Running head: Sarbanes-Oxley Act Training Manual 1

Week 1 Individual DQ 1

Due Week 1 Day 2

Please post your response to the following discussion question by clicking on Reply:

Explain the concept of utility under the utilitarianism theory. How can a business achieve a level of utility?

Week 1 Individual DQ 2

Due Week 1 Day 5

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Explain the different types of risk, such as audit risk, inherent risk, control risk and detection risk. How can a company assess its fraud risk?

 

Audit risk is the risk that the auditor may provide an unqualified opinion on financial statements that are materially misstated. Since audit risk always exists, it should be minimized. After the audit risk is figured out, then the way an auditor figures out the scope and complexity of the audit procedures is by assessing inherent, control, and detection risk.

Week 2 Individual DQ 1

Due Week 2 Day 2

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Explain the differences among the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB).

Financial Accounting Standards Board (FASB) - since 1973 the FASB has been the organization for the private sector for establishing and setting standards for accounting that governs the

Running head: Sarbanes-Oxley Act Training Manual 2

preparation of financial reports for nongovernmental entities. www.fasb.org    FASB deals with financial reports for the private sector

Week 2 Individual DQ 2

Due Week 2 Day 5

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The SEC and the PCAOB place restrictions on 14 different types of non-audit services in an effort to guarantee the continued independence of accounting firms. What are three of these services? Why might there be a restriction imposed?

Congress wanted there to be a clear line between non-audit services that are allowed and non-audit services that are prohibited. A registered public accounting firm cannot provide certain non-audit services to a client that the company is also auditing. An accounting firm can provide non-audit services to clients that they are not currently auditing.

Sarbanes-Oxley Act Training Manual

ACC/375

FRAUDULENT SCHEMES REPORT 3

Sarbanes-Oxley Act Training Manual

The Accounting firm Learning Team C, has been hired by ABC Company, to consult ABC Company, a privately held company. ABC Company is thinking about going public within the next year and needs Learning Team C to create training materials that they can use to ensure the company aligns with the guidelines of the Sarbanes-Oxley Act. Learning Team C has been hired to create this training manual for the Sarbanes-Oxley Act that will include; the reasons the act was brought forth and the role of accounting in making ethical decisions, the current U.S. Accounting rule-making bodies

Week 3 Individual DQ 1

Due Week 3 Day 2

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What is meant by the term skimming? How can a company detect if skimming is occurring? What is meant by the term lapping? How might an employee use lapping to conceal skimming?

Skimming is the stealing of cash before it enters the business records, like skimming the cream off the top of a bucket of whole mile.  This can occur when the customer hands money to the employee and the employee pockets the money without properly entering the transaction.

Week 3 Individual DQ 2

Due Week 3 Day 5

Please post your response to the following discussion question by clicking on Reply:

What are the three types of billing schemes? What type of proactive test is used to detect these schemes?

Below are the three types of billing schemes:

Fraudulent Schemes

Running Heading: Ethical Considerations for Providing Professional Services Online 1

Nowadays, companies face threats and obstacles from many sources; frequently focusing

their efforts on competitors and external threats. Internal threats can be just as damaging, there-

fore, a company must familiarize themselves with many types of fraudulent acts. This report in-

cludes some of the more common schemes. These common schemes include cash larceny, skim-

ming, and billing. Additionally, this report uses some real world examples to make suggestions

as to how a company can safeguard against these various threats and to illustrate some of these

schemes.

Ethical Considerations for Providing Professional Services Online

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In today’s world, more accounting firms are providing professional services online. Firms can provide service to more customers from a distance. However, with this distance people are more likely to abuse the use of the business or even worse; the business may abuse its customers. Because of the possibility of such abuse, it would be in the best interest of both the accounting firm and its customers to provide guidelines to minimize or possibly eliminate unethical decisions from occurring.

Week 4 Individual DQ 1

Due Week 4 Day 2

Please post your response to the following discussion question by clicking on Reply:

What are the four steps involved in the fraud theory approach? Describe and give examples of each.

The Fraud Theory Approach is a method of investigating occupational fraud and abuse.  It consists of the following four steps: 

1.      Analyze available data – When information has been received that there is a possibility for fraud, analyze all existing evidence for information specifically focusing on the possibility of fraud.  This could invoice an audit of accounting or other company records.

Week 4 Individual DQ 2

Due Week 4 Day 5

Please post your response to the following discussion question by clicking on Reply:

What is meant by the term check tampering? What are the five methods check tampering?

Check tampering is altering a check or producing a check with false information. There are many ways a check can be tampered with. The maker of the check or the payee of the check can be altered. The amount of the check can be altered also. The endorsement can be forged.

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Unethical Behavior Memo

ACC/375

Running head: Article Review Week Four 1

Ethical behavior is a possessed trait that must come from inside each and every one indi-

vidual. For instance, an athlete who has high talent and is ethically inclined would still need

proper coaching. This coaching may come in form of encouragement or even informative sup-

port. An employee who feels a sense of identity with their workplace is more likely to protect it

as if it were theirs. This report will cover the unethical behavior within the company, a few com-

mon fraud schemes that could pose a danger to the company if not addressed properly, and

changes the company may implement to improve the situation.

Article Review Week Four

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Running head: Article Review Week Four 2

Empty promises aren’t enough to prevent unethical behaviors. In fact, empty promises only promote unethical behaviors, especially for future participants of fraud. With the continual rise in the number of companies that experience fraud, correct punishment needs administered to minimize fraudulent crimes. The SEC and DOJ are taking fraudulent criminals to court; however, the punishments do not fit the crimes.

Week 5 Individual DQ 1

Due Week 5 Day 2

Please post your response to the following discussion question by clicking on Reply:

Do you think that consumers hold companies responsible for their actions? Why is it important to have a corporate code of conduct? How does having a code of conduct influence the company’s reputation and culture?

Week 5 Individual DQ 2

Due Week 5 Day 5

Please post your response to the following discussion question by clicking on Reply:

What are some of the common unethical behaviors surrounding the revenue and collection cycle and the acquisitions and expenditure cycle?

Code of Conduct and Ethics Report

ACC 375

Numerous organizations commitment is to conducting business in agreement with the highest level of ethical standards. These organizations believe that by doing this, they become the preferred choice for suppliers to do business with, customers to buy from, and employees to work for. Organizations create a Corporate Code of Conduct or Ethics as guidance to create an organizational culture to follow ethical standards set forth.