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Assignment Item 1: Overstated income (overstated revenues, understated expenses or a combination) is an area of concern to the SEC. Go to http://www.sec.gov/divisions/enforce/friactions.shtml and locate an enforcement release where there is a discussion of overstated income and issues with the audit or auditor. Prepare a memo to explain why the SEC had an issue with income overstatement and how the auditor could have done a better job. Assignment Item 2: Your team is to consider the issues presented in the Hamilton Corporation case posted on Blackboard. You are provided related information from KPMG as well. Answer questions 1 and 2 at the end of the case, and also answer this question (we’ll refer to it as question 3): 3. As the auditor, how would you expect to address the fraud risks you have identified? How does the fraud risk impact on audit risk and how do you expect this risk to impact on your audit and its planning? You are not expected to research this issue or consider information in your text after Chapter 5. You may find your basic knowledge of accounting helpful, as well as the application of good business practices you have learned. for the part 1, you have to use the link:http://www.sec.gov/divisions/enforce/friactions.shtml to find a case related to audit or auditor and prepare a Memo. For the part, after you read the Hamilton Corporation case, you just need to answer 1 and 2, the question are: 1.Based on your understanding of fraud risk assessment and the case information, identify at least three specific fraud risk factors related to Hamilton Company. 2. If you were responsible for planning the audit of Hamilton Company, how would the fraud risk factors identified in question #1 have influenced the nature, timing, and extent of your audit work? 3. As the auditor, how would you expect to address the fraud risks you have identified? How does the fraud risk impact on audit risk and how do you expect this risk to impact on your audit and its planning? You are not expected to research this issue or consider information in your text after Chapter 5. You may find your basic knowledge of accounting helpful, as well as the application of good business practices you have learned.(the chapter 4 and 5 ppt also posted, if you need)

Assignment Item 1: Overstated income (overstated revenues, understated expenses or a combination) is an area of concern to the SEC. Go to http://www.sec.gov/divisions/enforce/friactions.shtml and locate an enforcement release where there is a discussion of overstated income and issues with the audit or auditor. Prepare a memo to explain why the SEC had an issue with income overstatement and how the auditor could have done a better job.

Assignment Item 2: Your team is to consider the issues presented in the Hamilton Corporation case posted on Blackboard. You are provided related information from KPMG as well. Answer questions 1 and 2 at the end of the case, and also answer this question (we’ll refer to it as question 3):

  1. As the auditor, how would you expect to address the fraud risks you have identified? How does the fraud risk impact on audit risk and how do you expect this risk to impact on your audit and its planning? You are not expected to research this issue or consider information in your text after Chapter 5. You may find your basic knowledge of accounting helpful, as well as the application of good business practices you have learned.

for the part 1, you have to use the link:http://www.sec.gov/divisions/enforce/friactions.shtml to find a case related to audit or auditor and prepare a Memo.

For the part, after you read the Hamilton Corporation case, you just need to answer 1 and 2, the question are:

1.Based on your understanding of fraud risk assessment and the case information, identify at least three specific fraud risk factors related to Hamilton Company.

  1. If you were responsible for planning the audit of Hamilton Company, how would the fraud risk factors identified in question #1 have influenced the nature, timing, and extent of your audit work?
  2. As the auditor, how would you expect to address the fraud risks you have identified? How does the fraud risk impact on audit risk and how do you expect this risk to impact on your audit and its planning? You are not expected to research this issue or consider information in your text after Chapter 5. You may find your basic knowledge of accounting helpful, as well as the application of good business practices you have learned.(the chapter 4 and 5 ppt also posted, if you need)

 

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