II. CASE REQUIREMENTS 1. Summarize the general attributes and responsibilities of a board of directors. In what ways does the board of a nonprofit organization significantly differ from that of a for-profit organization? 2. Consider the state of the organization's board of directors immediately prior to the fraud's discovery. Evaluate the board's oversight given what you now know about a board's oversight responsibilities. Identify three specific activities that the board no longer performed or could have done differently that might have prevented the fraud from occurring. In your discussion, be sure to describe what each activity would have accomplished to help prevent the fraud. 3. Using the fraud triangle as a guide, speculate on the incentives/pressures, opportunities, and attitude/rationalizations that are present in the case relative to Nancy John, the newly promoted executive director (ED) at New Day Products, that may have contributed to fraud and/or embezzlement. 4. Consider the differences between financial statement reviews and financial statement audits by examining their respective standards, specifically those of the American Institute of CPAs (AICPA), AR-C 90A paras. .04 and .39 and AU-C 200 paras. .04 and .06. a. Contrast the objectives of financial statement reviews and financial statement audits, and contrast the levels of assurance provided by each. b. Given that neither an audit nor a review was required by the state or the organization's funding sources