The process to record revenues properly has been defined by specific guidelines
ID: 2461142 • Letter: T
Question
The process to record revenues properly has been defined by specific guidelines and principles of which you will learn in this class. There are business types and individuals that will test the limits of hiding monies from the IRS, local or state authorities.
Please research Wisconsin's auditor's office, local taxing authorities (for Oshkosh) or the IRS website to present a case that depicts fraudulent activities as it relates to revenues. Please state your reasoning as to why you choose the case; how you would have gone about investigating the case and controls you would put in place to prevent any future frauds of this type.
Explanation / Answer
Answer
Note : I have tried to find out case that depicts fraudulent activities as it relates to revenues from mentioned sources but I Can’t find out.
Revenue recognition frauds can be possible in following way
AICPA Practice Alert 98-3 suggests a list of auditors’ responses. Here are some illustrative responses:
The auditor should increase professional scepticism as the potential for fraud risk increases. Following controls should be put in place to prevent any future frauds.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.