Business Finance Assignment Collections – assignmentcollections.com
1) Discussion Question
To begin our study of accounting fraud, we will first look at some examples of recent events that have highlighted the need for accounting diligence and oversight. By Thursday of this week, search the current news to find an article (different from your peers) about a company that experienced an accounting fraud incident in the last two years. Briefly review the article and include the proper APA citation as part of your posting. Include at least two high-quality responses to two separate peers.
Address each of the following focal points:
- Identify and specify the fraud type (occupational, managerial, etc.)?
- What events contributed to the fraud?
- Who were the key players?
- What was the result?
- What changes to the control environment would you recommend preventing a recurrence?
Support your ideas with research from our course sources and/or outside, scholarly sources. Cite a minimum of 1 article.
Please Just write a paragraph answering the questions.
These are the companies others have already posted about, so do not use those, needs to be a different on.
-Lawsuits and criminal charges against senior managers
-The company was Indian IT services and back office accounting firm
-In April of 2016, the Securities and Exchange Commission (SEC) announced two cases of cases of occupational fraud.
-Theranos, founded in 2003, is a healthcare startup company that specialized in high-tech blood testing (McKenna, 2018). Theranos committed management fraud, in which the victims were the shareholders of the company (Albrecht, Albrecht, Albrecht & Zimbelman, 2016).
-For my current news, I have found an accounting fraud incident that deals with the co-owner of Nick’s Roast Beef and his family.
-Caterpillar has had a recent accounting fraud incident.
-In June 2017, the U.S. Securities and Exchange Commission (SEC) filed charges for accounting fraud charges against Penn West Petroleum LTD (currently known as Obsidian Energy).
2) Discussion Question
Discuss the current convergence efforts and issues between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and the impact of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on creditors, regulatory agencies, and market analysts and investors. What are the pros and cons of convergence between FASB and IASB? Support your position with scholarly and peer-reviewed sources in APA style.
Just write a paragraph answering the question