Chapter_11 - Quiz 7 Chapter 10, internal controls. Essay on...

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Quiz 7 – Chapter 10, internal controls. Essay on the next quiz worth 10 of the 20 points. On the case material. Topic: pulled from your notes, bullet points, list things like that. The MC part: Dealing with an application based type of question. Like the final exam, you are going to take, think about and come up with an answer. Apply what you have learned. The next question goes very specifically to a couple of lines on the text book. It is on the CPA exam and read about this: pg. 281 or 265: header of the area: COSO components I.C. The control environment Board of Directors or Audit Community participation PCAOB Standard #5—one M.C question targeted in this specific wording or area. H.W: 11-20: A. 3 B.4 C.1 D. 2 11-21: A. 1 B.4 11-22: A.1 B.1 C.1 Auditing Lecture Notes – Chapter Eleven Fraud Auditing Opening Vignette Discussion- This one you have to read!! WOW! 1924 – 1938 Fraud – McKesson-Robbins fraud. Dr. Coster. False Inventory. Changed the world of auditing back then! * Fraudulent financial reporting is not just a recent occurrence * Major frauds are often followed by significant changes to the profession (McKesson-Robbins, Enron, WorldCom) Point made is that these frauds will happen, and they change things in our profession. Types of Fraud also Corruption is becoming popular. Corruption deals with bribery, illegal gratuities, bribery. Kickbacks are illegal in the U.S. Pharmaceutical company paid Kickbacks to doctors for selling their products. 2 Main Types: 1. Fraudulent Financial reporting * Asset and revenue overstatement and understatement. ( You need to be just as concerned about understatement)
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* Timing differences (clients can use timing differences as an accident) ( if you
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Chapter_11 - Quiz 7 Chapter 10, internal controls. Essay on...

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