ACCT6006 Contemporary Issues in Accounting Theory: Audit Procedures

Questions:

  1. Describe each of these frauds and suggest audit procedures that might have helped identify them. Relate as many as possible to the cases in class and explain in a solid connection how the cases in class are related. Not all will be related to the cases.
  2. What are the relevant assertions that were violated for each of the revenue recognition misstatements?
  3. While it is difficult to ascertain the rational for committing these frauds, discuss the incentives and opportunity that were present in the frauds.
  4. Related to these revenue frauds, Alere also identified material weaknesses in its internal controls over financial reporting.
    1. What is a material weakness and how does it differ from a significant deficiency?
    2. For each of the material weaknesses identified in paragraph 37 (a-d), discuss which component of the internal controls were ineffective. Justify your answer.
    3. Alere also had violations of the FCPA.
    4. What is FCPA and what are its two main provisions? Give examples for each of the provisions.
  5. Discuss how Alere violated the FCPA and compare these violations with the Avon case.
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