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Problem - Tesco Case study
Q1. Do you agree with Amit Soni that Tesco's accounting for commercial income constitute fraud?
Q2. Assume that on February 20th (The last day of Tesco's half year reporting period ending on 21st February) Tesco received £200 million in prepayments from Unilever under the expectation that Tesco will purchase a certain volume of products over the next three years. Further, assume that during the following six months Tesco purchased £450 million in products from Unilever, out of which it sold 50% of the inventory for £250 million. It also earned £50 million of the deferred income as a result of the above purchase. How would Tesco account for these transactions for its fiscal report ending on February 21 and on August 23, 2014.
Q3. Using a simple example explain the appropriate mechanics of accounting for commercial income.
Q4. Specify the pressures and opportunities driving the fraudulent management actions.
Q5. As an internal auditor what controls could have been put in place to prevent this fraud?
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