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Please help me with this question and please dont copy it from the internet :) QUESTION 1 'As she pursued the trail of frauct Cooper
Please help me with this question and please dont copy it from the internet :)
QUESTION 1 'As she pursued the trail of frauct Cooper was obstmcted at evely hull In late May 2002, Cooper's team found a gaping hole the books. The company had recorded billions of dollars of regular fees paid to local telephone companies as capital assets. accotuzting trick allowed the company to tum a S662 million loss into a S2 4 billion profit in 2001 The company's CFO, Scott called her to his offce and asked her what they were up to. Ee then asked her to delay investigation to tlk following quaffer but she reffsed. In June 2002, the conany ammm-ed that it had Inflated assets by 33.8 the largest accounting fraud in lustory_ the investigation was complete, the total amount of the fraud had grown to an astomshing S I billion Stoly abme, illustrates tik 111401tance of company controls and the role of auditors in detectmg fraud. Sources Susan Pulliam and Deborah Solomon, "Uncooking the Books: How Three Unlikely Sleuths Discovered Fraud at WorldCom The Wall Sfreet Journal (October 30, 2002) Required: (0 Differentiate the three types of audits which are Operational audit, Compliance audit and Financial Statement Audit, performed by the Extemal Auditors. Provide ONE (I) and ONE (I) established criteria related to the example provided, each type of audit. (15 marks) @ Describe the role of the Securities in society and discuss its relationship w lth and influence on tik practice of Auditing. (5 marks) (iii) Explain FIVE (5) duties of Audit Committees to enhance the colporate govemance in an orgamzat1011 (5 marks)
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