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Forensic Audit
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.Arens, Elder, Beasley; Auditing and Assurance Services; 14th Edition; Prentice Hall; 2012 Overview The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity or statement of equity, or statement of retained earnings, reports on t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation (though a corporation need not be a public company), in the United Kingdom it is usually a public limited company (plc), i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enron Scandal
The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen then one of the five largest audit and accountancy partnerships in the world was effectively dissolved. In addition to being the largest bankruptcy reorganization in U.S. history at that time, Enron was cited as the biggest audit failure. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, Lay developed a staff of executives that – by the use of accounting loopholes, special purpose entities, and poor financial reporting – were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives misled Enron's board of directors and audit committee on high-risk accounting practices and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Andersen
Arthur Andersen was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers). The firm collapsed by mid-2002, as details of its questionable accounting practices for energy company Enron and telecommunications company Worldcom were revealed amid the two high-profile bankruptcies. The scandals were a factor in the enactment of the Sarbanes-Oxley Act of 2002. In 2002, just nine months after the scandal broke, the firm was found guilty of crimes in the auditing of Enron. By that time, Arthur Andersen had lost most of its business and two-thirds of its 28,000 employees, and was facing multi-million dollar lawsuits. On August 31, 2002, the company surrendered its licenses to practice as c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merger
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position. Technically, a is a legal consolidation of two business entities into one, whereas an occurs when one entity takes ownership of another entity's share capital, equity interests or assets. A deal may be euphemistically called a ''merger of equals'' if both CEOs agree that joining together is in the best interest of both of their companies. From a legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction between the two is not always clear. In most countries, mergers and acquisitions must comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asia-Pacific
Asia-Pacific (APAC) is the part of the world near the western Pacific Ocean. The Asia-Pacific region varies in area depending on context, but it generally includes East Asia, Russian Far East, South Asia, Southeast Asia, Australia and Pacific Islands. Definition The term may include countries in North America and South America that are on the coast of the Eastern Pacific Ocean; the Asia-Pacific Economic Cooperation, for example, includes Canada, Chile, Mexico, Peru, and the United States. Alternatively, the term sometimes comprises all of Asia and Australasia as well as Pacific island nations (Asia-Pacific and Australian continent)—for example, when dividing the world into large regions for commercial purposes (e.g., into APAC, EMEA, LATAM, and NA). Central Asia and Western Asia are almost never included. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liechtenstein
Liechtenstein (), officially the Principality of Liechtenstein (german: link=no, Fürstentum Liechtenstein), is a German-speaking microstate located in the Alps between Austria and Switzerland. Liechtenstein is a semi-constitutional monarchy headed by the prince of Liechtenstein. Liechtenstein is bordered by Switzerland to the west and south and Austria to the east and north. It is Europe's fourth-smallest country, with an area of just over and a population of 38,749 (). Divided into 11 municipalities, its capital is Vaduz, and its largest municipality is Schaan. It is also the smallest country to border two countries. Liechtenstein is a doubly landlocked country between Switzerland and Austria. Economically, Liechtenstein has one of the highest gross domestic products per person in the world when adjusted for purchasing power parity. The country has a strong financial sector centred in Vaduz. It was once known as a billionaire tax haven, but is no longer on any officia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Firm Network
A law firm network (law firm association or legal network) is a membership organisation consisting of independent law firms. These networks are one type of professional services networks similar to networks found in the accounting profession. The common purpose is to expand the resources available to each member for providing services to their clients. Prominent primarily law firm networks include CICERO League of International Lawyers, First Law International, Alliott Group (multidisciplinary), Lex Mundi, World Services Group (multidisciplinary), TerraLex, Meritas, Multilaw, The Network of Trial Law Firms, Inc., the State Capital Group, and Pacific Rim Advisory Council. The largest networks have more than 10,000 attorneys located in hundreds of offices worldwide. The firms who are part of the networks may be formally or informally linked to one another depending upon the purpose of the network. History of law firm networks There are two different reasons for networks dev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Company
In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by Share (finance), shares or by guarantee. In a company limited by shares, the liability of members is limited to the unpaid value of shares. In a company limited by guarantee, the liability of owners is limited to such amount as the owners may undertake to contribute to the assets of the company, in the event of being wound up. The former may be further divided in public companies (public limited company, public limited companies) and private companies (private limited company, private limited companies). Who may become a member of a private limited company is restricted by law and by the company's rules. In contrast, anyone may buy shares in a public limited company. Limited companies can be found in most countries, although the detailed rules governing them vary widely. It is also common for a distinct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Capitalization
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by the number of common shares outstanding. Since outstanding stock is bought and sold in public markets, capitalization could be used as an indicator of public opinion of a company's net worth and is a determining factor in some forms of stock valuation. Description Market capitalization is sometimes used to rank the size of companies. It measures only the equity component of a company's capital structure, and does not reflect management's decision as to how much debt (or leverage) is used to finance the firm. A more comprehensive measure of a firm's size is enterprise value (EV), which gives effect to outstanding debt, preferred stock, and other factors. For insurance firms, a value called the embedded value (EV) has been used. It is also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Index
In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the primary criteria of an index are that it is ''investable'' and ''transparent'': The methods of its construction are specified. Investors can invest in a stock market index by buying an index fund, which are structured as either a mutual fund or an exchange-traded fund, and "track" an index. The difference between an index fund's performance and the index, if any, is called ''tracking error''. For a list of major stock market indices, see List of stock market indices. Types of indices by weighting method Stock market indices could be segmented by their index weight methodology, or the rules on how stocks are allocated in the index, independent of its stock coverage. For example, the S&P 500 and the S&P 500 Equal Weight both covers the sam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FTSE 250 Index
The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, September, and December. The Index is calculated in real-time and published every minute. Related indices are the FTSE 100 Index (which lists the largest 100 companies), the FTSE 350 Index (which combines the FTSE 100 and 250), the FTSE SmallCap Index and the FTSE All-Share Index (an aggregation of the FTSE 100 Index, the FTSE 250 Index and the FTSE SmallCap Index). Annual returns The following table lists the Total Return of the FTSE 250 index up to 31 December 2021. Constituents The following table lists the FTSE 250 companies after the changes on 19 December 2022. See also *FTSE 100 *FTSE All-Share Index * Fast Track 100 Sunday Times list of the 100 largest private (Non Listed) companies. * Top Track 250 The Sunday Times Top Track ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
