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论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2016-04-01编辑:zhaotianyun点击率:2128

论文字数:1139论文编号:org201603311145151311语种:英语论文 English地区:澳大利亚价格:免费论文

关键词:Audit Failure电子支持措施


Audit Failure And A Lack Of Independence 



除了金融犯罪起诉该公司,其经纪子公司,和一些附属个人,美国证券交易委员会提交了一份单独的投诉E.S.M.收费审计师,何塞·l·戈麦斯亚历山大·格兰特和公司的合作伙伴,与违反节17(a)1933年的证券法案,部分10交易法(b),10 b-5交易行为规则。欺诈指控的主要依据是戈麦斯从E.S.M.缺乏独立性,这是由于他收到支付200美元从几个E.S.M.校长,和他的知识,他的公司的审计意见因此虚假陈述,根据砷化镓进行了审计。

E.S.M.'s audit fraud cycle went unscathed for several years that is, until the chief fraudster, Alan Novick, died of a massive heart attack, which helped uncover the entire scheme. It was astoundingly revealed that auditors had been falsifying company records for seven years.

Novick and his cohorts cleverly orchestrated a fraudulent system that consisted of management's unauthorized use of company assets for personal gain, speculating with company securities, setting an unaudited affiliate entity to hide losses and bribing an audit firm partner. The nucleus of the fraud involvement and the major transaction of E.S.M.'s business activities pertained to selling 'repos' or large blocks of federal securities and simultaneously repurchasing them at a later date at a preset price to small and medium-size banks and municipality clients. E.S.M also bought 'reverse repos' whereas it purchased securities from its customers who agreed to repurchase them later from E.S.M at an agreed upon price. Two managers who used these securities in speculative deals for their own benefits hid losses from these deals by shifting them to the unaudited affiliated entity they established to avoid detection and the gains were credited to E.S.M.

In addition to suing the company for financial misconduct, its broker-dealer subsidiaries, and several affiliated individuals, the SEC filed a separate complaint charging E.S.M.'s auditor, Jose L. Gomez, a partner of Alexander Grant and Company, with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act, and Exchange Act Rule 10b-5. The primary basis for the fraud charges was Gomez's lack of independence from E.S.M., which was caused by his receipt of $200k in payments from several E.S.M. principals, and his knowledge that his firm's audit opinions were therefore false in stating that the audits were conducted in accordance with GAAS. In settling the matter, Gomez agreed not only to an injunction against future fraud violations, but also to an injunction against providing audit services to public companies and securities firms. Gomez further agreed to accept a follow-on Rule 102(e) order barring him from appearing or practicing before the Commission as an accountant.

In a related criminal proceeding, Gomez pled guilty to conspiracy and mail fraud and was sentenced to 12 years in prison.

Consequently, the U.S. Securities and Exchange Commission filed fraud charges against ESM Government Securities, which was ordered shut down by the federal government. ESM, according to the federal government, was short $250 million owed to customers throughout the nation. As punishment for AG's involvement, the audi论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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