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Business Finance

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Regarding the Tata case, the first issue is that the firm did not support the partner who wrote the report. Do you think this is an isolated incident or one that could happen with ongoing frequency? Also, what about the balance of power between the firm and the client? Do you think the public accounting firm may lack independence because of economic dependence on the client? How important do you think the competitive environment was in influencing the players in this case?

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Readings Tata and Chartered Accountants in India CASES FROM KNAPP BOOK (These two cases, “Tata Finance Limited” and “Institute of Chartered Accountants of India”, are posted in one file in the Tata and Chartered Accountants in India folder.) (Note that in the links to the Tata Company website below, the = sign does not appear active – you may have to copy and paste the links into a browser.) Tata Group Profile (Leadership with Trust ) http://www.tata.com/aboutus/sub_index/Leadership-with-trust Ratan N. Tata http://www.tata.com/aboutus/articles/inside.aspx?artid=uBZjT+/ooH8= [This link is broken. This document Has been scanned and placed in the Tata and CA folder as Ratan Tata.] Milestones http://www.tata.com/htm/Group_milestone.htm?sectid=0Xw9Kk6LW6s= Values and Purpose http://www.tata.com/aboutus/articlesinside/Values-and-purpose http://pcaobus.org/Enforcement/Decisions/Documents/PW_India.pdf Pages 1-7 http://pcaobus.org/News/Releases/Pages/04052011_DisciplinaryOrders.aspx
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Attached.

Running head: TATA CASE

1

Tata Case
Student’s Name
Institution
Date

TATA CASE

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Introduction

When an external company like A.F Ferguson & Company, in this case, is hired to do the
internal audit of a company, they are expected to deliver a report. Through their research within
the company, they are supposed to include all the evidence uncovered in the report. Professional
auditors are supposed to provide an unbiased and objective view. The purpose of an internal audit
is to give information or details regarding the company operations. It is based on assumption that
the audit report produced or additional information provided the company management will be
able to use the information in making more informed decisions that are important for the company
operations. But this was not the case with the Tata accounting scandal where they used abusive
accounting methods to cover for one of their company losses. This paper will be discussing the
case study of t...


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