ACC 562 Week 7 Assignment 3 F&C International
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ACC 562 Week 7 Assignment 3 F&C
International
Read
the case study titled “F&C International” prior to doing this assignment.
Write a five to six (5-6) page paper in which
you:
1. Over
time, there has been significant legislation passed, such as Sarbanes-Oxley,
yet corporate fraud is still pervasive in today’s business environment. Suggest
three (3) new ways that you believe will eradicate corporate fraud.
2. In the
F&C case, inventory manipulation was used to enact the fraud. Discuss the
proper internal controls needed over inventory and how these controls will act
as a deterrent to fraudulent activities.
3. For a
moment, step into the shoes of Catherine Sprauer at F&C International.
Indicate what you would have done following each of the confrontations she had
with the two employees who insisted that F&C executives were involved in a
fraudulent scheme to misrepresent the company’s financial statements.
4. Discuss
how accounting firms should modify their audit procedures to ensure the risk of
financial fraud is minimized.
5. Discuss
how the Securities and Exchange Commission (SEC) continues to fail to detect
fraudulent activities in publically traded companies. Suggest a recommendation
for improvement.
6. Evaluate
whether legislation and regulatory agency oversight will increase or decrease
corporate fraud. Explain your position.
7. Use at
least three (3) quality resources in this assignment.
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