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1.Companies and auditors now operate in a global environment and need to be aware of potential risks that stem from subsidiaries, business partners, and network firms located outside the U.S. In the past decade, we have witnessed increasing fraud around the world due to multiple factors. Using the Internet, search for PwC Global Economic Crime Survey 2011 and answer the following questions related to fraud around the world.a. What are the four most common types of fraud identified in the 2011 survey? b. What percentage of organizations reported in the 2011 survey that they had experienced economic crime? Why has there been an increase in fraudulent activity since the last survey?c. What is cybercrime? What can companies do to protect themselves from cybercrime?d. What is suspicious transaction monitoring, and how effective is it at detecting fraud?
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
The inventory at the end of 2008 was found to be overstated by $15,000. At the same time it was discovered that the inventory at the end of 2007 had been overstated by $35,000. The company uses the perpetual inventory system.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
What is the purpose of a bank reconciliation? When speaking to an account manager and she/he told you they don't have time to reconcile the bank account every month, how would that need to be encouraged to be done?
Three firms which serve as comparables to Bank of America are Wells Fargo, Chase, and Capital One. In a PowerPoint presentation:
The information below was disclosed during the audit of Elbert Inc.
What does the Consolidated Statements of Earnings-the income statement-tell you about the company and why is this statement important? What business decisions could be made using the income statement?
What other options might President Jim Dandridge have for allocating the advertising costs - Which method do you think is most equitable to the divisional sales managers?
Beginning of the year and total assets of $2,065,300 and total liabilities of $806,640 at the end of the year and partnership liabilities consist of accounts payable, and Mark, as general partner, is legally responsible for paying these liabilities ..
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