Use the elements of the fraud triangle discussed

Assignment Help Accounting Basics

Reference no: EM13123424

According to the case, KPMG failed to review FannieMae's significant accounting policies for GAAP compliance. One item in particular was the failure of Fannie Mae to make a quantitative estimate of losses on its loan portfolio. In the end, KPMG gave an unqualified opinion even though the financial statements contained significant departures from GAAP. What ethical and professional standards did KPMG violate in taking that position? Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.

Reference no: EM13123424

Questions Cloud

What amount of these travel-related expenditures : After the course, Danny spent the last day sightseeing. During the trip, Danny also paid $140 a day for meals, and $80 a day for a rental car. What amount of these travel-related expenditures may Danny deduct as business expenses.

What is the molar concentration of the ammonia : If 18.2 mL of 0.800 M HCl solution are needed to neutralize 5.00 mL of a household ammonia solution, what is the molar concentration of the ammonia.

Prepare the journal entries on fashion vixen books : During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..

What percentage of household incomes in state is in range : A standard deviation of about $9000. Approximately what percentage of household incomes in this state is between $27,000 to $63,000/year? Show all work as to how this is obtained.

Use the elements of the fraud triangle discussed : Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.

Calculate the amount of heat liberated (in kj) : Calculate the amount of heat liberated (in kJ) from 383 g of mercury when it cools from 61.0°C to 11.0°C.

X-intercepts and vertex of parabola : Find the x-intercept(s) and the coordinates of the vertex for the parabola y=x^2+2x-35 . If there is more than one x -intercept, separate them with commas.

What assumptions underlie the decision made : Innova also incurs 5% sales commission ($0.35) on each disc sold. Mudd Corporation offers Innova $4.75 per disc for 5,000 discs. Mudd would sell the discs under its own brand name in foreign markets not yet served by Innova.

Conrad''s heart of darkness : 200 words needed. Conrad's Heart of Darkness is built around a journey, explain parallels to earlier journeys such as Marlow's or Gawain's

User Account

All Pages