The film All the Queen's Horses documented a fraud that occurred in the town of Dixon, IL. The film used what analogy to illustrate the function of an independent auditor? O a. a jewelry appraiser. Ob.a professor grading exams. O C. a restaurant critic. O d.a baseball umpire.
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- Case 1: Fraud examination Karen, a friend of yours, recently started her own busi- ness, The Bike and Boulder Company (B&B). B&B specializes in the sales of mountain bikes and rock- climbing equipment. Karen is putting the finishing touches on her company policies and procedures. She knows you are taking a fraud class and asks you to review what she has completed thus far. You quickly notice that Karen has neglected to address fraud and fraud prevention in her policies and proce- dures. What policies and procedures would you suggest Karen implement to prevent and detect fraud at B&B?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):Chapter 20/21 Errors, Frauds & Unlawful acts[1] and Related parties You are the audit supervisor of Maple & Co and are currently planning the audit of an existing client, Sycamore Science Co (Sycamore), whose year-end was 30 April 2015. Sycamore is a pharmaceutical company, which manufactures and supplies a wide range of medical supplies. The draft financial statements show revenue of $35.6 million and profit before tax of $5.9 million. Sycamore’s previous finance director left the company in December 2014 after it was discovered that he had been claiming fraudulent expenses from the company for a significant period of time. A new finance director was appointed in January 2015 who was previously a financial controller of a bank, and she has expressed surprise that Maple & Co had not uncovered the fraud during last year’s audit. During the year Sycamore has spent $1.8 million on developing several new products. These projects are at different stages of development and…
- 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…Case 5: FEEL NA FEEL, INC.In the audit process, the following data were obtained from the books of Feel na Feel, Inc., which uses a voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with the Vouchers Payable control account. You are called to adjust the matter.A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to you.Date Voucher No. Supplier AmountNov. 27 896 Balentong Traders P78,400Dec. 2 909 Shala Company 19,60011 918 Mukasim Dealers 44,10020 952 Boom Panes, Inc. 17,15021 955 Edi Wow Company 22,05022 968 Neknek Company 80,85031 982 Bebot, Inc. 78,400P340,550Vouchers…24. BHIEE Co. is a small entity. It has total of 5 staff including the owner: 1 owner, 2 salesman, 1 accountant, and 1 receptionist. The owner invested his resources to the business. The salesmen oversee the main source of revenues of the Company. The accountant was able to approve payment of invoices and write company checks to a relative, with whom the accountant would split the proceeds. The accountant covered up the theft with journal entries in the accounting system. The receptionist does the general office work. As an operations auditor, which of the following recommendations best suits the situation above moving forward? Group of answer choices BHIEE Co.’s owner should assign its general manager to be more effective and efficient in doing his job. BHIEE Co.’s owner should closely monitor the activities of its staff and the company’s operations. BHIEE Co.’s owner should come up with staff’s code of conduct and hire an internal auditor to review compliance. BHIEE Co.’s…
- Pls explain first how you solve it. Thank you. F COMPANY, organized on March 1, 2021, has a very poor internal control system. Thecompany's cashier is also its accountant. After 9 months of operations, the company's managersuspects that the cashier-accountant has been misappropriating company collections. You havebeen engaged to audit the company's accounts to determine the extent of fraud, if any. You started the audit on November 15. On that date, the cash on hand per your surprise countwas P5,140. Also on that date, the bank confirmed that the balance of the company's currentaccount was P26,328. Your examination of the records reveals that a check for P1,852 wasoutstanding on November 15. The company's markup is 40% of sales. Further examination of the company's records reveals the following balances at November 15,2021:Question #66: Lamar LLC is in the process of updating its revenues and receivables systems with the implementation of new accounting software. James Loden, Inc. is an independent information technology consultant who is assisting Tamar with the project. James has developed the following checklist containing internal control points that the company should consider in this new implementation: Is the sales department separate from the credit office and the IT department? Are all collections from customers received in the form of checks? Is it appropriate to program the system for general authorization of certain sales, within given limits? Are product quantities monitored regularly? Required: In a two (2) page response, describe the control purpose for each point presented in the case.Question 1 The following internal control procedures are followed in Trisha’s Office Supplies: (a) Cash and Banking Johanne has been working as the cashier for Trisha’s Office Supplies for the last five years and apart from receiving and recording cash received, she also prepares banking and does deposits in the bank. (b)Debtors and Creditors There were several occasions when sales staffs have approved large credit sales and recently business’s bad debts have significantly increased. (c)Fixed Assets The business has three delivery vans and the drivers are allowed to keep the van after work and during the weekends. Recently it is noticed that there is high cost of van repairs and maintenance and fuel consumption while the sales have declined. (d)Inventory There are no perpetual records in Trisha’s Office Supplies, the store clerk does not keep records of goods received or issued. A physical count is done on a monthly basis by the store clerk under supervision. (e)Wages and…
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