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Full-Text Articles in Business
Cpas' Role In Fighting Fraud In Nonprofit Organization, Andrea Mcneal, Jeffrey E. Michelman
Cpas' Role In Fighting Fraud In Nonprofit Organization, Andrea Mcneal, Jeffrey E. Michelman
Jeffrey E Michelman
The article discusses the role of financial officers and certified public accountants in facilitating and ensuring effective internal controls in nonprofit organizations. Nonprofit boards frequently experience a high turnover of members, and individuals that volunteer are often untrained or unqualified to properly perform the oversight function. Moreover, most small nonprofits are cash based, which can compound any issues or weaknesses present in the control environment.
Improving Internal Control Over Financial Reporting: Coso’S Guidance Not Just For Public Companies Anymore, Jeffrey E. Michelman, Bobby E. Waldrup
Improving Internal Control Over Financial Reporting: Coso’S Guidance Not Just For Public Companies Anymore, Jeffrey E. Michelman, Bobby E. Waldrup
Jeffrey E Michelman
When the Committee of Sponsoring Organizations (COSO) released itsInternal Control—Integrated Framework (ICFR) in 1992, the event went largely unnoticed. The importance of this framework changed dramatically with the passage of the Sarbanes-Oxley Act of 2002 (SOX). Because SOX required all covered entities to base their assessment of internal control on a recognized framework, COSO was readily embraced. Unfortunately, smaller public and nonpublic companies have found the 1992 framework complicated to apply and to understand.
Accounting Fraud At Cit Computer Leasing Group, Inc., Jeffrey Michelman
Accounting Fraud At Cit Computer Leasing Group, Inc., Jeffrey Michelman
Jeffrey E Michelman
The case chronicles a newly promoted manager's search to uncover an inventory fraud that had been perpetrated by her supervisor at CIT, a publicly held company. During the ensuing investigation, CIT and the Florida Department of Law Enforcement identified 36 different transactions involving the diversion of nearly 2,500 computers, with a conservative estimated total loss to the company of $637,000. Students are also exposed to the importance of internal controls, red flags, the fraud triangle, and forensic accounting techniques. The case also lets the reader see what occurs when, due to management override of internal control, a subordinate no longer …