Week 4 Assignment Trusted Criminals p308 q4 4. Identify three federal regulatory agencies with specific responsibilities relating to white collar crime; describe the jurisdictions of these agencies. Which agencies appear to be most effective, and which agencies appear to be least effective—or even counterproductive—and why? What factors specifically influence how agencies operate? • SEC-Securities and Exchange Commission: The SEC’s purpose is to “serve as a repository and examiner for registration statements filed by companies planning to sell stock to the general public; providing information on securities to investors; advising on some bankruptcy reorganizations; and investigating and initiating action when federal securities laws are violated and frauds are committed.” The SEC’s job is to protect investors by regulating a policing the securities market.
The external source documentation can serve as the confirmation of the internal documentation. 7-28 1. Review the accounts receivable with the credit manager to evaluate their collectability. Inquiries of the client. 2. Compare a duplicate sales invoice with the sales journal for customer name and amount.
Criminalistics II -8 Unit 2 Homework May 5, 2007 Forensic Document Examiner What does a forensic document examiner do? A forensic document examiner analyzes and discovers evidence from questioned documents, and determines whether the handwriting/printing is real or forged. Are there areas of specialization within the field? If so, what are they? Historical Dating – “The expertise of the verification of age and worth of a document or object done by a document examiner.” Fraud Investigations – “Focusing on money and criminal intent.” Paper & Ink Specialists – “Finding out certain paper by its date, type, source, and watermarks.
Within this case, we will see multiples internal control weaknesses that allowed Pavlo to perpetrate the fraud and how he used the tricks to mask the whole scam. Internal control is the method intended to ensure dependable financial reporting, effective and efficient department operations, and business compliance with related laws and regulations. Not having an effective internal control process will allow fraudsters like Walt Pavlo to take advantage. In 1992, Pavlo started working with MCI as one of a few managers in charge of the billing and collections for the carrier business unit. The carrier unit handled the reseller’s accounts that leased and bought large amount of time from MCI and then resold to their own direct customers.
| SOX was enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. | GLBA | The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit the practice of pretexting (accessing private information using false pretenses). The Act also requires financial institutions to give customers written privacy notices that explain their information-sharing practices. | GLBA helps to protect private financial information of financial institution’s customers. | HIIPA | This act gives the right to privacy to individuals from age 12 through 18.
MEMORANDUM TO: Outside Certified Public Accountants FROM: CPA DATE: April 8, 2013 Re: CPA Report In response to the examination of the subsidiary that has been set up as a corporation, the explanations to the deferred tax methods, procedures for accounting changes and corrections, and the reasoning for setting up the corporation as a subsidiary will be addressed. Deferred Tax Methodology Financial and tax reporting creates temporary differences between the amounts reported for income taxes and on the financial statements because an accrual basis is used for financial reporting and a modified cash basis is used for tax reporting. Deferred taxes reported contain a temporary difference between the tax basis of a liability or
The reports indicate the role of credit rating agencies in the securities markets and the number of securities professionals practicing before the commission who has helped an abetted federal securities violations and not penalized as a primary violator. The GAO report indicates whether investment banks and financial advisors assisted public companies in earnings manipulation and bafflement of financial conditions. SEC enforcement actions are taken regarding violations of reporting requirements and restatements of financial
ACC 403 Midterm Exam Answers http://www.homework-bank.com/downloads/acc-403-midterm-exam-answers/ ACC 403 Midterm Exam Answers Part 1 • Question 1 Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: • Question 2 ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. • Question 3 The use of the Certified Public Accountant title is regulated by: • Question 4 The Sarbanes-Oxley Act applies to which of the following companies? • Question 5 Three common types of attestation services are: • Question
General Audit Engagement Checklist Checklist for Review of Audit Engagements Contents Section Page I. The Auditor’s Report With Regard to the Auditor’s Report ............................................................................................... 20,407 II. General Audit Procedures With Regard to Client Acceptance .................................................................................................. 20,410 With Regard to Client Understanding ............................................................................................. 20,410 With Regard to Audit Planning ....................................................................................................... 20,411 With Regard to Information Technology Considerations ............................................................... 20,412 With Regard to Fraud Considerations ............................................................................................. 20,412 With Regard to Internal Controls and Control Risks ...................................................................... 20,413 With Regard to Work Performed by Other Auditors ...................................................................... 20,414 With Regard to a Specialist If Used ................................................................................................ 20,414 With Regard to Audit Programs ...................................................................................................... 20,414 With Regard to Audit Sampling ...................................................................................................... 20,415 With Regard to Analytical Procedures ............................................................................................ 20,415 With Regard to Related Party Transactions
You have the right to dispute the accuracy of information that Wells Fargo Bank, N.A. has furnished to a consumer reporting agency by writing to us at Wells Fargo Servicing, P.O. Box 14415, Des Moines, IA 50306-3415. Please describe the specific information that is inaccurate or in dispute and the basis for the dispute along with supporting documentation. If you believe the information furnished is the result of identity theft, please provide us with an identity theft report.