ACC 562 Assignment 3 F&C International

ACC 562 Assignment 3 F&C International

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Strayer ACC 562Assignment 3: F&C International

Due Week 7 and worth 320 points

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.

Your assignment must follow these formatting requirements:

                            ·  Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

                            ·  Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. 
The specific course learning outcomes associated with this assignment are:

                            ·  Examine the various types of financial fraud and the auditor’s responsibilities related to fraud detection.

                            ·  Use technology and information resources to research issues in auditing.

                            ·  Write clearly and concisely about auditing using proper writing mechanics.