Comptronix inc an audit case involving fraud

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Comptronix inc an audit case involving fraud

Identify and assess factors important when evaluating the sufficiency and appropriateness of different types of audit evidence Understand the layout and content of the standardized bank confirmation form. The company specializes in providing locations for sign and billboard advertising and has recently begun to enter the sign design market.

After working several years in the marketing department of a large corporation, Wally decided that there was a need in his area for a company specializing in signs and billboards. Drawing on his marketing experiences, he started his own company. Over the past two years your firm has provided auditing and assurance services to prepare the company to seek badly needed outside funding.

Along with Bill Thompson, a senior auditor, you have been assigned to help with the annual audit. He has also inquired of management regarding any restrictions imposed by external parties on the use of cash.

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Management assured him there are no such restrictions, but you plan to corroborate this response using bank confirmations. The first is a general account used mostly for business expenses and receipts.

When payments are collected they are deposited, along with any cash sale receipts, in the general account. The second account is a payroll account.

Funds are transferred twice a month to this account from the general account to cover payroll. The third account is an interest bearing account that the company uses to maintain extra cash for future needs.

For this assignment, you will not be required to test intrabank transfers. The case was prepared by Mark S.

Comptronix inc an audit case involving fraud

All characters and names represented are fictitious; any similarity to existing companies or persons is purely coincidental. If you make adjustments to the ending account balances, enter the adjustments on the cash lead sheet. Note, you may also download electronic versions of the working papers from www.

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After completing the audit program, answer the following questions: Why is it important to also perform substantive audit procedures for the ending cash balance even when tests of controls over transactions that affect the cash account indicate that those controls are operating effectively?

For each procedure listed in the audit program schedule C 2indicate the primary assertion s targeted by the procedure. What is the purpose for confirming information in item number two on the bank confirmation form? Identify the accounts and related audit assertion s to which the information in item number two is relevant.

Include a brief discussion of the advantages of electronic confirmations in your write-up.This Cornerstone Research report compares accounting case filings and settlements to overall securities class action trends.

A year-by-year breakdown of accounting cases versus non-accounting cases over a ten-year span is provided. Read the original case. In December , two years after this case was written, the telecommunications industry consolidated further.

the daunting task of settling the company's outstanding debt of around $35 billion and performing a rigorous financial audit of the company.

This was a monumental task, at one point utilizing an army of over. Download at: auditing cases an interactive learning approach 6th edition solutions auditing cases: an interactive learning approach pdf auditing cases an interactive learning approach solution manual auditing cases (6th edition) pdf auditing cases beasley pdf auditing cases an interactive learning approach 5th edition pdf.

Nasdaq, Inc. has been checking up on the companies it lists much more closely since a boom of China-based companies using its exchange abruptly crashed in , creating a massive fraud pile-up. Company Enters "No Contest" In Clean Air Act Violation Case Involving FAA Contractor On October 28, USA Remediation Services, Inc.

(URSI), Warrenton, VA, pled no contest in U.S. District Court in Buffalo, NY to a felony charge of violating the Clean Air Act and conspiracy to violate the Clean Air Act.

Even though neither Phar-Mor’s management, the plaintiffs’ attorneys, nor anyone else associated with the case ever alleged the auditors knowingly participated in the Phar-Mor fraud, a jury found Coopers liable under a fraud claim.

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