Combating Fraud with Internal Controls
a). Those working in auditing, forensic accounting, and law enforcement regularly uncover irregularities in record keeping and documentation. Sometimes, these elements are clues that ultimately lead to the exposure of a variety of financial crimes and fraud schemes. Using the Internet, locate an example of financial fraud that has occurred within the last three years. Share the article or link that you have located in your discussion response.
• Summarize the basic elements of the financial fraud case you have selected. Identify the key areas or weaknesses that the perpetrators exploited to commit the fraud.
• Identify two internal controls—one preventative control and one detective control—that would quickly prevent or uncover a similar fraud.
b). PCAOB’s Auditing Standard (AS) 3101: The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion provides practitioners with guidance for the determination, communication, and documentation of critical audit matters (CAMs), including the requirements for discussion in the auditor’s report. Review the section of AS 3101 focusing on critical audit matters.
• Imagine that you are the audit manager on an annual financial statement audit engagement for a public company (the client).
• Create a unique scenario in which you encounter a critical audit matter that must be evaluated, communicated, and reported. Explain any relevant circumstances and supporting evidence.
• Describe how the matter will be communicated in the auditor’s report, including specific language that should be used.
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