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Auditing ACCT 4002-01 Financial Statement Fraud Assignment Learning Objective Financial statement fraud is one of the boldest, most remarkable forms of fraud. It is fraud with respect to a company’s audited financial statements, which are frequently available to the company’s creditors, stockholders, and business affiliates. This assignment is designed to heighten your awareness of financial statement fraud by reporting on a known instance of financial statement fraud in sufficient detail to appreciate its cause, context, and resolution. Oral Presentation You are required to give a five- to seven-minute oral presentation with powerpoint slides on your selected date, on a known instance of past financial statement fraud. There are five steps needed to successfully complete this assignment. 1. Select a date to present a past instance of financial statement fraud, email me with your selection, identifying the company, the year(s), and the instance of financial statement fraud. There is a non-repetition policy, and topics are chosen on a first-come, first- served basis – once a student makes a selection, no other student can pick the same instance of financial statement fraud. 2. In your presentation, you should summarize the company’s background (its industry, products or services group, etc.) and its performance relative to industry standards (its stock price, its relative size, and its market share). 3. In your presentation, you should identify and describe the following aspects of the financial statement fraud: (a) the discovery or detection of the fraud; (b) the duration of the financial statement fraud; (c) the degree of fraud, as in what was amount of the misrepresentation or the total cost of the fraud; and (d) identification of the external auditor and the auditor’s opinion with respect to the financial statement at issue (for example did the auditor provide an unqualified opinion?).

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Auditing

ACCT 4002-01

Financial Statement Fraud AssignmentLearning Objective

Financial statement fraud is one of the boldest, most remarkable forms of fraud. It is fraud with respect to a companys audited financial statements, which are frequently available to the companys creditors, stockholders, and business affiliates. This assignment is designed to heighten your awareness of financial statement fraud by reporting on a known instance of financial statement fraud in sufficient detail to appreciate its cause, context, and resolution.

Oral PresentationYou are required to give a five- to seven-minute oral presentation with powerpoint slides on your selected date, on a known instance of past financial statement fraud. There are five steps needed to successfully complete this assignment.

1. Select a date to present a past instance of financial statement fraud, email me with your selection, identifying the company, the year(s), and the instance of financial statement fraud. There is a non-repetition policy, and topics are chosen on a first-come, first-served basis once a student makes a selection, no other student can pick the same instance of financial statement fraud.2. In your presentation, you should summarize the companys background (its industry, products or services group, etc.) and its performance relative to industry standards (its stock price, its relative size, and its market share). 3. In your presentation, you should identify and describe the following aspects of the financial statement fraud: (a) the discovery or detection of the fraud; (b) the duration of the financial statement fraud; (c)the degree of fraud, as in what was amount of the misrepresentation or the total cost of the fraud; and (d)identification of the external auditor and the auditors opinion with respect to the financial statement at issue (for example did the auditor provide an unqualified opinion?).4. In your presentation, you should identify the fraudsters and explain their motives (were they trying to benefit themselves directly, the company, or otherwise incentivized?) In consideration of the fraudsters motives, you should provide your opinion as to whether any safeguards could have been in place to prevent the precise instance of financial statement fraud from occurring. 5. In your presentation, you should report the outcome of the financial statement fraud. For instance, what were the consequences for the specific fraudsters and the company.


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