Of Hurricanes and Harness Racing: The Accounting Fraud at DHB Industries, INC

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1. Exhibits 1 and 4 present DHB’s original 2003-2004 balance sheets and income statements and the restated balance sheets and income statements for those two years, respectively. Review the original and restated financial statements for 2004 and identify the “material” differences between them. Defend your choices.
2. Identify the fraud risk factors posed by DHB for its independent auditors. Which of these factors, in your opinion, should have been of primary concern to those auditors?
3.Compare and contrast the internal control reporting responsibilities of the management and independent auditors of public companies.
4.Does the SEC have a responsibility to protect the investing public from self-interested corporate executives? Do professional auditing standards or other rules or regulations impose such as responsibility on independent auditors?

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The main sources used in both chapters are Proverbs: A Handbook by Mieder W., American Proverbs about Women: A Reference Guide by Kerschen, L. and Realități sociale oglindite în proverbe by Zoltán, S., Cultural Dimensions in English and Romanian Proverbs by Lifari, V. and Vicol, D. Chapter One. The Concept of Proverb and Its Linguistic Aspects The reason of this chapter is to provide a presentation of the most important theoretical peculiarities associated with proverbs about women. It includes definitions of proverbs, their origins, paremiology, the image of women in English and Romanian cultures, and the linguistic features that refer to different types of category and classification according to diverse and various authors, and their general and well known characterization. The methods used here are analysis, synthesis, contrast, classification and comparison. 1.1. Definitions of Proverbs People speaks and communicate every day, every time they share and discuss pieces of information, they also have some conversation when they wants to express their thoughts, ideas and feelings but can not find the right words. In this instance the proverbs appear in their help. Proverb is a brief and a popular saying, or a phrase that gives advice and effectively embodies a commonplace truth based on practical experience or common sense. A proverb may have an allegorical message behind its odd appearance. The reason of popularity is due to its usage in spoken language as well as in the folk literature. Proverbs comes to mind automatically when speaking orally or writing on a paper, and their use depends on situation; they are practiced in political speech, in poetry, in familiar and friendly chats and in other cases extensively. A lot of scholars from antiquity and to our days have studied proverbs trying to define them and giving the best definition that would be accepted by everyone. There is a great need for wisdom in our society today. Lack of wisdom is destroying the lives of many young people, and making fools out of some who are older. Proverbs guide our thoughts and actions, and warn us of the hidden dangers along life’s way.

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