As a result of the WorldCom fraud, the AICPA issued SAS No. 99 — Consideration of Fraud in a Financial Statement Audit (2003). Go to www.pearsonhighered/rufus for a link to this document and review the auditing guidance. Prepare a memo to your professor summarizing the primary requirements of this guidance as it relates to fraud.
Answer to relevant QuestionsWho is responsible for the structure and content of financial statements?What is horizontal analysis? How does it offer insight to financial statements analysis?Identify and discuss the four basic elements of fraud as established by common law.How do personal and organizational “red flags” relate to the fraud triangle? Provide an example to support your position.1. Human behavior is an exact science that can be predicted with certainty.a. Trueb. False2. Rational choice is considered a crime- specific theory because different crimes meet different needs for the offender and because ...
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