Report on Corporate Frauds in Bangladesh - 5564 Words

Report on Corporate Frauds amp; the Role of the auditors: Bangladesh Perspective Faculty of Business Studies University of Dhaka SUBMITTED TO Tahmina Ahmed Lecturer Accounting amp; Information Systems University of Dhaka SUBMITTED BY Group 18 Date of submission:10.11.14 Group members Name | ID | 1.Sajjad Hossain Sohan | 18022 | 2.Rubina Akther | 18048 | 3.Mohammad Saadman | 18052 | 4.Rumi Akther | 18066 | 5.Hilary Talukder | 18099 | November 5, 2014 Tahmina Ahmed Lecturer Dept. of Accounting amp; Information Systems University of Dhaka Subject: Submission of report on â€Å"Corporate fraud amp; the role of the auditor: Bangladesh Perspective† Dear Sir, We are honored†¦show more content†¦Generally, frauds relating to financial reporting involve deliberate distortion of accounting records, falsification of transactions, or misapplication of accounting principles. Regardless of how the fraud is manifested, it is typically difficult for auditors to discover since the perpetrators take steps to deliberately conceal the resulting irregularities. Given the difficulty that auditors face in detecting financial statement fraud, coupled with their increasing responsibility to detect it, there is a definite need to develop audit procedures or strategies more specifically focused on fraud detection (Knapp and Knapp, 2001; Guan, et al., 2008). Over the last two decades, there have been developments concerning fraud which some have seen as marking significant extension to audit responsibilities. The accounting profession has been jeopardized by some unprecedented crises caused by high-profile business and audit failures like WorldCom, E nron, Cendant, Sunbeam and Waste Management. In Enron debacle the criticism of Arther Anderson unearthed the fact that Auditor (Anderson) was a dominant clientin the Auditee’s (Enron) Houston office (Taylor and Todd et al. 2003). The above mentioned issues and concerns squarely lead to the question of upholding auditors’ independence and reliability to serve public interest best. In this commentary we would like to unearth the mechanism so as to formulate a roadmap to repositioning the role of auditors and accountants in an everShow MoreRelatedFinancial Crime1434 Words   |  6 Pagesas: †¢ corruption (bribery, speed money, kickbacks etc.) †¢ financial fraud (accounting, check, credit card, mortgage, insurance fraud, counterfeit notes, securities or investment fraud, computer fraud etc.) †¢ money laundering †¢ tax evasion †¢ circumvention of exchange restriction †¢ illegal cross border fund transfer or capital flight †¢ abuse of the financial system/institution etc. Financial Crime in Bangladesh Bangladesh is considered to be a safe heaven for financial crime. The relativelyRead MoreCustomer Relationship Management ( Crm ) Practices805 Words   |  4 Pages(JBL).Information added to this research paper largely based on selected Questionnaire and annual report of Janata Bank 2014. Every branch of Janata Bank boldly stands by the objective of Janata Bank to accomplish it. The objective of JBL is to become the largest commercial bank in Bangladesh by playing significant roles in the banking sector as well as, in the National economy. According to annual report of Janata Bank 2014, 7.60 percent of total deposit and 6.05 percent of total loans and advancesRead MoreHsbc Bank Report1684 Words   |  7 PagesAMERICAN INTERNATIONAL UNIVERSITY-BANGLADESH Presentation Report Group Name: Prepared For ERFAN HAQUE Faculty of Business school AMERICAN INTENATIONAL UNIVERSITY-BANGLADESH Prepared By * RABBI, MD. FAZLAY 12-20952-1 * RABI, OBAIDUL ISLAM 12-20984-1 * RINKY, ROZINA AKTER 12-20929-1 * HABIBA UMMA 12-20930-1 * CHOWDHURY, MD. 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