Defrauding the Public Interest: A Critical Examination of Reengineered Audit Processes and the Likelihood of Detecting Fraud

In the past few years, most of the major international public accounting firms have reengineered their audit processes to improve the cost effectiveness of completing an audit and to focus on value-added services for clients. The reengineered audit processes generally focus on a client’s business processes and the information systems used by the client to generate financial information. In essence, the new audit approaches deemphasize direct testing of the underlying transactions and account balances. Such an approach emphasizes analytical procedures as the main source of substantive evidence. During this same time period, however, the profession (through the AICPA) explicitly acknowledged the profession’s responsibility for fraud detection. The main premise of this paper is that the increased emphasis on systems assessments is at odds with the profession’s position regarding fraud detection because most material frauds originate at the top levels of the organization, where controls and systems are least prevalent and effective. As such, the profession may be paying lip service to fraud detection, while at the same time changing the audit process in a manner that is less effective at detecting the most common frauds

X-ray irradiation in low mass binary systems

We calculate self-consistent models of X-ray irradiated accretion discs in close binary systems. We show that a point X-ray source powered by accretion and located in the disc plane cannot modify the disc structure, mainly because of the self-screening by the disc of its outer regions. Since observations show that the emission of the outer disc regions in low mass X-ray binaries is dominated by the reprocessed X-ray flux, accretion discs in these systems must be either warped or irradiated by a source above the disc plane, or both. We analyse the thermal-viscous stability of irradiated accretion discs and derive the stability criteria of such systems. We find that, contrary to the usual assumptions, the critical accretion rate below which a disc is unstable is rather uncertain since the correct formula describing irradiation is not well known.Comment: to be published in MNRAS, uses epsfig.st

Frequency Of Isolation Of Salmonella From Commercial Poultry Feeds And Their Anti-Microbial Resistance Profiles, Imo State, Nigeria

This study was conducted to determine the frequency of isolation of salmonella and their microbial resistance profiles across different commercial poultry feeds sold in Imo State, Nigeria. Thirty-six bulk feed samples were colleted from 154 bag across different feed types and brands which included Guinea (GF), Top (TF), Vital (VF), Extra (EF), Animal care (AF) and livestock (LF) feeds. The salmonella isolated were tested against 14 anti-microbial drugs using the disc diffusion method. Bacterial load enumeration of the samples indicated a range of <30 colony forming unit (CFU) to overgrowth at 104 serial dilutions. Eight feed samples (22.2%) which cuts across the entire feed brands expect EF were positive for salmonella. The highest prevalence of 28.8% and 25.0% were recorded for LF and TF respectively, while VF, GF and AF had 11.1 and 10.0% respectively. Salmonella isolates showed high rates of resistance (51-100%) against nitrofurantoin, ampicillin, tetracycline and ceftriazole, while moderate rates (31-50%) were recorded for chloramphenicol, oxfloxacin and cotrimoxazole. Low resistance rates (1-30%) were on the other hand recorded against ciprofloxacin and amoxycillin clavulanate (Augumentine), whereas zero resistance was demonstrated against pefloxacin, gentamycin, streptomycin and nalidixic. Commercial feeds form important channels for the dissemination of multi-drug resistant salmonella in Imo State, Nigeria

DISTORTIONARY IMPACTS OF THE 1982 AND 1986 U.S. TAX CODES ON CAPITAL INVESTMENTS: A CASE STUDY OF INVESTMENT IN ORANGE GROVES

The 1980s have been a period of dramatic change for the income tax code in the United States. Although numerous modifications were considered in policy deliberations, two key goals, the reduction of the importance of tax considerations in investment decisions and tax simplification, emerged from the discussion and guided drafting of the 1986 Tax Reform Act. This study examines the importance of tax considerations in investment decisions under the provisions of the Tax Reform Act of 1986 and its predecessor, the Tax Equity and Fiscal Responsibility Act of 1982. The study then compares the tax liability under these tax codes with a nondistortionary tax scheme. Results indicate that the Tax Reform Act of 1986 reduced the distortionary effects of the tax code on capital investment decisions. However, a large portion of the reduction can be attributed to the change in the average tax rate.Agricultural Finance,

Future impacts of fresh water resource management: sensitivity of coastal deltas

We present an assessment of contemporary and future effective sealevel rise (ESLR) using a sample of 40 deltas distributed worldwide. For any delta, ESLR is a net rate defined by eustatic sea-level rise, natural gross rates of fluvial sediment deposition and subsidence, and accelerated subsidence due to groundwater and hydrocarbon extraction. Present-day ESLR, estimated from geospatial data and a simple model of deltaic dynamics, ranges from 0.5 to 12.5 mm year-1. Reduced accretion of fluvial sediment from upstream siltation of reservoirs and freshwater consumptive irrigation losses are primary determinants of ESLR in nearly 70% of the deltas, while for only 12% eustatic sea-level rise predominates. Future scenarios indicate a much larger impact on deltas than previously estimated. Serious challenges to human occupancy of deltas worldwide are conveyed by upland watershed factors, which have been studied less comprehensively than the climate change and sea-level rise question