disaster. Unlike Latin America which was caught off guard and totally blinded to the fact that a tragedy of this c aliber could happen to them. .u41b86c8e6efd391953ede8e97ed2c77e , .u41b86c8e6efd391953ede8e97ed2c77e .postImageUrl , .u41b86c8e6efd391953ede8e97ed2c77e .centered-text-area { min-height: 80px; position: relative; } .u41b86c8e6efd391953ede8e97ed2c77e , .u41b86c8e6efd391953ede8e97ed2c77e:hover , .u41b86c8e6efd391953ede8e97ed2c77e:visited , .u41b86c8e6efd391953ede8e97ed2c77e:active { border:0!important; } .u41b86c8e6efd391953ede8e97ed2c77e .clearfix:after { content: ""; display: table; clear: both; } .u41b86c8e6efd391953ede8e97ed2c77e { 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; } .u41b86c8e6efd391953ede8e97ed2c77e:active , .u41b86c8e6efd391953ede8e97ed2c77e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u41b86c8e6efd391953ede8e97ed2c77e .centered-text-area { width: 100%; position: relative ; } .u41b86c8e6efd391953ede8e97ed2c77e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u41b86c8e6efd391953ede8e97ed2c77e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u41b86c8e6efd391953ede8e97ed2c77e .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; } .u41b86c8e6efd391953ede8e97ed2c77e:hover .ctaButton { background-color: #34495E!important; } .u41b86c8e6efd391953ede8e97ed2c77e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u41b86c8e6efd391953ede8e97ed2c77e .u41b86c8e6efd391953ede8e97ed2c77e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u41b86c8e6efd391953ede8e97ed2c77e:after { content: ""; display: block; clear: both; } READ: Dolls House Play EssayAs you can see from this report someone living in Miami, Florida and someone living in Tegucigalpa, Honduras might have slightly different perceptions when it comes to hurricanes. I believe that if I lived in Central America my views might change also. But since I have never been in or even seen a hurricane or a hurricanes destruction this is all kind of foreign to me. Due to my research for this paper I believe that I have a better idea about what a furious hurricane can would be like. And I hope I never have to face that problem my whole life. It is just something that I could do without. Geography

Is marriage an outdated tradition free essay sample

Is Marriage an Outdated Tradition? In this essay I will be explaining whether marriage Is an outdated tradition along with my opinion and the ones of Christians. In my oplnlon I believe that No, marriage Is the same strong, important connection it was 100 years ago. The difference is the people who enter into it, and the way society no longer supports the couples who choose it. Weve become a need It now society and are ready to discard whatever doesnt give us Instant happiness. Divorce has become so acceptable that couples go Into arriage with the plan to divorce If they arent satisfied (prenup) as compared to the people in our past who believed marriage was forever and were motivated to keep working at the relationship and to make it work. Today couples are ready to give up as soon as its not fun or the sex becomes dull. We will write a custom essay sample on Is marriage an outdated tradition or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The other part of the problem Is societys lack of support for marriage. The UK benefit system Is too lenient towards those who choose to have children without being married therefore helping them with housing, childcare, schooling and food. The rest f the family before would be providing emotional support and pressure for the couple to work at the relationship, now its more looked at it as being only their problem and not a problem for the people around them. Today were more concerned about an individuals right to personal happiness than to supporting responsible or ethical behaviour-I believe a persons happiness Is extremely Important but peoples morals and ethics are what make them happy. I also believe the idea that something thats worth having is worth fighting for, having omething a long time, the pride of working at something, at pushing through the hard stuff to be able to stand back and look with pride at having made something great, is gone. The Christians of the Catholic Church teach prohibition of premarital sex along with the rejection of homosexual marriage, abortion and contraception but also the acceptance of everyone and equality but while all those are very Important none is what makes the bond of marriage stick. It happens when two people who are free to marry and are physically and emotionally capable of marriage give themselves o each other, understanding that marriage means being open to life and commitment and to faithful love till death.

Medievil Times essays

Medievil Times essays What was Medieval life like? The medieval times were very difficult, with many diseases, atrocious food and was nothing like our society today. Medieval times are especially famous because of wars fought with swords, bows and arrows, and also because of Christianitys corruption and things like the forms of government and types of protection offered. Times werent favorable in this era, but there were definitely some bright moments in the process. Shrek 2 shows off many aspects of the Middle Ages, in an witty, modern day fashion. Shrek and Fiona set the stage as two newlywed ogres in a fairytale styled world, adjusting to their new lifestyle with their loveable pal, Donkey. Conflict occurs, however, when Shrek and Fiona go to visit Fionas parents back at the castle. Princess Fiona, daughter of the king and queen of Far, Far Away, was struck by a terrible curse long ago nightly, she would turn into an ogre, while at the beginning of each day, returning to her normal, humanlike form. To break the spell, Fiona would have to meet the man of her dreams to kiss her at midnight so she could become her beautiful self forever. Fiona, however, chose to permanently be an ogre to more comfortably spend her life with Shrek. Her parents are appalled seeing her daughter as an ogre but disgusted seeing the man of her dreams as an ogre as well. The king of Far, Far Away, also known as Fionas father, will stop at nothing to get this ogre away from her daughter so she can marry a real prince to rid her of this spell. Afte r mutual brutal behavior between the two men, the king sets Shrek into a deadly trap by pretending to be on good terms with him. From there, Shrek, Donkey and their new feline friend go on a quest so that Shrek can fit the needs of Fiona and her family only to discover that him being who he was is the only thing Fiona wanted of him. Feudalism was an important aspect of this era. It ...

Proposal Assignment Example | Topics and Well Written Essays - 250 words - 2

Proposal - Assignment Example IT has changed the outlook on music genres such as pop as artists can use different interesting sounds to compose their music. The industry has also created jobs for music producers and sound engineers due to the use of IT (Wiechmann 7-9). Websites create easy access to music from artists all over the world. The artists use the websites to interact with the consumers. Websites also impact the industry by allowing the community to download music from the site either at a fee or free. Two decades ago, one would have to visit and purchase a CD of newly released music from a well music store. With the advent of IT, people can now access the music by downloading it from various websites. People access the music in their PC’s and phones which contributes to the growth of the industry. Examples of such websites include mp3 skull, Myspace and YouTube (Wiechmann 8-9). Using technology, it has created a simple and democratic platform for sharing music. Due to its popularity, it has embraced almost everyone including 50 cent and Madonna. More than 10 million people use the company services due to its massive online presence. SoundCloud labs are creating more than 10000 applications for music production and consumer’s use (Viet

Country Risk and Strategic Planning Analysis Paper Assignment

Country Risk and Strategic Planning Analysis Paper - Assignment Example Nice blend of coffee serving in presence of amusing environment should be accompanied by the highest serving quality. Price: Since Indian coffee market has a good history, its market is supposed to have few fearsome competitors for Starbucks. Pricing becomes very important in this respect. General attitude of locals towards pricing is very strict; thus lower the price, greater the market share. Place: Starbucks' most vulnerable market comprises of middle class Indians who live in high streets of posh and developing areas of large cities. Therefore, it is of immense value to target the market of Mumbai, New Delhi, Pune, Chennai, Bangalore, and Jaipur etc specially those places which are near colleges, bus stops, cinema theaters, railway stations etc. Distribution and Supply Chain Risks may be termed as the major risk factors for Starbucks in India. Effective resource planning becomes very crucial since distribution through independent sources may become highly cost effective. Abundance of highly educated manpower in this regard can be the key for solution. India is a mixture of various different societies comprising of thousands of ethnic, cultural, religious and social groups. Thus, social and cultural risks are very high due to immense differences in these groups.

Teaching Demonstration Essay Example | Topics and Well Written Essays - 1250 words

Teaching Demonstration - Essay Example This enhances their acquisition of actual meaning. Each 5x7 card will have a picture on it of the noun or verb (thing or action) that the player will try to communicate to the class. The target word will be under the picture on the card. The forbidden words will be listed on the card with light red lines through them in a X (crossed out). The teacher will ask students for synonyms and related words and write them on the board. Then the teacher will cross out the words with an X to show that these words are â€Å"taboo†. The class will discuss what â€Å"taboo† means. Teacher: This is the target word. (Teacher points to the word Truck.) These crossed out words in red are â€Å"taboo†. You cannot use them. Who can think of other words you can use to get someone to say this word without seeing the picture? Raise your hand and I will call on you. The teacher should carry on demonstrating and maybe using a student or two and helping them until the class becomes very involved. Points can be given to each student who successfully communicates a word. Each student to guess the word becomes the next communicator. The lesson can be timed or limited by the number of cards available. When all of the allotted cards are used or time runs out the student with the most points is the winner. The game can also be played by dividing the students into two teams and alternating players in the same way or simply having each team member take a turn as communicator. This game is fun and easy to prepare. Even the students can make their own cards for the game and each team can contribute a set of cards for the game. Hu (2002) said that traditional teaching methods with grammar and vocabulary drill and practice â€Å"failed to develop an adequate level of communicative competence (i.e. the ability to use the target language for authentic communication)†. With this game two things are accomplished: 1) the students are