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The Auditing in Practice feature "Fraud in the Acquisition and Payment Cycle at WorldCom and Phar-Mor" introduced you to the basic facts underlying the WorldCom fraud. Use appropriate sources to answer the following questions:
a. Identify the names of the following individuals at the company, describe their role in the fraud, and describe the penalties that they ultimately faced (if any): the CEO, CFO, controller, and the director of internal audit.
b. What appears to have been the incentives and opportunities to commit the fraud?
c. Comment on the likely ethical dilemma that Cynthia Cooper faced when she initially uncovered the fraud.
d. Which audit firm conducted the external audit on WorldCom's financial statements in the years prior to the discovery of the fraud? Why might the auditors have lacked the necessary pro- fessional skepticism to uncover the fraud?
Discuss, with reasons, how the convertible debentures should be dealt with when calculating the basic and diluted earnings per share of Manufacta Holdings Ltd for the year ended 31 December 2007.
select a publicly traded company using the u.s. securities and exchange commission sec edgar system please note that
topic a number of corporate failures took place in australia and united states between 2000 and 2002 causing major
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To prepare a report on a criteria audit conducted at Curtin Hospital.
multiple choice1.the components of teamcentral include which of the following?a.implementation trackingb.management
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
Internal controls 1 through 5 were tested in prior audits.
You are auditing the financial statements of Austin Software Company, which is a fast growing software development company.
Based on relevant accounting pronouncements for the sale of real estate, how should Leno, Inc. account for the transaction at March 31, 2011 and what additional type of evidence should the auditor examine prior to recognizing any gain on the transa..
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
Identify the company's independent registered public accounting firm and determine how long this firm has served as the external auditors.
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