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Essay Available:
Pages:
1 page/≈275 words
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Level:
MLA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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MS Word
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Topic:

Peregrine (Essay Sample)

Instructions:
Please visit the URL link down below in order to answer the following questions. Please be sure to answer all 4 questions. please use this one instead: http://finance.yahoo.com/news/peregrine-ceo-pleads-guilty-cheating-investors-202215062--finance.html PS: Please answer the questions in detail. If you find a better website than the one I provided you above, with the same article name (Peregrine CEO pleads guilty to cheating investors), then feel free to read from it in order to answer the questions correctl Some food for thought: -Do you think that there were internal controls in place to prevent Peregrine from stealing customer money? -Do you believe there was collusion with employees to help Peregrine hide his fraud? -What do you think, if anything, could have been done to prevent this fraud from occurring? -Do you believe the auditing firm should be held responsible? Other comments and discussions are welcomed! source..
Content:
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Accounting Fraud
In the modern financial system, there are controls in place that help protect shareholder wealth. However, these practices are being enforced in a slow manner as industry regulators catch up with companies. In the case of Peregrine, there was no internal audit control that would have prevented the CEO from stealing client’s wealth. This is evident from the fact that the CEO was able to cook accounting books showing the company held close to $200 million of customer deposits. If there had been internal control systems, the CEO would not have been able to do so because of the presence of whistle blowers.
The make-up of a company such as Peregrine would make it impossible for a single individual to conduct financial malpractice without other employees knowing. The case is even harder for a CEO who is in charge of the daily af...
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