Science4Data Article Insights

https://www.chinaaccountingblog.com/weblog/auditing-cash-in-china.html

Auditing cash in China | China Accounting Blog

2020-06-09 12:01:17, Paul Gillis, source

Content Categorization
/Finance
/News

Word Count:
1414

Words/Sentence:
20

Reading Time:
9.43 min

Reading Quality:
Intermediate

Readability:
11th or 12th

Media Sentiment
Proprietary sentiment analysis on both the headline and body text of the article. Sentiment scores range from -1 (very negative sentiment) to 1 (very positive sentiment).
RCS Analysis
Relative scoring for Risk, Crisis, and Security language within the article.
Risk Score
Scoring based on the composite risk, security and crisis language within an article compared to a baseline of historic analysis across thousands of diverse articles.
PESTEL Scope
Analysis of article orientation across the PESTEL macro-environmental analysis framework. Learn more about PESTEL.
Entity Word Cloud
Key people, places, organizations and events referenced in the article, weighted by frequency and colored based on contextual sentiment.
Auto Summary
Condensing key features of the article based on salience analysis. Helpful for “gisting” the article in a time crunch.

Business is all about deploying cash and bringing it back in, so cash is at the heart of any business, and any financial statement.

The actual cash that goes on the balance sheet is rarely the amount in the confirmation, since it needs to be reconciled with outstanding checks and deposits, but the confirmation gives a solid starting point.

The company took the extraordinary step of asking its auditor, Sherb & Co., to do a midyear confirmation of cash and then provided copies of the confirmations.

The same kind of failure had happened a few years earlier at Grant Thornton client Parmelet, where $4.9 billion was missing after the CFO offered to fax out the confirmation for the auditor, and then signed it himself and went to another fax machine and faxed it back.

The PCAOB found that PW Bangalore and Lovelock relied on Satyam management to send confirmation requests to Satyam's banks, and relied on Satyam management to return purported confirmation responses from the banks to the auditors.

Keywords
bank confirmations, fraud, malone bailey, george qin, cash, china mediaexpress, pcaob, online confirmation, china, sherb, china century dragon media, auditing

Interested in Learning More?

Article Analysis is at the foundation of powerful media monitoring and insights. Learn what you can build with powerful curated search engines, real-time listening and trend analysis on the topics, markets and companies critical to your organization.