Grant Thornton, Llp Is The Accounting Firm That Was Hired

Grant Thornton, LLP is the accounting firm that was hired by the First National Bank of Keystone to complete an outside audit. After being found negligent in their performance of the Keystone Audit, Thornton appealed the final decision and order from the Comptroller of the Currency that required the firm to pay $300,000 in civil penalties for reckless failure to meet the Generally Accepted Auditing Standards (GAAS). Grant Thornton also appealed the Comptroller s cease and desist order that mandated that the firm would need to comply with several principles whenever they audit depository institutions. Keystone was initially a small community bank that provided banking services to clients primarily located within the McDowell County in†¦show more content†¦It is because of Keystone’s poor management quality, overall condition, and questionable bank statements that the OCC required the bank to enter into a formal agreement that included retaining a nationally recognized independent accounting firm. When Grant Thornton was contracted in 1998 to carry out an external audit, Thornton knew that the bank had significant accounting problems and was aware that the federal regulatory authorities were skeptical of the bank. In 1999, the accounting firm gave a favorable impression of the bank’s income statements for 1997-1998 and several months later the OCC discovered that the bank committed fraud and was insolvent. This resulted in the closure of the bank. II. Holding Grant Thornton should be held liable for its reckless negligence because it ultimately prolonged Keystone bank’s ability to continue to partake in fraudulent activities. If the accounting firm would have held itself to GAAS, generally accepted as the minimum standard of professional conduct in performing an audit, Thornton would have known to exercise â€Å"heightened skepticism† during this high risk of fraud. Secondly, GAAS required written confirmations from third parties servicing assets in regards to a bank’s balance sheet. Not only did Thornton fail to obtain this written requirement, it also recklessly relied on an oral statement. GAAS also required in a high risk audit that monthly remittances of interest income on assets being serviced byShow MoreRelatedAssisted Living Concepts Inc. Essay2212 Words   |  9 PagesAssisted Living Concepts Inc., hereafter referred to as ALC, was a Nevada corporation formed in 1994 with its principal place of business in M enomonee Falls, Wisconsin. ALC provides senior assisted living residences that provide multiple personal services for their residences. ALC was purchased by Extendicare Health Services, Inc. in January 2005. In 2006 ALC was spun off from Extendicare as a publicly traded company. As of December 31, 2012 ALC had 211 assisted and independent living residencesRead MoreAccounting 1-4 Chapter100452 Words   |  402 Pagesthis chapter, you should be able to: 1 Describe the primary forms of business organization. 2 Identify the users and uses of accounting information. 3 Explain the three principal types of business activity. 4 Describe the content and purpose of each of the financial statements. 5 Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation. 6 Describe the components that supplement the financial statements in an annual report. ââ€"  ââ€"  ââ€"  ââ€"  ââ€"  ââ€"  ââ€"  2 Read MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesContemporary Management, Fourth Edition Jones−George Driving Shareholder Value Morin−Jarrell Leadership, Fifth Edition Hughes−Ginnett−Curphy The Art of M A: Merger/Acquisitions/Buyout Guide, Third Edition Reed−Lajoux and others . . . This book was printed on recycled paper. Management http://www.mhhe.com/primis/online/ Copyright  ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act ofRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesSaddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge. — 15th ed. p. cm. Includes

Modernization Theory Of India s Democracy - 1722 Words

support their emergence of democracy. The idea that economic development will lead to democratization and democratic consolidation generally holds for most cases. More often than not, increasing economic development increases the probability that any given society will have democratic politics. Although this theory is widely spread it does not seem to account for all cases, such as India. Due to the large population of India, the defying factors against modernization theory are not easily overlooked. Many scholars have been analyzing the deviant case for years, trying to find out how they defied the modernization theory. India is considered a deviant case because it only recently began to see notable economic development, and for most of the twentieth century the country was profound poor. Looking through the modernization theory it would lead us to believe that India was ruled by an authoritarian regime due to their poor economics. Because they defy this belief and have been a democratic country for a prolonged time it is evident that India does not conform to the modernization theory. India’s democracy emerged amidst severe poverty, widespread illiteracy, and a largely agrarian and rural population characterized by vast linguistic and ethnic diversity. However, India was able not only to transition to but also consolidate a robust democratic system that has survived for over sixty years. The historical process of Indian democratization challenges the central premise ofShow MoreRelatedThe Second Wave Of Democracy1682 Words   |  7 PagesThe third wave of democracy started in Portugal in 1974 and spread to Asia, Eastern Europe, and Latin America. This included spreading democracy to many nations that were previously thought to be inhospitable to democracy. This led many scholars to re-evaluate the leading theories on democratization in an attempt to correlate and understand this newest wave of democracy. Many of the countries that didn’t fit in this established wealthy, mostly †Å"Western† mold, could be classified and explained byRead MoreIs India A Successful Democratic Country?1461 Words   |  6 PagesNations look at the United States as an example of a successful democracy, which is not necessarily true. The United States does a better job at making sure it’s citizens are well aware of their individual rights and liberties. Although many countries claim to be democracies, not all fulfill the duties a democratic nation has to its people and its society. The South Asian country of India is an example of a nation that is a titled democracy, but fails at successfully performing democratic responsibilitiesRead MorePositive Effects of the British Colonization of India Essay1365 Words   |  6 Pagesof India. When the East India Company took control of India in 1612, they began modernizing, westernizing, and industrializing India. This westernization included giving women more rights, an attempt to eliminate the caste system and the loss of man y of the more backward Hindu religious beliefs such as the domination of women by men and denying an entire class of people any rights. British occupation also did things long term for India. The modern technology and western customs allowed India toRead MoreEssay on Is Democracy a Precondition for Development?2576 Words   |  11 PagesIs democracy a necessary condition for development? In the modern and globalized world, it is common to find democratic institutions in the most economically developed countries. Democratic regimes look different all across the world, and the term itself is multi-faceted. For the sake of discussion, in its simplest terms, I will refer to democracy as a system of governance where the population that is governed elects their leaders. 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While doing businesses overseas firms must calculate their transaction costs that consists large amount of bribery paid to bureaucratic agencies, as their main aim is to achieve competitive advantage over their competitors. As India, Indonesia and China all are high context cultures where society and its beliefs are given more value. People do believe in maintaining relationships among them. References †¢ Pope, J., 2000. Confronting corruption: the elements

Computing Power Unleashed Essay Example For Students

Computing Power Unleashed Essay This article mainly deals with the microprocessor chip, which is the computers brain. Thiscomputer chip is responsible for the majority of the computers functions, its commonly referredto as the Central Processing Unit (CPU). It receives and executes your instructions anddetermines if your computer understands software written for a Personal Computer (PC) or aMacintosh (MAC). The CPU chip size is small, about half the size of a business card, and just assmall as your thumbnail. Intel is the leading manufacturer of microprocessor for IBM PCs, alsoother companies manufacture them also. However Apple, IBM, and Motorola have combined tocreate a power chip designed to be used in IBM PCs and Macintosh computers. However Intelmicroprocessors are as follows 8088, 8086, 80286, 80386, 80486, and the Pentium. The prefix 80is commonly dropped. Then we look at the CPU package dealing with the electronic circuits. Thischip is made of silicon, containing numerous tiny transistors with tiny wire pro truding from it. Thechip is encase in black plastic and sits on the motherboard which contains all of the computerscircuitry. Microprocessors have all different kinds of internal processor speed, commonly knownas clock speed. This represents the number of clock cycles a chip can produce per second andhow quickly the CPU can execute commands. The speed is measured in megahertz (MHz) forexample 25MHz equals to 25 million clock cycles per second. The CPU also contains the databus(a wire) across of it that moves the information.. Which is measured in bits (smallest piece ofinformation). These chips are compared by the Intel Comparative Microprocessor Performance(ICOMP). They compare a number of industry standards to determine the power of differentCPUs. Nevertheless a breakthrough in the 486 series chips surfaced, Intel offered the 486DX in1989 better than 386, amore faster CPU with clock speeds up to 33MHz, including 1.2 milliontransistors compared to the 386s, and also offered a math coprocessor. The drawbacks was it wasto expensive for the common person.. In 1991 Intel came up with the 486SX with no mathcoprocessor and speeds up to 25Mhz which made more affordable. Nonetheless, in 1992 Anotherbreakthrough by Intel by introducing the 486DX2 with clock speeds up to 66MHz with slightly ahigher price which made the perfect upgrade tool for people who could not afford it. Next thefifth generation was introduced by Intel again with high priced CPU, the Pentium processor, themost powerful one yet. Introduced in 1993 and operating between 66MHz to 100MHz. With theIntels 3 new plants, prices went down for these chips. However id not stop there, Intel introduceanother CPU processor, the 486DX4 with clock speeds of 75MHz to 100MHz with lesser costthan pentiums. Nevertheless, determining the CPU that rights for you must be a decision betweenthe type of power you want and can afford.