DOI: 10.2308/iace-50004 Koss Corporation Case: Trouble in Brew City Brian Daugherty and Daniel G. Neely ABSTRACT: This instructional case provides auditing students an opportunity to examine an interesting real-life embezzlement and financial statement fraud occurring at a publicly traded company in the post-Sarbanes-Oxley (SOX) era. The case focuses on independent auditors’ and senior management’s reporting responsibilities related to internal control over financial reporting involving smaller
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large amount of topics. Prior to the enactment of the Sarbanes-Oxley Act, there were several highly controversial and heavily scrutinized cases of corporate fraud that included the infamous Enron, Tyco, and WorldCom. These scandals cost investors billions of dollars when the share prices of these companies collapsed after the cases were filed. These cases of fraud indicated to both the public and the government that there was not enough regulation over financial statements of publically traded companies
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failures like the often cited Enron and WorldCom cases have placed forensic accounting into the limelight. The objective of this study is to present the views of practitioners regarding forensic accounting and its current development in Malaysia. For the purpose of this study, practitioners from the big and medium accounting firms and regulatory bodies in Malaysia were interviewed regarding the subject matter and unstructured interviews were used in the study. Keyword: Forensic Accounting, Auditing
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A Project Report On “Forensic Accounting And Auditing” Submitted By Durvesh S. Naik Roll No: - 6025 MCOM PART-II (Advanced Accountancy) 2014-15 MULUND COLLEGE OF COMMERCE SAROJINI NAIDU ROAD, MULUND (W.) MUMBAI-80 SUBMITTED TO UNIVERSITY OF MUMBAI ACADEMIC YEAR 2014-15 DECLARATION I Durvesh Naik student of Mulund College of Commerce, S. N. Road, Mulund (W.) Mumbai – 80 of Mcom Part II (Advanced Accounting) Seat no: - 6025, hereby declare that I have completed the project
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CASE STUDY-WEEK 3 We learned in Chapter 2 that the fraud triangle identifies three critical elements that generally must exist in order for fraud to occur. They are: Motive: motivation, incitement, stimulus, spur; influence, occasion, ground, cause. Motive, incentive, inducement apply to whatever moves one to action. Motive is, literally, something that moves a person; an inducement something that leads a person on; an incentive something that inspires a person. Motive is applied mainly to
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INTERNAL CONTROL (Case Study 2) 1. Introduction As President of LJB Company is looking to go public by bringing internal controls system which is as one of the most challenging corporate governance issues because internal control involves everything that controls risks to an organization. Our accounting department has been chosen to evaluate the internal controls of LJB Company. LJB Company is planning to be a publicly traded company in the near future. Our firm needs to evaluate the internal
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BKAL3063 Integrated Case Study Group I A141 30 September 2014 Group Members: 1. Rose Atikahanum Binti Abdul Rahman 216666 2. Nor Amira Zuriyanti Binti Khalid 216410 3. Nurulnabila Binti Mohd Sanusi 216516 4. Peggy Liaw Wan Gene 216388 5. Willson Wong 216381 1.0 EXECUTIVE SUMMARY WorldCom was a telecommunications company and formerly known as Long Distance Discount Services (LDDS). The company was handled by Bernard J. (Bernie) Ebbers, one of the original nine investors, and managed to
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Management, Boards of Directors, and Audit Committees Ethical Dilemmas What rationalization does a company make to justify a corporate culture where ethics are ignored? In recent years, greed, fraud, and a lack of ethical conduct have led to the collapse of many organizations. A variety of internal and external pressures can lead companies down the wrong path. And once the first misstep is taken, it’s a slippery slope to hurting stakeholders, the community, and your reputation. This turmoil and
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“How Internal Controls can be used to prevent fraud” Jonathan Evans Dr. M. A. Turner ACC 455 Auditing 16 October 2011 Abstract This research paper will explain the use of internal control procedures as a way to prevent and or deter business related theft caused by employees. It will feature an introduction explaining what internal controls are, who is responsible for them, and detailing the five components that make up internal controls. Then there will be a number of examples showing
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RESTORING TRUST AFTER FRAUD: DOES CORPORATE GOVERNANCE MATTER? David B. Farber The Eli Broad Graduate School of Management Michigan State University N232 Business College Complex East Lansing, MI 48824-1122 e-mail: farberd@msu.edu (517) 432-0615 First Draft: January 2003 Current Draft: January 7, 2004 This paper is adapted from my dissertation completed at Cornell University. I would like to thank my committee chairperson, Julia D’Souza, for her unwavering support and guidance in the development
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