JLA Outbrief Mitchell K

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

Contract Management and Administration Case Analysis: Auditing Agencies Unearth Procurement Scam Two government auditing agencies have unearthed serious irregularities in procurement of relief items worth Shs10b. Two forensic audits by the Office of the Auditor General (OAG) and the Public Procurement and Disposal of Assets (PPDA), dated September 7, 2021 and April 12, 2022, respectively, put senior officials on the spot for allegedly causing financial losses to the taxpayer.   Copies of the findings seen by this newspaper point to alleged forgeries, collusion between some officials and suppliers, and failure to adhere to key critical procurement regulations. Our analysis of a cache of official documents of the contentious procurements, which dovetails with findings by government auditors, shows that contracted companies supplied items without a contract specifying quality, leading to delivery of substandard items. The auditors found some officials culpable of undertaking contracts…

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):

Pls answer on your own words

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.

H6. Question 15 During an audit, you are selecting a sample of transactions from the vouchers payable register at the end of the period and tracing them to underlying documents. By doing this, you are gathering evidence primarily to support that: Incurred obligations were recorded in the correct period Recorded obligations were paid Recorded obligations occurred prior to year-end 1 pts Cash disbursements were recorded as incurred obligation    Please show all step by step calculation

6. Access a recently issued SEC Accounting and Auditing Enforcement Release related to a fraud action (www.sec.gov). Click on enforcement and determine incentive(s)/pressure to commit the fraud, accounting issue(s), and the motive for the fraud. " Access the Accociation of C

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.

Master accounting

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.…

A5

1. Access the International Federation of Accountants Web site (www.ifac.org) and briefly describe the following two International Auditing Standards: ISA 500 and ISA 505. 2. Access the U.S department of justice website, and briefly explain the characteristics of identity theft. Give two examples of ways to commit identity theft. 3. Locate SEC Accounting and Auditing Enforecement Release No. 3029. What did that SEC release discuss?

ESB. ACCOUNTING CONNECTION Careful scrutiny of accounting records and financial statements can lead to the discovery of fraud or embezzlement. Each of the situations that follow may indicate a breakdown in internal control. Indicate the nature of the pos- sible fraud or embezzlement in each of these situations. 1. Wages expense for a branch office was 30 percent higher in 2014 than in 2013, even though the office was authorized to employ only the same four employees and raises were only 5 percent in 2014. 2. Sales returns and allowances increased from 5 percent to 20 percent of sales in the first two months of 2014, after record sales in 2013 resulted in large bonuses for the sales staff. 3. Gross margin decreased from 40 percent of net sales in 2013 to 20 percent in 2014, even though there was no change in pricing. Ending inventory was 50 percent less at the end of 2014 than it was at the beginning of the year. There is no immediate explanation for the decrease in inventory. 4. A…

Sh39

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

Enron corporation: accounting fraud what five recommendations you would suggest to strengthen the independent audit function following the Enron sandal? what responsibilities, if any, do audit firm have with regard to the quarterly financial statements of their client?