ACC3323 (15051) Homework 1- Dua Qureshi

Research and summarize one of the following international topics related to forensic accounting: Foreign Corrupt Practices Act Panama Papers The link between U.S. used car dealers and international terrorist and drug dealers Transnational money laundering

Confronting Corruption & Resource Guide to FCPA Answer these questions: 1. Who are covered by the anti-bribery provisions? Who are covered by the accounting provisions? 2. What is the difference between grease payment and bribery? Is grease payment legal per FCPA and per the law of all other countries? 3. What should an MNC do to prevent bribery?

Under the Foreign Corrupt Practices Act of 1977 (FCPA): a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe) b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls. c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted. d. only A and B are included in the FCPA e. A, B, and C are included in the FCPA

Overview of the case of SNC Lavalin bribery and corruption and explain the red flag noted in this case?

Contrast the concept (how they are similar or different from each other) Illegal appropriation vs. corruption corruption vs. Fraud in the states Fraud in the states vs. illegal appropriation   explain the concept illegal appropriation Corruption Financial Statement Fraud

Why was the Foreign Corrupt Practices Act created? Please explain.

1. Is payment of bribes an unacceptable business practice within the U.S.? Justify youranswer with supporting evidence.

Case Study: Compliance Challenges in an International Subsidiary Introduction: Company XYZ, headquartered in the U.S., operates internationally through subsidiaries in several countries. This case study focuses on a specific international subsidiary that engaged in unethical practices, particularly creating off-the-book accounts to facilitate bribery payments to foreign officials. The subsidiary's lack of compliance measures and internal controls raises significant concerns about its adherence to the U.S. Foreign Corrupt Practices Act (FCPA) and ethical business conduct. Background: The international subsidiary in question has implemented internal controls, but notably, it does not utilize the COSO internal controls framework and lacks a comprehensive compliance program. This omission becomes critical as the subsidiary's actions involve undisclosed payments to foreign officials, leading to potential violations of the FCPA. Violations Under the Internal Control Provisions of FCPA: Use…

What fraud schemes were reported to be most common in the ACFE’s 2020 Report to the Nations? Corruption Fraudulent billing Inappropriately reporting revenues in published financial results Misappropriation of assets by employees

Which two adjustments are made to the fraud triangle to accommodate predators? • a. The fraud triangle is not meant to differentiate between accidental and predator fraudsters. • b. Criminal mindset and arrogance substitute for pressure and rationalization. • c. Predators have less pressure because they are more likely to be involved in international money laundering and setting up shell companies, particularly in foreign countries. O d. Criminal mindset and opportunity substitute for pressure and rationalization

Discussion Questions on Fraud Prevention from Chapter 4 Fraud Examination 4th Edition 1. How do organizations create a culture of honesty, openness, and assistance? 2. What are different ways in which companies can eliminate opportunities for fraud? 3. What is the purpose of adopting a code of ethics throughout a company?

Can anyone help?   The Sarbanes-Oxley Act is a product of a series of scandals that took place around the turn of the millennium.   A) Has Sarbanes-Oxley really done anything to curb fraud? B) How does the Sarbanes-Oxley Act affect U.S. companies as they compete globally?

How can accounting information systems aid in the prevention of fraud? Do legislative activities such as the Foreign Corrupt Practices Act and the Sarbanes-Oxley Act of 2002 really aid in the prevention of accounting fraud? Justify your answer.

6 Discuss deterrence, prevention, and detection in governmental fraud. What do you think is the best aapproach and why?

Write 140 words

QUESTION 22 Match the term on the left with the appropriate definition or description on the left. A. A requirement of the Sarbanes-Oxley Act B. A group of measures intended to reduce or detect fraud C. A framework for assessing the risk of fraud D. The set of accounting rules that publicly traded companies must follow v Fraud triangle v Audited financial statements v Internal controls v Segregation of duties E. One specific measure taken to reduce the opportunity for fraud F. A licensing requirement for auditors of public firms v Cerified Public Accountant v GAAP

4 Which of the following is true about the Sarbanes-Oxley Act?A. It was passed to ensure that internal controls are properly documented and tested by publiccompanies.B. It applies to both public and smaller companies.C. It requires all companies to report their internal control policies to the US Securities and ExchangeCommission.D. It does not require additional costs or resources to have adequate controls.

Select the necessary words from the list of possibilities to complete the following statements. 1. The Foreign Corrupt Practices Act of 1977 prohibits 2. companies to maintain an effective system of internal control. Statements Under COSO, the control environment, risk assessment, the accounting information and communication system, control activities and monitoring are referred to as the of internal control. to foreign officials to obtain business and requires No single employee in a company should have incompatible 3. and conceal errors or fraud in the normal course of performing his or her job. 4. The two broad categories of information processing controls are 5. Controls that rely on segregation of duties may be circumvented by 6. A client's organizational structure. 9. allowing the employee to both perpetrate and application controls. environment includes such components as management philosophy and operating style, and 7. A form of insurance in which an insurance company agrees…

Question 9 Management of US Public Companies may provide a public report on the effectiveness of their organization's internal control over financial reporting, but management is not required to do so  True  False