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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
* Timing differences (clients can use timing differences as an accident) ( if you
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 5

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online