Question: II. Case-1 (Score 20) A study on fraudulent financial reporting by one of the most popular internal controls frame provider, notes that there are many

II. Case-1 (Score 20) A study on fraudulent financial reporting by

II. Case-1 (Score 20) A study on fraudulent financial reporting by one of the most popular internal controls frame provider, notes that there are many ways in which long-lived assets can be fraudulently overstated, including: a. Assets fictitious, on the books (WorldCom) b. Incomplete and Improper depreciation (Waste Management) Failure to record important of assets, especially goodwill (Sun Microsystems) d. Expired or worthless assets left on a company's books (Millacron) e. Overvalued assets upon acquisition, especially in the purchase of a company (WorldCom) The quetion is What substantive audit procedures might have detected these frauds? List what should auditor do to the five conditions above! C

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