Question

A 2010 study on fraudulent financial reporting by COSO notes the many ways in which long-lived assets can be fraudulently overstated, including:
Fictitious assets on the books (WorldCom)
Improper and incomplete depreciation (Waste Management)
Failure to record impairment of assets, especially goodwill (Sun Microsystems)
Expired or worthless assets left on a company's books (Millacron)
Assets overvalued upon acquisition, especially in the purchase of a company (WorldCom) What substantive audit procedures might have detected these frauds?



$1.99
Sales1
Views219
Comments0
  • CreatedSeptember 22, 2014
  • Files Included
Post your question
5000