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(solution) ACC 691 Milestone Three Guidelines and Rubric Overview: The final


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ACC 691 Milestone Three Guidelines and Rubric

 

Overview: The final project for this course is the creation of a financial statement fraud case study. You will use a fraud case from a real-world situation. You are

 

encouraged to put yourself in the place of the auditor as well as the stakeholders. You will consider the theoretical models of fraudulent behavior, evaluate

 

internal controls, assess fraud risk factors, and apply prevention and detection techniques. You will also analyze the overall responsibilities of the auditors to

 

organizational stakeholders while considering applicable auditing standards.

 

Prompt: In this milestone, you will draft the remaining subsections of Section III (I and J) as well as Section IV of the final project regarding the fraud case Crisis at

 

the Mill: Cash Flow Forecasting Exercise in one coherent paper. In the paper, you will discuss what preventive controls can be put into place to prevent this fraud

 

type from occurring again as well as the recommendations you would make as an auditor to strengthen the company?s internal co ntrols. Lastly, you will discuss

 

the impact of the case on auditing standards, as well as legal, social, and economic impacts.

 

Specifically the following critical elements must be addressed:

 

III. Analysis of Fraud that Occurred

 

I. What preventive controls can be put in place to prevent this type of fraud from happening again? Why would these be the most effective

 

controls?

 

J. As an auditor, what recommendations would you make to company management to strengthen their internal control system? Be sure to

 

support your recommendations.

 

IV. Impact and Auditor Responsibility

 

A. What was the impact of this fraud case on the auditing profession (regarding each of the following perspectives)?

 

1. Professional (auditing standards)

 

2. Legal

 

3. Social

 

4. Economic Rubric

 

Guidelines for Submission: This portion of the case study analysis should be 4?5 pages, double-spaced, with one-inch margins, 12-point Times New Roman font,

 

and APA 6th edition formatting.

 

Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more in formation,

 

review these instructions.

 

Critical Elements

 

Analysis of Fraud

 

That Occurred:

 

Preventive Controls Proficient (100%)

 

Determines the preventive controls that

 

could be put in place to prevent this

 

type of fraud from reoccurring and

 

explains why these would be the most

 

effective controls Analysis of Fraud

 

That Occurred:

 

Recommendations Proposes recommendations to company

 

management to effectively strengthen

 

their internal control system with

 

support Impact and Auditor

 

Responsibility:

 

Professional Evaluates the impact of the fraud case

 

on the auditing profession from the

 

professional perspective Impact and Auditor

 

Responsibility: Legal Evaluates the impact of the fraud case

 

on the auditing profession from the legal

 

perspective Impact and Auditor

 

Responsibility: Social Evaluates the impact of the fraud case

 

on the auditing profession from the

 

social perspective Impact and Auditor

 

Responsibility:

 

Economic Evaluates the impact of the fraud case

 

on the auditing profession from the

 

economic perspective Articulation of

 

Response Submission has no major errors related

 

to citations, grammar, spelling, syntax,

 

or organization Needs Improvement (75%)

 

Determines the preventive controls that

 

could be put in place to prevent this

 

type of fraud from reoccurring but does

 

not explain why these would be the

 

most effective controls or determination

 

is cursory or contains inaccuracies

 

Proposes recommendations to company

 

management but recommendations

 

would not effectively strengthen their

 

internal control system or does not

 

provide support

 

Evaluates the impact of the fraud case

 

on the auditing profession from the

 

professional perspective but evaluation

 

is cursory or contains inaccuracies

 

Evaluates the impact of the fraud case

 

on the auditing profession from the legal

 

perspective but evaluation is cursory or

 

contains inaccuracies

 

Evaluates the impact of the fraud case

 

on the auditing profession from the

 

social perspective but evaluation is

 

cursory or contains inaccuracies

 

Evaluates the impact of the fraud case

 

on the auditing profession from the

 

economic perspective but evaluation is

 

cursory or contains inaccuracies

 

Submission has major errors related to

 

citations, grammar, spelling, syntax, or

 

organization that negatively impact

 

readability and articulation of main ideas Not Evident (0%)

 

Does not determine the preventive

 

controls that could be put in place to

 

prevent this type of fraud from

 

reoccurring Value

 

15 Does not propose recommendation to

 

company management 15 Does not evaluate the impact of the

 

fraud case on the auditing profession

 

from the professional perspective 15 Does not evaluate the impact of the

 

fraud case on the auditing profession

 

from the legal perspective 15 Does not evaluate the impact of the

 

fraud case on the auditing profession

 

from the social perspective 15 Does not evaluate the impact of the

 

fraud case on the auditing profession

 

from the economic perspective 15 Submission has critical errors related to

 

citations, grammar, spelling, syntax, or

 

organization that prevent understanding

 

of ideas 10 Total 100%

 


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