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Auditing and Accounting Cases

This document is a table of contents for a book titled "Auditing and Accounting: Investigating Issues of Fraud and Professional Ethics Third Edition" which contains cases related to fraud, accounting principles, ethics, internal controls, and risk assessment. The table of contents outlines seven sections that examine specific fraud cases which violate accounting principles, ethics and professional responsibility cases, fraud and inherent risk assessment cases, internal control system entity-level control cases, internal control system control activity cases, and an appendix with details on company cases analyzed in the book.

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339 views

Auditing and Accounting Cases

This document is a table of contents for a book titled "Auditing and Accounting: Investigating Issues of Fraud and Professional Ethics Third Edition" which contains cases related to fraud, accounting principles, ethics, internal controls, and risk assessment. The table of contents outlines seven sections that examine specific fraud cases which violate accounting principles, ethics and professional responsibility cases, fraud and inherent risk assessment cases, internal control system entity-level control cases, internal control system control activity cases, and an appendix with details on company cases analyzed in the book.

Uploaded by

aishasekarmajida
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Auditing and

Accounting
r
Investigating Issues of Fraud
and Professional Ethics Third Edition

Dr. Jay C. Thibodeau

Deborah Freier

Me
Grauu McGraw-Hill
Hill Irwin
Table of Contents
SECTION ONE
FRAUD CASES: VIOLATIONS OF ACCOUNTING
PRINCIPLES 1
Case 1.1
Waste Management: The Matching Principle 3
Case 1.2
WorldCom: The Revenue Recognition Principle 7
Case 1.3
Qwest: The Full Disclosure Principle 11
Case 1.4
Sunbeam: The Revenue Recognition Principle 17
Case 1.5
Waste Management: The Definition of an Asset 21
Case 1.6
Enron: The Revenue Recognition Principle 25
Case 1.7
WorldCom: The Matching Principle 29
Case 1.8
The Fund of Funds: The Conservatism Constraint 33
Case 1.9
Qwest: The Revenue Recognition Principle 41
Ca|e1.10
The Baptist Foundation of Arizona: The Conservatism
Constraint 45
Case 1.11
WorldCom: The Definition of an Asset 49
viii Table of Contents

SECTION TWO
ETHICS AND PROFESSIONAL RESPONSIBILITY CASES 53
Case 2.1
Enron: Independence 55
Case 2.2
Waste Management: Due Care 59
Case 2.3
WorldCom: Professional Responsibility 63
Case 2.4
Enron: Quality Assurance 67
Case 2.5
Sunbeam: Due Care 71
Case 2.6
The Fund of Funds: Independence 75
Case 2.7
Bernard L. Madoff Investment and Securities: A Focus on
Auditors' Legal Liability and Due Care 79
Case 2.8
Enron: Audit Documentation 83

SECTION THREE
FRAUD AND INHERENT RISK ASSESSMENT CASES 87
Case 3.1
Enron: Understanding the Client's Business and Industry 89
Case 3.2
The Baptist Foundation of Arizona: Related Party
Transactions 93
Case 3.3
WorldCom: Significant Business Acquisitions 97
Case 3.4
Sunbeam: Incentives and Pressure to Commit Fraud 101
Table of Contents ix

Case 3.5
Qwest: Understanding the Client's Business and Industry 105
Case 3.6
The Fund of Funds: Related Party Transactions 109
Case 3.7
Waste Management: Understanding the Client's Business
and Industry 115

SECTION FOUR
INTERNAL CONTROL SYSTEMS: ENTITY-LEVEL
CONTROL CASES 121
Case 4.1
Enron: The Control Environment 123
Case 4.2
Waste Management: General Computing Controls 127
Case 4.3
The Baptist Foundation of Arizona: The Whistleblower Hotline 131
Case 4.4
WorldCom: The Internal Audit Function 135
Case 4.5
Waste Management: Top-Side Adjusting Journal Entries 139

SECTION FIVE
INTERNAL CONTROL SYSTEMS: CONTROL
ACTIVITY CASES 143
Case 5.1
The Fiund of Funds: Valuation of Investments 145
Case 5.2
Enron: Presentation and Disclosure of Special Purpose Entities 149
Case 5.3
Sunbeam: Completeness of the Restructuring Reserve 155
x Table of Contents

Case 5.4
Qwest: Occurrence of Revenue 159
Case 5.5
The Baptist Foundation of Arizona: Presentation and Disclosure
of Related Parties 165
Case 5.6
Waste Management: Valuation of Fixed Assets 169
Case 5.7
Qwest: Occurrence of Revenue 175

APPENDIX
COMPANY CASES 179
Case A. 1
Enron 181
Case A.2
Waste Management 195
Case A.3
WorldCom 211
Case A.4
Sunbeam 225
Case A.5
Qwest 237

Case A.6
The Baptist Foundation of Arizona 251
Case A.7
The Fund of Funds 263
I

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