Acc 556

You have been assigned to analyze the accounting information for a Fortune 500 corporation. From the e-Activity, evaluate which tools you would use to analyze its business processes, indicating your rationale.

As a school we are required to have policies and procedures for all the staff/adults and

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents:

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained

Professional auditing standards discuss the three key “conditions” that are typically present when a financial fraud occurs and identify a lengthy list of “fraud risk factors.”

Gross profit ratio had been declining through the period of 2008-2010, which indicates decrease of markup that the company achieved on its inventory, which also means that it lowered sales prices compared to costs.

The knowledge and understanding that we want for each of the eight categories is as follows:

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the

AICPA Code of Professional Conduct principles prevents vises such as fraud that are experienced in accountancy field. Audit is the best measure of the effect of the fraud that are imposed to investors by accountants. The relationship of the investors and account holders are supposed to be affirmed through auditing to ensure accounting principles are upheld(Weirich, Pearson, & Churyk, 2010). Improper loss of the funds through propagation of the accountant officer should be treated as fraud and criminal activity that should lead to prosecution. Therefore, the paper seeks to relate two fraud cases that have been audited and presenting AICPA Code of

Fraud examiners use interview techniques to achieve investigation objectives, obtain evidence and abide the legal aspects pertaining to a case. Investigation objectives are important to be analyzed as it outlines the links of the investigation. Understanding investigation objectives assists in understanding the gaps of the investigation and the strategies that must be implemented. Further investigations are needed when investigating a case to understand fact from fiction and compare any inconsistencies. Interview techniques are strategic procedures that focus on several factors prior to an interview by outlining the interview’s purpose, types of questions, the setting and establishing rapport with the interviewee.

W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht and Mark F. Zimbelman “Fraud Examination ”, Fourth Edition, South-Western Cengage Learning, 2012. Print.

It is of great importance that every fraud examiner or forensic accountant to have good knowledge of the rules of the court, legal system, and evidence for successful competition of the investigation. In order to be accepted as evidence, it must be relevant , material, and competent.

A sporting goods manufacturer buys wood as a direct material for baseball bats. The Forming Department processes the baseball bats, and the bats are then transferred to the Finishing Department where a sealant is applied. There was no beginning work in process inventory in the Forming Department in May. The Forming Department began manufacturing 10,000 Casey Slugger baseball bats during May. Costs for the Forming Department for the month of May were as follows:

Additionally, in Sheri Betzer’s Legal Elements of Fraud (ACCM 5650) course at MSUD, not only is class time dedicated to the introduction of interviewing, but the course has a practical exercise for the students. The practical exercise includes conducting four separate interviews of individuals related to an accounting litigation scenario. Over the course of those interviews, not all the individuals contacted are overly cooperative with the student interviewer. This gives the student a much more realistic view of what may happen when he seeks information from the

The field of accounting goes deeper than the general business field and requires specialized actions. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. This system can contain various steps, procedures, and processes that led you to your final results. Some of these various types of accounting include tax, managerial, financial, governmental, private, and forensic accounting. So as you can see, even in this extremely specialized field you can participate and work in various accounting sectors. Today, we will focus on the topic of forensic accounting which is not only a newer field of accounting but has very intriguing concepts and reasons to why it was created. So while exploring the many facets of forensic accounting we will study multiple topics such as: what is forensic accounting and how it was created, and what individuals or groups use this type of accounting. We will even discover the history of forensic accounting, skills need to work in this field, and the industries served through this process. Finally, a better understanding of this topic will come from examining U.S. cases and investigations, and also how the federal government can choose to intervene in forensic accounting.