Fraud Examination
5th Edition
ISBN: 9781305079144
Author: W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman
Publisher: Cengage Learning
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Should the SEC take tolerance on a company that recognizes and reports accounting irregularities and other frauds of the company?
The Code of Conduct in use at a well-known national tax preparation firm says that if you are contacted by law enforcement; a governmental agency such as the IRS, SEC, or FBI; or the media about “actual or suspected improper or illegal activity of any kind by you or anyone connected with the Company, you must immediately report the contact to your manager (unless that would be inappropriate under the circumstances) and the Legal Department.…” Is this Code of Conduct provision ethical?
When a CPA knows that a tax client has skimmed cash receipts and not reported the incomein the federal income tax return but signs the return as a CPA who prepared the return, theCPA has violated which of the following AICPA rules of conduct?a. The Confidential Client Information Rule.b. The Integrity and Objectivity Rule.c. The Independence Rule.d. The Accounting Principles Rule
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- Should the SEC and the Department of Justice have tried Andersen as a firm, or should they have targeted specific individuals who had engaged in acts the two bodies believed to be unlawful?arrow_forwardControversy tends to surround the topic of whistleblowers. For example, should they be considered heroes or traitors? Many pro-whistleblowing policies have been enacted by the federal government to allow these individuals to reap significant monetary rewards for coming forward and giving information about behaviors and actions such as corporate fraud and unethical deeds. Many corporate whistleblowers face negative consequences of their actions, such as reassignment, revenge, and hate crimes, and are seen as traitors (e.g., Edward Snowden and Gina Gray). Yet Sherron Watkins and Cynthia Cooper were celebrated as heroes. Look up the stories of Sherron Watkins and Cynthia Cooper. Why do you think that some whistleblowers are vilified and others made to be heroes?arrow_forwardThere is no federal statute of frauds. True Falsearrow_forward
- Should corporate lawyers who become aware that someone at the client corporation may have violated securities laws report their suspicions only to persons within the corporation, or should they report their concerns to the SEC?arrow_forwardWhen a corporation is dissolved due to fraud, graft, and corruption, can innocent employees and stockholders have claims over the asset of the corporation after satisfying all its liabilities?arrow_forwardTwo very common ways that employees commit fraud against their employers is the misstatement of reimbursable expense accounts and the misuse of office supplies for personal purposes. Although these schemes are usually not individually significant, their magnitude can be damaging if these practices are widespread. Please comment on these types of fraud (and other examples of employee fraud) and what internal controls they would put in place in an organization to curb this activity.arrow_forward
- Under what responsibility would investigating tax fraud be? tax accounting, Financial Accounting, or managerial accountingarrow_forwardThe commissioner can force a taxpayer to produce his/its accounting records if the taxpayer refuses to provide the same during audit. TRUE OR FALSE?arrow_forwardWhat are the auditor’s responsibilities under the Corporations Act toreport breaches of the Act? Who does the auditor report to?arrow_forward
- According to the Acts Discreditable Rule for accountants in public practice, which of thefollowing is not a “discreditable act”?a. Withholding a client’s sales records.b. Failing to file or remit tax payments.c. Failing to follow requirements of the PCAOB during the audit of an SEC client.d. Advertising that indicated the firm can reduce IRS penalties.arrow_forwardDo you think there are any circumstances when you should go outside the company to report financial wrongdoing? If so, to what person/organization would you go? Why? If not, why would you not take the information outside the company?arrow_forward
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