Satyam Computer Services Essay Example for Free

Satyam Computer Services Essay In early 2009 the chairman of Satyam Computer Services admitted publicly to a fraud taking place in the company. Satyam reported in the financial statements billions of dollars in profits and cash assets that never existed. The public auditor’s responsible for auditing the financial statements of Satyam Computer Services at the time was PW India, an affiliate of Pricewaterhouse Coopers. The Securities and Exchange Commission determined that Satyam was able to commit the financial statement fraud due to the negligence of the audit team. The audit team tasked with auditing the records of Satyam failed to confirm cash balances in bank accounts which were grossly over represented. Later it was determined that the more than one billion dollars Satyam claimed to have was actually no more than sixty-six million. During the audits of Satyam Computer Services, the audit team at PW India never sought confirmations for the cash balances that management asserted which is a clear violation of auditing standards. The SEC, during the investigation, determined that many audit teams in PW India accepted cash confirmations directly from the management of their clients and almost never questioned the reliability of the confirmations received. It was also revealed that sometimes the banks would send statements directly to the auditors even though they weren’t directed to do so. Even though the bank statements showed different balances then those given to the auditors by management, the audit team never questioned the differences in amount. Procedures, for reviewing audits, were put into place to assure that all audits are completed with the highest degree of professional care. The Satyam audit team was warned by a partner from a different Pricewaterhouse Coopers firm that their cash confirmation procedures were deficient, but nothing was done to correct the deficiency. Due to this deficiency the Satyam fraud was not uncovered. As a result Satyam Computer Services was fined 10 million dollars by the SEC for fraud and PW India was fined 7. million dollars by the SEC and PCAOB. The critical issue in this case is that PWC India did not act in accordance with PCAOB or AICPA standards and codes of professional conduct. The critical factors are as follows: * The auditors did not act with due professional care. * The auditors did not appropriately assess the risks of material misstatements. * The audit team did not exercise professional skepticism. * The auditors did not act with integrity or in the best interest of the users of the financial statements. Due professional care, as required by the PCAOB, require the auditors to maintain professional knowledge and skill at the level required to ensure that clients receive competent professional service and to act in accordance with professional standards. This is the most vital part of the audit process to make certain that the audit will be handled with, ultimately, the users of the financial statements best interest in mind. PWC India, in their audit of Satyam, had completely disregarded this fundamental requirement of auditors. By relying on the confirmations given to them by management, the auditors did not provide the users of the financial statements with the skill and professionalism they are trusted with. As a result, they completely missed an obvious fraud taking place at Satyam and if the executive of Satyam hadn’t admitted to the fraud PWC India’s controls would have never caught the overstatement. Another relevant issue here is that the audit team did not appropriately assess the risks of material misstatements which resulted in the fraud. Before an audit, in the planning stage, the audit team should have identified accounts, transactions, and disclosures that could affect the financial statements significantly if they were materially misstated. The auditors at PWC India did not properly identify that the risk that the assertions of management about the cash accounts would result in a high risk of material misstatement. Cash accounts regardless of industry should require a special attention during an audit. The professional judgment of the auditors was lacking in the audit of Satyam’s cash balances. When evaluating the risks of certain accounts the auditors should have asked themselves whether there is a risk of fraud, whether there is subjectivity in measuring the financial information, and whether there is any unusual balances in the accounts. The answer to these questions should have all been yes in this case and there is no reason why they shouldn’t have properly confirmed the cash balances. One of the many requirements of an auditor is to exercise professional skepticism. The auditor must take what’s given to him with a ‘grain of salt’ and also question and confirm the existence, occurrence, and accuracy of account balances. In the audit of Satyam, the auditors acted with no professional skepticism whatsoever. If the auditors are not doing their due diligence, the audit risk will rise due to the increase in detection risk. Management took advantage of the fact that the auditors procedures of detecting material misstatements were lacking. This article’s relevance to the auditing profession is enormous. From here, auditors should learn to not take anything for granted and to always question what is put in front of you, unless it is from a completely objective source. The auditors at PWC India did not follow the basic requirements of an audit engagement which resulted in a major fraud. Even when the banks sent account confirmations directly to the auditors, despite not being requested to do so, the auditors still did not question the discrepancies. The gross negligence in this case should be an example to all auditors; do not take anything for granted. The quality control review also failed in this case. Auditors need to heed the advice of the review team. Here, the audit team ignored the recommendations of the review team to confirm cash balances with the banks. Quality control reviews are very significant to an engagement and auditors should not take recommendations without due consideration.

Humans and Tails :: Anatomy Persuasive Argumentative Essays

Humans and Tails When studying the anatomy of humans in biology textbooks, many authors marvel over the complexity of the human body. Attributes such as our opposable thumbs, bipedal mobility, and cognitive abilities are extolled; however, humans are at a serious disadvantage. We lack major appendages that would aid in daily living; they could greatly improve quality of life. One such appendage is a tail; understandably, some humans have grown accustomed to their current mode of living and would shy away from any change despite its advantages. For this reason, the tail that I am about to depict is prosthetic, allowing for attachment and removal when desired. A tail would give a human numerous advantages, as long as it is constructed in such a way to allow for several functions. With the proper appendage on the distal end, it could perform as a third arm, a temporary seat, or simply an aesthetic addition. All of these functions will be explained in further detail later. In order to create a tail that is as dexterous as possible, it may be useful to study the tails of several different animals and reptiles to determine what the best structure would be. Many primates have prehensile, or grasping, tails. These are comprised of articulated linkages; they cannot rotate in all directions, preventing potential flexibility. Flexor and extensor muscles act as both the driving â€Å"motor† of the tail, and attached bones serve as a support system. Another tail type is similar to an elephant’s trunk; no bone is involved in the structure. Movement is achieved through muscle contraction, and a sheath that is similar to the composition of a tendon prevents shrinkage in the overall â€Å"tail.† Sharks demonstrate a third tail type that is very unique in structure, allowing for exceptional movement. Muscles are arranged around the vertebrae in a conical formation and are attached by three-dimensional tendons. Contraction of these muscles creates a motion that is fluid, and the tail is capable of movement in all directions. In 1994, Kevin C. Zippel, a student zoologist at Cornell University made a surprising discovery. While studying in Papua New Guinea, specifically on the island of Bougainville, he found that a remarkable lizard known as the Solomon Island skink somehow evolved a very unique tail.

Prisoner Reentry in Michigan

The state of Michigan spends more money on jails and prisons than it does on education, but is this money well spent? The Michigan Prisoner ReEntry Initiative would suggest that it is. The MPRI is a collaborative effort that draws from the commitment of community groups, the Michigan Department of Corrections, and other state agencies. Launched in 2003 and expanded statewide in 2008, the initiative’s mission is to equip every released offender with tools to succeed in the community.The MPRI is a nationally recognized commitment to public safety that gives prisoners the tools they need to succeed in a process that begins when they enter prison and continues through parole and reintegration into the community. The MPRI has effectively reduced Michigan’s prison population, recidivism rate, and crime rate. (Figure 1) It has broken the cycle of soaring Corrections costs by investing in safe alternatives to costly and unnecessarily long stays in prisons.By breaking the cycle of crime and incarceration, the MPRI has managed to cut spending on prisons down by 293 million dollars annually, and although that may be the biggest benefit it is one of many. (1) The number one goal of the MPRI is to reduce crime. It does that by better preparing parolees before they return to the community, making smarter decisions about who is released and when, and providing enhanced supervision and services in the community. It ensures what Lansing Prison Warden Kenneth McKee calls â€Å"a game plan for success,† which includes a team of supporters from the community who will help them carry out the plan. 1) MPRI begins at intake, when a prisoner’s risk, needs and strengths are measured to develop individualized programming. Prior to parole, offenders are transferred to a reentry facility, and a transition plan, which addresses employment, housing, transportation, mentoring, counseling and any necessary treatment for mental illness or addictions, is finalized in close collaboration with community service providers. After release, officers use firm but flexible graduated sanctions- including short stays in a reentry center if needed-to manage rule breaking before it escalates to more serious transgressions.All correctional jargon aside, the basic message remains; you can’t put offenders back into the situation and lifestyle they came from before prison and expect the outcome to be different. This is where â€Å"reentry† comes into play. (2) The MPRI was built in three phases to create seamless transitions back into society. Phase one is the â€Å"getting ready† phase. This phase begins the day the prisoner enters the prison. It starts at the reception center with a comprehensive assessment of each prisoner’s risk factors, needs and strengths.A Transition Accountability Plan is formed to determine the services the prisoner will need to prepare them for life after prison. This plan also establishes a set of expecta tions for the prisoner and how well they adhere to the plan weighs heavily in decisions made by the Parole and Commutation Board. Phase two is the â€Å"going home† phase. This phase begins about two months before the prisoners expected release date. During this phase, prisoners identified as needing more intensive preparation and support are transferred to an â€Å"in-reach† center, a prison closer to home.This helps set the stage for a smooth and successful transition. The focus during this phase is also to help the prisoner find work and become â€Å"employable† as well as setting up stable housing. Depending on their needs, prisoners are linked with community services such as substance abuse treatment, mental health services, or sex offender therapy. The conventional role of a parole officer is transformed to a case manager in an effort to help the transition team get a support system in place.When the parole date arrives the prisoner is armed with a structu re and support network in place to help them succeed. Lastly, phase three is called the â€Å"staying home† phase. As opposed to a decade ago where parolees were released on a Friday and had a weekend or more to get into trouble before their first meeting with their parole agent, they are now released earlier in the week and they promptly meet with their parole agent and service providers. This first meeting is used to establish job leads, assist with resumes, ensure medical assistance if needed and identify stable housing. 1) This transformation of Michigan’s corrections system has been remarkable, but it did not happen overnight. Over the course of eight years the MPRI has moved from an idea of fixing a broken system to a comprehensive strategy that is changing the nature of prisons. In doing this the MDOC has created many employment opportunities for positions such as parole agents, corrections officers, teachers and case managers. The transformation has also change d the way former prisoners view people in these positions.Grand Raids police officer Terry Dixon runs a weekly support group for MPRI participants and says that â€Å"Many are looking at police officers in a new way, as supporters. † (1) The MPRI is constantly meeting challenges; one of the largest being special needs prisoners. Those include youths, the medically fragile, those with mental health issues and sex offenders. Before the MPRI, says Michigan Parole and Commutation Board Chairwoman Barbara Sampson, parole board members were reluctant to grant parole to the mentally ill because they knew services were not in place to help them succeed.Now, she said, the transition accountability plans are designed to ensure a smooth transition to the community. Similarly, she said, effective new treatment programs are in place for sex offenders. (1) The $56 million spent on the MPRI in fiscal year 2011 is substantial, but it is only a small fraction of the $2 billion Michigan Depart ment of Corrections budget, and it is paying back dividends in public safety and reducing the prison population.The rate of parolees returning to prison for new crimes or technical violations is at its lowest level since record keeping began 23 years ago. Even though there are more parolees, the number returning to prison for new crimes fell from 2. 020 in 2006 to a projected 1,836 in 2010. Michigan’s prison population grew by nearly 500% between 1973 and 2003, consuming a much greater share of tax payer dollars. The number of prisoners has safely declined by almost 7,500 since March of 2007 and is at its lowest level since 1999.As a result the state has been able to close 14 correctional facilities. (1) It is important to recognize what the MPRI is and what it is not. It is not a magic potion that will eliminate crime. It is also not an early release program. Every parolee has served at least the minimum court imposed sentence. MPRI is a strategy that pulls together the stat e, the community, police, mentors, therapists, and others to give each returning prisoner a game plan for success.Former Saint Clair County Community College professor Michael Berro explains the MPRI bottom line as being â€Å"the understanding that the majority of felony offenders will return to our community. We should prepare them for it so they don’t end up back here, spending our tax dollars again. † (3) Michigan may be spending more money on jails and prisons than it does on education, but consider the effect the MPRI has had on repeat criminal offenses, inmates in prison and the general crime rate. It has successfully managed to lower all three.When the state’s budget is squeezed by declining tax revenue, and areas of spending are under question, it seems the success of a government funded program couldn’t come at a better time. WORKS SITED 1. Michigan Department of Corrections. (2010). Michigan Prisoner ReEntry Initiative 2010 Progress Report. Lan sing: Public Policy Associates, Inc. 2. Wesoloski, E. (2011, April 15). Pew Center Report Lauds Michigan Prisoner Reentry Initiative. Prisons and Prisoners, p. 1. 3. Berro, M. (2006, March 13). Former Maccomb County Parole Supervisor, College Professor. (R. Spangler, Interviewer)

Primary Mission of Universities - 1021 Words

THE PRIMARY MISSION OF UNIVERSITIES SHOULD BE PREPARING STUDENTS FOR THE WORKFORCE SUBMITTED BY D.N.S BHARGAVA (20140023) FUNCTIONING OF THE UNIVERSITIES: Many students are not satisfied with the results of the study in the universities because the faculty focus and concentrate on the basic academic topics but not on practical skills, which is necessary after the completion of graduation. Nowadays, some people believe that the primary mission of universities, for students, is to teach knowledge and skills which are related to their future careers. In contrast, other people may argue that college and universities should focus on academic material without thinking whether it is useful for the†¦show more content†¦Standler(website(2004)), â€Å"Why Attend College?†, He mentioned that â€Å" I think the goals of education should be: To prepare students to learn on their own, by reading books and by doing experiments. Anyone with a bachelor s degree should be able to teach themselves whatever technical skill(s) they may need†. Every student should study not only on the desk but they also should study in another place, such as research laboratories, internships and workplaces. In addition, having technical skills that to be able to teach others are very important to students. If they were not taught the technical skills, its means he or she doesn’t understand yet. In other words, they aren’t employable and are not yet ready to work in any company or organisation. Internship is one of the good methods to get job skills before graduating from the university. By the internship work, student can gain real job experience. In Careerealism website, six Reasons Internships Are a Must in College (2012), we can know about useful reasons by doing internships. One of the reasons is â€Å"Get the Experience Employers Want† they describe that â€Å"There are millions of job seekers nationwide, yet 52% of U.S. companies report difficulty filling positions. Of these companies, 47% say candidates lack the â€Å"hard† job skills or technical skills necessary, and 35% say job seekers lack in experience. Get the experience they crave by completing an internship. Better yet, complete multiple internships†. This is theShow MoreRelatedA University s Primary Mission Essay1704 Words   |  7 Pages With the demand for higher education increasing and the cost of attending colleges and universities on the rise, society has shown a greater concern for what the objective of every institution of higher learning is. It has led more people to look into the material that is being taught and the ways in which the material is being presented to the students, to determine whether the goals of the institution coincide with their own. This sharply contrasts the previous status of higher education; a secretiveRead MoreThe Primary Mission Of Universities Should Be Preparing Students For The Workforce Essay941 Words   |  4 PagesTHE PRIMARY MISSION OF UNIVERSITIES SHOULD BE PREPARING STUDENTS FOR THE WORKFORCE To what extent do you agree? Higher education is an educational level that follows a completion of a school providing a secondary education, such as a high school, secondary school, or gymnasium. Tertiary education is normally taken to include undergraduate and postgraduate education, as well as vocational education and training. Colleges, universities, and institutes of technology are the main institutions thatRead MoreCase Analysis : Community Hospital855 Words   |  4 Pagesexpect for primary and secondary care services provided to the local communities around the United States. Community Hospital’s mission is to provide exceptional primary care. However, with the declination of profitability in primary care, Community Hospital has had to compete with Shore University Medical Center (SUMC) and University Hospital (UH) for revenue restoration. The decline of Medicare and Medicaid reimbursements and the steady progression toward specialty care vs. primary care requireRead MoreComparison of Gcu Aacn641 Words   |  3 Pagesthe GCU Mission and Domains/CON Mission and Program Competencies (for your selected specialty track, links located in the Course Materials) with the AACNs Essentials for Masters Education for Advanced Practice Nursing (link located in the Week 1 Topic Materials)? Explain your rational. http://www.gcu.edu/About-Us/Mission-and-Vision.php http://www.gcu.edu/College-of-Nursing-and-Health-Care-Professions.php As for me, the Comparisons that can be found between the Grand Canyon University (GCU) MissionRead MoreThe UC Davis Archive : Website Review1132 Words   |  5 PagesSome areas students were asked to explore in the archive were; its mission, policies and procedures, funding and staffing, holdings, accessibility, online presence, security, and programming and outreach. This paper will cover the archival institution of UC Davis. The person that was interviewed for this assignment is Kevin Miller. Miller is the Interim Head of the Special Collections Department at UC Davis, he is also a University Archivist in the Archives and Institutional Assets Program. ThisRead MoreDepartment of Homeland Security1073 Words   |  4 PagesDepartment of Homeland Security (DHS) is third largest Executive Department of the Federal Government charged with protecting the security of American homeland. Its primary mission is to prevent terrorist attacks within the United States, reducing vulnerability t o terrorism and minimizing the damage from potential attacks and natural disasters. The DHS was created by President G.W. Bush in the aftermath of terrorist attacks on America in 2001. It is relatively new agency that continues to evolveRead MoreThe Five Most Important Questions Essay963 Words   |  4 Pagesauthors, and professors in may universities and colleges around the world. As of today, Peter Drucker s five essential questions remain relevant. The top five issues in running a business, including mission, customers, what the customer values, results, and plan. Drucker collaborated with five of today s thought leaders given his success in leading companies from the brink and helping them to build effective strategies. Drucker answer the five questions, what is our Mission? With Jim Collins descriptionRead MoreEnvision A Mission For An Athletic Department1611 Words   |  7 PagesEnvision a Mission for an Athletic Department â€Å"To this day, after being in this business †¦ the best day on a college campus is graduation, When I see kids I had a relationship with †¦ graduating, you feel like you had a part in that.† David Williams, Athletic Director of Vanderbilt Athletics. Being around sports my whole life and now currently coaching a basketball team, I have encountered a few athletic directors and their supporting cast, which in a high school, it’s the principal and the administrationRead MoreTargeting The Market Strategy Of The Nebraska Army National Guard Essay1291 Words   |  6 Pagesrecruiting, retention, and end strength mission every year. This past year our emphasis on recruiting has been in a number of areas that will benefit the RRNCO’s individual mission. One of the many ways to help achieve our mission is to have a market strategy. Through research on demographic areas, knowing our competition, having a focus and a plan, market strategy, and implementing an d evaluating that plan, a target market will be easily be identified and mission goals will be obtained. . DemographicsRead MoreFunding, Interest Groups, Elections, and the Role Between State and Local Governments in Texas1391 Words   |  6 PagesRunning Head: TEXAS GOVERNMENT Funding, Interest Groups, Elections, and the Role Between State and Local Governments in Texas Maurice Adams Mr. George Lyon POL215 University of Phoenix Funding, Interest Groups, Elections, and the Role Between State and Local Governments in Texas The state of Texas receives the majority of funding from two sources; taxes and federal receipts. â€Å"Currently, Texas is one of nine states that does not levy a personal income tax on its residents and, in addition