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Answered: - Fraud Awareness Seminar - Think Paper #3 Financial Statement


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Fraud Awareness Seminar - Think Paper #3

 

Financial Statement Fraud/Consideration of Fraud in a Financial

 

Statement Audit

 

Spring 2016

 


 

Before completing this think paper, you should watch Cooking the Books: What Every Accountant

 

Should Know about Fraud ,schedule read articles per links below as necessary. You should also feel

 

free to use a search engine to find additional information.

 

VIDEO:

 

Cooking the Books: What Every Accountant Should Know about Fraud

 


 

http://acfevideo.vzaar.me/1118404

 


 

Password: 7FE1529608

 

WEB LINKS:

 

CPAs? Perceptions of the Impact of SAS 99 by Donald C. Marczewski and Michael D.

 

Akers http://epublications.marquette.edu/cgi/viewcontent.cgi?

 

article=1013&context=account_fac

 


 

SAS No. 99, Consideration of Fraud in a Financial Statement Audit: Summary

 

http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00316.pdf

 


 

Auditors? Responsibility for Fraud Detection by Michael Ramos

 

January 2003 Journal of Accountancy:

 

http://www.journalofaccountancy.com/Issues/2003/Jan/AuditorsResponsibilityForFraudDetection

 

NOTE: ignore request for password, just cancel and page will open

 


 

Fraud In A Financial Statement Audit: What Every Auditing Student Should Know About

 

Sas No. 99 A Student Educational Manual: Provided by the American Institute of CPAs

 

http://users.ipfw.edu/pollockk/SAS99Manual.pdf

 

PART 1

 

Respond to the following questions:

 

1.

 


 

Does the CPA have a responsibility for detecting fraud in a financial statement audit?

 


 

2.

 


 

Compare and contrast: Financial statement audit conducted by a CPA, forensic

 

accounting engagement (fraud audit), IRS tax audit, and an audit conducted by an

 

internal auditor.

 


 

3.

 


 

What is the expectation gap?

 


 

4.

 


 

What is professional skepticism?

 


 

5.

 


 

Discuss one or two features of AU Section 316 (Consideration of Fraud in a

 

Financial Statement Audit) that you think will best contribute to curtailing fraud.

 


 

6.

 


 

A client of a regional CPA firm invites the firm?s audit partner and the tax partner of

 


 

the client to attend the NCAA Basketball Final Four in Houston. The client offered to

 

fly the partners to Houston in his private jet. Lodging will also be paid for by the

 

client. Both partners are big hoops fans; discuss why or why not either or both of the

 

partners might accept the client?s offer.

 

7.

 


 

What types of financial statement analysis have you done ? in classes or real life?

 

Explain how financial statement analysis can play a role in fraud detection.

 


 

8.

 


 

What was the primary method used by ZZZZ Best to inflate revenues. We do you

 

think the auditors missed this financial statement fraud?

 


 

9.

 


 

What are some of the red flags that should have been detected in the ESM fraud?

 


 

10.

 


 

Dewey, Chetem and Howe Inc. borrowed $1 million dollars. Explain how the firm

 

can record this transaction so to increase revenue and therefore net income(show the

 

journal entry you would make).

 


 

 


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