SECTION ONE FRAUD CASES: VIOLATIONS OF ACCOUNTING PRINCIPLES Case 1.1 Waste Management: The Matching Principle
Case 1.2 WorldCom: The Revenue Recognition Principle
Case 1.3 Qwest: The Full Disclosure Principle
Case 1.4 Sunbeam: The Revenue Recognition Principle
Case 1.5 Waste Management: The Definition of an Asset
Case 1.6 Enron: The Revenue Recognition Principle
Case 1.7 WorldCom: The Matching Principle
Case 1.8 The Fund of Funds: The Conservatism Constraint
Case 1.9 Qwest: The Revenue Recognition Principle
Case 1.10 The Baptist Foundation of Arizona: The Conservatism Constraint
Case 1.11 WorldCom: The Definition of an Asset
SECTION TWO ETHICS AND PROFESSIONAL RESPONSIBILITY CASES Case 2.1 Enron: Independence
Case 2.2 Waste Management: Due Care
Case 2.3 WorldCom: Professional Responsibility
Case 2.4 Enron: Quality Assurance
Case 2.5 Sunbeam: Due Care
Case 2.6 The Fund of Funds: Independence
Case 2.7 Bernard L. Madoff Investment and Securities: A Focus on Auditors' Legal Liability and Due Care
Case 2.8 Enron: Audit Documentation
SECTION THREE FRAUD AND INHERENT RISK ASSESSMENT CASES Case 3.1 Enron: Understanding the Client's Business and Industry
Case 3.2 The Baptist Foundation of Arizona: Related Party Transactions
Case 3.3 WorldCom: Significant Business Acquisitions
Case 3.4 Sunbeam: Incentives and Pressure to Commit Fraud
Case 3.5 Qwest: Understanding the Client's Business and Industry
Case 3.6 The Fund of Funds: Related Party Transactions
Case 3.7 Waste Management: Understanding the Client's Business and Industry
SECTION FOUR INTERNAL CONTROL SYSTEMS: ENTITY-LEVEL CONTROL CASES Case 4.1 Enron: The Control Environment
Case 4.2 Waste Management: General Computing Controls
Case 4.3 The Baptist Foundation of Arizona: The Whistleblower Hotline
Case 4.4 WorldCom: The Internal Audit Function
Case 4.5 Waste Management: Top-Side Adjusting Journal Entries
SECTION FIVE INTERNAL CONTROL SYSTEMS: CONTROL ACTIVITY CASES Case 5.1 The Fund of Funds: Valuation of Investments
Case 5.2 Enron: Presentation and Disclosure of Special-Purpose Entities
Case 5.3 Sunbeam: Completeness of the Restructuring Reserve
Case 5.4 Qwest: Occurrence of Revenue
Case 5.5 The Baptist Foundation of Arizona: Presentation and Disclosure of Related Parties
Case 5.6 Waste Management: Valuation of Fixed Assets
Case 5.7 Qwest: Occurrence of Revenue
APPENDIX COMPANY CASES Case A.1 Enron
Case A.2 Waste Management
Case A.3 WorldCom
Case A.4 Sunbeam
Case A.5 Qwest
Case A.6 The Baptist Foundation of Arizona
Case A.7 The Fund of Funds
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2011