Audit History Analytics Essay

840 words - 4 pages

Overstock is currently audited by the CPA Firm KPMG LLP and has been since 2009. According to the proxy statement pursuant to schedule 14A KPMG’s aggregate audit fees for 2012 and 2011 were $1,037,000 and $1,092,000 respectively; all of which were approved by the audit committee. The amounts of $40,000 in 2012 and 21,000 is 2011 were related to the audits for Overstocks 401k benefit plan. Additionally, $88,000 in 2012 and $96,000 in 2011 were related to tax services, and 221,000 in 2012 were related to a cloud-based consulting project.
Previous to KPMG, Grant Thornton was Overstock’s auditor for an Interim period from March 2009 to November 2009. Based on the information published in the 8K, Overstock dismissed Grant Thornton due to a revision of a $785,000 asset that Grant Thornton wanted to amend in the company’s pervious 2009 quarterly filling and 2008 financial results. Overstock disagreed with Grant Thornton’s position, and unfortunately the timing of the situation could not have been worst considering the SEC filing deadline were approaching. Surprisingly, Grant Thornton retaliated Overstock’s comments affirming that they never took position as to whether Overstocks 2008 financial statements should be reinstated, since they did not issue an audit opinion for the 2008 financial. Furthermore, Grant Thornton clarified that they were engaged to review, not to audit, the company’s interim financial statements which consists primarily of performing analytical procedures and inquiries. This lack of communication between Grant Thornton and Overstock and the public disagreement, increases our audit risk of accepting this client. Although there wasn’t a wrong issuance of opinion or any other material issue, Grant Thornton’s reputation was affected greatly by this dispute. Their audit fees for that period totaled $409,691.

The audit committee is composed of Allison H. Abraham, who serves as chair, Barclay F. Corbus, Samuel A. Mitchell, and Joseph J. Tabacco, Jr.… Based on the Nasdaq Director Independence Standards, they all considered independent. Additionally, Ms. Abraham, Mr. Corbus, and Mr. Tabacco, considering their credential as defined by the Securities and Exchange Commission (SEC), are audit financial experts for the committee. Regarding the Sarbanes-Oxley Act of 2002 and the SEC, this audit committee is objective because it fulfills the three dimensions that we can use to validate the quality of the committee:
- The size of the committee reflects the exact amount of members that can conduct the job with impartiality. The result of their...

Find Another Essay On Audit History Analytics

Smart phone Tax Application Essay

2667 words - 11 pages financial, legal, tax and accounting, healthcare, science and media markets. The company’s shares are listed on the Toronto stock exchange and the New York stock exchange. Approximately 480,000 financial market professionals working in the equities, fixed income, foreign exchange, money, commodities around the world rely on Thomson Reuter’s products. The company provides content, analytics, trading and messaging capabilities that enable its customers

Marketing Plan: Phase IV Essay

5331 words - 21 pages the process of dividing a market into a specific and diverse group of buyers that require different products or marketing mixes, (Advanced Analytics, 2007).(Kotler, 2004)Drive Alert assures product implementation success after all aspects of the plan are researched. Standard marketing research involves demographics, psychographic, and behavioral research, but LTA will be going with a high-tech product that will involve a different approach

This case is about the citigroup

8887 words - 36 pages increase of online banking. The client has the ability to transfer funds, pay bills, review account balances, and monitor account history, all from the convenience of their keyboard. Online banking allows clients to bypass the time-consuming, paper-based aspects of traditional banking in order to manage their finances more quickly and efficiently.According to a consumer survey, below are the top 5 reasons why people have chosen to bank online

When the Bubble Burst

1539 words - 6 pages By the time I arrived state side from my second tour in the Middle East the housing bubble had already burst. I noticed a drastic change in the way that many of my friends and family were living. Several of my friends that worked in real estate had sold their boats and seconds houses. My own stock portfolio had lost a third of its value. My sister and her husband had defaulted on their home mortgage leaving them scrambling for a place to live. I

phase diagram

4456 words - 18 pages Introduction: Chemical equilibrium is a crucial topic in Chemistry. To represent and model equilibrium, the thermodynamic concept of Free energy is usually used. For a multi-component system the Gibbs free energy is a function of Pressure, Temperature and quantity (mass, moles) of each component. If one of these parameters is changed, a state change to a more energetically favorable state will occur. This state has the lowest free energy

Revolutionary Work of Art

1890 words - 8 pages Walter Benjamin emphasizes in his essay, “The Work of Art in the Age of its Technological Reproducibility” that technology used to make an artwork has changed the way it was received, and its “aura”. Aura represents the originality and authenticity of a work of art that has not been reproduced. The Sistine Chapel in the Vatican is an example of a work that has been and truly a beacon of art. It has brought a benefit and enlightenment to the art

Enlightenment Thought in New Zealand Schools

1594 words - 6 pages ://www.executive.govt.nz/speech.cfm?speechralph=35930&SR=1 McCulloch, G. (Ed.). (1992). Introduction. In. The School Curriculum in New Zealand: History, Theory, Policy and Practice. (pp. 9-25). Mill, J.S. (1992). Mill on liberty. In I. Hampsher-Monk, A History of Modern Political Thought (pp. 367-376). Oxford: Blackwell Publishers Ltd. Mill, J.S. (1992). In I. Hampsher-Monk, A History of Modern Political Thought (pp 400-402). Oxford

Psychological Egoism Theory

2240 words - 9 pages ambiguous on some issues. References Hinman, L. M. (2007). Ethics a Plurastic Approach, 4th edition. New York: Wadsworth Publishing Company. Hugh, L. (1988). The Truth in Psychological Egoism: Reason and Responsibility. New York : Wadsworth. Michael, S. (1978). Empirical Basis for Psychological Egoism Brainstorms. California: Bradford. p72-3. John, R. (1971). The Circumstances of Justice: Egoism in Context. Cambridge, MA: Harvard University Press. Smith, C.M. (1898). Psychological and Political Ethics. New York: Hafner Press. Feinberg, J. (1998). Psychological Egoism in Ethics: History, Theory, and Contemporary Issues. Oxford: Oxford University Press.

How Celtic Folkore has Influenced My Family

1587 words - 6 pages . The Celtic cross has an extensive history in relation to Ireland, but it has a simplistic meaning in my family. The Legend of Finn MacCoul is another piece of folklore that has a different- but no less important- meaning in my family than its origins in Ireland. Although this story has been around for thousands of generations, my parents developed it into making a tradition of telling the folktale as a bedtime story. This story is interesting

Julia Margaret Cameron

1406 words - 6 pages forever be recorded in the history books as one of the first female photographers to make significant contributions to a field that was ruled by the male counterpart of her time. Julia Margaret Cameron was born 1815 in Calcutta, India and was the fourth child of James and Adeline de l'Etang Pattle. She was one of the seven celebrated Pattle sisters, renowned in Anglo-Indian society for their intelligence and beauty (Cox 5). She married

Evaluation of School Improvement

1403 words - 6 pages The evaluation process should be progressive to incorporate overall planning, implement changes, which contribute to success. In order to focus on school climate and norms, the evaluation design must include the students, instructions, and outcomes to improve communication and building-level concerns to be address in this response. School Climate and Social Norms The school principal, other staff leaders, and personnel set the tone and the

Similar Essays

Analysis Of The Enron/Arthur Anderson Scandal

1592 words - 6 pages referred to as “creative” accounting methods, this resulted in them posting record breaking earnings. Anderson, who earned substantial audit and consultation fees from Enron, failed to comply with the auditing standards required in their line of work. Investigations and reports have resulted in finger pointing and placing blame, but both companies contributed to one of the most notorious accounting scandals in history. There remains much speculation as

The Use Of Information Technology In Accounting

3368 words - 13 pages data 2. Securing the IT environment 3. Managing IT risks and compliance 4. Ensuring privacy 5. Managing system implementation 6. Preventing and responding to computer fraud 7. Enabling decision support and analytics 8. Governing and managing IT investment and spending 9. Leveraging emerging technologies 10. Managing vendors and service providers (Drew, 2013) History Management accounting stemmed from rapid development of modern manufacturing

My Best Essay

8761 words - 35 pages MD, Andrew was finance and operations director for the business. After qualifying as a chartered accountant, Andrew began his career working for 'Big Four' audit firms KPMG and PwC, followed by finance manager and CFO roles at telecom and investment companies. ACKNOWLEDGEMENTSDIGITAL DARWINISM: THRIVING IN THE FACE OF TECHNOLOGY CHANGE 3 Robin Gilthorpe CEO, Terracotta Before joining Terracotta, Robin was senior vice president at TIBCO Software

Insurance Sector In India Essay

4943 words - 20 pages ;Safety AuditØDisaster Management PlanningØRisk Management TrainingØDevelopment and Monitoring ofRisk Management programmesØInsurance Portfolio AnalysisØAccident Investigations4.1.2A Range of Corporate and Retail Products4.1.2.1Tariff ProductsØFire (includes Consequential Loss)ØIndustrial All RiskØMotor (includes private cars, two wheelersand commercial vehicles)ØWorkmen's