Questions and Answers of Contemporary Auditing

In 1995, Canadian native Maria Messina achieved one of the most sought-after career goals in the public accounting profession when she was promoted to partner with Deloitte & Touche, Chartered
In late December 2003, Claudio Pessina, a financial accountant for the large Italian food conglomerate Parmalat, was given an unusual order by his immediate superior, the company’s chief accounting
Imagine this scenario. A few years after graduating from College of William & Mary, Xavier University, or Youngstown State University with an accounting degree, you find yourself working as an audit
During the summer of 2006, a syndicate of investors led by The Blackstone Group, one of Wall Street’s largest private equity investment firms, initiated a secret plan to acquire Freescale
Bill Grant sat in the middle of a large jail cell with 12 other inmates as the long October night dragged on.1 To pass the time, Grant and several other inmates played cards and talked about their
Consider this scenario. You are the audit manager responsible for supervising the fieldwork for a major audit client. After hundreds of hours of hard work, the audit is successfully completed, the
Since childhood, Louis Armstrong Carriker had been known simply as “Bud,”a nickname given to him by his paternal grandmother.1 Bud’s father, a New Orleans native, was a lifelong fan of the
The Great Depression dealt a devastating blow to Billy Durant. During the depths of the Depression in 1936, Durant, a high school dropout who was born a few months after the outbreak of the Civil War
Over the past few decades, hedge funds have become among the most controversial and largest investment vehicles on Wall Street. Critics of hedge funds argue that their high-risk investment strategies
In 1980, Frank Sinopoli, a 27-year-old accountant, accepted a job offer from a CPA firm based in Dallas, Texas. Four years later, Sinopoli became a partner with the firm. Perkins, Dexter, Sinopoli &
Donald Sheelen was born into a middle‑class family in upstate New York in 1946.In high school, the handsome Sheelen was the prototype of the all‑A merican boy, excelling in both academics and
Lore Levi was worried as she scanned the most recent monthly bank statement for the Howard Street Jewelers.1 For decades, she and her husband, Julius, had owned and operated the small business that
A Japanese bank introduced the concept of around-the-clock access to cash in the 1960s when it installed the world’s first cash-dispensing machine. In 1968, the first networked ATM appeared in
Borrowing money from a friend can strain even the strongest relationship. When the borrowed money will soon be plunked down on a blackjack table, the impact on the friendship can be devastating.Woody
In 1983, Marta Giordano inherited the restaurant that her grandfather, Alberto Buranello, had established shortly after returning to his hometown of Boston after serving in World War I.1 For nearly a
In 1937, Otto Bayer, a research scientist for the large German chemical company IG Farben, discovered a new chemical compound that would become known as polyurethane.During World War II, polyurethane
John and Mary Andersen immigrated to the United States from their native Norway in 1881. The young couple made their way to the small farming community of Plano, Illinois, some 40 miles southwest of
In 1971, 25-year-old Thomas Shine founded a small sporting goods company, Logo 7, that would eventually become known as Logo Athletic. Shine’s company manufactured and marketed a wide range of