Case Study: Raleigh Corporation

In this case study analysis, you will focus on fraud risk factors and the internal control environment. Be sure to follow format and use the guidance in the text to support your work. Read the case below of Raleigh Corporation, which is based on Case 11-31 on page 417 of your textbook. Instructions: In your case study analysis, address the following points: Explain the accounts payable assertions that Mincin must consider in determining the audit procedures to be followed. Evaluate situations in which Mincin should use accounts payable confirmations and whether Mincin is required to use them. Analyze why the use of large-dollar balances as the basis for selecting accounts payable for confirmation might not be the most efficient approach and any approaches that may be more appropriate or efficient.