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ACC 691 Milestone One Guidelines and Rubric Overview: The final project for this course is the creation of a financial statement fraud case study....

In this milestone, you will draft two sections (Sections I and II) of the final project in one coherent paper regarding the fraud case Crisis at the Mill: CashFlow Forecasting Exercise. You will introduce the subject of your case and describe the fraud scheme type. You will also analyze the type of fraud scheme byexplaining the process behind which this fraud was carried out and the breakdown of the internal controls that took place. You will also discuss the risk factors inassessing this type of fraud, the potential procedures and methods that could be used to assess the risk of this fraud type, the professional responsibilities of the auditors, and the evidence needed to prove the fraud.

Specifically the following critical elements must be addressed:

I. Introduction: What company is the subject of the case? Describe the type of fraud that occurred.

II. Analysis of Fraud Scheme Type

A. Explain the process behind how frauds of this type are carried out. Provide a specific example illustrating fraud of this type

.B. In this type of fraud scheme, how and where do internal controls break down? Provide examples of specific internal controls needed to reduce this type of fraud.

C. What are the risk factors when assessing this type of fraud? Consider classifying the risk factors using the theoretical model such as the Fraud Triangle.

D. How can analytical procedures and other detection methods be applied to assess the risk of this type of fraud? Provide specific examples of the analytical procedures and what they indicate.

E. Discuss the professional responsibilities of auditors in detecting fraud. What sort of impact can an audit have on an organization?F. What evidence is needed to prove the fraud? Why? To guide your review of evidence, please review the article The Basics of Evidence for Fraud and Corruption Investigators.

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  • Attachment 2
I. Introduction This subject company in this case study is WoolEx Mills. The top management team atthe Mills had to act quickly to avert the accusations levied upon them so that they may venture...
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