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Module 6 DB Question 1

1. Which of the following is not an example of a type of defalcation?
a. A warehouse employee takes home two units of electronic entertainment inventory each week without authorization.
b. The president of the company utilizes the organization’s cash to add a floor to her 15,000 square foot house.
c. The chief financial officer of the company falsely adds $20 million to the accounts receivable and revenue accounts.
d. The treasurer of the company makes an unauthorized wire transfer from the organization’s bank to a personal account in Grand Cayman.
Module 6 DB Question 2

2. Which of the following situations is related the opportunity factor of the fraud triangle?
a. In an effort to increase the company’s visibility before they go public, the company has issue various press releases projecting significant earnings growth for the current year.
b. During the current year, the company obtained a loan from First National Bank. The CEO has personally guaranteed this loan.
c. The company does not appropriately monitor its internal controls.
d. The company announced early in the current year that it would no longer be paying end of year bonuses to its staff.
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Module 6 DB Question 3

3. The auditor of a retail organization notes the following changes in ratios during this year-end audit. Your analysis of the industry indicates that most retailers are carrying smaller amounts of inventory this year and sales are starting recover. As the audit team brainstorms about the likelihood of fraud, which of the items would indicate the highest likelihood of financial fraud?
This Year Last Year
a. Inventory Turnover 6.2 times 5.4 times
b. Sales Increase over past year 1.1% -2.8%
c. Store operating cost as % of revenue 9.4% 9.3%
d. Store maintenance costs as % of revenue 3.2% 5.9%
Module 7 DB Question 1

1. An audit report prepared by Garrett and Brown, CPAs, is provided below. The audit for the year ended December 31, 2007 was completed on March 1, 2008, and the report was issued on March 13, 2008. List any deficiencies in this report. Do not rewrite the report.

We have examined the accompanying financial statements of Dalton Corporation as of December 31, 2007. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with generally accepted accounting principles. Those principles require that we plan and perform the audit to provide reasonable assurance about whether the financial statements are free of misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, except for the effects of not capitalizing certain lease obligations that should be capitalized in order to conform with generally accepted accounting principles, the financial statements referred to above present accurately the financial position of Dalton Corporation as of December 31, 2007, in conformity with accounting principles generally accepted in the United States of America.

Garrett and Brown, CPAs

March, 2008

Module 7 DB Question 2

2. Your CPA firm has completed the fieldwork for the 2007 audit of Sharp Corporation, a private company with an October year-end. You were preparing to draft a standard, unqualified audit report when you discovered that the audit manager on the Sharp engagement owns 10 shares of Sharp’s common stock. Prepare the appropriate report.
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