ACC 461 Auditing Financial Statement Fraud: Lessons from the ZZZZ Best Case The video “Cooking the Books” discussed the ZZZZ Best case of fraud‚ it tells how and why fraud was perpetrated by Barry Minkow and why it was undetected for so long. According to the video‚ ZZZZ Best was founded by Barry Minkow in 1982; when he was sixteen years old‚ it started as a carpet cleaning company. But‚ due to high competition in the industry‚ low entry barriers‚ and bad internal control‚ this young entrepreneur
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Case 1.9 Zzzz Best Company Case 1.9 ZZZZ Best Company‚ Inc. 1. A review is similar to an audit but is less in scope and only provides limited assurance in regards to the presentation of the financial statement. This differs with an audit that gives reasonable assurance that no material errors or illegal acts are detected. The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. A review does not provide a basis
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Auditing Concepts ZZZZ Best Company‚ Inc Case Solutions: 1. A review is performed to obtain a reasonable basis for providing limited assurance that the client’s financial statements have been prepared in conformity with generally accepted accounting principles. An independent audit is designed to provide a reasonable basis for expressing an opinion concerning whether or not a client’s financial statements have been prepared in accordance with generally accepted accounting principles.
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ZZZZ Best Company Case Ernst and Whitney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? While both a review and an audit are attestation services provided by CPAs. A review and an audit differ in that a review does not offer the level of assurance
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ZZZZ Best Case Assignment #2 Question 1: 15 points AU Section 315 Communications Between Predecessor and Successor Auditors .01-.13Using the facts from the ZZZZ Best case and professional guidance from AU Section 315‚ explain the following: A. As the successor auditor‚ what was E&W supposed to do before they accepted ZZZZ Best as an audit client in regards to Greenspan? Summarize in enough detail AU 315.03-.06. In your answer give and support your opinion as to whether or not E&W violated
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FACULTY OF LANGUAGE STUDIES TMA COVER FORM EL121 The Short story and Essay Writing Part (I) STUDENT INFORMATION (to be completed by student)1. Name 2. Registration No3. Section No4. Tel. 5. E- I confirm that the work presented here is my own and is not copied from any source. Students signaturePart (II) TUTORS REMARKS (to be completed by tutor)Tutor nameSignatureDate TMA receivedDate returnedTUTORS REMARKS Mark Allocated to TMASTUDENT MARK 30For content a maximum of 30 marks Marks deducted
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ANNEXURE TO CBEC CIRCULAR No.165/16/2012-ST DESCRIPTIONS OF TAXABLE SERVICES AND ACCOUNTING CODES FOR PAYMENT OF SERVICE TAX No. Finance Act‚1994 erstwhile Section 65(105) Descriptions of Taxable Services 1 * (a) (b) * (c) 2 3 4 5 6 7 8 9 (d) (e) (f) (g) (h) (i) (j) (k) * (ka) Stockbroker service Telegraph authority-telephone connection [(b) was omitted w.e.f.01.06.2007 and clubbed under (zzzx)] Telegraph authority-pager[(c ) was
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Exercise 6.1 a) Describe the mediastinum and its boundaries. The region betweenthe two pleural cavities‚ also contains the thymus‚ esophagus‚ andtrachea. b) Use the identify tool to label the sructures in the diagram belowc)Right common carotid arteryd)Brachiocephalic arterye)Right Brachiocephalic veinf)Ascending Aortag)Superior vena cavah)Interior of paricardial saci)Auricle of right atrium j)Right Atrium k)Diaphram l)Left common carotid artery m)Left subclavian arteryn)Left Brachiocephalic
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In the ZZZZ Best case‚ the index of .064 is almost four times the study’s mean for nonmanipulators‚ another possible clue of fraud. A FINAL WORD OF CAUTION Fraud‚ by its nature‚ is easy to conceal and difficult to detect; an entity that manipulates its earnings
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Barry Minkow – Misrepresentation and Ponzi in 1987 Establishment of ZZZZ Best Company When he was a sophomore in high school‚ Barry Minkow founded a carpet cleaning company - ZZZZ Best Company in his parents’ garage. At that time‚ the carpet cleaning industry has few entry barriers and all Minkow needed was a small amount of start-up capital. However‚ he soon found out that his firm was actually tough to survive in the industry as the ease of entry means fierce competition. The young man encountered
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