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ACC 564 Assignment 3 Fraud in the AIS Strayer University(USE AS GUIDE ONLY)
qwertyuiopasdfghjklzxcvbnmqwertyui opasd fghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqw ertyuiopasdfghjklzxcvb nmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbn Fraud in th mqwertyuiopas e AIS dfghjklzxcvbnmqwertyuiopasdfghjkl Strayer University cvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghj klzxcvbnmqwertyuio pasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqw Introduction During a span of more than five years, Sujata “Sue” Sachdeva stole nearly half the company’s pretax earnings. The scheme was uncovered when American Express noticed her credit card balances were being paid through large wire transfers originating from a company bank account. Koss is the Milwaukee-based, mostly privately held small company that’s a prominent global designer and marketer of stereophonic headphones. (Verschoor, 2011) Sachdeva’s pleaded guilty to embezzling $34 million from her employer, an increase of $2.5 million over earlier estimates. The six felony fraud counts carried a maximum penalty of 120 years in jail, but 15 to 20 years is appropriate under federal sentencing guidelines. Because she cooperated with authorities from the very beginning of their investigation, the judge limited her sentence on November 17, 2010, to 11 years in federal prison, plus restitution to Koss of $34 million. (Verschoor, 2011) 1. Based on the information you researched, assess the failure of the firm’s accounting information system to prevent the related fraud/embezzlement. The SEC charged that the company and its CEO didn’t maintain a system of internal controls that would have reasonably assured accurate and reliable financial reporting. The scope of the embezzlement scheme was significant compared to the company’s sales and retained earnings, according to the SEC. In 2009—the first of two fiscal years and three subsequent quarters that Koss restated as a result of the fraud—Sachdeva skimmed $8.5 million in corporate funds on sales of $41.7 million and retained earnings of $17.1 million. Sachdeva and Mulvaney hid their embezzlement through an accounting fraud. (Coenen, 2011) Koss Corporation’s internal controls as of June 30, 2009 were not effective in that they failed to timely detect and prevent the circumvention of the internal controls and procedures
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