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Financial Statement Fraud Casebook: Baking the Ledgers and Cooking the Books by Joseph T. Wells

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Chapter 7

Auditor's Loyalty

Jyoti Khetarpal

Adler Clooney was a bright student who excelled academically. His friends saw him as someone with an eagle eye and iron will. He was close to his family, particularly his younger brother Jim. They were from a well-off family that was known for never compromising on integrity for the purpose of prosperity. While Adler was sharp, Jim was an average student who let his brother choose his career path for him.

Both brothers went for the highest degree in accountancy — Adler exceeded everyone's expectations in school, and Jim managed to scrape by to earn his professional degree. However, their differences never affected their bond, which became stronger as they grew older. They eventually started their own accounting and auditing practice under the name Clooney Brothers. With their family connections, clout and money, their business flourished. They also became tax advisors to many famous individuals and entities. Their exposure to big entities and their favorable resolution to tax issues made Clooney Brothers experts in identifying loopholes in tax law.

After a few years of practice they did not find consultancy as lucrative as they wanted, so they decided to start a new business venture. The kind of business exposure they had received over the years made them confident about starting their own business, and they decided to enter as partners into a very capital-intensive business with limited competition.

Blissful Ventures

Bliss Carriers ...

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