Any Kind Checks and HDC Status Essay

Disputes arose as Saw Pipes was not able to conform to the delivery time and the strike went on for 2 months. ONGC deducted a large sum from the bills on account of delay as Liquidated damages caused. The matter was referred to arbitration and an award was passed in the favour of Saw Pipes. ONGC challenged this award the Supreme Court concluded that ONGC was justified in deducting the amount and the arbitrators were wrong in awarding the amount with interest and set aside the award. The Court held that any arbitral award which violates Indian statutory provisions is “patently illegal” and contrary to “public policy”.

Any Kind Checks Cashed, Inc. was a holder in due course in its case v. Talcott. In this case and elderly gentleman John C. Talcott, who was defrauded the sum total of $15,700 in the form of two checks, $10,000 and $5,700 respectively. Both checks were issued to D. J. Rivera and were later cashed at Any Kind Checks, Inc. by Salvatore Guarino. Talcott stopped payment on both checks after the initial check was an over payment and the second was discovered be conceived by fraud. Both checks were returned to Any Kind Checks Cashed, Inc. Any Kind Checks, Inc. brought suit against Talcott and Salvatore Guarino (Twomey & Jennings, 594-597).

Grant Thornton should be held liable for its reckless negligence because it ultimately prolonged Keystone bank’s ability to continue to partake in fraudulent activities. If the accounting firm would have held itself to GAAS, generally accepted as the minimum standard of professional conduct in performing an audit, Thornton would have known to exercise “heightened skepticism” during this high risk of fraud. Secondly, GAAS required written confirmations from third parties servicing assets in regards to a bank’s balance sheet. Not only did Thornton fail to obtain this written requirement, it also recklessly relied on an oral statement. GAAS also required in a high risk audit that monthly remittances of interest income on assets being serviced by

Physical abuse is deliberate physical force that may result in bodily injury, pain, or impairment. Both old and young people can be physically abused. There are signs or indicators to show physical abuse and there are ways in which victims and abusers act or interact with each other.

3. All negotiable instruments will be verified by calling the bank, which the check is drawn, for verification of authenticity and ensure that there are no stop payments.

The plaintiff, a mechanic, filed for a summary judgment against the defendant, the Bank of Babylon, for failure to honor their obligation to render payment for an official check that was drawn against their bank and due payable to his business. The official check was purchased by the plaintiff after cashing a check that was issued from a mutual client of his and the bank, who later attempted to place a stop order on the already cashed check. Then defendant argues that there is “failure of consideration” and they are not obligated to issue payment since the client, SCI had stopped payment on the personal check which was exchanged for the official check.

Mr and Mrs Amadio initiated proceedings in the Supreme Court of South Australia before Justice Wells. The Amadio’s in their attack for an order to release them from their obligations under the guarantee, sued the bank, claiming their inability to enforce the guarantee on a number of grounds. ‘It was an unconscionable bargain, … procured by undue influence, and induced by misrepresentation or concealment of facts …’ The bank counterclaimed; Justice Wells concluded his judgement dismissing the claims, thus ordering the Amadio’s pay the counterclaim of AUD239 830.85 under the guarantee.

Look at a tree and tell me what you see. I see branches, I see the color green, and I see a brown stout trunk. If I feel pretty inspired, I will tell you I see the phoenix of the plant kingdom with its tall branches reaching out to the magnificent sun for its rays of love and wealth. Now if you tell me to study a person and tell you what I see, I could talk eagerly and most enthusiastically for hours. Believe it or not, there is no such thing as a boring person. People think differently, act differently, and survive differently. Some thrive on social energy and others from a quiet book and personal space, void of any social contact. At the University of Pennsylvania, I hope to study both deceased and living people. I want to major in Medical Anthropology and Global Health in the College of Arts and Science so that I can learn about culture and interaction in the globally interconnected world as a future health professional.

Because of this statement, I had one of our auditors rechecked Sensor’s transaction and found that Young & Brobeck, LLP. has not reported the non-interest bearing note at its present value which overstated their income for that year. Furthermore, if Young & Brobeck, LLP. had recorded this entry correctly, Sensor would have had a loss of $ 1,122,586.12 on that transaction and they would not have a profit for that year as for other companies who were in the same business. For further inspection, I have attached Sensor’s financial statements and our auditor’s corrections with this document. Given this point, Bank of Stars has a right to claim that Young & Brobeck, LLP. have a breach of duty of care and with this, the progress through alleging negligence by proving that there is a

Ernie wrote unauthorized checks, forged the authorized signers’ names and then manipulated the bank statements to hide the disbursements. He also obtained access to the signature stamp and included unauthorized checks with legitimate checks when submitting them for signing. Finally, he used his position of authority to deflect questioning about unidentified disbursements. Mr. Sell had implemented some good internal controls but Ernie did not respect them. For example, Ernie fraudulently obtained bank statements after being warned by Mr. Sell that he was not to receive or review them. This procedure should not have been tolerated in-house, and the bank should not have been permitted to send bank statements directly to Ernie in the first place

This can be associated with the numerous discussions in class about good faith principle, which is located on page 417. The bank will argue that when it comes to commercial transactions they act in good faith. However, the bank will argue it is a breach of contract due to the fact that the bank did not take the necessary procedures to identify the false names.

When one party receives a check and transfers it, is the transferee a holder in due course? The response to this question is it depends on the facts and circumstances. The assumption and implication of good faith play a role in determining a holder in due course. In our case, one party is attempting to take advantage of the other through fraud and deceit. This paper explores who is a holder in due course, the influence of fraud and deceit, the role of the stop payment, and who is responsible when a situation goes wrong.

Additional steps should have been taken by the auditors when they received the smudged fax copy printed on the Bank of America letterhead. As mentioned before, the evaluation of the evidence obtained is as important as requesting it. The firm did not confirm the forged documents with the bank; for this reason, the evidence remained unreliable and the forgery wasn’t revealed until later. Auditors should have been concerned with knowing where and whom the confirmation letters came from. Was the initial confirmation request mailed directly by Grant Thorton SpA or by Parmalat or was it obtained directly from the bank? Auditors should be aware that confirmations that are sent through fax are much less reliable than confirmations sent by mail. Their duty was to find out if the correct process was altered in any way.

In September of 2013, Casino OS was in a process of getting an international certification ISO 9001 to meet the Oil industry requirements. In the middle of the process one of the procurement department list of requirements was to have all the update documents from every vender that provides the company. The people who audit need the evidence to verify that the Casino OS’s venders do not have any kind of operational problems and have their legal and health documentation update. In the middle of the certification process, where the procurement department is working to collect all the documentation and have it organized by groups of the type industry that each vender belong, one of the analyst found that one particular vender was not well registered and presented some operational flaws.

As a new auditor for the CPA firm of Croix, Marais, and Kale, you have been assigned to review the internal controls over mail cash receipts of Manhattan Company. Your review reviews the following: checks are promptly endorsed “For Deposits Only”, but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the accounts receivable records. Mail receipts are deposited in the bank weekly by the cashier.