Answer the questions

Tuesday July 19, 2022

Answer the questions

December 5, 2016

Please answer the following questions in a 2-3 page single-spaced paper. Please structure your paper by question (include the question number and subject) and answer each sub-question. Include a cover page and a separate page for references. If you include any tables, add a brief description so it’s clear what the table represents. Write the responses in your own words. Consider additional resources to support your responses. Cite and list all references used per APA.

1. Review the fraudulent activities.

a. What went wrong?

b. Describe what internal controls were missing or circumvented?

c. Consider the Sarbanes-Oxley Act of 2002 (SOX) requirements, and review the definition of internal controls. Who is responsible for internal controls? What reporting is required?

2. What were the problems in the corporate governance and/or organization structure? What are the major requirements of SOX with respect to corporate governance and/or organization structure? How would corporate management and the accounting function be better organized?

3. What should Julie Mulvaney have done when Sue Sachdeva requested her to assist in the fraud? What would the IMA® Code of Ethics, known as the IMA Statement of Ethical Professional Practice, dictate?

4. What were the responsibilities of the following entities or individuals for the fraudulent activities? What are the possible consequences for each entity or individual?

a. American Express

b. Park Bank

c. Sue Sachdeva

d. Michael Koss

e. Julie Mulvaney

(see the attached template to use as a guide for question 4)

As you review and prepare your responses, consider some of the IT aspects (e.g., IT auditing, IT internal controls, etc.).

NOTE: This is the same as what is referred to as the “Final Exam” in the Syllabus.

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