1.Worldcom! That's a common one. Who were their auditors? Anybody know what happened to them? Were there any other scandals they were involved in?

2. Interesting that Peter Wysocki says the benefits out weigh the costs. What are some of the worst fraud sentences out there?

3. One of the ways to set up a control for this is mandatory vacation policies so that everyone in accounting has to switch roles. what do we all think?

4. For the board of directors, what do we think their role is? When do companies need them? What about Audit committees?

5. Enron is the #1 example I talk about in my fraud lectures. What is now the outcome of their auditors, Arthur anderson? And why do you think that is?

6. Toshiba! I remember this one. They had an issue with early recognition of revenue.

Unearned revenue is always a higher risk area that we would look at as auditors. Now with unearned revenue, what is the point where we should be recognizing it?