Financial fraud and fraudulent financial reporting

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User Generated

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enlaravkba

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Writing

Description

02-19-19 Financial Accounting

Deliverable Length: 400-600 words

APA 6 format with references

Information from link below is attached in PDF format to this assignment.

Click http://www.accounting-degree.org/scandals/ to view a list of the top ten accounting scandals of the past decade. This will help you to focus on the importance of internal controls and section 404 of the Sarbanes-Oxley Act (SOX). There are several areas of financial fraud and fraudulent financial reporting. Each is different, but a violation is unethical and will create mistrust of the accountants and the accounting profession.

Discuss the misrepresentation of financial information to the public, and answer the following questions:

 What statements are key targets for this manipulation, and what accounts found in the statements are the main focus?

 How can this fraudulent information be detected? What are the steps to prevent these actions?

 What is the importance of SOX section 404 to help with preventing fraud and fraudulent financial reporting?

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Tags: APA Sarbanes-Oxley Act financial accounting SOX financial fraud Fraudulent financial reporting internal auditing department management reports

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Explanation & Answer

Attached.

Running head: FINANCIAL FRAUD AND FRAUDULENT FINANCIAL REPORTING

Financial Fraud And Fraudulent Financial Reporting
Institutional Affiliation
Name
Date

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FINANCIAL FRAUD AND FRAUDULENT FINANCIAL REPORTING

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Among the statements that are considered critical targets for this manipulation include the
balance sheets which in most of the company scandals are allegedly falsely increased in terms of
the depreciation time length for their property, keeping huge debts off the balance sheets,
siphoning money through unapproved loans and fraudulent stock sales. The revenues, margins as
well as the cash balances tha...