Accounting Irregularities & Improper Revenue Recognition

SoccerBoss
Category:
Accounting
Price: $15 USD

Question description

Week 8 Discussion 1

"Accounting Irregularities" Please respond to the following:

  • Imagine that you were auditing accounts receivable balances to confirm sales and found significant discrepancies between the recorded account balances and returned confirmations from customers. Recommend an alternative approach to confirming sales revenue. Provide rationale for your recommendation.

  • Using the case as a reference and from the e-Activity, discuss the improper recognition treatment you researched, and make a recommendation regarding the type of analytical procedure that should have detected the improper accounting transactions. Propose the internal control activities or audit plan that might have detected the improper transactions. Be specific with your recommendation.

    Use the Internet to research a recent accounting scandal within the past five years related to irregularities in financial statement reporting. Be prepared to discuss.

"Improper Revenue Recognition" Please respond to the following:

  • From the e-Activity, discuss the major accounting issues, the key motivation behind management’s decision to misrepresent the results of their financial condition, the main impact to investors, and the method by which the scandal was uncovered. Based on the type of revenue manipulation perpetrated, suggest key analytical procedures that the auditor should develop to detect the accounting abuses in the audits or those of other companies. Provide rationale for your suggestions.

e- Activity: Use the Internet to research a recent accounting scandal within the past five years related to irregularities in financial statement reporting. Be prepared to discuss.

  • Discuss the primary risk factors and motives that would have the most impact on the decision of a company's management team to commit the impropriety. Based upon the risk factors identified, make a recommendation or the types of internal controls that should be implemented to prevent or detect the impropriety. Be specific with your recommendations.

Tutor Answer

(Top Tutor) Daniel C.
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School: Duke University
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