Often, these types of frauds can be readily identified through analytical procedures. Actors: Don Sheelen, KPMG partner, Regina chairman (Group 8 Liz Dwyer, John Orcutt, Chuck Sullivan) 1. 2. 3. 4. 5. 6. Regina was sued for false advertising in an ad. Should that have affected how the auditors approached the audit? What aspects of the fraud were most difficult to detect? What procedures should have allowed the auditor to detect them? Calculate gross margin, inventory turnover, and accounts receivable turnover. What specific problems do these ratios identify? The auditors detected one ship-in-place transaction, but were informed by the client there were no additional ship-in-place transactions. What should the auditors have done? A CPA firm official stated, “We”re only human, and prefer to trust the people we are auditing.” What is the appropriate degree of reliance to place on client inquiries? Were the sentences in the case appropriate?
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