Suppose you are an auditor, supervisor, top corporate officer, doubting lender, doubting investor, or an IRS agent. You need to know what could be wrong with the accounting and reporting. As the accountant applying the accounting rules, you also need to know what could go wrong or you might accidently report something wrong.

Select an accounting matter and answer all of the following:

• What could go wrong
• How it might be misleading
• How fraud could occur
• Difficulty in getting the information to do the accounting
• Difficulty in even applying the matter

Strictly no plag