Bcci Case Study for Auditing - 5660 Words

Introduction In July 1991, the largest scandal in the financial history exploded when the branch offices of the Bank of Credit and Commerce (BCCI) has been seized by regulators in seven countries. The closure of the bank is mainly due to massive fraud and corruption that happened at the heart of the bank. BCCI also involved in other illegal activities such as money laundering, dubious lending, fraudulent record-keeping and support in terrorism. The BCCI was a supranational bank founded in London in 1972 by a Pakistani financier, Agha Hasan Abedi. Overall, BCCI was expanded from 19 branches in five countries in 1973 to 108 branches in 78 countries in 1976 with excess assets of around US$20 billions at its peak. BCCI has been†¦show more content†¦Thus, the Basle Committee on Banking Supervision has been set up in July 1992 and issued a new standard for the supervision of international banks. The underlying principles were that any international banking group must agreed to be governed by the central bank in the home country which taking into account the bank’s worldwide activities. However, the recommendations proposed by Basle Committee is viewed to be a bit loose, thus another reform of Banking Act was proposed by the UK government and BOE which provided BOE with more supervisory powers. The proposals placed legal responsibility on the auditors to provide information of the banks whenever it is requested by BOE for monitoring purposes. This proposal also attempted to close the regulation gap between countries where the bank was chartered and where it was operated, which was found to be the main reason why BCCI’s fraud went undetected for so long. Issues of Accounting, Auditing and Governance Involved There were 3 parties involved extensively in BCCI crisis: senior management, external auditors and regulator were accountable to the interest of depositors and creditors. Roles of each party will be examined below. Leaders play significant role in embedding ethical norms and values into organizational culture. Longnecker (cited in Gottlieb Sanzgiri 1996, p. 1278) organizational leaders should articulate ethical policy, communicate ethical statements and codes, and provideShow MoreRelatedWhy Is It Important for External Auditors to Be Independent? Relate Your Answer to the Primary Role of External Auditors. Give Examples of Specific Ways the Lack of Auditor Independence May Impact Adversely on an Audit.1638 Words   |  7 Pages2004). This essay, is trying to define what is independence and discuss about the relationship between independence and quality of external auditors. First of all, it is good to know what is the external auditors and its primary role. External auditing is an observation of annual financial reports of a corporation, for example, Balance Sheet, Profit and Loss account and cashflow statement. It is done by someone independent of that business, who play no part in day-to-day running of the organizationRead MoreWhy Is It Important for External Auditors to Be Independent? Relate Your Answer to the Primary Role of External Auditors. Give Examples of Specific Ways the Lack of Auditor Independence May Impact Adversely on an Audit.1648 Words   |  7 Pages2004). This essay, is trying to define what is independence and discuss about the relationship between independence and quality of external auditors. First of all, it is good to know what is the external auditors and its primary role. External auditing is an observation of annual financial reports of a corporation, for example, Balance Sheet, Profit and Loss account and cashflow statement. 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Alejandro Flores Case Free Essay Example, 750 words

As mentioned above there are several Latino normative cultural values that may be applied in Alejandro s case (Phipps, n.d. ). These values are familismo, personalismo, simpatia, respeto, fatalismo, machismo and the belief in folk healers. Familismo can be seen in the Flores family, as shown in the extended family set-up; thus, the mother of Senora Flores still lives with them. Familismo is also observed when Senora Flores consulted her mother regarding the health concerns of Alejandro. The importance of personalismo is illustrated in Senora Flores reaction with how she is being treated in the hospital. She finds them rude and disrespectful which is not what she experiences with the Latin culture. Simpatia is what Dr. Jean and the other hospital staff lack in dealing with the Flores family s health concerns with Alejandro. Simpatia is expected by the Flores family because it is inherent in their culture. Another value that is observed in Alejandro s situation is that of respeto, which Senora Flores showed towards her mother when she followed her suggestion to see an espiritista. Senora Flores practice of giving herbal tea to Alejandro, lighting of a candle and praying over Alejandro is all part of their belief in folk healers. Fatalismo is seen in the view of Senora Flores that she is being punished by God that is why Alejandro is sick. Machismo, on the other hand, is exemplified by Senor Flores refusal to listen to Dr. We will write a custom essay sample on Alejandro Flores Case or any topic specifically for you Only $17.96 $11.86/pageorder now Jean because she is a woman and shown in his disgust over having to be with Alejandro in the hospital.

Pertelote is Much More Than a Mere Hen How Far Do You...

Pertelote is much more than a mere hen how far do you agree with this? I feel that this comment is extremely justified. Chaucer with the use of a beast fable has helped to elevate what would be considered a conventionally boring set of animals, and turn them into portrayals of human beings. As a cock he may have came from the same batch of eggs as his hens, but as poultry it would not matter whether chauntecleer mates with his sisters. However some critics suggest the introduction of the human concept of love, allows Chaucer to make an indiscriminate joke about the behaviour of chickens and the impropriety of such behaviour among people. This suggests that the farmyard is a microcosm of society, which leaves in no doubt that Pertelote†¦show more content†¦Pertelote acts like a wife who does not want the inconvenience of a sick husband. Form the initial Fy on yow, herteless, I of the beloved, her speech becomes full of medical knowledge and erudition and ends with the triumphant homely distinction pekke hem up right as they growe and ete hym yn. She is far from a suppressed individual and acts like a learned diagnostician and doctor. This is a far cry from the role of a mere hen. Pertelotes confidence in her opinion of the dream as a somnium naturale is shown by the assertion of lines 174 - 175 and the pedantic balance of the effects of choler and melancholy. Her exactness is suggested by the repetition of of.. such an impression is also created by the list of herbs. Her deference to Chauntecleer is suggested by pardee. The following lines then show her smug common sense in not overwhelming her husband with her erudition, although she cannot resist a reference to Cato. This suggests that she is trying to impress her husband so that she will do as he asks. This sections tone is full of encouragement and concern. The imperative for goddess love, as taak some laxatyf is followed by reassurances of Pertelotes good faith. Her own guidance will result in the purge. foryet not this, for gods owene love this second instruction warns him to be careful not to develop a more serious complaint, which is followed by a list of plant purges. This speech

Opinion on Afremovs Water Pastel Painting Essay Example For Students

Opinion on Afremovs Water Pastel Painting Essay First of all, I chose Leonie Foreman because admire the quality of his work. Before chose him as my subject, I did check out other artists like David Clerical who specializes in photography, portraits, landscapes film, There is Marcel Christ as well, whose torte is still elite and also dabbles in personal work and film, Benedict Regard on the other hand, does a little of everything such as photography, landscapes, epic set-ups and still life. I had to really think hard on Sam Logan because her line of art is my weakness. She is a stylist thereby her expertise is in clothing designs, set designs, and also experiments on still life. L almost picked her but Foremost work moved me more because it communicated admire artists so much since dont think have one artistic bone in to me. My body however hard try. I am in awe of people who looks at a picture, picks up a pencil then just starts drawing with such ease and confidence. Foreman paints With such emotion and inspiration that everyone can relate to it. His use of nature, surroundings and the combination of colors is so unpredictable that t surprises his viewers. Melody Of the Night depicts that the cover Of darkness when night falls doesnt mean that the exciting day is over. It shows that it only has begun but now in a different setting at a different time. It makes one realize that dusk can be breathtakingly beautiful when an explosion of contrasting colors are used to create an unforgettable heartwarming scene. I believe that what makes Foremost work very effective is that it isnt difficult to grasp. Any individual can relate to his work and appreciate its beauty due to its simplicity. It likewise sends a message that even darkness can bring about a lively scene with the correct use of colors and various painting techniques. The technique I liked most that Foreman utilized a lot in this painting is stippling. He used it to texture botanical drawings that created the appearance to depth. He did in such a way that it made the whole painting look elegant and life-like, Composition was another technique Foreman used that impressed me. It made the painting look put together and organized. Melody of the Night contains line, shape, arm, space, texture, value and color. He manipulated these elements and created something quite amazing. The effectiveness of Foremost work depends on the individual whys viewing it since everyone has their own opinion and interpretation of any kind of art. I personally, am very impressed with this particular painting because see that the techniques he used were quite effective. How does one measure the effectiveness Of an artwork to an individ ual who doesnt know much about art? I measure it on how affects my senses usually emotionally. It would be great if can touch and feel its texture and composition to give me an idea of the depth of the painting, however that isnt possible in this case. Using my sense Of sight tells me that he put his own feelings into this painting because it exudes his personal touch and his attention to detail. He took advantage of the darkness to bring out an explosion of hues and colors that one wouldnt expect. He brought light and life to a scene that could very well be ordinary or even boring.