The 1986 prospectus for ZZZZ Best included the following: • April 30, 1984 and 1985, financial statements audited by Larry G. Baker, CPA of Bakersfield, California • April 30, 1986, financial statements audited by Greenspan & Company of Englewood Cliffs, NJ • July 31, 1986, three- month interim financial statements reviewed by Ernst & Whinney of Los Angeles Consider how the ZZZZ Best fraud might have impacted each of these CPA firms, then conduct an Internet search to determine their actual experiences. Are the facts consistent with your initial expectations? Prepare a memo to your professor discussing your findings and conclusions.
Answer to relevant QuestionsAs disclosed in the introductory case study, Barry Minkow served time in prison for his fraud. Using the Internet, research Mr. Minkow’s career following his release. In your research, explore the concept of “behavioral ...How does operational and reporting freedom impact financial reporting?What are three common methods of cash flow manipulation?Identify the three elements of the fraud triangle and provide a short definition of each.1. The two methods of illegally obtaining property from others are theft and fraud.a. Trueb. False2. Fraud is:a. The use of force to obtain propertyb. The use of deception to obtain propertyc. The use of the law to obtain ...
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