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ACC 691 MILESTONE ONE

ACC 691 MILESTONE ONE

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Author: Christine Farr
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http://theperfecthomework.com/acc-691-milestone-one/

Overview: The final project for this course is the creation of a financial statement fraud case study. You will use a fraud case from a real-world situation. You are encouraged to put yourself in the place of the auditor as well as the stakeholders. You will consider the theoretical models of fraudulent behavior, evaluate internal controls, assess fraud risk factors, and apply prevention and detection techniques. You will also analyze the overall responsibilities of the auditors to organizational stakeholders while considering applicable auditing standards.
Prompt: In this milestone, you will draft two sections (Sections I and II) of the final project in one coherent paper regarding the fraud case Crisis at the Mill: Cash Flow Forecasting Exercise. You will introduce the subject of your case and describe the fraud scheme type. You will also analyze the type of fraud scheme by explaining the process behind which this fraud was carried out and the breakdown of the internal controls that took place. You will also discuss the risk factors in assessing this type of fraud, the potential procedures and methods that could be used to assess the risk of this fraud type, the professional responsibilities of the auditors, and the evidence needed to prove the fraud.
Specifically the following critical elements must be addressed:I. Introduction: What company is the subject of the case? Describe the type of fraud that occurred.II. Analysis of Fraud Scheme TypeA. Explain the process behind how frauds of this type are carried out. Provide a specific example illustrating fraud of this type.B. In this type of fraud scheme, how and where do internal controls break down? Provide examples of specific internal controls needed to reducethis type of fraud.C. What are the risk factors when assessing this type of fraud? Consider classifying the risk factors using the theoretical model such as the FraudTriangle.D. How can analytical procedures and other detection methods be applied to assess the risk of this type of fraud? Provide specific examples of theanalytical procedures and what they indicate.E. Discuss the professional responsibilities of auditors in detecting fraud. What sort of impact can an audit have on an organization?F. What evidence is needed to prove the fraud? Why? To guide your review of evidence, please review the article The Basics of Evidence for Fraudand Corruption Investigators.


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