Reference no: EM131763692
Evaluate the types of financial statement fraud that has occurred in the past and predict what types of fraud may / or may not be committed in the future. Support your prediction(s) with examples.
Imagine you are the controller of a major new tech start-up. Upper management is putting pressure on you to exceed Wall Street's earnings expectations for the next quarter. You have decided that you have to "cook the books" in order to exceed expectations. Create a scheme to increase earnings for the quarter. Support your scheme with examples.
Analyze the current control structure for safeguarding financial reporting. Based on your analysis, recommend changes that will strengthen the current control structure. Support your recommendations with examples and rationale.
You have just been hired by XYZ Company as a senior-level accountant. You think you have discovered what you believe to be fraud in the latest financial statements. Propose what actions you might take regarding what you have discovered. Support your proposal with examples.
From the e-Activity, analyze the major cause(s) of the financial statement fraud and recommend changes that would have prevented the fraud.
Support your recommendations with examples and rationale.
Analyze common causes for financial statement fraud. Based on your analysis, develop a profile that companies should use to predict fraud potential in their organizations and recommend action steps to take when fraud potential appears. Provide a rationale for your recommendations.
Imagine you are an accountant working on closing the books for the year end. Given that many accounting items rely on estimates, construct a scenario in which you would question an estimate as being either too high or too low that would misstate earnings. Support your answer with examples.
Imagine that you are on the board of directors for XYZ Company. You have received an anonymous tip that the financial statements were prepared in a fraudulent manner. Your initial reaction is that the threat level is high. Develop a plan of action that you would take to react to this allegation. Support your plan with examples and provide a rationale.