illegal act


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Related to illegal act: Criminal act
See: offense
References in periodicals archive ?
If the auditor concludes an illegal act has occurred, its impact on the financial statements must be assessed; the auditor's finding must be communicated to the board of directors audit committee or its equivalent.
If it denies job opportunities on the basis of sex, the company may have committed an illegal act by discriminating against female employees.
Many of us love this country with its generous people, however, if law and order does not prevail, we can't condone illegal acts under any circumstances, irrespective of nationality.
If management does not provide conclusive evidence that an illegal act has not occurred, the standard requires the auditor to consult with the client's legal counsel or other specialists about how relevant laws apply to the situation and the impact it may have on the financial statements.
The Securities and Exchange Commission adopted revisions to its rules--imposed under the Private Securities Litigation Reform Act of 1995--that, as of April 17, require auditors to report a client's uncorrected illegal acts to the client's board of directors and to the SEC if the board does not do so.
Following this notification, if (1) the illegal act has a material effect on the financial statements, (2) senior management has not taken "timely and appropriate remedial action with respect to the illegal act" and (3) the failure to take such action "is reasonably expected to warrant departure" from the standard audit report or to warrant the auditors' resignation, then the auditor must report its conclusions directly to the board of directors.
The board of directors has one business day to report to the SEC that the independent auditor reported a material illegal act and determined that the senior management and the board of directors have not taken appropriate action, or are not expected to take appropriate action.
Phishing, which is defined as the illegal act of sending e-mail to users under false pretense of being a legitimate organization, is an attempt to scam unknowing users into relinquishing private information for identity theft purposes.
When auditors conclude an irregularity or illegal act either has occurred or is likely to have occurred, they must report those findings unless they clearly are inconsequential.
Odometer fraud, one of the latest trends in automotive fraud today, is the illegal act of rolling back odometers in order to make a car appear as if it has not traveled nearly as many miles.
Johnson had convinced himself that he was reacting to an illegal act of Congress and an attempt by the lawmaking body to override the decisions of the executive branch.
We commend law enforcement agencies for taking a swift action against this illegal act , added Sisulu.