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Auditing and Accounting Cases: Investigating Issues of Fraud and Professional Ethics

© 2014
by Jay Thibodeau Deborah Freier

4th Edition Active, In-Print 288 Pages Softcover
9780078025563 0078025567

http://www.mhhe.com/thibodeau4e
The approach used by Thibodeau and Freier emphasizes the substantial benefits of using real-life case examples in helping to impart knowledge related to the practice of auditing. For the fourth edition of Auditing and Accounting Cases: Investigating Issues of Fraud and Professional Ethics the authors continue their quest to be known as the most current auditing and accounting case book on the market. In that spirit, all case questions in the fourth edition have been revised to incorporate the eight new standards adopted by the PCAOB (i.e., AS 8 - AS 15) that relate to the auditors assessment of and response to risk in an audit and that include guidance related to audit planning, supervision, materiality, and evidence.

This flexible case book is perfect for educators to prepare future audit professionals with 45 cases focusing on specific and relevant audit issues. These cases focus on specific auditing issues directly impacted by Sarbanes Oxley and Dodd-Frank, using the actual companies-Madoff, Enron, WorldCom, Quest, Sunbeam-that have become synonymous with the capital markets crisis in confidence.

Section 1 Fraud Cases: Violations of Accounting Principles

Case 1.1 Waste Management: The Matching Principle

Case 1.2 WorldCom: The Revenue Recognition Principle

Case 1.3 Qwest: The Full Disclosure Principle

Case 1.4 Sunbeam: The Revenue Recognition Principle

Case 1.5 Waste Management: The Definition of an Asset

Case 1.6 Enron: The Revenue Recognition Principle

Case 1.7 WorldCom: The Matching Principle

Case 1.8 Bernard L. Madoff Investment and Securities: Broker-Dealer Fraud

Case 1.9 Qwest: The Revenue Recognition Principle

Case 1.10 The Baptist Foundation of Arizona: The Conservatism Constraint

Case 1.11 WorldCom: The Definition of an Asset

Case 1.12 Bernard L. Madoff Investment and Securities: The Role of the Securities & Exchange Commission (SEC)

Section 2 Ethics and Professional Responsibility Cases

Case 2.1 Enron: Independence

Case 2.2 Waste Management: Due Care

Case 2.3 WorldCom: Professional Responsibility

Case 2.4 Enron: Quality Assurance

Case 2.5 Sunbeam: Due Care

Case 2.6 Bernard L. Madoff Investment and Securities: A Focus on Auditors and Accountants Legal Liability

Case 2.7 Enron: Audit Documentation

Section 3 Fraud and Inherent Risk Assessment Cases

Case 3.1 Enron: Understanding the Clients Business and Industry

Case 3.2 The Baptist Foundation of Arizona: Related Party Transactions

Case 3.3 WorldCom: Significant Business Acquisitions

Case 3.4 Sunbeam: Incentives and Pressure to Commit Fraud

Case 3.5 Qwest: Understanding the Clients Business and Industry

Case 3.6 Bernard L. Madoff Investment and Securities: A Focus on Related Party Transactions

Case 3.7 Waste Management: Understanding the Clients Business and Industry

Section 4 Internal Control Systems: Entity-Level Control Cases

Case 4.1 Enron: The Control Environment

Case 4.2 Waste Management: General Computing Controls

Case 4.3 The Baptist Foundation of Arizona: The Whistleblower Hotline

Case 4.4 WorldCom: The Internal Audit Function

Case 4.5 Waste Management: Top-Side Adjusting Journal Entries

Section 5 Internal Control Systems: Control Activity

Case 5.1 The Fund of Funds: Valuation of Investments

Case 5.2 Enron: Presentation and Disclosure of Special-Purpose Entities

Case 5.3 Sunbeam: Completeness of the Restructuring Reserve

Case 5.4 Qwest: Occurrence of Revenue

Case 5.5 The Baptist Foundation of Arizona: Presentation and Disclosure of Related Parties

Case 5.6 Waste Management: Valuation of Fixed Assets

Case 5.7 Qwest: Occurrence of Revenue

Company Cases

Case 1 Enron

Case 2 Waste Management

Case 3 WorldCom

Case 4 Sunbeam

Case 5 Qwest

Case 6 The Baptist Foundation of Arizona

Case 7 The Fund of Funds

New to this Edition

PCAOB Standards: All case questions in the fourth edition have been revised to incorporate the eight new standards adopted by the PCAOB (i.e., AS 8 - AS 15) that relate to the auditors assessment of and response to risk in an audit and that include guidance related to audit planning, supervision, materiality, and evidence. As a result, this book provides students with extensive opportunities to apply technical knowledge to auditing contexts.

New cases on Bernie Madoff: Three new cases that provide important details about the historic fraud perpetrated by Bernie Madoff have been added along with one revised case. The first new case, Case 1.8 - Bernard L. Madoff Investment and Securities: Broker-Dealer Fraud is designed to introduce students to some of the key details of the fraud, including the definition of a Ponzi scheme and a description of the 'split-strike? strategy that was allegedly employed by Madoff. In addition, the case allows instructors an opportunity to introduce students to a number of the key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that relate to the regulation of Broker-Dealers like Bernie Madoff.The second new case, Case 1.12 - Bernard L. Madoff Investment and Securities: The Role of the Securities & Exchange Commission (SEC) is designed to highlight the failure of the SEC in responding to the evidence submitted by Harry Markopolos that questioned the legitimacy of the returns on Madoff's hedge fund. The third new case, Case 3.6 - Bernard L. Madoff Investment and Securities: A Focus on Related Party Transactions is designed to highlight the important relationship enjoyed by Bernie Madoff with the many "feeder funds? that were instrumental to attracting investors into the Madoff fund. The case provides instructors with an opportunity to learn that Madoff did not charge a fee on the money it managed. The fourth Madoff case, Case 2.6 Bernard L. Madoff Investment and Securities: A Focus on Auditors' and Accountants' Legal Liability has been revised to reflect the latest developments related to Madoff's accountant, David Friehling. In addition, the case highlights the possible legal liability faced by auditors of the feeder funds.


Retained Features

Cases run only 3-5 pages in length, which dramatically reduces the time necessary for students to grasp key learning objectives. Students will be thankful for providing cutting-edge instruction in such an efficient manner.

Discussion questions: Discussion questions from each section will help to facilitate dialogue between you and your students, allowing for each individual student to firmly grasp the most important elements of each case.

Ensuring student mastery: Each case focuses on one specific topic, ensuring student mastery of that topic. The unique format also provides instructors with significant flexibility in integrating the case into their syllabus or lesson plan.

Post-Sarbanes Technical audit guidance: The cases provide in-depth, up-to-date coverage of the post-Sarbanes technical audit guidance issued by the PCAOB, organised around the following themes: Fraud Cases: Violations of Accounting Principles Ethics and Professional Responsibility Cases Fraud and Inherent Risk Assessment Cases Internal Control Systems; Entity-Level Control Cases Accounts, Processes and Assertions

What you need, where you need it.

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