Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 8, Problem 3BTN
To determine
Fill in the blanks with the correct answers provided in the ‘2016 Report to the Nation’.
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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…
You are auditing the accounts receivable for Conor Company as of December 31, 2022 One of your procedures was to send positive confirmations to a sample of 50 accounts. Of those 50 confirmations, 40 have been positively confirmed without comments, 7 had minor differences that have been cleared satisfactorily. The remaining 3 had the following comments:
“We received $6,000 of goods on consignment on November 20, 2022. We have not sold them yet.”
“We received these goods on January 5, 2023 and mailed a check on January 7, 2023.”
“The balance of $2,000 was paid on December 10, 2022.”
For each of these comments, identify the steps that you would take to clear (resolve) them.
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
Chapter 8 Solutions
Principles of Financial Accounting.
Ch. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - Prob. 4MCQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQ
Ch. 8 - Which of the following assetsinventory, building,...Ch. 8 - What is a petty cash receipt? Who should sign it?Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 1QSCh. 8 - COSO internal control components C1 COSO lists...Ch. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QSCh. 8 - Prob. 11QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 1APCh. 8 - Prob. 2APCh. 8 - Prob. 3APCh. 8 - Prob. 4APCh. 8 - Prob. 5APCh. 8 - Prob. 1BPCh. 8 - Prob. 2BPCh. 8 - Prob. 3BPCh. 8 - Prob. 4BPCh. 8 - Prob. 8SPCh. 8 - Prob. 1AACh. 8 - Prob. 2AACh. 8 - Prob. 3AACh. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - Prob. 4BTNCh. 8 - Review the opening feature of this chapter that...Ch. 8 - Prob. 6BTN
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- In the Why It Matters feature “Examples of Theft and FinancialReporting Frauds” at the beginning of the chapter, we introduced youto the Koss Corporation fraud. In this problem, we provide you withfurther details about that fraud. During the fall of 2009, Koss Corporation,a Wisconsin-based manufacturer of stereo headphone equipment,revealed that its vice president of finance (Sujata “Sue” Sachdeva) haddefrauded the company of approximately $31 million over a periodof at least five years. Grant Thornton LLP was the company’s auditor,and the firm issued unqualified audit opinions for the entire period in which they worked for Koss. According to reports, Sachdeva’s theftaccelerated over a period of years as follows:FY 2005 $2,195,477FY 2006 $2,227,669FY 2007 $3,160,310FY 2008 $5,040,968FY 2009 $8,485,937Q1 FY 2010 $5,326,305Q2 FY 2010 $4,917,005To give you a sense of the magnitude of the fraud, annual revenuesfor Koss Corporation are in the range of $40 to $45 million…arrow_forwardAnswer 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.arrow_forward8-36. Analyzing evidence requires a. analytic strategy b. existence of fee constraint 8-37. Which of the following reasons best describes the requirement to comply with AICPA standards? a. It can withstand scrutiny b. It applies to all forensic accountants 8-38. Each of the following is an example of quantitative data except: a. Net income for the period ended 12/31/2013 b. Number of home sales this year in Columbus, Ohio c. The ages of students in your forensic accounting class d. The color of the walls in your classroom e. The speed with which a repetitive task is completed 8-39. When evaluating sufficiency of data, it is important to consider the following factors, except for: a. Availability of data b. Professional judgment c. Standard of proof d. Scope of engagement 8-40. The process of taking a set of information and breaking it down into manageable pieces is known as: a. Data transmutation b. Parsing the data c. Data analysis d. Data manipulation 8-41. Without sufficient facts…arrow_forward
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