How to Steal $500 million
You will view this video during the next class period. Refer to the professional audit standards for the auditors’ consideration of fraud in financial statement audits. Use your notes taken during the film and your research to complete your case paper. In the paper, prepare an analysis based on the specific fraud factors found in the current audit literature (find the appendix on fraud factors) and discuss the fraud related issues that would have been identified during the planning and audit procedures of the company. Please relate specific fraud risk factors from the professional standards to specific examples noted in the film. It might help to outline your analysis by each significant fraud risk factor from the literature.
Support your findings with research and, as always, provide an overall conclusion on consideration of fraud in financial statement auditing.