The Class of 2020

The is a poem written in honor of the class of 2020. The coronavirus pandemic has robbed them of many fun activities in their final semester in college. The graduating seniors missed out on so many rites of passage such as march madness, commencement, award banquets, sports, labs, practice, face-to-face classes etc. for the last two months. Seniors are encouraged to have fortitude, practice patience, be grateful and show grit. The class of 2020 will conquer the world in due course. It is hoped that graduates will have imagination, will innovate and transform the world

Healing

This is a poem reflecting on the current human conditions in the USA, India-China conflict, racism, and other human conflicts. It calls for healing and asks every one to follow the golden rule: treat others as you want them to treat you

May USD Shine for a Thousand Years!

This is a poem penned by the author on his retirement from USD service, after 32 years as a faculty member at the USD Beacom School of Business

Moha Computer Services Limited: A Fraud Case

This article describes the implementation of a “Fraud case study” in an undergraduate auditing class. The author developed an instructional case based on the financial statement fraud that occurred at Satyam Computer Services Limited (Satyam) in India. Satyam is the largest corporate fraud ($1.5 billion) in India that came to light in 2009. Ironically, Satyam in Sanskrit means “truth”. This teaching case exposes students to several auditing-related concepts: 1) corporate governance issues; 2) financial statement fraud; 3) fraud auditing (SAS No. 99); 4) ethical reasoning and utilitarian principles; 5) internal control evaluation (AS 5); and 6) regulation. This case is appropriate for auditing courses at the undergraduate and Master’s levels. This ‘teaching innovation’ provides students with an opportunity to put on an auditor’s hat and participate in some active learning. During Fall 2011, a total of 43 accounting majors participated in this case project. The students worked in groups outside of class to answer questions. They came up with several red flags associated with fraud and suggested many new internal controls. Students found the case to be interesting and were engaged in the learning process. Student learning was assessed by grading written answers (for credit) provided by student groups. Student opinion surveys were also conducted about the learning outcomes of this project and the survey results indicate strong student engagement, group learning, and satisfaction

Life During a Pandemic

This is a short poem (6 stanzas) about the current pandemic and the trials and tribulations people are going through. This describes the heroic efforts by the doctors, nurses, and other frontline warriors in tackling the virus related illnesses and pays a rich tribute to all heroes from every walk of life who are in the front fighting this disease. It hopes for a plan, a vaccine, and a cure soon. This poem also describes the switchover to remote instruction at a reginal University, student and faculty adjustments to the pandemic and pokes gentle fun at the opportunity to watch Netflix, eat pizza, and drink beer

WHIMS (Washing Hands, Immunity boost, Masking & Social distancing)

This is a shot poem about preventing the spread of Covid-19. It pleads general public to wear masks, wash hands, social distance, and boost immunity. It is set to a popular tune in Hindi - Dil Ke Jharoke Mein

Adios 2020 and Welcome 2021

This is a short ballad about current health policy and practice regarding the Coronavirus. As vaccines are being administered, this poem points out that light is at the end of the tunnel. At the same time it urges caution, vigilance, masking and common sense. It praises science and scientists. It also calls for unity, cooperation and healing

Characteristics of Firms with Material Weaknesses in Internal Control: An Empirical Analysis

The two million fake accounts opened by Wells Fargo employees have underscored the importance of internal controls in recent times. We examine a sample of 395 MWIC firms matched with a sample 395 control firms in the same industry. The univariate test results indicate that the MWIC firms have significantly lower gross margins and are smaller when compared to control firms. The logistic regression results indicate that the total assets turnover ratio, current ratio, audit opinion and the size measure are significantly different between the two groups. Tobin’s Q and capital intensity measures are marginally different between the two groups

A Review and Evaluation of Audit Quality Oversight

As a result of massive financial statement frauds at Enron, WorldCom, Tyco, Sunbeam, Waste Management, Xerox and others, the US Congress enacted the Sarbanes Oxley Act of 2002 (SOX 2002). This Act set up the Public Company Accounting Oversight Board (PCAOB) which regulates the auditing profession in the US. The PCAOB issues auditing standards, inspects audit quality and also has enforcement powers. Following the US lead, nations such as Australia, Canada, and the United Kingdom have set up national statutory bodies to monitor audit quality. This paper summarizes the work of these national bodies and synthesizes recent reports of these organizations concerning audit quality. Important lessons gleaned from this synthesis can be useful for those charged with audit regulation in India and elsewhere. For example, auditor regulation in India is in its nascent stage. In August 2013, the Companies Act of 2013 established the National Financial Reporting Authority (NFRA). NFRA is tasked with the monitoring of audits of public company financial statements in India, among other mandates. This paper discusses the draft rules for auditor oversight developed by NFRA and provides some suggestions as to how countries beginning to develop audit quality inspection procedures can benefit from the prior experiences of others