User Account

All Pages

Describe potential fraud schemes

Assignment Help Accounting Basics
Reference no: EM133007735

Question - You work as an accountant for Sportsworld. Sportsworld is an Australian company that runs several stores for sports equipment. The first Sportsworld store opened in 1995, but over the last years the increase of online retailers has lead to an increase in competition. Despite these challenging conditions, Sportsworld has outperformed its competitors with a continuous growths rate over the last years. Mila Daniels has recently been appointed as new CEO. Mila has noticed a number of suspicious issues and has asked you to investigate.

Issues include the following:

At the beginning of each reporting period the number of returns increases substantially.

Warranties have not been recognised in the financial reporting.

A recent stocktake indicated that stock levels are far below inventory numbers.

Access controls in the warehouses are weak and every employee can enter warehouses to restock stores.

1. Describe potential fraud schemes that could explain the suspicious issues raised by Sportsworld.

2. What steps would you undertake to investigate the potential fraud?

Reference no: EM133007735

Questions Cloud

How do feel about efforts to amend the constitution : How do you feel about any of these or other efforts to amend the Constitution. A number of efforts have been made in recent years to add new amendments
How would evaluate the work of the founders : How would you evaluate the work of the Founders in designing our form of government? Does the Constitution need any improvements or changes?
What is the relevant cost of the chemical : The company could buy the chemical for $6 per kilogram. What is the relevant cost of the chemical for the purpose of analysing the special order decision
What is a peace treaty north korea has repeatedly : What is a peace treaty North Korea has repeatedly asked for the US to sign? What might be the pros/cons of the US Congress as to the treaty?
Describe potential fraud schemes : Warranties have not been recognised in the financial reporting. Describe potential fraud schemes that could explain the suspicious issues
How focusing on limiting power actually created a system : How focusing on limiting power actually created a system that was weak and ineffective. The Articles of Confederation established a "League of Friendship"
Does the memo use jargon and technical information : Evaluate the Format and Style of the Memo Is the memo written in active or passive voice? Give an example. Does the memo use jargon and technical information?
Evaluate the components and structure of the memo : Is the memo header properly formatted i.e. does it include all the components that need to be included in a memo (from:, to: date, subject, and so on)?
Determine the amount of the first payment taxpayer : Taxpayer purchased an annuity from an insurance company that promised to pay her $2,100 per month for 15 years. Determine amount of the first payment Taxpayer

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd