By Harry I. Wolk, James L. Dodd, John J. Rozycki
Accounting concept in actual fact identifies the weather of accounting conception, then relates these components to precise troublesome areas in accounting.
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Extra info for Accounting Theory: Conceptual Issues in a Political and Economic Environment
Created fictitious confirmation letters. Many high-profile historical frauds were also blatant and brazen. 7 When the auditors arrived for the physical inventory observation, they committed the cardinal sin of allowing client personnel to perform some of the test counts (because the boxes were stacked so high in the warehouse). The employees simply yelled down the wrong numbers, and presto, fake profits were created! Although these outrageous types of fraud do not occur frequently, auditors must always be alert.
Cooked Transactions Cooked transactions occur when management enters into transactions (or fails to do so) with a primary intent of influencing financial results. In contrast to cooking the books, “cooking transactions” does not violate generally accepted accounting principles (GAAP). Nevertheless, this behavior should be of great interest to auditors, because it provides wonderful clues about the motivation of management. Here are several examples: ◆ A technology company slashes previously budgeted research and development expenditures in the fourth quarter to meet its profitability goals for the year.
In addition, a company might need to ensure compliance with debt covenants. Example: A company is required to maintain $1 million in shareholders’ equity to comply with the debt agreement on its primary line of credit. However, when the fiscal year ends, the preliminary balance sheet shows equity of only $965,000. Because of this shortfall, the company will default on its credit line. Faced with this situation, management convinces itself that it’s acting in the best interest of the company by committing accounting fraud.
Accounting Theory: Conceptual Issues in a Political and Economic Environment by Harry I. Wolk, James L. Dodd, John J. Rozycki