ACC 562 Wk 7 Assignment 3 F&C
International
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ACC 562 Wk 7 Assignment 3 F&C
International
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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