ACC 562 Week 7 Assignment 3 – F&C International
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:
- 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.
- 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.
- 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.
- Discuss how accounting firms should modify their audit procedures to ensure the risk of financial fraud is minimized.
- Discuss how the Securities and Exchange Commission (SEC) continues to fail to detect fraudulent activities in publically traded companies. Suggest a recommendation for improvement.
- Evaluate whether legislation and regulatory agency oversight will increase or decrease corporate fraud. Explain your position.
- Use at least three (3) quality resources in this assignment.
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