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Rocky Mountain Electric is an electrical wholesaler with two locations-one in Denver, and another in Aspen that just recently opened. The audit senior stayed in Denver to do the audit at the main store, and a staff accountant was sent to the Aspen (cross-state) store. The staff accountant returned after a week and said that everything was fine at the Aspen store, which was good, thought the senior, because the audit fee had been cut from the previous year, and the audit team was under time pressure to finish the job. One of the first things the senior did was look at the audit differences, and she noticed an adjustment in excess of $100,000-a debit to sales and a credit to accounts receivable. "To adjust the general ledger (GL) to the accounts receivable trial balance at the cross-state store" is how the description read. She asked the staff accountant how an error that big could happen, and he told her the store manager said they had some problems installing the accounting system at the new store.
Question 1. Is this an example of fraudulent financial reporting or misappropriation of assets?
Question 2. What created an opportunity to commit the fraud?
Question 3. What was the "trail" created by the fraud, that is, what circumstances tipped off the auditors that a fraud might have occurred?
Question 4. The staff accountant originally missed these warning signs of fraud. What were some reasons why the signs were missed?
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