HUGO DISCUSSION WEEK 4 POIENTIAL FRAUD SITUATION Click here to watch the video As discussed in the video introduction, accounting fraud in large public companies has produced its fair share of major news headlines over the past 20 years. Even though laws like Sarbanes Oxley have been put in place to minimize the opportunity for financialtraud the threat is still real in today's corporate environment Imagine you have been hired to oversee the financial audit of a major company in your city Dunng the audit, one of the company's employees has disclosed a potential fraud situation involving an accounting department supervisor In addition to alerting your own manager about the situation, which one of the following options below would you choose to perform next as you proceed with your investigation? Only choose one Option A. Gather additional information by interviewing other company employees Option B Meet with other members of the management team to discuss the company's current internal controls for preventing fraud Why do you feel your choice would be most effective? Discuss the reasoning for your selection Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the conversation by asking questions offering ichideas or sharing narcialnnartins 306P 9/19/2 Part 1: Post a Response View this short introduction to the discussion DISCUSSION - WEEK 2 UBER ACCOUNTING ERROR Click here to watch the video Based on the Uber accounting error discussed in the video introduction select one of the following options, and discuss how it may have prevented the dilemma associated with the payments to the anvers why is this so important? Option A Review required deductions for accuracy prior to finanzing payroll Option B. Ensure all payroll personnel are properticained on payment agreement policy for divers Option C. Hire more competent accounting managers . Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the conversation by asking questions offering nich ideas or sharing personal connections Per the video summary, there are three (3) primary methods used by companies to assign costs to inventory and cost of goods sok. LIFO, FIFO, and weighted Average. Each method assumes a particular pattern for how costs flow through inventory, but this is not a guarantee of how the inventory will actually flow. With each method comes a number of pros and cons that a company must consider when implementing its inventory management strategy. Select a company below to learn more about their chosen method. Then discuss the benefits of the chosen method taking into consideration how that particular method impacts the calculation of the inventory account, the cost of goods sold account, and the financial statements for that company, Target - Uses LIFO Amazon - Uses FIFO FedEx - Uses Weighted Average O a FedEx Review Article Review Article Review Article Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the contersation by asking questions offenng rich ideas or sharing personal connections Click here to watch the video According to a recent article om Forbes retail operations in the United States are experiencing over $60 billion a year in fosses primarily due to employee then Imagiou have been hired as a loss prevention specialist for a large retail chain and your first assignment is to identity and address the current problems with inventory shrinkage Select and discuss one of the following interal controls below you would implement to help prevent future employee fraud/thef? Be sure to provide your rationale Option A More stringent background screenings for new hires (.e. reference checks, criminal record checks, credit record checks Option B. Tighter security controls (le video surveillance, random inventory/break cash audits, computer system audits segregation of duties) Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the conversation by asking questions offering rich ideas or sharing personal connections Reference Article New Report Identities US Retailers tose 560 Billion a Year Employee The Top Concern HUGO DISCUSSION WEEK 4 POIENTIAL FRAUD SITUATION Click here to watch the video As discussed in the video introduction, accounting fraud in large public companies has produced its fair share of major news headlines over the past 20 years. Even though laws like Sarbanes Oxley have been put in place to minimize the opportunity for financialtraud the threat is still real in today's corporate environment Imagine you have been hired to oversee the financial audit of a major company in your city Dunng the audit, one of the company's employees has disclosed a potential fraud situation involving an accounting department supervisor In addition to alerting your own manager about the situation, which one of the following options below would you choose to perform next as you proceed with your investigation? Only choose one Option A. Gather additional information by interviewing other company employees Option B Meet with other members of the management team to discuss the company's current internal controls for preventing fraud Why do you feel your choice would be most effective? Discuss the reasoning for your selection Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the conversation by asking questions offering ichideas or sharing narcialnnartins 306P 9/19/2 Part 1: Post a Response View this short introduction to the discussion DISCUSSION - WEEK 2 UBER ACCOUNTING ERROR Click here to watch the video Based on the Uber accounting error discussed in the video introduction select one of the following options, and discuss how it may have prevented the dilemma associated with the payments to the anvers why is this so important? Option A Review required deductions for accuracy prior to finanzing payroll Option B. Ensure all payroll personnel are properticained on payment agreement policy for divers Option C. Hire more competent accounting managers . Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the conversation by asking questions offering nich ideas or sharing personal connections Per the video summary, there are three (3) primary methods used by companies to assign costs to inventory and cost of goods sok. LIFO, FIFO, and weighted Average. Each method assumes a particular pattern for how costs flow through inventory, but this is not a guarantee of how the inventory will actually flow. With each method comes a number of pros and cons that a company must consider when implementing its inventory management strategy. Select a company below to learn more about their chosen method. Then discuss the benefits of the chosen method taking into consideration how that particular method impacts the calculation of the inventory account, the cost of goods sold account, and the financial statements for that company, Target - Uses LIFO Amazon - Uses FIFO FedEx - Uses Weighted Average O a FedEx Review Article Review Article Review Article Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the contersation by asking questions offenng rich ideas or sharing personal connections Click here to watch the video According to a recent article om Forbes retail operations in the United States are experiencing over $60 billion a year in fosses primarily due to employee then Imagiou have been hired as a loss prevention specialist for a large retail chain and your first assignment is to identity and address the current problems with inventory shrinkage Select and discuss one of the following interal controls below you would implement to help prevent future employee fraud/thef? Be sure to provide your rationale Option A More stringent background screenings for new hires (.e. reference checks, criminal record checks, credit record checks Option B. Tighter security controls (le video surveillance, random inventory/break cash audits, computer system audits segregation of duties) Part 2: Respond to a Peer Read a post by one of your peers and respond, making sure to extend the conversation by asking questions offering rich ideas or sharing personal connections Reference Article New Report Identities US Retailers tose 560 Billion a Year Employee The Top Concern