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Financial Statement...? DOCUMENT THAT A BUSINESS MIGHT USE TO ACCOUNT FOR LOSSES, DAMAGED GOODS, AND STOLEN INVENTORY & Section Number of ’s Name: Date: It might be possible that an organization goes for losses, have damaged goods and faces stolen of inventory. It requires a strong internal control system to minimize and control. If the organization faces losses, damaged goods and stolen inventory some accounting steps to be followed as, 1. Losses: if the organizations goes for losses it will be write off in the income statement after valuation and should contact to the insurance company for insurance recovery. 2. Damaged Goods: if the organization has damaged goods, these goods will be evaluated and scrap should be sold to...
2 Pages(500 words)Research Paper
Fraud, Errors and Illegal Acts...Fraud, Errors and Illegal Acts
Outline
The basic responsibility of an auditor is to detect fraud, errors and illegal acts.
As per the SAS-99, the auditors are required to perform many functions such as to collect information supportive towards fraud / risk of fraud, to examine the risk of fraud and so on.
Auditors are to certify the effectiveness of internal controls of an entity wherein they conducted audit, have to keep records, to advise management and so on.
With regard to SAS # 82, auditors are responsible to plan and execute the audit in order to have reasonable assurance regarding availability of...
5 Pages(1250 words)Term Paper
Financial Statement Fraud Schemes...
Financial Statement Fraud Schemes: Apollo Shoes Company
Introduction
Apollo Shoes Company deals with production of various types of shoes that include: common athletics shoes branded as SPOTLIGHT, the Police shoes branded as SIREN and athletes shoes with speakers branded as SPEAKERS shoes (Timothy, Loretta, & Kenneth, 2011). Currently the company is in a process of expanding the products it offers by making different types of shoes that meet different markets demands. For example the company is in the process of manufacturing PHONESHOES that are specifically designed for helping business executives to carry out...
4 Pages(1000 words)Essay
Financial Statement Fraud Investigations...Financial Statement Fraud Investigations
Summary of Investigation
The financial statements of Crazy Eddie revealed that the company is making money by practicing fraudulent activities. The reports revealed the facts that the company scheduled smuggled money as sales from foreign banks. The reports misrepresented the true value of accounts payable to creditors. The inventory was overstated and the audit reports were doctored. The company’s accounting policy recognized sales returns by crediting the respective amount and at the same time it also counted it as inventory. The inventories were shared...
4 Pages(1000 words)Essay
Financial Statement Fraud...? Revenue Recognition Fraud Revenue Recognition Fraud In many occasions, companies find themselves in situations where they have to record their financial statements in the respective books of accounts in order to enable auditing as well as predict their profitability. Such financial statements that are crucial to an organizations accounts department include the balance sheet, the cash flow statements, profit and loss accounts, and the trial balance (Schrader & Toner, 2013). However, the process is not always rosy as sometimes it is marred with fraudulent incidences of all sorts with the most prevalent...
3 Pages(750 words)Essay
Financial Statement Fraud and Revenue Recognition Fraud...is crime under civil law and involves complex financial transactions conducted by white-collar business professionals with a criminal intention (“Bank Negara Malaysia” 1). Nevertheless, financial fraud derives numerous loses on the global economy and on the reference corporations where many companies collapse due to financial frauds.
Additionally, financial fraud demeans investor confidence in financial reporting and lowers the efficiency of corporate governance. A financial statement fraud refers to an intentional misrepresentation of...
4 Pages(1000 words)Essay
Financial Statement Fraud: Motives, Methods, and Detection...or illegal advantage” (p. 19, IFAC, 2010). This paper focuses on the motives behind and the methods used by the fraud perpetrators (i.e., the ones who are responsible for the fraud) to commit financial statement fraud. It also discusses financial statement fraud cases, how these were committed and how these affected the company and the public. Lastly, it also discusses how to prevent and to detect financial statement fraud.
Financial Statement Fraud: Motives
There are many motives behind...
6 Pages(1500 words)Essay
Fraud: Peregrine Financial GroupIn most cases, these types of corporate frauds involve a series of individuals at all levels of management of an organization. Fraud can be detrimental to a community, company, or individuals who are normally on the receiving end of fraudulent activities. In addition, the latent negative consequences of fraud in any organization can be strategic, monetary, legal, or operational.
The Peregrine Financial Group (PFG) was a brokerage firm that experienced a high level of fraud for about 20 years while in business. Based in the U.S, the firm also accepted foreign traders in their business that entailed offering access to exchanges in the country. The company utilized the Best Direct Pro as the only interface to conduct business. In Jul...
3 Pages(750 words)Essay
Delphi Corporation: Financial Fraud...Delphi Corporation: Financial Fraud
Delphi Corporation is among the leading suppliers of latest technologies for commercial and automotive vehicle markets. The company has its headquarters in the United Kingdom. Controversial issues relating to financial fraud have rocked the company. In 2006, the Securities Exchange Commission accused Delphi Corporation of engaging in a number of financial fraud between the years 2000 and 2004. The commission has charged the corporation and nine officials who were part of the plan to commit a fraud.
According to the commission, Delphi organized a...
2 Pages(500 words)Essay
Financial Reporting Fraud...Financial Reporting Fraud Accountants are guided by strict of ethics and professional of conduct in their preparation of financial statements. Amongst the guiding principles are the Generally Accepted Accounting Principles (GAAP). These are a group of accounting principles, standards and procedures that are used by public companies in the compilation of their financial statements. The United States Securities and Exchange Commission (SEC) have adopted these principles. The guidelines are meant to harmonize the manner in which financial statements are prepared by all...
4 Pages(1000 words)Essay
