Instruction
Fraud case for audit project: Sticky Fingers - (Collin Street Bakery - Sandy Jenkins Case)
Articles:
https://www.fbi.gov/contact-us/field-offices/dallas/news/press-releases/former-collin-street-bakery-executive-and-wife-sentenced (Links to an external site.)
https://features.texasmonthly.com/editorial/just-desserts/ (Links to an external site.)
https://cpahalltalk.com/how-16-million-stolen-bakery/ (Links to an external site.)
Audit project submissions should be in a PowerPoint format.
Requirements:
1. Highlight the background of your assigned case. What happened, why did it happen and what was the outcome.
2. Each project will also include the following as if you had been an auditor on this case:
Identify and assess the inherent risks of a material misstatement if applicable.
Identify and assess fraud risks of a material misstatement if applicable.
Identify and assess control risks of a material misstatement if applicable.
Controls related to existence/occurrence
Controls related to completeness
Controls related to valuation
Discuss how the following management assertions may apply to your case and any substantive procedures that could be used to support the assertions.
Existence/Occurrence
Completeness
Rights and Obligations
Valuation or Allocation
Presentation and Disclosure
*If a control or management assertion doesn't apply, be sure to explain why.
3. Discuss what your group feels should have been included in any engagement letter/agreement for this client.
4. Briefly discuss who is responsible for this fraud, what percentage of responsibility you would assign, and how this fraud could have been prevented.
5. You may include anything else you feel would add value to your project presentation. Chapter 14 - Completing A Quality Audit, may be helpful here.
6. Include a reference slide. Be sure to cite your sources in APA format.
APA Format Resource: https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.html (Links to an external site.)