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(Solved) ACC 691 Milestone One Guidelines and Rubric Overview: The final project for this course is the creation of a financial statement fraud case study....


Can someone please assist me with the first section of this?  The case study provides very general information and I want to make sure that I get the foundation for the rest of the paper correct!!  Thank you!!!

ACC 691 Milestone One Guidelines and Rubric
Overview: The final project for this course is the creation of a financial statement fraud case study. You will use a fraud case from a real-world situation. You are
encouraged to put yourself in the place of the auditor as well as the stakeholders. You will consider the theoretical models of fraudulent behavior, evaluate
internal controls, assess fraud risk factors, and apply prevention and detection techniques. You will also analyze the overall responsibilities of the auditors to
organizational stakeholders while considering applicable auditing standards.
Prompt: In this milestone, you will draft two sections (Sections I and II) of the final project in one coherent paper regarding the fraud case Crisis at the Mill:
Weaving an Indian Turnaround. You will introduce the subject of your case and describe the fraud scheme type. You will also analyze the type of fraud scheme
by explaining the process behind which this fraud was carried out and the breakdown of the internal controls that took place. You will also discuss the risk
factors in assessing this type of fraud, the potential procedures and methods that could be used to assess the risk of this fraud type, the professional
responsibilities of the auditors, and the evidence needed to prove the fraud.
Specifically the following critical elements must be addressed:
I. Introduction: What company is the subject of the case? Describe the type of fraud that occurred. II. Analysis of Fraud Scheme Type
A. Explain the process behind how frauds of this type are carried out. Provide a specific example illustrating fraud of this type.
B. In this type of fraud scheme, how and where do internal controls break down? Provide examples of specific internal controls needed to reduce
this type of fraud.
C. What are the risk factors when assessing this type of fraud? Consider classifying the risk factors using the theoretical model such as the Fraud
Triangle.
D. How can analytical procedures and other detection methods be applied to assess the risk of this type of fraud? Provide specific examples of the
analytical procedures and what they indicate.
E. Discuss the professional responsibilities of auditors in detecting fraud. What sort of impact can an audit have on an organization?
F. What evidence is needed to prove the fraud? Why? To guide your review of evidence, please review the article The Basics of Evidence for Fraud
and Corruption Investigators. Rubric
Guidelines for Submission: This portion of the case study analysis should be 4–5 pages, double spaced, with one-inch margins, 12-point Times New Roman font,
and APA 6th edition formatting.
Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,
review these instructions.
Critical Elements
Introduction Proficient (100%)
Describes the subject of the case and
the type of fraud that occurred Analysis of Fraud
Scheme Type: Process Comprehensively explains the process
behind how frauds of this type are
carried out and provides an example
illustrating fraud of this type Analysis of Fraud
Scheme Type: Internal
Controls Evaluates how and where internal
controls break down in terms of the
type of fraud scheme within the case
study and provides examples of
specific internal controls needed to
reduce this type of fraud Analysis of Fraud
Scheme Type: Risk
Factors Describes the risk factors when
assessing the type of fraud within the
case study Analysis of Fraud
Scheme Type:
Procedures and
Methods Explains how analytical procedures
and other detection methods could be
applied to assess the risk of the type of
fraud within the case study and
provides specific examples of the
analytical procedures and what they
indicate Needs Improvement (75%)
Describes the subject of the case and
the type of fraud that occurred but
description is cursory or contains
inaccuracies
Explains the process behind how
frauds of this type are carried out but
does not provide an example
illustrating fraud of this type or
explanation is cursory or contains
inaccuracies
Evaluates how and where internal
controls break down in terms of the
type of fraud scheme within the case
study but does not provide examples
of specific internal controls needed to
reduce this type of fraud or evaluation
is cursory or contains inaccuracies
Describes the risk factors when
assessing the type of fraud within the
case study but description is cursory or
contains inaccuracies
Explains how analytical procedures
and other detection methods could be
applied to assess the risk of the type of
fraud within the case study but does
not provide specific examples of the
analytical procedures and what they
indicate or explanation is cursory or
contains inaccuracies Not Evident (0%)
Does not describe the subject of the
case and the type of fraud that
occurred Value
11 Does not explain the process behind
how frauds of this type are carried out 13 Does not evaluate how and where
internal controls break down in terms
of the type of fraud scheme within the
case study 13 Does not describe the risk factors
when assessing the type of fraud
within the case study 13 Does not explain how analytical
procedures and other detection
methods could be applied to assess
the risk of the type of fraud within the
case study 13 Analysis of Fraud
Scheme Type:
Professional
Responsibilities Comprehensively discusses the
professional responsibilities of
auditors in detecting fraud and the
sort of impact an audit can have on an
organization Analysis of Fraud
Scheme Type: Evidence Describes what evidence is needed to
prove the fraud and supports response Articulation of
Response Submission has no major errors related
to citations, grammar, spelling, syntax,
or organization Discusses the professional
responsibilities of auditors in detecting
fraud but does not discuss the sort of
impact an audit can have on an
organization, or discussion is not
comprehensive or contains
inaccuracies
Describes what evidence is needed to
prove the fraud but description is
cursory or contains inaccuracies or
does not support response
Submission has major errors related to
citations, grammar, spelling, syntax, or
organization that negatively impact
readability and articulation of main
ideas Does not discuss the professional
responsibilities of auditors in detecting
fraud 13 Does not describe what evidence is
needed to prove the fraud 13 Submission has critical errors related
to citations, grammar, spelling, syntax,
or organization that prevent
understanding of ideas 11 Total 100%

 


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