Improper Revenue Recognition
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Use the Internet to research a recent
accounting scandal within the past five years related to irregularities in
financial statement reporting.
- From the e-Activity,
discuss the major accounting issues, the key motivation behind
management’s decision to misrepresent the results of their financial
condition, the main impact to investors, and the method by which the
scandal was uncovered. Based on the type of revenue manipulation
perpetrated, suggest key analytical procedures that the auditor should
develop to detect the accounting abuses in the audits or those of other
companies. Provide rationale for your suggestions.
- Discuss the primary
risk factors and motives that would have the most impact on the decision
of a company’s management team to commit the impropriety. Based upon the
risk factors identified, make a recommendation or the types of internal
controls that should be implemented to prevent or detect the impropriety.
Be specific with your recommendations.
make sure that the bullet point and solution is together, and make solution at least
a paragraph long.