SOLUTION AT Australian Expert Writers
Information Systems for AccountantsYou are a financial auditor and work on the ABC Building Ltd account. The Audit Partner is suspecting that the CEO (George King) has used financial statement fraud techniques to inflate net income and get higher bonuses.Your Audit Partner is suspecting the following fraud schemes having been applied to inflate net income:• Concealed Cost of Goods Sold• Fictitious Revenue• Improper Asset ValuationThe General JournalYou are provided with two years of general journal data. The financial year start date is 1 June.Your TaskPlease note that the materiality for the engagement is $100,000. It is also important to note that bookkeeping is regularly done on weekends.Analyze the general journal using the various tools and features in Excel specifically addressing the above mentioned fraud schemes. Identify no more than 25 transactions that would need to be investigated further. From these transactions narrow down and specifically identify transactions that you suspect have been applied to inflate income under the three fraud schemes stated above.SubmissionThe report should have at minimum the following sections:• Introduction – Provide a brief introduction to the audit engagement and your task.• Procedures/methods – Outline the procedures that you undertook to identify the fraudulent transactions.• Findings – In this section present the findings of your analysis of the GL of the audit client. Specifically identify and explain the transactions that you suspect have been applied to inflate income under the three fraud schemes – Concealed Cost of Goods Sold, Fictitious Revenue and Improper Asset Valuation.• Appendix – Present the journal entries that you have identified in your findings section. Copy and paste the journal entries from the excel data file into the appendix section. Journal entries are to be presented under the relevant fraud schemes.
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