JLA Outbrief Mitchell K

Assignment 1: Individual research/essay You are a newly hired fraud examiner. You have been asked to write a preliminary report on the Paving Company Case scenario based on the information presented in Units 1 to 4 and findings from your additional research.  Your report should not exceed 2,000 words. The word limit is not inclusive of the bibliography and cover page.  In your response, the following points must be addressed fully: a)      Determine the type of fraud committed and describe the symptoms of fraud that might be evident to an investigator.  b)      As discussed in units 1 to 4, all frauds involve key elements. Identify and describe using examples the elements of the Sharp's fraud.  c)       In the scenario, Sharp’s employer has been putting more emphasis on controlling costs for the various businesses. With the slowing of overall spending in the construction sector, Travolta had ordered managers to closely monitor expenses. He had sold several companies and has given vice…

Refer to the Wall street journal article "Under Armor Faces U.S Inquiries" - from Novemver 4, 2019 - about the criminal investigation that the U.S Department of Justice is conducting, pertaining to accounting matters. identify the fraud exposures from the Fraud Exposure Rectagle that are present and explain your reasoning

According to the 2020 Reports to the Nations published by the Association of Certified Fraud Examiners, approximately, what percentage of Occupational Fraud and Abuse cases are discovered through tips?   A. 41   B. 43   C. 45   D. 46

Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud. (write a one page response for each question):

Answer the following from Chapter 7 of the textbook (write a one page response for each question):  Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud.

uestion:1 A privately held company recently outsourced its information processing system to a CPA who also has been asked to conduct the year-end financial statement audit.  Management accepts responsibility for the information processed by the CPA and the CPA will not assume the role of an employee in any way.  The statement pertains to AICPA code of conduct rule: A.  Commissions and Referral Fees                                   C.  Independence B.  Confidential Client Information                                   D.  Integrity and Objectivity

4 AICPA members who work in industry and government must always adhere to which of the following AICPA rules of conduct:     Rule 101 independence     Rule 202 Compliance with Standards     Rule 301 Confidential Client information     Rule 501 Acts Discreditable   Question 5 Before accepting an engagement to audit a new client, a CPA is required to:     Ask the prospective client's consent to make inquiries of the predecessor auditor, if any.     Conduct an assessment of the fraud risk factors likely to cause material misstatements.     Gain an understanding of the prospective client's industry and business.     Obtain the prospective client's signature to a written engagement letter

Internal Control System For this week's discussion: Use the Internet or Strayer University Library to locate and review the Sarbanes-Oxley Act legislation online. Review the auditing sections in SOX Act. Research a company that had a fraud event happen due to inadequate accounting procedures. Review the fraud event that happened in the company in detail and identify at least two accounting control procedures that were deficient in this event. Propose an internal control system that would have eliminated the fraud, using the ERP system. Be sure to respond to at least one of your classmates' posts.

Aa.27.

Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.

Subject: Accounting Information System ETHICS, FRAUD, AND INTERNAL CONTROL Stated Problem: EXPENSE ACCOUNT FRAUD While auditing the financial statements of Petty Cor-poration, the certified public accounting firm of TrueBlue and Smith discovered that its client’s legal expenses account was abnormally high. Further investigation of the records indicated the following:•Since the beginning of the year, several disbursements totaling $15,000 had been made to the law firm of Swindle, Fox, and Kreip.•Swindle, Fox, and Kreip were not Petty Corporation's attorneys. A review of the canceled checks showed that they had been written and approved by Mary Boghas, the cash disbursements clerk. Boghas’s other duties included performing the end-of-month bank reconciliation. Subsequent investigation revealed that Swindle,Fox, and Kreip are representing Mary Boghas in an unrelated embezzlement case in which she is the defendant. The checks had been written in payment of her personal legal fees.…