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The Auditing in Practice feature "Weak Internal Controls, Unethical Decisions, and a Fictitious Vendor at Baird Pro- ducts" introduced you to an example of a purchasing manager who used a fictitious vendor to accomplish a fraud in the acquisition and payment cycle. Using appropriate sources, locate an example of another such case. If you perform an electronic search, you might want to use the search terms fraud and fictitious vendor. Answer the following questions:
a. What was the company involved, and who was the fraudster?
b. How was the fraud perpetrated?
c. What was the dollar value of the loss?
d. What was the resolution of the case; for example, did the fraudster get fined or jailed?
Identify three account balances which are at risk of misstatement and identify two internal control weaknesses relating to each account balance identified
Show the components of TeamSchedule and how does the use of TeamSchedule and TeamTEC improve the monitoring and reporting of resources?
How would auditor's assessment of management integrity and management motivation have affected the nature, timing, and extent of audit procedures identified? Explain the role of professional skepticism in this context.
1.How does an auditor evaluate the unadjusted misstatement schedule
As an independent financial consultant, you have been hired to audit the books of a multifaceted special events organization. Upon examination of the records, you determine that management intentionally commingled funds between the different divis..
Weaver, Inc. received a $60,000, six-month, 12% interest -bearing note from a customer. The note was discounted the same day at Third National Bank at 15%
Explain the control principle of independent internal verification. What practices are important in applying this principle?
What is the issue being addressed in the paper? What are the findings of the paper? Why is this paper important to auditors, and what are the implications of this paper for the auditing profession?
Stock splits and reverse splits are often a reflection of the economic times we live in. Could you find a recent real life example of a stock split or reverse split announced by a company?
What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.
Audit risk is a key consideration and guide to planning an audit - explain why and list the key components of the Audit Risk Model (ARM) and discuss how they interact?
Show why each of the five areas specified by the audit committee may or may not be suitable for this assurance engagement.
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